Family-run boat business sold — in deal of good timing

The third generation to run a family business, for a host of reasons, often stumbles. By staying open to alternative ideas, one family aims to avoid the turbulence.

By Beth Luberecki
| 8:10 a.m. September 30, 2021
| 0 Free Articles Remaining!

Stefania Pifferi. Philip Osborne is the third generation of the Osborne family to oversee Naples Boat Mart.

Strategies

It’s a classic family business succession tale: the Osborne family had begun to discuss next steps for Naples Boat Mart. Second-generation owners Phil and Lisa Osborne sought a retirement strategy. Sons Philip and Kyle wanted to stay involved in the family boat sales and service business. But they weren’t sure about the financial side of the equation, based on the company’s current valuation.

“You work hard, put together a great team, take good care of your customer base, and one morning you wake up and it’s 30 years later,” says Philip E. Osborne, 37, of the point his parents had reached. “And you’ve built a business that has such a significant value attached to it that it’s not reasonable to just give it to a family member.”