Great article from Siteminder the Channel Manager Company, about the new trends in tech that we should all pay attention to…
In mid 2014, Resort Support was contracted to develop a paper to complete an Economic Valuation of Tourism and Fisheries in the Vatu-i-Ra Seascape, Fiji.
So what exactly is this “due diligence” we’ve all been twittering on about when we talk about buying a scuba diving business? Seems very uptight and accountant-speak to most of us and about as interesting as my Auntie Mildred’s boil on her…, yes well you get the idea…
Simply put, performing due diligence means taking an extremely good scrutinizing look at the business to see if it holds muster and actually IS what it claimed to be before you made the offer. The basic translation is:
“Has the Seller told the truth in regards to how big the business is and how much money they make, or have they told porkie-pies in the MoS or Financial Highlights” [Read more…]
Okay, so you’ve now done your Due Diligence, and after your inspection of the dive centre and the gear, and your Accountant’s close inspection of the books is all deemed satisfactory.
You now decide that it is all hunky dory and the Buyer was overall relatively honest in their claims, it is now time to move to next step, Exchange of Contracts and Settlement and complete the Deal. [Read more…]
Now this is the big step everyone is dancing around. The big decision!
In my experience, the decision to buy a scuba diving business happens, not over a conference table or in an office, or even in the dive centre itself. It’s an emotional decision done over a cup of coffee in the morning at home, or maybe on the porch of the hotel room at night actually in the destination.
You have all the MoS, and now a lot more info by spending a few days with the Owners and looking at the business. Probably been for a few dives on the dive boat, seen the staff doing what they do. Maybe sat round the pool and watched one of the OWSI’s do a DSD with some students.
You sit and try to analytically look at the MoS, and try to get a feel for the limited financial info you have been given. But in the end, you just decide:
“YES. This is the life i want to lead at this stage of my life, so lets work out how I can get it…”