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Lewes, Delaware
Jim's Towing Service
August 14, 1998     Cape Gazette
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August 14, 1998
 

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46 - CAPE GAZETTE, Friday, August 14 - August 20, 1998 BUSINESS & REAL ESTATE Family fun now in full swing at Jungle Jim's Adventure World By Jen EUingsworth An upscale theme park of Juras- sic proportions, Jungle Jim's Ad- venture World opened at the for- mer site of the Sports Complex this spring. The names behind this giant oa- sis of family fun are Fran Gonzon and Pete Townsend of Roadhouse fame. The result of their com- bined creative energies is a multi- facet arena that includes a water park, tanning beach, rock climb, volleyball courts, petting zoo, miniature golf and go-kart tracks. Jim Davis, a manager at Jungle Jim's, said the response to the park's opening in the Cape Region has been overwhelmingly posi- tive. He said families especially seem to enjoy what the park's amenities. Jungle Jim's amusements in- clude a 25-foot-tall rock climb. Participants are safely suspended by hydraulic cords while they scale the rock climb's surface. The rock climb costs $5 for three tries. An arcade adjoins the rock climb. While the large water slide re- mains the park's centerpiece, it is now adjoined by "Tiki Beach," where Davis said parents are able to lounge while their children en- joy splashing down the slide all day for $8. Bumper boats, situat- ed nearby, cost $4 for a five- minute ride, said Davis. Jungle Jim's also has two miniature golf courses, "Goony Golf" and "Indiana's Trail," both of which feature unlimited play for $4. Some other goodies featured at Jungle Jim's include Nathan's Fa- mous Hot Dogs and Planet Ice wa- ter ice, both available to enjoy at the complex's indoor snack area overlooking the tropical foliage of the park. Jungle Jim's also boasts the "beach's longest go-kart track," the "Safari 3000," said Davis. Another large track, geared to- ward families with special "dou- ble cars," is also featured, as well as kiddie cars and a large batting cage facility with a radar gun for speed measurement. Volleyball courts and a petting zoo, both of- fered free of charge, are other fea- tures. While inclement weather may drive away some of the park's fea- tures, such as the water slide and go-karts, it may not interfere with many of the amusements. Your best bet, said Davis, is to call the park ahead of time if you're con- cerned about weather conditions. Amy Simpson at the corporate office of the Roadhouse Restau- rant, the Pasta Bowl and Jungle Jim's Adventure World, said the park is also becoming a popular place to hold corporate parties. An adjacent area with barbecue facilities and tonts makes for an ideal setting for office functions, she said. Jungle Jim's Adventure World is located off Route 1 at the en- trance to Rehoboth Beach. Cur- rent hours of operation are 10 a.m. to 9 p.m., daily, for the waterslide, while the rest of the park is open from 11 a.m. to I 1 p.m. For more information, call Jungle Jim's Ad- venture World at 227-8121. ..... "! : i ": :" : : : " " " ::::: Angle Moon photos While several hearty thrill- seekers make the dusky trek to the top of the waterslide, above, at Jungle Jim's Ad- venture World in Rehoboth Beach, at left, Brock Skaggs of Baltimore makes his trek to the top of the rock climb. t Harry C. Daisey that the agreement is still current with your desires and that the agreement still has adequate fund- ing. A good buy-sell agreement in- cludes the following: Buy-sell agreements (buy- sells) guarantee a buyer for an as- set that may not pay income to one's heirs. Buy-sells help guarantee that the business owner's family is as- sured a fair value for the business and reduces the cost and delay of the probate process because the business interest is sold in an or- derly fashion. Buy-sells help reduce the risk of an extended and potentially ex- pensive IRS audit. For estate tax purposes, the IRS usually is bound to accept the valuation derived from an arms-length negotiated buy-sell agreement. Buy-sells spell out the terms of payment and are easily funded with life insurance and disability insurance, if desirable. Buy-sells provide a smooth transition of complete control and ownership to those purchasing the business. Buy-sells help assure employ- ees of business continuity. Two types of buy-sell agree- ments are called entity-redemp- tion and cross-purchase agree- ments. There are numerous advan- tages and disadvantages to both entity-redemption and cross-pur- chase agreements. In an entity-redemption agree- ment, the business agrees with each of the owners to redeem or buy the ownership interests of the deceased, disabled or retiring owner. In the cross-purchase agree- ment, the business owners agree to buy the ownership interest of the deceased, disabled or retiring owner. Although there are many factors to be considered, the cross- purchase agreement seems to be the most frequently used method. Another important consid.era- tion in any successful buy-sell agreement concerns the method of funding. Several methods of fund- ing include the following: Personal funds of buyers Sinking funds in the business Borrowed funds Installment payment to heirs from buyers Life insurance owned by the buyers For many, the most practical, efficient and inexpensive way of funding a buy-sell agreement is through life insurance. However, for a buy-sell agreement to work efficiently, the life insurance con- tracts must be set up properly. The entity-redemption agree- ment allows businesses to pur- chase business owners' interests when they die or become disabled. The businesses would be both the owners and the beneficiaries of the policies and would pay for in- surance premiums. The life or dis- ability insurance premiums, as al- ways, are a nondeductible busi- ness expenses. In the cross-purchase agree- ment, the business owners, or owners-to-be (this could be a key employee), enter into an agree- ment to purchase each other's business interest. They purchase life insurance policies on each other's lives and each pays the nondeductible pre- miums. This could also serve as an enticement for an employee whose services are valuable to the business. Care should be exercised in naming the owner, insured and beneficiary of life insurance poli- cies that are funding the cross- Continued on page 48 Many successful business own- ers wouldn't think of operating their business without proper property and liability coverages. However, every day many do not protect the very asset that they could have spent the majority of their lives creating: An early death or disability could wipe out what could very well be the largest asset many business own- ers have. A way for business owners to control their business' future and their family's financial future. Buy-sell agreements are formal business plans that attempt to fix an equitable value to the business. They fulfill several different pur- poses. A properly thought out buy-sell plan helps insure the owner's family's financial future and carries forth the continuity of the business ownership and man- agement team. Business owners work too hard to build a business to neglect plans for its disposition. If your business already has a buy-sell agreement, review it to make sure BUSINESS FOCUS Proper planning can prevent problems when partner dies