Flight School Urgently For Sale - Turnaround

Busy flight school catering to international students for sale. Approx Fifty students enrolled are training for private pilot licenses and some multiengine training with goal of careers as airline and other pilot positions. Most students pay in advance for the training, so there are no cash flow or collection problems. School has been around for 14 years with increasing sales and profits, school operates under Part 61 FAA regulations. School also has the capacity to issue JAA, Joint Aviation Authority, European pilot credentials, as the school has a parent company in Europe that qualifies the company for this coveted status. Student flock to the school and its pupils enjoy learning to fly year round in one of the best climates in the world21; School markets by word of mouth in international community, and has a nice history and reputation with it92;s over 1200 Alumni worldwide. The taxes and results for 2007 are still being assembled, for 2006 the company had sales of 24;2.2 million with Seller discretionary cash flow of approx 24;400,000. Seller projects sales are up for 2007 by 20%;. For the right buyer with 24;200,000 down, the seller may carry 24;460,000 in a note at 7.50%; interest, 60 payments of 24;9217.46 per month, subject to credit approval, total price 24;660,000. Seller also would consider an interest only period prior to the 60 month amortization period. Interest only would be 24;2875.00 per month on the 24;460,000 note, which is 24;34,500 debt service interest only for one year. Equipment included in the sale includes sixteen planes, twelve of which are owned by the school free and clear. Total value of the owned and financed planes is approx 24;800,000. Equity in twelve free and clear 100%; owned planes is approx 24;500,000. Two company planes are leased planes. Two of the most modern planes have loans that approximate the value of those planes for just under 24;300,000 with a major aircraft manufacturer finance arm, Cessna. Thus, the purchase of this business would include net equity in airplanes of 24;500,000. Other equipment at the school including a flight simulator, classroom equipment, computers and the like is valued by the seller at around 24;50,000.This school is urgently for sale, time is of the essence. The company formerly had M1 ability to have visas issued to students and no longer has that capacity. In addition the school formerly had FAA Part 141 authority and this has ended Application for a new FAA part 141 school license is pending. In trying to speed up the sale process, a buyer that has the ability to place FAA Part 141 in effect ASAP and blend M1 capacity in the mix ASAP would be a leading candidate. Experience as the owner, manager, chief instructor, flight instructor, pilot, and/or operator of a flight school would be most helpful. USA citizenship would be very helpful. Seller has accepted an airline pilot career position and plans to leave the school after training the new owner. For more information, please contact Lon Langdon at 310-539-8300.