Boat / Marine Dealership Acquisition & SBA Underwriting Financial Model (Excel + Google Sheets)

Revenue is built by line — new boats, used boats, service & parts, rental and F&I — each carried at its own gross margin, so blended gross profit falls out of the mix (F&I plus fixed-ops make up nearly half of it). The differentiator no template shows: the boat floorplan interest engine (average inventory at cost x advance x rate, inventory = unit COGS x days-in-stock/365, with marine's slower turns and pricier carry) and the fixed-ops absorption ratio (service & parts gross over fixed overhead) — with TWO distinct debts modelled separately: the SBA 7(a) acquisition loan and the floorplan line.

The honest headline is the down-cycle DSCR. Because the acquisition loan is small relative to cash flow, the base DSCR looks comfortable (1.55x) — but a normal marine down-cycle (-20% boat volumes) drives SDE down ~30% through the fixed overhead and pushes coverage to 0.89x, the 2009 reality, below the lender's floor. That, not a rosy cash-on-cash, is what a buyer must survive. Includes a 3-part SBA 7(a) capital stack with a full-standby vs amortizing seller-note toggle, store profiles, a 5-year P&L, returns and a dashboard. 11 sheets, machine-verified across three engines, Excel and Google Sheets, with a 24-page PDF guide. SDE margin held at an honest 5%. Educational planning tool, not financial advice.