The foundation of our business is operations of full service marinas. Over the years, through experience and training, we have developed a successful model for marina operations. Through a combination of excellent customer service, loyalty retention programs, focused marketing and facility maintenance we have demonstrated the ability to increase marina revenues while continuing to add to the marina customer base. Our goal is to provide customers with the best boating experience possible. With the limited amount of time customers have to use their boats we strive to make the experience as effortless as possible. At the core of every successful marina is superior customer service.
As experienced marina operators we understand how the design of marina facilities is going to affect the long term success of a large development project. Many factors contribute to a successful marina development, all of which need to be considered at the onset of the project. Intercoastals objective is to ensure the marina and the upland development work together to create a profitable and sustainable project for the future.
A valuable service we provide to potential marina purchasers is an investment analysis on the prospective property. With our strong financial background we work with the purchaser to help evaluate the property and create financial projections that are based on years of experience in both the financial and marina industries. This process can provide the buyer with valuable information in negotiations with both the seller and the lender. We have seen the results of our analysis help customers save on acquisition costs and borrowing costs.
Intercoastal works closely with several lending institutions to assist them in the management of marina properties which have fallen into foreclosure or receivership. Intercoastal has directly managed properties for banks as well as provided consulting services to help bank determine business values. A key aspect to preserving business value is to make sure the transition from a troubled asset to a bank owned property is as smooth as possible. Communication with marina customers and other stakeholders to ensure the marina will be professionally managed and the intentions of the bank are to continue to operate and maintain the facility is a key element in this process.
Intercoastal offers a full range of marine related services. Through our subsidiaries and network of partners we offer customers a full range of yacht repair services, fiberglass repair, marine salvage and recovery, insurance estimates and consulting, logistics and transport as well as sales and brokerage services.
Intercoastal provides yacht owners a valuable service of assisting in the maintenance and service of their boat. This service has proved extremely valuable to boat owners who do not require a full time captain yet need a "point person" to assist in the care of their boat. As part of this service Intercoastal will coordinate cleanings, regular maintenance, schedule haul outs and services, and assist in logistical planning for fishing or cruising trips.
As many marina facilities age the daunting task of rebuilding and redesigning a marina can overwhelm some owners. Our experience in marina design and project management can help owners focus attention on the business while the project management and design is handled by Intercoastal. Marina design and layout is an extremely important part of a very expensive process. A mistake in design can lead to major unexpected costs and potential lost revenue in the future.
The first step to effectively managing a marina business is developing a comprehensive operating budget. With the budget in place monthly reporting and preparation of financial statements becomes the next step to monitoring progress based on the strategic plan. With these tools we can identify underperforming and inefficient sections of the business and work to correct these problems and increase profitability. The investment of time and energy that goes into the budgeting process is far outweighed by the benefit of comparative financial reporting and monitoring of goals for the business.
Developing a marketing plan is a crucial part to continued growth of the business over time. We will develop a marketing plan in conjunction with the operating budget to focus time and money on the most important marketing opportunities. The marketing plan for a marina will include such things are website development, physical signage, direct mail, customer retention programs and many other programs to increase visibility and new business opportunities.