Client Corner: Seacoast Enterprises Associates, Inc. (S.E.A.)

S.E.A. was established in the 1970s by Richard “Dick” Mendelman and his business partner Leland “Buck” Burnett. Today, the company operates four marinas and two full-service boatyards in Three Mile Harbor, East Hampton, NY. The marina enterprises also include a waterside restaurant and services that range from watercraft rentals, gas and diesel fueling, boat and engine service and repairs, and two marine stores. Year round, the marinas provide storage, repowers and repairs.

The company is now in its second generation with brothers Peter and Mark Mendelman and their sisters, Lynn Mendelman and Diane Hewett all participating in management and sales. Dick and his wife Sylvia are still owners, but Buck sold his stake to Peter in 1995. Since 1995, the business has steadily grown as a full-service enterprise, adding three marinas all in Three Mile Harbor.

MFB has worked with S.E.A. about as long as it’s been in business. In addition to corporate tax services, the owners have consulted with MFB on proper structuring of their S-Corporations and the four land holding companies. One of the main areas of support has been tax consulting for the owners’ individual finances as they align with business revenue.

Lynn, who serves as general manager, says It’s an easy phone call to ask questions on a range of financial topics to make sure the business and owners optimize every tax opportunity to create more cash for operations. MFB Partner Phil Tutino and MFB’s tax team have advised on areas that include payroll, depreciation, capital improvements and sales tax. Phil also worked with the family’s corporate attorney to set up and administer family trusts for estate planning.

Even though the siblings began their careers in business and science away from Long Island, they are pleased with their decisions to come into the family business. They welcome the seasonal flow of visitors each year, sustaining a valuable enterprise that represents the East End’s way of life. Plus, they have time with family and friends in the boating community.

To learn more about S.E.A. and their services, visit www.SEAincorp.com.

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