Donna Genie walks RV park owners through selling their parks. Start planning three to five years ahead, document all repairs and upgrades so buyers understand what's recurring versus one-time, and bring in tax advisors early to avoid overpaying taxes. Forced sales due to retirement or health issues fetch lower prices.
Three to five years.
We'll look at it from maybe the seller's standpoint and look at, is there a plan or some sort of tax strategy or putting documents together, sort of preparing your park to sell? I'm sure that's a, a process in itself. And if there's somebody in that position, you, you know, what's. Maybe some of those things that they can start to think about before they would have a conversation with somebody like you who could walk them through that selling process in more detail.
Yeah, absolutely. I think if you think about what we just talked about on the buyer's end, if somebody like me is helping a buyer know what questions to ask, looking at data and looking to see, does this look right? Are there questions? Can we rely on this data? Those are really big, crucial points. And even more than just the buyer's opinion, if that buyer has to get a loan from a bank, the bank is looking at the seller's data to determine the reliability of how well that buyer is going to be able to pay back the loan. So I strongly recommend that selling, if you want to really maximize your potential, be thoroughly prepared. And by thoroughly prepared, I think you ought to be planning three to five years in advance of your sale. And planning meaning first off, doing the right things and having somebody make sure that you are not overpaying on your taxes. Your financial condition is looking good, knowing, do I invest in upgrades or do I hold off? How do I document the repairs so that those aren't considered just big expenditures that a buyer might think are going to happen every year? Those are critical, too. So there's a lot of planning that really should go into effect for somebody considering selling. And I'll add in one other piece. Don't wait too long. One of the critical dips of pricing on selling is if you have to sell cases where people want to retire and they're just done, you may be pushed to take a cheaper price because you don't want to wait it out. Be prepared to sell even if you're not ready yet. Always have that information lined up and ready to go, because you never know if somebody's going to make you an offer you just can't refuse.
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