Buyers of a fishing lodge ask for three years of financial statements and tax returns, booking and guest records, every licence, permit and lease, property and environmental records (water, septic, fuel, docks), an equipment list with service history, and staff and supplier details. Gathering these before you list shortens due diligence and protects your price. This page is part of our guide on how to sell a fishing lodge in Ontario.

What is due diligence in a lodge sale?

Due diligence is the period after an offer is accepted when the buyer, their lender and their advisors check that the lodge is what you said it is. The offer usually has conditions that let the buyer walk away if the checks fail. Every document you cannot produce becomes a delay, a price reduction or a reason to end the deal.

Financial records

  • Financial statements for the last three years, and year-to-date figures
  • Business and, where relevant, personal tax returns for the same years
  • GST/HST returns
  • Bank statements, so a buyer can match deposits to reported revenue
  • A list of add-backs: owner wages, personal expenses and one-time costs, each with support
  • Loans, leases and liens, with balances and payment terms
  • Accounts payable and any amounts owed to the lodge

Why buyers ask: lenders base their decision on earnings they can verify. If deposits do not match reported revenue, buyers assume the lower figure.

Our guide to calculating your lodge’s real earnings shows how to build the add-back schedule.

Booking and guest records

  • Bookings by week for each season: groups, guests, package type and price
  • Occupancy for peak and shoulder weeks
  • Rebook rate: the share of guests who return the following season
  • Booking sources: referrals, website, shows, directories, agents
  • Advance bookings and deposits held for next season
  • Guest email list, with how consent was collected

Why buyers ask: a lodge with returning guests and several booking sources is a lower-risk purchase than one that depends on a single source or on the owner personally.

Free report: Prepare Your Lodge for Sale. Includes a tool to measure your occupancy and baseline revenue the way buyers will. Use the form at the end of this page.

Licences, permits and land records

  • Deeds and surveys for owned land
  • Crown land use permits or leases, with terms, expiry dates and fees
  • Tourism establishment licence and any outfitter licences
  • Bear management area licence or moose tag shares, if included
  • Work permits for structures built on Crown land
  • Municipal building permits, zoning and property tax records
  • Any agreements with First Nations, neighbours or access-road owners

Why buyers ask: a buyer needs to know which rights transfer, which need a new application, and which could be refused. Our page on selling a lodge on Crown land explains how transfers work.

Property, environmental and compliance records

  • Drinking water system: sampling and test results, treatment equipment, any notices from the health unit
  • Sewage and septic systems: permits, maintenance and pump-out records
  • Fuel storage tanks: registration, inspection and any spill history
  • Fire safety inspections and equipment records
  • Dock, boathouse and shoreline structure permits
  • Insurance policies and claims history for the last five years
  • Any orders, notices or violations from any regulator

Why buyers ask: environmental problems can be expensive to fix and can stop a lender. Disclosing them early, with a repair estimate, keeps the deal on track.

Equipment and vehicle records

  • A full equipment list: boats, motors, vehicles, generators, aircraft, appliances, furniture
  • Age, hours and condition of each major item
  • Service and maintenance logs
  • Which items are owned and which are leased or financed
  • Inventory included in the sale: fuel, bait, store stock, food

Why buyers ask: equipment is part of the price, and a buyer needs to budget for replacements in the first few seasons.

Operations, staff and suppliers

  • An operations manual or written procedures
  • A season calendar: opening, peak, shoulder and closing tasks
  • Staff list with roles, wages, seasons and any contracts
  • Guide arrangements: employees or contractors
  • Supplier and service contracts: air charter, food, fuel, propane, waste
  • Website, domain, booking software and social account ownership

Why buyers ask: they are buying a system. The less the lodge depends on what only you know, the easier it is to finance and run.

How should I share these documents?

Use an online folder (sometimes called a data room) with subfolders that match the categories above. Share it only after the buyer signs a non-disclosure agreement and shows proof of funds or lender pre-approval. Release documents in stages: summaries first, full records once an offer is accepted. Keep a log of what you shared and when.

Ontario’s tourism regulation also requires a previous owner to pass certain records to a new owner when a licensed establishment changes hands. Your lawyer can confirm what applies to your lodge.

What do buyers treat as red flags?

  • Revenue on statements that does not appear in bank deposits
  • Large cash income with no records
  • Expired permits or licences, or applications never filed
  • No water testing records
  • Undisclosed liens or equipment still under financing
  • An owner who cannot explain where guests come from

Each of these can be fixed or explained before you list. Owners who fix them first usually negotiate from a stronger position.

How long does it take to gather everything?

It depends on how organized your records are. Financial records and tax returns can usually be pulled from your accountant quickly. Licence history, Crown permits, environmental testing and equipment logs take longer, especially if past records were kept on paper. Start well before you list. The twelve-step report sets out the order.

Frequently asked questions

Do I have to show my tax returns? Most buyers and lenders will not proceed without them. Share them after a non-disclosure agreement and an accepted offer.

What if some records are missing? Say so early and rebuild what you can from bank statements, booking software and supplier invoices.

Will a buyer’s lender order its own appraisal? Usually, yes. Have property and equipment records ready for the appraiser.

Should I organize documents before I hire a broker? Yes. A complete file lets a broker price and market the lodge faster.

Get the free report: Prepare Your Lodge for Sale

Twelve steps to take before you list, including how to measure your revenue and occupancy the way buyers and lenders will. Fill in the form and get instant access to the report.

General information only; not legal, tax or financial advice. As of October 2026.