Provisioning Your Vessel

by

Marinetrader

You just got that pristine trawler or motor yacht and you are excited to get her underway to take her home. You are scurrying about for what feels like days getting everything complete. Food, beverages, apparel, the list goes on and on. Suppose you forgot something?

To help you to remember everything, here is a simple check list with just about all you will require to get underway. Navigation – Make sure to have paper charts on your boat and that you know how to read them; you never know when your chart plotter will decide to give up on you. Maptech Chart Kit Dozier’s Waterway Guide Set of binoculars Up to date flare kit First aid kit Correct dock lines Correct fenders Laptop with air card Handheld VHF Flashlight Mechanical – It is critical to have standby parts on your vessel. They may be tough (if not impossible) to acquire on your journey home. You might be anchored out in the middle of nowhere and need an alternate part. Biobore diesel fuel additive Deck fill key to open fuel/water fill ports Bridle if chain rode 25 foot dock line 2 stainless shackles (1 spare) 2 sets of pliers (1 extra) Bleach to disinfect water tanks, 1 tsp/10 gallons water Mask and fins Fuel filters Extra impellors for engines Extra bilge pump Extra bilge pump float switch Standby fresh water pump Spare air conditioning water pump Oil absorbent pads Rags Tools – sockets, wrenches, screw drivers Lubricants, WD-40, Corrosion Block Engine oil Coolant Propane if boat so equipped Lighter Fill fuel tanks Outboard gasoline Outboard 2-cycle oil if needed Muriatic acid if toilets use salt water to flush Provisions – Be sure to buy enough to last the complete journey home; you don’t know if you will have access to a food market, especially if you are in the Bahamas. Food Beverages Alcoholic beverages if so desired Cups Glasses Pots and pans Utensils Dish soap Rubbish bags Galley towels Napkins/paper towels Bath towels Bed linens Bath soap Toilet paper Fill water tanks Coffee pot/coffee Personal Items – Take more clothes than you anticipate needing. You never know if you will get wet because of an unexpected thunderstorm. Clothing Deck shoes Hats Sunglasses Rain coat Money for tipping dock hands Digital camera You now must locate a space to stow everything so it will not clutter your trawler or fall over if you happen to be in rough seas. You also need to inspect all systems to be certain that they are functioning properly and that all engines have appropriate fluid amounts. Next you need to map your cruise home which means sitting down with charts and computing how far to cruise each day. Dozier’s Waterway Guide is a tremendous help in finding marinas and things to do in the local area. You may also choose to anchor out on the journey home. Be sure your generator is operating well and that its fluids are full too. It is time to get a good night’s sleep in preparation for your first day underway in your new trawler. The captain will run the yacht and his first mate will aid with navigation and line handling. The first mate should examine the paper charts while the captain focuses on the chart plotter. It is crucial to have paper charts on your boat; electronics without doubt will quit at some point in time. When pulling into a marina for the evening, dock hands will assist you with your lines and electrical cords. It is customary to tip a minimum of $5.00 per dock hand for their help. After a brief period of time, you will become used to the way your boat runs and feels. Docking will also come naturally after some practice. Your trawler or motor yacht will become so familiar to you that the slightest weird noise or odor will alert you to a problem.

Mike Dickens, the author, is a live aboard boat owner and owner/Broker of Paradise Yachts in Florida USA.

Paradise Yachts offers used quality yachts to customers worldwide. 904/556-9431 Visit the Paradise Yachts website to view our selection of Used Trawlers, Used Motor Yachts, and Used Sailboats for Sale National and international sales. We ship Used Trawlers, Motor Yachts and Cruisers

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Provisioning Your Vessel

The Difference Between SDE and EBITDA

by

Michael Fekkes

The 3 most commonly used valuation methods are the Income, Market, & Asset approach. With the income approach, a business value is based upon the earnings the enterprise generates. Buyers are most concerned with the amount of earnings that the company produces should they acquire the business. The net ordinary income, utilized for tax reporting purposes, does not properly reflect the true earnings of the company based on the non-cash, discretionary & non-recurring items that are expensed by the business owner. Earnings are kept low to achieve the goal of reducing taxes. Therefore, to calculate the true earning capacity of the company, the P&L statements need to be adjusted during a valuation to determine SDE or EBITDA. Re-casting the financial statements will standardize (or normalize) the company earnings through the exclusion of discretionary, variable and non-recurring components, allowing an objective comparison to be made between two or more companies. By applying a multiple to the EBITDA or SDE amount, consistent with the industry sector and a weighting of the issues affecting the business, will derive the business value.

What is Sellers Discretionary Earnings (SDE)?

Sellers Discretionary Earnings is utilized for businesses with under $1mm in adjusted earnings. These businesses often have the owner managing the company and receiving a salary. With these small enterprises it is critical to determine what the owner benefit is as opposed to the earnings of the company. This is accomplished through a series of profit and loss statement adjustments termed add-backs that are made to the pre-tax company earnings. In some instances, there are negative add-backs as in the case with a business that owns real property (e.g. the building & land) where the owner is compensating himself a below market rent or a family employee working for the company who is receiving a below market salary. In both of these cases, an adjustment is made to normalize the expense to the current market value.

The most common adjustments used during the re-casting process are:

1. Add-back one owner’s total compensation

a. Salary

b. Payroll Taxes

c. Retirement Contributions e.g. 401K

d. Insurance

e. Perks (Health Club, etc)

2. Add-back interest expense

3. Add-back discretionary expenses

a. Donations

b. Personal Cell Phones

c. Travel, Meals, & Entertainment

d. Owners Vehicles (not used in business)

4. Add-back non-cash expenses

a. Depreciation

b. Amortization

5. Add-back Non-recurring expenses

a. Fines / Bank Penalties

b. Attorney fees (e.g. sale of business consultation)

6. Adjust Lease to Fair Market Value

What is Earnings Before Interest Taxes Depreciation Amortization (EBITDA)?

EBITDA is used to define the earnings of the company for businesses with adjusted income greater than $1mm. Here, the owner/investor is typically not active in the direction or daily management of the business and will hire a general manager to perform that function. Therefore, the EBITDA calculation will differ from SDE as it incorporates the general managers salary in the earnings calculation as an expense. EBITDA is a non-GAAP measure that is used to determine profitability and to make comparisons between companies and industries as it eliminates the impact of the financing and accounting decisions made. An easy way to determine EBITDA is to subtract the owners compensation and benefits from SDE. The EBITDA dollar amount will be lower than SDE but the multiple used in the valuation formula will be higher, often 2-2.5 times the SDE multiple. Therefore, as one would anticipate the FMV of the same business calculated using either method should be very close to each other. If not, an assessment as to why and which (or what other method(s)) must be undertaken.

Michael Fekkes is a Senior Broker at ENLIGN Business Brokers. Michael is a Certified Business Intermediary (CBI), a member of the International Business Brokers Association (IBBA), as well as a former business owner. ENLIGN Business Brokers http://www.enlign.com/ is a Professional Services Firm that is headquartered in Raleigh, NC providing confidential business intermediary services to buyers and sellers throughout the Southeast region.

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The Difference Between SDE and EBITDA}

Submitted by: Johnathan Cunnings

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isnare.com

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byadmin

Unless you’re the most easy-going person on the face of the planet, you probably can’t completely escape the stress of a kitchen remodel in Surprise. However, there are ways to manage your stress so that the whole experience is relatively pleasant and fun, rather than frustrating and stressful. Take a look at these tips…

Ask for a Schedule

Be sure you have a start date along with an estimate for various milestones for your kitchen remodel in Surprise. Keep in mind that you do need to be flexible, as things like taking delivery of custom kitchen cabinets and specialty work such as plumbing may incur delays. However, you should have a general idea of when major milestones will be completed.

Do Regular Job Walks

As mentioned, you should be somewhat flexible with the work schedule, as unexpected delays can and will occur. However, you can manage your stress by doing regular job walks with the onsite foreman to be sure your kitchen remodel in Surprise is on track. This also gives you the opportunity to spot any errors before additional work makes it difficult or impossible to fix the errors. Don’t be afraid to speak up if you notice anything that isn’t right.

Protect Your Belongings

When you’re doing kitchen remodeling in Surprise, you should remove as many of your belongings from the work area before the crew arrives. However, be sure to also ask your contracting team how they’ll protect your belongings. A good home remodeling contractor in Surprise will have a well thought out plan for protecting your home and containing the dust and dirt of a kitchen remodel.

Reschedule Other Appointments

Another way to manage your stress when you’re doing kitchen remodeling in Surprise is to postpone major appointments, such as a trip to the dentist or surgery, until after the remodel is complete. That way you can recover quietly.

Secondly, you’ll also want to reschedule other appointments that may interfere with your kitchen remodel. For example, if you have a landscaper coming into do work, you may want to reschedule for a time when you don’t have a work crew with their trucks, sawhorses, and other tools, supplies and materials spread around outside.

Be Courteous to the Crew

Finally, it’s common sense but worth mentioning: be polite and courteous to the crew who’s working on your Surprise kitchen remodel. At times you may feel stressed and prone to snapping, so take a deep breath before addressing any member of the crew.

Conclusion

Kitchen remodeling in Surprise can turn your life upside down for several weeks or even several months, which is why you’ll want to hire an experienced crew to complete the work. You can trust the team at Todd Whittaker Drywall, Inc, as they’ve been doing kitchen remodeling in Surprise for your friends and neighbors since 1996.

To learn more about what TWD can do for you, visit them online at www.twdaz.com. Be sure to ask for your free no-obligation estimate — you’ll find they offer great work at a fair price, so get in touch today.