EBOOK: Buy a Caravan Park business with absolute confidence
Why buy a Caravan Park business?
Everyone loves a holiday
For Aussies wanting a relaxing outdoorsy holiday, Caravan and Holiday Parks are a time-honoured tradition. Whether you are a family seeking a city escape, a couple enjoying time together or one of the growing army of grey nomads, Caravan Parks are firmly embedded in the Australian ethos.
A refreshing lifestyle change
Buying and running a Caravan Park business is an attractive proposition. Not only is it a refreshing lifestyle change, the industry is a rapidly growing one -it's becoming increasingly popular among retirees and baby boomers to purchase Caravans before embarking on an Australia-wide journey.
Living the dream
Change is as good as a holiday
Are you considering ditching the city life to buy an idyllic Caravan or Holiday Park by the coast? Maybe you've already decided to buy a Caravan Park business but you are unsure where to start. You may even already own a Caravan Park but you need the help of an experienced Accountant who understands the caravan park industry, inside and out.
Let's get serious
If you're looking for a sea or tree change, buying a Caravan Park business really can be a great career change. Yet buying a Caravan Park is more than just a lifestyle change. You are buying a business. Before you commit, you'll need to be well-equipped to ensure your dream remains financially viable.
Specialist Caravan Park Business Accountants
When it comes to buying, operating and selling Caravan and Holiday Parks, Rogerson Kenny Business Accountants have a wealth of industry knowledge. As active members of the Victorian Caravan Parks Association, our intimate knowledge of Caravan Park businesses means our clients have come to rely on us for business advice, tax advice and planning and, of course, yearly tax office compliance requirements.
To achieve your best possible outcome, it's crucial to have an experienced Caravan Park Business Accountant by your side when buying, operating or selling a Caravan Park. Specialisation is the key. Having an industry specific Caravan Park Business Accountant on your side means you will have someone who understands the industry and will work solely for you and act only in your best interest.
From the outset, we urge you to use our expertise when looking to buy a Holiday or Caravan Park. We are happy to be your first call and answer any queries you may have about the industry.
What will you buy?
Leasehold Business or Freehold Going Concern?
(Most people won't know the answer to this question, pick a model to suit you)
Assemble a Support Team you can trust
The Accountant
When buying a Caravan Park having an Accountant is critical to the successful purchase of your park for a fair price. The Accountant is effectively an employee of the purchaser, working in your best interests. It's important to speak to an Accountant from the very beginning of your search. As specialist Caravan Park Business Accountants we can discuss your options- Freehold Going Concern or Leasehold Business- to gain an indication of how much you could borrow and where you should start. Making contact early means you will be able to deal with the brokers confidently while knowing what you are looking for and your price range.
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The Broker
The broker is the link between buyers and sellers- much like a real estate agent. There are specialist brokers that deal in the Caravan Park industry and general business brokers that will sell anything from a milk bar to an engineering business. The specialist Broker is the best place to start as they will often have the best parks (as they know them) and will have a detailed information booklet on the park.
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The Banker
In most cases, you are going to require the services of the bank. They can help you obtain finance for the purchase, arrange working capital, organise hire purchase leases or bank roll some form of improvement or expansion for your Holiday or Caravan Park business. It is important that your banker has knowledge of the industry. This will assist your finance being approved. A local bank manager most likely will have no idea of industry norms or past deals financed and will be taking a cautious approach. It is best to use an experienced Caravan Park Business Accountant who can then introduce you to a banker in the industry.
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The Solicitor
The solicitor will come in to play when it is time for you to make an offer. It is best to use an experienced solicitor who is familiar with Caravan Park business transactions. Typically an offer is made subject to conditions, such as finance, due diligence and legal approval. The solicitor will check the contracts, the lease, check permits, titles, understand or be aware of local governments acts, rules and regulations and the like. The solicitor will deal with the broker, Accountant, vendors, solicitor and most likely the bank solicitor.
LEARN MORETake your pick:
an example of five structures to buy a Caravan/Holiday Park business
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Take your pick:
an example of Five Structures to buy a Caravan Park Business -
1. Sole Trader
A sole trader is a single person operating a business in their own name, e.g. John Jones. They can register a business name, such as Foreshore Caravan Park.
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2. Partnership
A partnership is formed when two or more people (up to 20) go into business together with a view to making profit.
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3. Unit Trust
Not such a common structure, but great for unrelated parties who want to be in business together.
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4. Company
A company is an independent legal entity able to do business in its own right, sue and be sued. It also is its own tax payer. The shareholders own the company, and directors run the company. This is quite a common structure with many advantages and disadvantages.
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5. Family Trust
Otherwise known as a Discretionary Trust, this structure is possibly the most common structure to buy a Caravan Park business. It provides great flexibility for income distribution and small business Capital Gains Tax options. Plus, it offers great asset protection.
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YOU'VE FOUND YOUR PERFECT CARAVAN PARK
Has your Accountant completed an initial review of the figures and particulars? Have all queries been answered? Is there some sort of approval from the bank? Has the solicitor checked the lease? Have you discussed with your Accountant what you believe to be a high price and low price for the business in question?
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