This 37-Year-Old Thought His Boat-Flipping Side Hustle Was About to Sink. Now It’s a $68 Million Public Company.
Jason Ruegg’s business idea started on the docks during college, flipping used boats in between classes.
Jason Ruegg started flipping boats in college. Last week, he rang the closing bell at the New York Stock Exchange.
His company, Off The Hook Yachts, is now publicly traded and valued at around $68 million. It’s a mostly online marketplace and dealer for pre-owned boats. Sellers list their boats, brokers help match them with buyers, and the company sometimes buys boats into its own inventory to resell. Ruegg calls it “Carvana for boats,” with offers in as little as 30 minutes and, at times, same-day closings.
How did he do it? After raising $15 million in an IPO in November, the company increased its credit line to $60 million, allowing it to buy more boats at once. Ruegg’s takeaway is simple: in an inventory business, growth comes down to having enough financing and moving fast once you have it.
Jason Ruegg started flipping boats in college. Last week, he rang the closing bell at the New York Stock Exchange.
His company, Off The Hook Yachts, is now publicly traded and valued at around $68 million. It’s a mostly online marketplace and dealer for pre-owned boats. Sellers list their boats, brokers help match them with buyers, and the company sometimes buys boats into its own inventory to resell. Ruegg calls it “Carvana for boats,” with offers in as little as 30 minutes and, at times, same-day closings.
How did he do it? After raising $15 million in an IPO in November, the company increased its credit line to $60 million, allowing it to buy more boats at once. Ruegg’s takeaway is simple: in an inventory business, growth comes down to having enough financing and moving fast once you have it.
