Mark and Karla Lemoine, the owners of the Coloma / St. Joseph KOA Holiday campground in southwest Michigan, share their journey of owning and operating a campground. They had always dreamed of owning a campground, but it was a risky venture with two kids in college and two kids at home. They leveraged their total assets of $400,000, including their house equity, 401(k), and personal savings, to buy the park for $1.6 million. They invested heavily in the campground, including infrastructure, equipment, and amenities, and reinvested more than $1.5 million back into the campground. The campground brings in $1.23 million annually, with 80% of the revenue coming between Memorial Day and Labor Day weekends. They have also expanded the campground, taking on additional debt, but consider the interest payments as a cost of doing business. They have come to terms with having a mortgage on the business and do not expect to pay it off before selling the business. Their kids, while not interested in taking over the campground, understand the benefits of their parents' hard work and the flexibility it provides. They believe that their experience as campers allows them to understand what their guests are looking for and strive to create a hospitable environment for them.
1. The speakers, Mark and Karla Lemoine, have a dream of owning and operating a campground.
2. They have previously stayed at campgrounds and have a good understanding of what it's like to be a camper.
3. They decided to take a risk and start their own campground, despite having two kids in college and two kids at home.
4. They sold everything they owned to fund their new venture.
5. The Coloma / St. Joseph KOA Holiday campground they own is located in southwest Michigan.
6. The campground receives 15,000 visitors every year, with guests coming from all 50 states and as many as 15 international countries.
7. The Lemoines treat each guest as a friend and make them feel welcome.
8. They plan epic road trips for their family, taking them to various locations around the country.
9. They asked a successful business owner for advice and were encouraged to pursue their dream of owning a campground.
10. They leveraged their savings to buy the campground business.
11. The campground was in need of deferred maintenance and upgrades, which required a significant investment.
12. Their total assets were about $400,000, which they used to buy the campground.
13. They presented their proposal to four different banks and managed to get two banks willing to partner with them.
14. They ended up buying the park for $1.6 million.
15. The first improvement they made was in their store, which became the engine for reinvesting in other areas of the park.
16. The campground was able to bring in $1.23 million in 2022.
17. For 2023, 80% of their annual revenue comes between Memorial Day and Labor Day weekends.
18. They have reinvested more than $1.5 million back into the campground in various areas, including infrastructure, equipment, and mechanicals.
19. They took a loan for a significant expansion three years ago, and the debt service is back up to where they started.
20. They have come to terms with having a mortgage on the business as part of doing business.
21. They believe that owning their own business has provided a healthier lifestyle for them.
22. Their children do not have an interest in owning and operating the campground.
23. They plan to pass the torch to their children in the future, once they have grown and are ready to take over.
24. They believe that the hard work they put into their business in the first five years has led to more off time and leisure time for them now.
25. They believe that their experience as campers gives them a unique understanding of what their guests are looking for, and they strive to create a hospitable environment for their guests.