“Our involvement in the Wynn Al Marjan Island project represents a significant milestone for IGY Marinas,” said Steve English, CEO of IGY Marinas. “We are excited to build on our existing presence in marina management in the Middle East and contribute to the creation of a world-class destination for yachting and gaming enthusiasts.”

The marina basin will feature 101 berths, accommodating yachts up to 85 meters in length overall. Marina Solutions International (MSI) has been involved throughout the project since the feasibility stage and designed the 101-berth superyacht marina.

“MSI has been working closely with Wynn Resorts on the Al Marjan Island Marina project since 2022,” said James Beaver, director at MSI. “Our involvement from the start has been to provide an extensive feasibility study for the marina, establish its market position, provide conceptual and detailed marina designs and operational consultancy. We’re delighted that we could support Wynn and assist in the process of selecting a world-class operator in IGY. This marina is a huge opportunity for the Emirate of Ras Al Khaimah to establish itself as a yachting destination. We look forward to the continued development of the marina and, once open, to seeing its success unfold long into the future.”

“The Monaco Marine team cares deeply about providing exceptional service in some of the world’s most iconic yachting destinations,” said Baxter Underwood, CEO of Safe Harbor Marinas. “We are thrilled to be able to serve captains, crews, and owners in places like Saint Tropez, Antibes, and Monaco.”

With the addition of Monaco Marine, Safe Harbor now owns and operates 149 marinas and shipyards.

For the second quarter of 2025, Brunswick’s consolidated net sales were $1,447 million, up from $1,443.9 million in the second quarter of 2024. Diluted EPS for the quarter was $0.90 on a GAAP basis and $1.16 on an as-adjusted basis.

Second quarter sales were slightly above the prior year as steady wholesale ordering by dealers and OEMs and modest pricing benefits offset the impact of continued challenging consumer demand market conditions.

Operating earnings were down versus the prior year as the impacts of reinstated variable compensation, lower absorption from decreased production levels, and tariffs were only partially offset by new product momentum, the benefits from the slight sales increase, and ongoing cost control measures throughout the enterprise.

The propulsion segment reported a 7% increase in sales, primarily from strong orders from U.S. OEMs, while operating earnings were below the prior year, primarily due to the impact of tariffs, lower absorption from decreased production levels, and the reinstatement of variable compensation, partially offset by cost control measures and the benefits from the increased sales. Sales and operating earnings both grew sequentially versus the first quarter of 2025.

The engine parts and accessories segment reported a 1% increase in sales versus the same period last year due to slightly stronger distribution sales. Sales from the products business were down 4%, while distribution business sales were up 4% compared to the prior year. Segment operating earnings were slightly down versus the second quarter of 2024, due solely to the enterprise factors listed above.

The Navico Group segment reported a sales decrease of 4% versus the second quarter of 2024, with sales to both aftermarket channels and marine OEMs down modestly, partially offset by benefits from new product momentum. Segment operating earnings decreased due to the lower sales, tariffs, and the variable compensation reset.

The Boat segment reported a 7% decrease in sales resulting from anticipated cautious wholesale ordering patterns by dealers, which was only partially offset by the favorable impact of modest model year price increases. Freedom Boat Club had another strong quarter, contributing approximately 12% of segment sales, including the benefits from recent acquisitions. Segment operating earnings were within expectations as the impact of net sales declines and the variable compensation reset was partially offset by pricing and continued cost control.

2025 outlook

Brunswick’s full-year guidance update includes net sales of approximately $5.2 billion, an adjusted diluted EPS of approximately $3.25, free cash flow in excess of $400 million, and third quarter 2025 revenue between $1.1 and $1.3 billion, and adjusted diluted EPS between $0.75 and $0.90.

However, according to the Exit Planning Institute, upwards of 95 percent of owners aren’t certain of the value of their business. Similar studies show that, on average, 80 to 90 percent of a small business owner’s net worth is locked in their business and real estate. Most dealers we speak with don’t know the value of their life’s work until just before impending exit.

In a recent webinar featuring Jon Couwenberg and Bruce Marcia, partners in the marine and RV division at Performance Brokerage Services, we answered dealers’ most pressing questions.

So, what’s your business worth?

This is the question we are asked the most. Valuations are driven by past performance, which has been skewed by record Covid-era profits and the more recent slowdown. However, buyers are still valuing dealerships with the same methods. A buyer will typically request three years of financial statements to average your earnings or EBITDA (earnings before interest, taxes, depreciation, and amortization). They will then apply a multiple, typically anywhere from two to four times EBITDA based on a host of tangible and intangible variables. However, given the current dealership market, declining profitability and economic uncertainty, these multiples are hard to support.

“The value of a dealership lies in the buyer’s belief that they can maintain or improve the current performance, and their desired return on investment,” said Couwenberg. “As a firm, we believe that the value cannot be determined solely on track record. Instead, it should be a combination of the historical adjusted earnings, the buyer’s and projected earnings, and the buyer’s desired return on investment. The goal is to identify the unique buyer who has a special motivation to acquire your business, who can find a path to a higher proforma, and offer you a higher price,” he said.

What buyers really evaluate

Buying criteria differ, but some factors come up consistently:

• Ownership history – Time owned and sale motivation.
• Management – GM and department heads in place.
• Reputation – Google reviews/establishment in community.
• Market location – Near highways, metros, or water access.
• Brand mix– Brands match market demand & demographics.
• Real estate– Owned/leased? Expandable/market-aligned?
• Profit trends– Consistent and sustainable, especially pre- and post-Covid-19?
• Capital expenditures – Will the buyer need to invest in renovations or expansion?
• Location – Desirable and accessible? Waterfront? Coastal or lake access?
• Performance – How do your metrics compare to industry benchmarks?
• Price alignment ― Are profits in line with the asking price?
• Turnkey operations – Is the store well-run, established, and ready for handoff?

Building your roadmap

Once you have a clear understanding of your dealership’s value, the next step is to develop a written roadmap to grow or exit your business. That doesn’t necessarily mean a sale. Understanding the value of your dealership allows owners to transfer ownership to their children, hire and groom a general manager, or look to engage a broker and sell outright. There’s no one-size-fits-all solution, but there should be a proactive, customized strategy that matches your goals, timeline, and vision for the business’s future.

The most important numbers

The value of your dealership is just one piece of the puzzle. What really matters is what will land in your pocket after taxes, debts, deal costs, and expenses. That “walkaway number” determines whether the deal will ensure the financial future you envision.

To find your walkaway number, it is critical to work with your financial planner and CPA. Once established, we look for ways to further increase it through business growth or by reducing tax liability. There are often strategies to minimize taxes, especially when you plan in advance. Clients are encouraged to involve their CPA, estate attorney, and financial advisor early as impactful tax strategies must be executed years in advance, and at the very least, before going to market.

Planning for an uncertain future

Whether looking to exit your dealership in the next 12 months or 10 years, proactively establishing a roadmap allows maximum flexibility. Dealers should know their retirement “number,” which is the amount of income needed each year after selling or transferring the business. We can then work backward to determine what the sale or transition must net you. For example, if you need an additional $400,000 per year from the sale and plan to withdraw four percent annually, you’ll need to net $10 million from the sale. On the other hand, if you pass the business to family, can you be certain that rental income, social security, and other income streams will be enough to reach your minimum target?

The time to start is now

Understanding the value of a dealership and building out a plan is not a task for the final years before retirement. It’s a long-term strategy that protects your family’s financial future. With the right approach, dealers can navigate the uncertainties of planning and achieve a favorable outcome that aligns with their personal and financial goals. To help build out this plan, our team offers a complimentary service, the Exit Plan Road Map, a 360-degree review of your dealership and personal financial situation.

“ABYC C-5 is a technology-forward standard that reflects how navigation lights are built today,” said Craig Scholten, vice president of standards and compliance, ABYC. “This is what success looks like when industry and regulators work together.”

Vessels over 65 feet must use navigation lights that meet UL 1104 or another standard specified by the Commandant. The Coast Guard’s acceptance of ABYC C-5 fulfills this requirement with a current, relevant standard.

The current edition of UL 1104 was produced in 1998. Since then, the technology used in navigation lights has dramatically changed. UL 1104 was not devised to address light-emitting diode (LED) navigation lights, and the various tests it requires do not apply to LED technology. Additionally, LED lights present different failure modes that are not addressed in UL 1104 testing.

ABYC C-5 addresses this gap with updated testing requirements and international alignment. It applies to vessels of all sizes and includes standards for both incandescent and LED navigation lights, covering visibility, color, service life, electromagnetic compatibility, materials, and labeling. The C-5 standard aligns with ISO 19009 Electric navigation lights — Performance of LED lights.

Following the recent expansion of its manufacturing facility to accommodate the construction of both newly launched and upcoming models, the company is now the only yacht builder to own and operate a brand-specific marina today in the main harbor of Newport, Rhode Island.

The property will offer reserved berths, haul-out capabilities, a private lounge with boutique guest amenities, and on-site service capabilities delivered with the same craftsmanship and attention to detail that defines every Grand Banks and Palm Beach Motor Yacht.

“I’m excited about this strategic acquisition, which will further enhance our owner experience and service capabilities in the Northeast,” said Mark Richards, CEO and chief designer of Grand Banks and Palm Beach Motor Yachts. “This will be a home for our owners in this iconic harbor where sailing heritage runs so deep. It’s a thrilling next chapter. Newport has been a defining part of my sailing and boat building career for almost forty years. My ocean-racing experience has shaped this company’s direction, bringing true innovation and technology to a classic form. This isn’t just a marina, it’s a place that brings our vision to life.”

“This marina has been part of Newport’s waterfront for generations, and it means a lot to see it in the hands of a team that truly understands and respects its legacy,” said Bill Casey, former owner of Casey’s Marina. “Grand Banks and Palm Beach Motor Yachts have been part of this dock for years, and I’m proud to see them take it to the next level for the community and their owners.”

As part of the transition, the full Campbell’s team will remain in place, ensuring consistency in relationships and quality of service. Customers will benefit from immediate access to Hinckley’s national service network, technical resources, and future infrastructure investments.

“We’ve built our reputation on attention to detail, honesty, and knowing our customers by name,” said Tom Campbell, owner of Campbell’s Boatyard. “Joining Hinckley allows us to keep those values intact while expanding what we can offer. It’s a perfect fit—and an exciting step forward for our employees and our clients.”

Campbell’s Boatyard at Bachelor Point joins Hinckley’s growing service network, which includes locations in Maine, Rhode Island, Georgia, Florida, Annapolis, and the Chesapeake.

“Looking ahead, given the uncertainty, we are still refraining from making financial projections at this time,” said José Boisjoli, president and CEO of BRP. “In the short term, although demand remains soft due to a challenging macro environment, our strong product portfolio and leaner inventory levels position us favourably for a rebound. Over the longer term, our decision to double down on our core Powersports activities, combined with our team’s ingenuity and our commitment to pushing technology and innovation, provide the foundations for sustained leadership.”

In April, BRP announced that it would sell all outstanding shares of Telwater to Yamaha Motor Australia, and Alumacraft assets to Bryton Marine Group.

Q1 results

The first quarter of Fiscal 2026 was marked by continued softer consumer demand and uncertainty surrounding changes to global tariff and trade regulations. As BRP continued to focus on reducing network inventory levels on Seasonal Products and managed industry slowdown on Year-Round Products, the volume of shipments and revenues decreased compared to the same period last year. The decrease in the volume of shipments, the higher sales programs due to the sustained promotional environment, and the decreased leverage of fixed costs have led to a decrease in the gross profit and gross profit margin compared to the same period last year. This decrease was partially offset by production efficiencies.

The company’s North American retail sales were flat for the three-month period ended April 30, 2025. BRP delivered strong Snowmobile retail sales at the end of the season. The increase in Seasonal Products retail sales were offset by a decrease in Year-Round Products retail sales, mainly due to the industry’s slowdown.

Gross profit decreased by CAD$126.9 million, or 24.3%, to CAD$394.8 million for the three-month period ended April 30, 2025.

Operating Expenses decreased by CAD$30.5 million, or 9.2%, to $300.9 million for the three-month period ended April 30, 2025. The decrease in operating expenses was mainly attributable to lower G&A expenses due to cost optimization, lower S&M expenses and lower restructuring and reorganization costs.

Net Income increased by CAD$118.5 million, or 278.8%, to CAD$161.0 million for the three-month period ended April 30, 2025. The increase in net income was primarily due to a favourable foreign exchange rate variation on the U.S.-denominated long-term debt and lower operating expenses. The increase was partially offset by lower operating income resulting from a lower gross profit and gross profit margin.

Net loss decreased by CAD$39 million, or 78.2%, to CAD$(10.9) million for the three-month period ended April 30, 2025. The decrease in net loss was primarily due to a higher volume of units sold, lower sales programs, and lower operating costs as a result of restructuring.

Boisjoli to retire

After 22 years as president and chief executive officer, José Boisjoli has informed the Board of Directors of his intention to retire by the end of the fiscal year, at which time he will also step down from his role as chair of the board.

During his tenure, Boisjoli spearheaded BRP’s remarkable growth from a Bombardier spin-off to a publicly traded, global leading Powersports OEM. As part of an ongoing succession plan, BRP’s Board is searching for the corporation’s next president and CEO. Boisjoli will continue to lead BRP until the appointment of his successor.

In 2003, Boisjoli, then president of the snowmobile and watercraft division of Bombardier, became president and CEO of BRP on the day it became a standalone company. He laid out his vision for the making of BRP as we know it today. Under his leadership, the corporation diversified its product portfolio, dealer and distributor network and manufacturing footprint, propelling its growth and more than tripling its revenue.

“Leading BRP has never been a job: it’s been a work of passion and a true honor,” said Boisjoli. “During my 36-year career at BRP, I have had the privilege to shape its DNA alongside brilliant minds and talented people who have relentlessly pushed the limits of innovation to offer the best experiences to our riding communities. Reflecting on my journey, I am proud that we have proven ourselves capable of changing the name of the game within the Powersports industry and built a strong organization that is well-positioned for the long term. I am grateful for everyone who contributed to BRP’s success.”

Youngblood has extensive experience and a passion for the marine industry, previously the national sales manager at Sea Pro Boats.

“I’m excited about joining the Stingray team, as well as working with their extensive high-powered dealer network and sales staff,” said Youngblood. “Stingray has a lot of history in its 45 years, and I’m ready to help add to it.”

“We welcome Mike to our Stingray team, and we’re looking forward to great things ahead,” said Barry Avent, president of Stingray Boats. “His experience and attitude will help drive relationships forward and strengthen our initiatives as we look to continually improve everything we do here for our dealers and customers.”

“Florida is the boating and fishing capital of the world—and the Boater Freedom Act will ensure that this remains the case,” said Governor Ron DeSantis.

This legislation ensures that boaters who prefer gas vehicles will not be limited by activist local entities. It also maintains statewide protections of wake speeds, manatee zones, and seagrass areas.

The bill will also prohibit boat inspections without probable cause, which were previously conducted as ‘safety compliance’ checks. The bill will additionally direct FWC to work with tax collectors to proactively provide a “Florida Freedom Boater” decal at registration. This decal will indicate to law enforcement that the boater has taken the necessary steps to maintain proper safety requirements. This strikes an appropriate balance between ensuring compliance with boating laws and reducing unnecessary disruptions for law-abiding boaters, making enforcement more practical and effective.

This bill is the culmination of the Governor’s boater freedom initiative proposal announced in February of this year. 

Governor DeSantis also signed House Bill 735, which provides additional funding for public boat ramps, parking, and marina programs through the Florida Fish and Wildlife Commission. These funds will ensure greater access to public waters and enable Florida to remain the boating and fishing capital of the world.