Paine Field will begin offering commercial air service to eight destinations on February 11, 2019. The airport, to be exclusively served by Alaska Airlines initially, has been cleared by the Federal Aviation Administration to operate as many as 24 flights per day. The airport is one of the few privately built and operated terminals in the United States. Approximately $40 million was spent on construction of the passenger terminal including fulfillment of a requirement for parking for 1100 vehicles. Many residents of the Puget Sound area are aware that Seattle will add a second option for air travel to address the needs of its growing community and have started to take advantage of introductory fares for discounted travel to Las Vegas, San Francisco, and Los Angeles next year. If you live in reasonable proximity to Paine Field, I encourage you to visit the website of Seattle based, Alaska Airlines (www.alaskaair.com), and take advantage of one way ticket prices as low as $39 to Portland and $59 to San Francisco.
Booking a flight at a discounted rate is an opportunity for an aware consumer. However, the opportunity has tiny benefit next to the entrepreneurial opportunities presented by the new airport. Business buyers traditionally purchase businesses for two reasons from IBA, the Pacific Northwest’s premier business brokerage firm since 1975. The first reason is to obtain a return on investment based on the historical financial performance of the business. The second reason is to build on the foundation of a successful business to increase revenue, profit, and market value. The new commercial airport at Paine Field offers a broad spectrum of opportunities for entrepreneurs. Many construction industry businesses, including former IBA clients, benefited from the expenditure of tens of millions of dollars on the project. Business owners who identified and obtained the opportunities to participate in the construction experienced strong profits the last couple of years. Business buyers who acquired companies that engaged in the construction of Paine Field prior to commencement of the project reaped the benefits of their business acumen and vision. Unfortunately, a majority of the direct construction opportunities at the airport are no longer available. However, that does not mean significant entrepreneurial opportunities do not exist in the area. It is anticipated restaurants, hotels, and service providers like airport shuttles, parking lot maintenance, and offsite parking companies will also flourish when the airport becomes operational. Entrepreneurs are currently assessing these opportunities with start-up businesses and franchises, expansion of services, and the acquisition of businesses projected to benefit from airport traffic in the future. IBA presently has one company in escrow pending sale that will benefit from the opening of Paine Field to commercial air traffic and another company preparing to enter the market that will also benefit. Opportunity is knocking. The entrepreneurs with the right vision and execution will benefit in the future.
If you are a business owner with a business that has or will benefit from Paine Field’s commercial air service that is interested in selling your business in 2019 for a premium value, we would welcome the opportunity to provide you with an overview of the services we offer our clients. IBA has the knowledge & ability to incorporate likely business appreciation into the pricing of the business. If you are a business buyer interested in taking advantage of this “once in a lifetime” opportunity, we would welcome the opportunity to add you to our buyer database program and float acquisition opportunities across your desk as they enter the market.
IBA, the Pacific Northwest’s premier business brokerage firm since 1975, is available as an information resource to the media, business brokerage, and mergers & acquisitions community on subjects relevant to the purchase & sale of privately held companies and family owned businesses. IBA is recognized as one of the best business brokerage firms in the nation based on its long track record of successfully negotiating “win-win” business sale transactions in environments of full disclosure employing “best practices”.