Richard “Dick” Cromwell ran many businesses throughout his career before launching Maritime Solutions Inc. in 1995, including a restaurant and scooter rental company.
“I’ve had a long history before I got into the marine business,” he said. “But I’ve always enjoyed working around boats. I like the people and the industry.”
The Portsmouth-based full-service dealer of both new and used vessels is now regarded as a top vendor in a highly competitive region, distributing popular outboard-engine inflatable and fiberglass brands such as Honda, Yamaha, Carolina Skiff and AB Inflatables.
“We’ve sort of developed our own niche and we have a great reputation,” Cromwell said. “And people keep coming back, so we must be doing something right.”
While many businesses suffered during the COVID-19 pandemic, those in outdoor-based recreational industries such as Maritime Solutions sailed smoothly through the crisis.
“It was one of the things you could still do,” Cromwell said. “Since then, it’s sort of been stabilizing. The used market has come back strong. And supply chain issues are leveling off.”
Whether its inflation, international conflicts, recessions or pandemics, Cromwell takes the long view.
“I’ve seen the business cycles go up and down. The pendulum seems to have finally swung in the other direction,” he said. “Boats are still selling, people are still fixing them and buying accessories.
“But that doesn’t mean I don’t have challenges,” he added. “It just means that I’m doing OK.”
The Ocean State stands apart in the boating world not only because of its geography but the tax policy implemented in 1993 that exempted boats from sales and use taxes, including mooring fees and repairs.
Reversing the tax “would kill the golden goose,” said Cromwell, noting that approximately 62% of vessels registered in Rhode Island marinas are with out-of-state owners.
“People bring their boats to Rhode Island just because of the sales tax,” he said. “These guys could go anywhere. And they are not just paying for slips. They are going to the grocery store and going out to dinner. They are hiring me to fix something. So, it’s a huge snowball effect.”
Cromwell at times worries about an eventual succession plan that could be scuttled by the housing and labor shortage that is pronounced on Aquidneck Island.
“You’ve got to have a workforce because you want to develop the younger generation. It’s something we have focused on with the [Rhode Island Marine Trades Association], trying to put together programs to develop people at a younger age so they can make a career out of it and do well,” he said.
A devoted proponent of the boating life, Cromwell doesn’t let potential sales cloud his morals, encouraging anyone interested in getting their feet wet to first learn the basics.
“If somebody walks in here with no experience wanting to buy a $40,000 boat, I’m not necessarily comfortable selling it,” he said. “I’d rather they join a club for a year and then come back.”
There are many local nonprofit and social organizations that offer lessons and boat rentals without the financial stress of upkeep and storage.
“Start small. You don’t have to jump off the deep end into an expensive boat,” Cromwell said. “Those places will get you started, and you can see how comfortable you are. And if you want it as a lifestyle, you can buy a boat.”
OWNER: Dick Cromwell
TYPE OF BUSINESS: Marine sales
LOCATION: 1250 East Main Road, Portsmouth
EMPLOYEES: 20
YEAR FOUNDED: 1995
ANNUAL REVENUE: WND
