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So here we are in Phase 1. Business Plan A few thoughts on how I would select a railroad to buy. I have always thought it is easier to raise capital when one has something to show potential investors. So I would produce a draft business plan focussed on the first acquisition. This business plan requires a preliminary management team for the railroad appropriate in size and function for the railroad to be acquired and operated. It requires a detailed financial plan including pro forma projections of both revenues and expenses in exacting detail. Balance sheets, income statements and capital sources and uses are critical to success with private investors and/or lenders. The projections would be for a minimum of five years based upon available information. Locating Available Properties There are many ways of locating railroads that may be available for sale or lease. In this example I will focus on a purchase. Lines may be advertised in industry or other publications, but more often one must seek them out. This is especially true of the better opportunities. In this case I have selected a line that was rumored to be for sale by a Class 1. The rumors were compelling enough for the state in which the line was located to authorize bonds for its purchase. The line was never sold and remains operated by the Class 1. LC
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