Selling a Fishing, Hunting, Trapping Business

Most fishing, hunting, and trapping businesses trade on a multiple of SDE (owner benefit) or EBITDA, then buyers adjust for things that can shut you down next season. The biggest pricing swings usually come from permit or quota transferability, written access (moorage, lease, trapline, landowner permission), season length, and near-term engine or boat capex. A lodge or outfitter with repeat groups and documented booking systems often prices better than an owner-only operation. Start with Rejigg’s free valuation calculator, then compare it to your “normal season” earnings and risk profile.

Most buyers normalize to a typical season, but they need evidence. Expect requests for 3–5 years of volume, pricing or settlements, and a clear explanation of the down year (late run, wildfire smoke, bar closure, shortened opener, processor limits). If the bad year reflects a lasting regulation or allocation change, price usually drops, and the buyer may model a smaller season going forward. If it was a one-off weather event and nearby years recovered, buyers are often more flexible. Rejigg’s data room makes it easier to share multi-year season summaries without re-explaining the story every call.

Often yes, especially for guide services, lodges, and retail-adjacent operations, as long as cash flow is well documented and the buyer can legally operate. SBA lenders typically dig into add-backs, deposit liabilities, seasonality, insurance, and required licenses. Commercial fishing can be harder under SBA depending on quota or permit transfer rules and collateral, so it’s worth asking lenders early. Use Rejigg’s SBA loan calculator to pressure-test payments and down payment needs before you negotiate price.

No. A broker can help, but many owners handle the process themselves if they can explain permits and access, season timing, and gear condition clearly. Brokers often charge 5–10%, which is real money on an outfitter or commercial permit package. Rejigg gives you access to pre-vetted buyers, requires digital NDAs before sharing sensitive details, and includes a secure data room for permits, equipment, and financials. If you want to run a clean process without a big success fee, start with the preparation guide.

Most deals land in the 2–6-month range from listing to closing, but season timing can stretch or compress that. Closing often needs to line up with permit renewal windows, deposit cycles, and preseason maintenance. Listing right before your peak weeks can slow diligence because you are on the water or in the field, and buyers may not be able to travel. On the other hand, some buyers want to be closed before the first big bookings or before the opener. Rejigg helps speed diligence by organizing your season book and sharing it under NDA.

Prepare documents the way an operator thinks about the season. Have a rights map for permits, tags, quota, holder names, renewals, and transfer rules. Gather access agreements for moorage, leases, blinds, cabin sites, traplines, and landowner permissions. Add a one-page season calendar with cash pinch points, an equipment list with maintenance and upcoming capex, a booking and deposit report (if guided or lodging), and three years of financials plus tax returns. Rejigg’s data room is built for this, so you upload once and control access as buyers get serious.

Use staged disclosure and keep names out of early materials. Early on, share high-level financials and a summary of permits and access under NDA without naming specific landowners, dock slips, trapline locations, or showing a full client list. Once you have a credible buyer and a realistic closing timeline, plan introductions to the few partners who can make or break next season, like the dock manager, primary landowner, or main processor. Rejigg supports this with pre-vetted buyers, digital NDAs, and folder-by-folder permissions in the data room.

It depends on what has to transfer cleanly. If permits, special use authorizations, or contracts sit with the entity or have easier change-of-control rules, an equity sale can reduce disruption, though buyers often ask for stronger reps and warranties. Asset sales can reduce liability carryover, but they can also force re-issuance of rights, re-paper access, and reset insurance. In fishing, hunting, and trapping, transfer mechanics often decide structure more than tax theory. Use the deal negotiation guide to think through structure early.

Working capital gets tricky because costs often spike before revenue hits. Many operators pay for preseason repairs, bait, fuel, dock fees, and crew advances weeks before the first good checks or trip revenue lands. Buyers commonly set a working capital target based on the month you close, so the business can operate without skipping maintenance or shorting payroll. Also, clarify how you treat customer deposits. In many cases, they should stay as liabilities until the trip runs. Rejigg’s offer tools help you compare working capital terms, not just headline price.

Deposits usually come with an obligation to deliver a trip, lodging, or service, so they are not pure profit. In many deals, the deposits stay with the business at close, which lowers the buyer’s risk, but the buyer will want to understand fulfillment costs and your refund policy. Expect diligence on booking agreements, cancellation history, and how often you rebook weather days versus refund. Rejigg lets you share a redacted booking and deposit report under NDA, so a buyer can validate the numbers without getting your full client list up front.

Earnouts come up often because next season can swing on weather, run timing, and execution. They may be tied to next-season revenue, guest-days, retained repeat groups, or pounds landed, depending on the business model. Seller financing is also common when permits and access are strong but lenders want extra comfort. Make sure any metric matches how money is actually earned and recorded, including settlements and trip completion. Rejigg’s deal tracking helps you compare price, earnout triggers, and seller note terms side-by-side.

Buyers look at both market value and uptime value. A boat can appraise well and still be a liability if an overhaul is due and there are no service records. Expect requests for engine hours, maintenance logs, known issues, and a list of likely replacements in the next 12–24 months. Some buyers will ask for a sea trial or a mechanic inspection before closing. For trapping gear and ATVs, storage, standardization, spare parts, and loss history matter more than sellers expect. Keeping an asset roster and invoices in Rejigg can reduce late renegotiations.

Commercial fishing diligence focuses on permits and quota transfer, vessel eligibility, logbooks and reporting history, settlement statements and deductions, maintenance, and processor relationships. Guide and outfitter diligence leans into bookings, deposits, cancellations and rebooks, written access permissions, guide roster stability, waivers, and whether the buyer meets licensing requirements to guide. Both models care about the season calendar and what happens when gear fails during peak weeks. Rejigg’s due diligence checklist helps you keep requests organized without living in email.

Buyers typically review coverage types, claims history, and whether the carrier will renew under new ownership. Depending on your operation, that can include liability, vessel and vehicle coverage, lodge or property policies, and workers’ comp. One serious incident can raise premiums, and remote operations often need documented safety practices, like comms plans, weather minimums, and emergency protocols. Be ready to explain what you carry and why, and what changed after any incident. Rejigg lets you share policies and claims summaries under NDA without sending them widely.

Non-competes are common because repeat guests, landowners, and local reputation drive bookings. Buyers usually ask for limits that match your real operating area and service line, with a term that fits the risk in your market. Transition plans often include introductions and some availability through the first peak season, especially if the owner handled sales and partner relationships. Requirements vary a lot by state and deal size, so get legal advice early. Use the transition planning guide to set clear expectations.

The fastest deal-killers are permit or quota transfer uncertainty, access that exists only as a handshake with no path to keep it, and financials that do not reconcile, especially around deposits and cash expenses. Deferred maintenance with no capex plan is another common breaker because one blown motor can wipe out a season. Buyers also get spooked by repeat compliance problems that could threaten renewals, insurance, or processor relationships. Owner-only sales pipelines with no booking system often lead to earnout demands. Rejigg helps by enforcing NDAs, organizing documents, and keeping buyers focused on the fundamentals early.

Taxes depend on your entity type and the deal structure, and allocation can matter a lot here because boats, motors, vehicles, traps, and real estate may be treated differently than goodwill. Depreciation recapture on vessels and gear can surprise sellers in asset deals. Equity deals can simplify some transfers, but buyers may price in added liability risk and require stronger protections. Bring your CPA in before you sign an LOI so you can model after-tax outcomes. Rejigg helps you keep key terms organized so your advisor can quickly compare structures across offers.

Usually, when you can show next season demand while still giving a buyer time to close and get ready. For many guides and lodges, that means after bookings and deposits start coming in but before peak weeks take over your schedule. For commercial operations, permit renewal windows, preseason maintenance timing, and application deadlines often matter more than a calendar month. The best timing varies by region and species. Rejigg’s messaging and scheduling tools help you keep the process moving even when you are in the middle of trips or the opener.

Focus on which offer has the cleanest path to operating next season. Compare permit and access contingencies, working capital targets, deposit and liability treatment, equipment exclusions, earnout triggers, holdbacks, and closing timing relative to renewal or application windows. A higher headline price can evaporate if the earnout is hard to hit or if working capital terms starve preseason prep. Rejigg’s offer comparison dashboard shows terms side-by-side so you can spot the real tradeoffs before you go exclusive.