| In 1995, after working 22 years for Exxon Company USA, James Muntzel decided to leave the company to start his own business. He purchased Interstate Batteries in Corpus Christi, successfully ran the business until 1999, and then sold it back to the people he bought it from for four times what he paid! According to Muntzel, “I turned it to black and sold it back.”
Muntzel continued his entrepreneurial ways, invested wisely, and kept an eye out for the opportunity to buy another business. That opportunity arose earlier this year when Muntzel entered into an agreement to purchase Marker 37, a full service marina located on the Laguna Madre. With most of his sales proceeds from Interstate Batteries tied up in a land deal in Costa Rica, Muntzel approached a commercial bank and was directed to the Del Mar College Small Business Development Center for assistance in developing a business plan.
SBDC business advisor Michael North assisted Muntzel in preparing a loan proposal including detailed cash flow projections and required financial statements. After reviewing the proposed purchase agreement, and analyzing the historical profit and loss information, it was suggested to Muntzel that he make a counter offer for Marker 37, and that he also ask the seller to consider owner financing.
While North worked on a loan proposal to purchase the marina, Muntzel started haggling with the seller over price. By the time the loan proposal was ready, Muntzel had not only negotiated a 22% decrease in the purchase price, but he’d talked the seller into providing bridge financing as well! The loan proposal was amended to show that Muntzel now owned Marker 37 and was seeking long term financing. Muntzel stated, “Thanks to Mr. North’s knowledge, expertise and time, I now have a professional package to present to a lending institution for purchasing a business. Prior to this package I have been unsuccessful obtaining financing. It now appears that the present owners will carry the note until I am able to refinance. Again, kudos to your office and available staff.”
On May 19, 2003, Muntzel assumed ownership and operation of Marker 37, and says he couldn’t be happier. Marker 37 has 2 boat ramps, 35 boat slips and offers live and dead bait, soft drinks, beer, ice, snacks, fishing supplies, marine parts and supplies, and gasoline. Marker 37 is located across from Snoopy’s Pier Restaurant at 13317 S. Padre Island Drive, and provides boatmen fast, convenient access to some of the finest fishing found anywhere in the world. |
