Acquisitions Anonymous - #1 for business buying, selling and operating - $37M for Jet Skis?! Inside a Lake Powell Rental Empire

Episode Date: March 20, 2026

In this episode the hosts analyze a $36M Lake Powell boat and powersports rental empire, debating whether the massive fleet of boats, jet skis, ATVs, and marina access creates an incredible asset yield—or an overpriced operational headache.Business Listing – https://www.boatrentalslakepowell.com/business-for-sale/#:~:text=A%20boat%20rental%20business%20for%20sale%20is,email%20lists%2C%20supplier%20prices%2C%20and%20phone%20systems**Welcome to Acquisitions Anonymous – the #1 podcast for small business M&A. Every week, we break down businesses for sale and talk about buying, operating, and growing them.Looking to build a professional website in minutes? Try Wix: https://wix.pxf.io/c/6898629/3115214/25616?trafcat=templateHubSpot is the backbone for how businesses scale without chaos. Try them out here: https://go.try-hubspot.com/OeG9Vr💰 Sponsored by:Go High Level – The all-in-one sales and marketing platform built for agencies and entrepreneurs. Automate, manage, and grow your business at https://www.gohighlevel.comViso Business Capital — Get the right SBA loan tailored to your acquisition needs with Heather Endresen’s firm. Sign up for a free live Q&A on SBA loans at https://www.visocap.net and click “Zoom Sign Up” in the top-right corner.This episode dives into a $36.9M boat and powersports rental business on Lake Powell, featuring a massive asset base that includes Mastercraft wake boats, jet skis, ATVs, service vehicles, commercial buildings, and even RV storage. The business rents luxury boats for as much as $2,500 per 8-hour rental and operates across multiple marinas at one of the most popular recreational lakes in the United States.Key Highlights- $36.9M asking price for a Lake Powell recreation rental business with boats, jet skis, ATVs, real estate, and RV storage.- Luxury wake boats rent for ~$2,500 for 8 hours, with delivery packages up to $15K for destination rentals.- Highly asset-heavy business model where ROI depends on fleet utilization and replacement cycles.- Critical dependency on marina access and tourist traffic for lead generation.- Complex accounting considerations including depreciation, resale of equipment, and potential tax recapture.Subscribe to  weekly our Newsletter and get curated deals in your inboxAdvertise with us by clicking hereDo you love Acquanon and want to see our smiling faces? Subscribe to our Youtube channel.Do you enjoy our content? Rate our show!Follow us on Twitter @acquanon Learnings about small business acquisitions and operations.For inquiries or suggestions, email us at [e-mail]

Welcome back, everybody, to another episode of Acquisitions Anonymous. I'm Mills Snow, one of your co-host, me and Bill, are joined by Josh Tonneson today. And we have a really random deal. But I got very excited when I saw this. It's a boat rental business on Lake Powell asking $36 million. But it is a huge pile of assets. They are shiny. They're exciting. It's an accountant's like dream, you know, scenario because there's so much to dig through there. It's an interesting. business, it's very different. I don't think we've ever talked about something like this. I really think you're going to enjoy. Stick her out after, or a quick word from our sponsors. We'll set acquisitions anonymous. Hello, another episode of Acquisitions Anonymous. We don't have 100% beers anymore. And thumbs downing on just the plus inventory line. Big thanks to High Level for sponsoring this video and helping us pay for our editors. High level is the all in one CRM that handles your emails, text, funnels, and more all in one place.

Think of it like the Swiss Army Knife for Small Businesses, and you can try it for free for 30 days at go high level.com slash Michael Gurdley. All right, we did it again. We started recording the podcast before we hit record. But now we are alive. Welcome to Acquisitions Anonymous. And we've got Josh Tonneson also with us this week.

Good to see you, Josh. Thanks for having me. And Josh, I always love when we have you because we try to pick accounting complicated deals because you are Mr. QOE. So if you're buying this deal, you're going to want somebody like Josh. She'll be a good one.

So Mills found this. How did you find this deal, Mills? It was a beautiful day in South Carolina. It's been cold. We're recording in February, but it's warm outside. And just I sat down at my laptop five minutes ago and I Googled boat businesses for sale. So this came up. And I hope it, I don't think it's going to disappoint because this is a Lake Powell rental business.

And it's actually like their URL is pretty good, which is boat rentals lake Powell.com. I think that they've got to be the 800 pound gorilla on Lake Powell, which is in Utah and Colorado, right, on the Colorado River. Yes. And this is on their website. So it is not on biz by sell. I don't know if it's listed anywhere else. But there's a hidden link on their website that we navigated to.

And it says, we've been operating for two decades and offer. for the best quality and largest fleet of Mastercraft, boat rentals, jet skis, water sports equipment, ATV and UTV rentals and tours, mechanic shop, trailer storage, commercial lease space, total houseboat vacation packages, corporate retreats, water sport charters, and tours. We have a great reputation, a large customer base,

and offer exceptional customer service. Everyone loves their job and works hard for every customer to make sure those customers have an amazing experience with, our rentals and recreational services. We have many highly ranked and visited websites with over 1.3 million views annually. We have a dedicated call, text, and phone tracking system that allows flexibility for our reservation specialists and customers. System also provides recorded reservation confirmation for our customers and called data

analytics. We're always updating our watercraft inventory for our customers as they expect the best performance and well-maintained machines. We get direct shipment and ordering of UT. slash UTV. I think that was supposed to be ATV slash UTV. C-DU from CanAM, BRP,

I don't know what BRP means. As a result, we see less than 1% downtime per year for customers using our watercraft services. Due to the frequent watercraft purchases, we receive dealer and manufacture pricing on all product, services, and supplies. Because of our high standards, we maintain excellent

relationships with our product and service providers. The efficiencies listed above, and other proprietary practices allow us to operate a highly profitable, seasonal business year-round. So it should be seasonal, but I guess they operate year-round. The asking price, which includes all the assets for the company, is $36,985,000. The assets of the company include, but are not limited to the following. Two prime locations, commercial warehouse and office buildings, 18,400 square feet and also 6,600 square feet, seven new or newer model master craft boats with trailers, 32 Yamaha and Cidoo jet skis with trailers,

three service trucks, 60 ATV slash UTVs, 350 slot RV slash trailer storage rental spaces for rent, water sports equipment and gear for all water sports, all machine supplies, tools associated with the business operation, websites, email lists, supplier prices, direct purchasing from leading manufacturers and their phone systems, while available funds or third-party financing with a date certain closing is the preferred method of sale, we are open to discussions regarding other methods of sale, including but not limited to a joint venture structure, consulting, arrangement, and date certain training and transition. asterix asterix only qualified highly interested buyers need to inquire as we require a nondisclosure agreement and other verifications including financial qualifications prior to providing additional information what do you guys think about this wow so i think there's a lot yeah let's make sure we understand what this what this is because at the bottom males if you scroll down just a little bit

it says watercraft and boat rental services covering the entire United States, lakes, rivers, and reservoirs, and it has dots in basically the entire western states. Yeah. Well, so look at this at the top. Like, they own, I guess, a bunch of marinas, too. So, Wai, Antelope, but, but see, Lake Powell is one of them. What's interesting about that, Mills, is that marinas have been, I understand. understand a big private equity roll up target for a long time. So I wonder why these have not been rolled up.

I mean, you would think Lake Powell, a very visible tourist destination. Like, if I'm private equity, I'm going, who are the marinas on Lake Powell? Like, look at this. I mean, these are like really, really nice boats. These, I think, are like, you know, $3,000 a day or more, you know. But then they're like, look at these, like can-ams, you know. I mean, this looks fun. I think we should do a site visit.

I think we should do a site visit. So we've got at least, it says they had, in the description, though, Mills, it says they have two facilities, a commercial facility and an office building. And an office building. So this does not seem as though it is part of the marinas. Yeah. So I'm wondering, it could maybe just be a carve-out too, right? Like maybe somebody, maybe somebody is buying all the marinas, but they don't want the equipment rental business. That's possible too. So it seems like they're separating the equipment rental business from the marinas it likely operates out of.

So at the very beginning here, I know that I'm going to need assurances that I can continue operating my boat rental business out of these marinas, which I will not own and will be owned by either the seller or some third party that the seller sold it to. and I need that agreement to survive the sale of the marina because if you get choked out of the marinas here, your business is over. Yeah. Right. I mean, you've got to be on the dock with a banner, rent boats, and jet skis for the day at the marina. Yeah. So I think all these marinas are on Lake Powell. That helps clarify this.

So I'm wondering if they, like, this is obviously a massive reservoir and I've never been there, but massive. And so it's so big that they have multiple locations at that reservoir that they service. That's right. Yep. And it says they've got trips down certain estuaries. They've got wakeboat rentals. They've got dinner cruises. They've got the jet ski rental.

They got all kinds of different things you can do. Look at these houseboats like this would be. There's a 75 foot luxury houseboat. Love it. This is for a boating enthusiast like yourself, mills. This is fantastic. I am not, but I want to be, you know. You could become a very enthusiastic in one $36 million swoop. So what do you think the value of these assets is just like ballpark? These are expensive boats, like multi-hundred thousand dollars. I don't think we get anywhere close to $36 million

though for the- Well, Josh, I'm interested what Josh thinks because the definition of value, when you say, what is the value of these boats? What do you mean by value? So I'm interested to hear what Josh thinks about what is the value of these boats. So I'll say I don't know bull price is too good, but I will say that I, usually when you're looking at you kind of want to think replacement costs, because you can always just go ahead and buy another one, not necessarily their book costs because it would be most likely over depreciated or something. The problem that I'm having with this too, I'm trying to understand, how much of the business do you think is actually resale or selling these different assets or actually

just renting? I think they just rent. I don't think they, they, they, they may, I bet they sell only to keep fresh inventory for themselves to rent, you know. Well, I thought that was interesting because it says due to frequent watercraft purchases, we receive dealer and manufacturer pricing on all product services and supplies. So that suggests they turn fairly quickly. I bet they're buying, I bet they're buying multiple new boats every year. Yeah, and I'm just thinking, though, with, what, 32 boats right there. Like, obviously that's a good amount of boats, but I'd have to do the math and try to

to estimate on what the revenue would have to be. Because I would think that's, to get to $37 million, you'd have to have, I guess it says, only what, 1% downtime or something. So, like, it just seems like a pretty high asking price if that's their full amount that they're leasing out every month or day, you know? Yeah, because, I mean, like, at that purchase price, the assets, it almost feels like they're trying to,

they're trying to be compensated for the cash flow and the assets with that sticker price. We don't know revenue. We don't know cash flow. But I can't imagine that this business is doing, I don't know, $15 million in revenue and $4 million in EBITDA. Let's just say they are doing that. This is still a 9x multiple. I mean, the challenge with, this is the same challenge you have with so many asset-intensive businesses.

Their fleet of boats is worth real money. And this starts to look almost more like a cap rate than an EBITDA multiple, right? because you're going to have dollars tied up in the assets, the boats, the jet skis, like, whatever. And the yield, in theory, like the yield on the assets because you are using the boats in an operating business should be better than if you were just, say, like, providing a mortgage, you know, if you were just lending to somebody who was using these assets. So you should be able to, the basic trade here is I lock up $36 million in boat assets. and because of all of the pain in the ass of running and operating boat business,

I'm able to generate a 30% annual yield on those assets, right? Or I can just go invest in the S&P 500 at 8% annual. Right? So, like, to me, anytime I see a business that is asset intensive like this, that's immediately where I go to. What is, how much capital do I have to leave sunk into the assets and how much EBITDA does the business generate? and what is the annual return on my assets?

And it better be attractive because operating businesses are a bitch. Yeah. Right? So, like, if I'm going to run a business to generate 10% IRA on my assets, I don't think so. Right? Like, yeah. So that to me is the first math problem I need an answer to. What is the EBITDA and how much capital am I going to have tied up in this business forever?

Because you can't sell all the boats down. And then, yeah, I'm still trying to. back into the revenue. So Mills, when you were looking at that other page, I saw it's like from $2,500. Is that, you think a weekly or daily rate? No, I think that's daily. Daily?

Because then I'm looking at it. I'm like, okay, if there's 32 of those different boats and it's $2,500 a day, they say they have, well, so there's, I need to clarify that. There's seven, let me go back.

So there's seven new or newer model master craft boats and 32 jet skis. And then 60 ATV. TVs. So like these boats, it says the rental from this price, but let's see what it says. So eight hours is the minimum. So yeah, eight hours is $2,500. Oh, wow. So tow vehicle required. Interesting. Look at, I mean, this is actually like a pretty decent user interface. look at all these options. Oh, Bill, that's why they talk about available kind of nationwide. There's some back in here that is like really interesting. But for $15,000, they will bring the boat to you in a long list of destinations, which I pulled up on the screen. I'm not going to read it.

From Alabama to West Virginia to Massachusetts. South Carolina, they'll bring you the boat for eight hours for 15 grand. So what's interesting is. is the lowest price here is you bring a vehicle. You come pick up from their location with a vehicle that can tow, and they give you the boat in the trailer. If they bring it to you, it's $1,000 more. But y'all, this is eight hours.

This is only for eight hours. So, like, if you did a two-day rental, it's five grand. See, I just don't know. I mean, so what's this boat cost? I mean, half a million bucks for $300,000. Okay. again, you're back to kind of a return on assets. Like, what's my annual return on a boat and then ladder it up to all the fleet?

Right? And am I happy about that or not? And then, too, I mean, having the infrastructure, like the website interface, all that is nice too. But at the end of the day, if you wanted to do it at a smaller scale, you can just buy the assets, you know what I mean? and start building that way, too. So, you all, I mean, I, like, so, okay, the boat, the boat cost around 150 to 170. $70,000. You're talking about, this is like renting dumpsters, right? I mean, your payback period is not decades on these. Now, yeah, you do have to keep up with the assets. You do have to maintain them.

You have to basically insure against downtime with an incredible maintenance department. And if somebody's paying $5,000 for the day to rent this boat and it goes down, you know, they're royally pissed. And you've got to make it right very fast. But a $150,000 boat that you're renting a out for $5,000, you know, dollars every two days, as long as your capacity utilization is there, this is a pretty good yield on the invested capital, not to mention if you finance them. And they said a 1% downtime, which that seems kind of hard to believe. But I mean, if it is, then they're doing really well, right? So, hi, Heather here. When I'm not breaking down deals with these guys, I'm helping people get the right SBA loans for their business acquisitions. Because

when you're buying a business, the best financing isn't one size fits all. There's the best rate, fastest to close, the specific loan structure that you need, or a little of all of those things. That's why my company, Vizzo Business Capital, works with over 30 different lenders to find you the best funding in less time and with less friction so you can focus on the deal. Sign up for a free live Q&A session on SBA loans at Vizoccap.net. Then click Zoom sign up in the top right corner. That's V-I-S-O-C-A-P-Net, and click Zoom sign up. I think just the accounting complexity of this business to try and maintain an efficient asset base, you're trying to buy the equipment right, you're trying to not overbuy,

because every piece of equipment that you have sitting that is not rented is just a total suck on your asset efficiency. You're trying to lease them efficiently, price them efficiently, and then also read the market and go, you know what, last year seven boats wasn't enough. we want to buy three more. What if next season is uncharacteristically low? And now you've got all this extra stuff. And then also they're constantly selling these things,

you know, into just kind of the private market anyways and just getting rid of them. So the other thing that I would be really interested to financial engineer here is kind of like the sale leaseback on the entire fleet. I mean, there is a potential, again, we don't know if 36 million or almost 37 million is a lot or little for the asset value of this fleet.

But you could potentially finance this entire deal on some sort of sale leaseback transaction. Don't you love that they open the door to to flexible structure? Oh, yeah. Which that kind of confirms to me that it's a carve-out and they're probably retaining the marina. Like they're not punching their ticket and retiring.

They're still going to be on Lake Powell. They're going to be around. And given that this thing is highly dependent, on the marinas, I am joint venturing with these guys. There is no way that I'm going to buy, you know, 90% of it and have all my eggs in that basket and they go, eh, some other boat rental company gave us a better deal to access the docks. You know, I still need them to see me as their captive boat rental at their marina. Something else that's weird, too, is it says there's a commercial warehouse and office buildings,

but then it lists 350 slot RV trailer storage rental spaces. I would assume there's some other land they're getting, right? You would hope so. Because the land is, I mean, even if their main facility isn't like on the water, which it seems like if it's not on the water, it's got to be dang close. Maybe it's easily relocatable, but the value of the real estate in close proximity to their centers of revenue is just so critical. And I was just using that rough math he gave me before two mills on like if the seven boats are out of 150k and you figure what the the jet skis maybe 3,500 each or something. And then you have the ATVs for

750. I'm calculating 1.2ish million in an asset. So it seems like a pretty low or pretty high price, I should say, for the assets, unless there's something else I'm missing, which could be the real estate and things like that too. Yeah, the untangling this asset ballwax is going to be the primary diligence item. What are you getting? What are you not getting? and then what assets do you not own that you're dependent on, right? Marinas, et cetera. This is also, so when you think of this business, right, it's a, you have the assets,

but then you also need people who are going to rent the assets, so you need the leads. So this is basically an asset yield business plus a lead-end business. Now, the best lead-end for something like this is captive leads where people walk up to these marinas and you're the only game in town and they go, hey, I want a jet ski. And the staff of the marina goes, right over there. That's the Jetsky guy.

Right? And all your leads kind of walk up and they're exclusive and no one else is there. That's easy money until the end of time. But I'd be willing to bet just based on the sophistication of their website, there's also probably a online component of Jet ski rental Lake Powell

keyword advertising, that they're booking these things online. So I would be really interested to diligence where are my leads actually coming from? You know, walk up. So like the category like walk up. There's probably also somebody calls the marina and the marina refers us. And then there's probably organic Google. There's probably paid Google. And I don't know if there's meta here or not

unlikely because there is just to be hard to target it. But I would really want to know where my leads come from because that would tell me, it's kind of your, which devil you want to dance with. If you're tied to the marina for leads, you know, that's kind of scary. I need to lock that in. But at the same time, if I'm tied to Google paid for leads, that's also scary because that's it's going to get more and more expensive. But I'd like to know which devil I'm dancing with. One thing that's interesting in Googling about this guys is that the marinas, which at least two of them, it was, or no, they bought four of them.

A company called Dell WebCorp sold these marinas, which is like Bullfrog and some of these other names that were on the website. They sold them in 1988 for $77 million to a division of Aramark, the vending and concessions people. And so they bought the Waipe and Bullfrog marinas in 1989. And the Park Service has a contract, like National Park Service, has a contract with them that hasn't been rebid since 1980. they just keep extending it. And they like upkeep the, they upkeep the marinas and like sell concessions and stuff at them.

But it seems like it's very contentious because there's news articles about local people complaining, like these haven't been rebid and they're not taking care of the marinas the way that they're supposed to. Interesting. But they're, you know what? I kind of love that because that is the proof these marinas are monopolies. Yeah. They can run them poorly and it doesn't matter. These are the only marinas there are.

Well, and I think marinas are, you know, there's, you can't just be like, hey, I'm going to buy a piece of dirt on the, like on the waterfront and open a new marina. Like there's permitting that is required specifically to like even build a dock in a place like this, much less open a commercial venture that is going to, you know, affect the body of water. So yeah, I think it's, it's probably even a more protected monopoly because you can't just add another one down. street if you want to. And I think environmental is a huge pain with those too. Yes. Yeah. Okay. So we think that we don't have any revenue or free cash flow data, but we think that this seems expensive. Is there a scenario where you, I mean, there's, they reference an NDA, but we obviously haven't signed it. They don't even tell you where to go to get the NDA. Is there a scenario where you sign the NDA and you realize that this might actually be a fair price?

I think you need a lot of data on kind of market multiples here. It seems to me like the best buyer for this is a roll-up, you know, of rental. Well, I mean, the best owner for it is the marina. I mean, I would think, right, if assuming our leads are coming from there. So, like, I don't know, maybe the comps are at 10x EBITDA for a boat rental business because of what's going on here because it's captive and, you know, it'll all walk-up leads, et cetera. And so you get, you don't have to work that hard and you get 15% yield on your assets.

and people think that's a good deal. I don't know. I think market, there's a market price for this business, and you're going to pay it. And going into this, not knowing what market prices for that business is almost an impossible situation. You've got to get some intel. So, Josh, would these assets be fully depreciated? I mean, let's say they're buying, they're replacing boats no less than every three years. They're probably not fully depreciated unless they are accelerating the depreciated.

at the purchase, right? So for tax reasons, I don't know, they could do whatever. But if you're going to actually say, like, what should they be doing for, like, core accounting principles? It's judgmental, but the main, the best way to do it is to be accurate in it. So what you would do, right, is you'd say, well, what did I purchase it? And what am I estimating to sell it for? So I would assume there's a decent amount that you could sell, you know, the boats I might be

three years old, right? So you know they probably have a lot of wear and tear. but ideally they're probably maintained somewhat. So I would say it's unlikely they're depreciated fully, but they're probably significantly depreciated. I'm not sure on what their actual useful life is

or salvage value or anything, but that's where I would say, especially whoever's buying this business, you definitely want to do diligence to quality of the asset you're buying, where you don't want them to give you a bunch of three-year-old, you know, boats or a whole bunch of stuff

are just going to have to replace your one, two, so yeah they did a bunch of capex three years ago and they knew they were getting ready for a sale so they haven't bought anything since but they used to buy boats every year and that's something you can tell too by looking at the financials just look if they have a lot of repairs and maintenance recently right they just deferred their cap x but it kind of works contrary in a way too because if you do value it off of their bottom line well you're valuing it off of an inflated repairs and maintenance numbers so it sometimes people will try to cheat either way and it kind of neutralizes out if you know what you're looking for, but still.

The asset quality diligence is key here. And also, EBITDA is also probably meaningless for this business, right? I mean, if you're buying and selling all these boats, I mean, the tax return, the gain on sale or loss on sale for all. I mean, if you're accelerated depreciating, you know, depreciating all these things, and then you've got recapture, you know, next year on the sale of your jet ski, partial recapt. I mean, I hope you have a good tax accountant. if you own this business and probably a good tax diligence account if you're buying this

business because this is an asset heavy balance sheet that requires a certain type of diligence. You can't just walk in and think EBITDA is the metric here. Yeah. Yeah, I mean, a lot of times people look at EBITDA, but you also have to know that doesn't include CAPEX or other things that you'll have to replace it. I'd imagine people would still want to do an asset sale on this, even though it's a larger deal, but you never know if you do an asset sale, you kind of reduce a lot of your risk with the taxes. but I mean if there's some long-term relationships like I'm sure if someone sold those marinas they'd want to

keep that those whatever they have for those bid arrangements right intact which you'd have to do via stock sales so good point on that Josh the contracts would be very important but the tax is so complicated you do a stock purchase you're stepping into all of their potential tax liability from the past which is scary I also think for this deal and other asset heavy deals you really need to model after tax returns because of all of the tax depreciation and sheltering, the tax could materially impact your cash flows on this deal. And it could be very positive, right? There could be a lot of, you know, much like our friends in the real estate game, you know, after tax cash flows suddenly look a lot more attractive necessarily than the pre-tax

cash flows. So I would want to understand a forecast of how this effect, how the tax is kind rolled forward. The tax implications of my everyday business, my trading operations on boats, depreciating them, reselling them, maintaining them with CAPX, et cetera. So, Josh, just hypothetically, like, asking for a friend, if I wanted a Q of B on a business like this, when you're pricing it, do, are you pricing the engagement around the complexity of the Q of E? Like, if you look at something like this where there's a lot of moving parts, There's a lot of assets, like, versus if I just said, hey, I'm buying like a, you know, I don't know, I don't know what an easy Q of E would be. I know, like, the diligence is the diligence. But does the price reflect that? Yeah. So for us, we charge $7,500 for all SBA sized deals. There's two potential upcharges, which come into place sometimes or sometimes people buy five different companies, like five accounting firms at once kind of thing. Well, that's five times amount of work. We need to do five QE's basically. And the second upchards. charge is if they don't have good books and we need to redo their bookkeeping from scratch,

just to close that data gap. Larger deals, it depends on a lot of, there's more complexity, right? Sometimes people want us to dive more into one, you know, various subjects. So you kind of price them out depending on scope. But smaller deals, we haven't, we just do more of a flat fee arrangement because everybody always tells me the deal's easy, and that's not always the case. Hey, I got a real easy one for you. Can we, can you help me out?

Exactly. I have the easy deal discount. Josh, that would be awesome. Famous last words. That deal is definitely not going to close. That's what's easy about it. It gets killed before closing. All right.

Anything else on this one? For me, one other quick thing I'd say, too, I don't know if marinas are the best people to buy this because I think I don't kind of maybe beating a dead horse with some of that where I'm like, if you're the marina and you're the big lead gen, just get your own jet skis, right? Why would I pay for somebody else's, you know, you can hire a mechanic or whatever?

but it's like I'll just, I have the market, I'll just take it and run with it, you know? The people that might make sense to buy it, like I think too, I mean, there's not enough boat sales I would think to matter, but if you are in some kind of like, you know, distributor, manufacturer or something too, you have all these guys test driving your boats, you know what I mean? And like getting in front of their face. So like for strategic partners or something, like I would think that might make sense, but I would think if I'm the marina, I'm just going to rent my own jet skis, you know?

That's fair. wondering like if maybe there's, I think this area is so remote though. I'm just wondering like if there's a Airbnb, you know, mogul in this area, right, who has like a thousand vacation rentals and they could just absolutely funnel people directly to this that are already doing it organically. Like maybe there's somebody like that who has a little corner on the market. I don't know how, I don't know how big the Tam is for this, but obviously, you know, this seems like a lot of assets to me for an equipment rental business. And Googling around looking for other boat rental businesses, they're usually like $2 million in revenue. And like they're super seasonal, whereas this may not be quite as seasonal and much, much smaller equipment base.

This seems like a big one, obviously not just purchase prize, but also asset list. And I mean, if anything seems weird like they're downtime, I know of something. that. It's just like, if they can have it, that's super impressive, you know, where it's like they have a great, you know, lead gen or whatever it is, that's funneling them in there. So. All right. Well, let's wrap this one up. Probably not for me because I'm not moving to Lake Powell

and there's a lot of assets here. I think I'd maybe just rather buy the S&P. Mills, how about you? I agree, but I'm super curious. I really want to know more about this. And I bet the seller is a character. So I'm curious. That's for sure. Josh, how about you? Yeah, I mean, it's interesting. I always love learning more about businesses. But yeah, I'm not

looking to be in the boat rental business. Fair enough. All right. If you guys like this one, we have 450 more episodes, not just like it, but similar. We've never done a boat rental business before,

but we have done all kinds of asset rental, heavy equipment rental, et cetera, all kinds of things like that. If you go to ACQUanon.com, you can download all 450 episodes. You can also get them on Spotify, Apple Podcast,

or wherever your podcasts are downloaded. Finally, if you go to the website, you can get on our email list. We would love it if you would, would do that because we know not everybody can listen to all of the podcast and not everybody checks their podcast app every week, but we can email you when new episodes come out. And if that episode sounds interesting to you, you can just click on it and listen right there from the email. So go to our website. You can find all the episodes and the mailing list. And with that,

thank you for joining us on this episode of Acquisitions Anonymous.