Around 500K is about right, but I would always like a bit more if possible.
Unfortunately the current owner has a grossly inflated view of the value of the business, since it involves the leasehold (worthless to be honest) of the airfield and maintenance too.(Again not worth much with one engineer and very few facilities.)
It became especially difficult to raise capital since the books were 'interesting' to say the least! I knew how much was coming in and going out, but lets just say that the profit didn't match my expectations!! Trying to get money out of the City with worthless bits of paper and on my say so was an interesting experience!
I'm waiting for the need to sell to become more pressing and then we'll see what may happen.
I think the sailing analogy is actually pretty accurate, but since yachts are treated like second homes, people are more willing to spend vast sums on them. Difficult to sleep a family in a 172. They are more likely to be a Dad's toy rather than something for the whole family.
However people who are able to afford yachts etc. are exactly the type of punter you want to attract. Having been brought up around Boats and sailing. Owning a yacht really is like standing in a shower and ripping up £50 notes, a bit like owning an a/c really! Chandleries (or Swindleries as they are better known) make places like Transair seem like Matalans!
If you can attract these people, you do need to have a club house that looks at least a bit clean and servicable, rather than the knackered portacabins that seem to litter the airfields of the U.K.
Last edited by Say again s l o w l y; 8th Jan 2004 at 07:25.