Financial Benchmarking for Marinas: How Does Your Marina Measure Up?
Join Jim Frye, Westrec Marina’s vice president of business development and president emeritus of the Association of Marina Industries (AMI) for a discussion of marina financials and a presentation of AMI’s new 2018 Financial & Operational Benchmark Study for Marina Operations. The association has been working in recent years in cooperation with Marina Dock Age Magazine to gather financial information on marina operations. Jim will present some financial ratios for measuring marina performance including current, quick, debt to equity ratios, gross profit, operating profit, net profit measurements and some other financial jargon you know you should be interested in but haven’t thought too much about. Bring your financials and we’ll help you sort them out!
Jim Frye, CMM, Westrec Marinas
As one of the world's largest owner operator of marinas and marine-related businesses, Westrec Marinas provides professional management services to its properties, affiliates and clients throughout the world. Founded in 1987, Westrec manages marina facilities located both in fresh and salt water environments, handling vessels ranging in size from personal watercraft to mega yachts. Frye is currently the VP of business development and acquisitions.
A 25+ year professional in the marina industry Frye has directly managed or provided oversight for over 30 marinas across the US, including redevelopment, expansion and significant growth of revenue and profitability.
Frye also serves as president emeritus and past-chairman of the Association of Marina Industries (AMI) and was for nearly a decade the executive director of the Association. AMI was created by the merger of the International Marina Institute (IMI) and the Marina Operators Association of America, AMI is the national and international trade association of the marina industry and represents a diverse membership of marinas, boatyards, yacht clubs, and public/private moorage basins across the United States and worldwide.
In addition to his duties with AMI, Frye served as the Director of the Marinas & Boating Access Department for the National Marine Manufacturers Association (NMMA) and served on the Board of Directors of NMMA representing AMI.
He is a Certified Marina Manager (CMM), a distinction created by the International Marina Institute and now perpetuated by AMI. Frye has been a frequent contributor/author to industry trade magazines, a speaker and faculty member for marina management training in advocacy, marketing, operations and business management. Frye serves as faculty for the Advanced Marina Manager (AMM) course, a requirement for the CMM designation. He has hosted and acted as master of ceremonies for the International Marina and Boatyard Conference (IMBC) since its inception in 2004. Owned by the AMI, IMBC is the largest annual conference and trade show in the marina industry bringing together annually nearly 1000 marina operators, vendors, consultants and participants in the marina industry.