Donziweasel
03-20-2008, 07:50 AM
On the car dealer thread I was asked about the sale of Alltrans, Inc. and gave a condensed version which I guess was not very exciting. Since I have already told Madpoodle most of it, I guess I will throw out what really happened.
After a year and a half of having it out there for sale, my real estate agent had pretty much burned through all my buyers except 2. About a month ago, the first buyer said he was putting in an offer that afternoon and the next day said he was not interested and disappeared. What the hell? SO, we are down to one buyer. His family are billionaires and buy and sell businesses like eating M&M's. About a week later, same thing, said he was putting in a bid and then the next day said he was not interested anymore and disappeared. WHat the hell?
This was around the time of the Boyd Coddington thread when I flipped. Now you know the real reason I was so upset, it wasn't getting neg rep points, it was losing the deal. Anyway, after sulking for a few days, I got pissed again and decided to call the buyers agent directly. I asked why the buyer left the table and he said my agent had really upset him. I was already thinking that after burning through so many buyers, perhaps my agent was doing something wrong. He wouldn't elaborate out of professionalism, and I didn't push it. I told him I had no idea and would the buyer work directly with me. More happened, but let's just say I got humble and catered to his ego.
I finally got on offer out of him 2 weeks ago. When all was said and done (commissions, taxes, debt...) I would have walked with about 1.5 million. I told him I needed a few days to crunch numbers and think about it. I spent all weekend crunching numbers, talking with Boo Boo, and my father. He is a senior VP at Wachovia and a stock broker. Although we are very different people, he has always given me sound financial advice. It is funny how things hit you. I was in turmoil about what to do, not sleeping, not eating, and decided to take a hot tub, and while relaxing looking at the deer in my yard, it suddenly hit me. Keep it! It felt like the weight of the world came off my shoulders. I knew what to do. Here are the reasons I kept it-
1. Boo Boo- She sold her business last fall and started working at Alltrans, Inc. this winter. She is young, technologically savy and aggresive. She has been a breath of fresh air and is already incorporating new technology and systems that are far more efficient that previous systems.
2. Jackson might be one of the hottest destinations in the country right now, and with the weak dollar, many people are going to travel domestically this summer. Our summer advanced reservations are up 25% over last summer at this time, including many weddings and corporate incentive groups, where the big money is.
3. This winter has been me best winter ever. You could probably ask 10 different tourists why they came here this winter and get 10 different answers, but in reallity, a record snow year with a soft winter last year is probably the most dominant reason.
4. We get our tram back next year. I know this sounds like a hokey reason, but two years ago, the last year of our old tram, was a record year. I have spoken with some hotel owners and they have told me they are already booking next winter so heavily that it is insane. No one has ever seen advanced reservations go off like this 8 months prior to a season.
5. Land- In 7 more years the land Alltrans, Inc. sits on and that I own, will be paid off. It is appreciating at 1 1/4% monthly. It is already worth millions. Going to double my efforts to pay it down or off in the next few years.
6. Jackson is growing and has been through housing crunches and recessions before without a damn thing affecting it. It seems bullit proof to a soft economy. More houses and hotels are being built now than ever before and more people are coming to visit than ever.
7. Finally- The offer was not enough to retire on. I would have to go back to work in a couple of years. I have done this for 13 years and I am damn good at it. I took a small 13 vehicle company on the verge on bankruptcy and turned it into the largest transportation company in Wyoming. I also made it a profitable multi-million dollar company. I make a good living, take a lot of time off and can accomplish my immediate goals (the Lazy P) as the owner. Although it drives me crazy from time to time, it has gotten much better as Boo Boo runs blocker now for much of the stuff that pissed me off.
Well, thats it. It has been two weeks since I turned down the offer and have never felt better. I am digging in my heals, expanding my company, and when I can get what I need to retire, I will throw it our there again. I figure it will take me 2-3 more years. The next 12 months are going to be epic and I only see a bright future for me, my family and Alltrans, Inc./Gray Line of Jackson Hole!
After a year and a half of having it out there for sale, my real estate agent had pretty much burned through all my buyers except 2. About a month ago, the first buyer said he was putting in an offer that afternoon and the next day said he was not interested and disappeared. What the hell? SO, we are down to one buyer. His family are billionaires and buy and sell businesses like eating M&M's. About a week later, same thing, said he was putting in a bid and then the next day said he was not interested anymore and disappeared. WHat the hell?
This was around the time of the Boyd Coddington thread when I flipped. Now you know the real reason I was so upset, it wasn't getting neg rep points, it was losing the deal. Anyway, after sulking for a few days, I got pissed again and decided to call the buyers agent directly. I asked why the buyer left the table and he said my agent had really upset him. I was already thinking that after burning through so many buyers, perhaps my agent was doing something wrong. He wouldn't elaborate out of professionalism, and I didn't push it. I told him I had no idea and would the buyer work directly with me. More happened, but let's just say I got humble and catered to his ego.
I finally got on offer out of him 2 weeks ago. When all was said and done (commissions, taxes, debt...) I would have walked with about 1.5 million. I told him I needed a few days to crunch numbers and think about it. I spent all weekend crunching numbers, talking with Boo Boo, and my father. He is a senior VP at Wachovia and a stock broker. Although we are very different people, he has always given me sound financial advice. It is funny how things hit you. I was in turmoil about what to do, not sleeping, not eating, and decided to take a hot tub, and while relaxing looking at the deer in my yard, it suddenly hit me. Keep it! It felt like the weight of the world came off my shoulders. I knew what to do. Here are the reasons I kept it-
1. Boo Boo- She sold her business last fall and started working at Alltrans, Inc. this winter. She is young, technologically savy and aggresive. She has been a breath of fresh air and is already incorporating new technology and systems that are far more efficient that previous systems.
2. Jackson might be one of the hottest destinations in the country right now, and with the weak dollar, many people are going to travel domestically this summer. Our summer advanced reservations are up 25% over last summer at this time, including many weddings and corporate incentive groups, where the big money is.
3. This winter has been me best winter ever. You could probably ask 10 different tourists why they came here this winter and get 10 different answers, but in reallity, a record snow year with a soft winter last year is probably the most dominant reason.
4. We get our tram back next year. I know this sounds like a hokey reason, but two years ago, the last year of our old tram, was a record year. I have spoken with some hotel owners and they have told me they are already booking next winter so heavily that it is insane. No one has ever seen advanced reservations go off like this 8 months prior to a season.
5. Land- In 7 more years the land Alltrans, Inc. sits on and that I own, will be paid off. It is appreciating at 1 1/4% monthly. It is already worth millions. Going to double my efforts to pay it down or off in the next few years.
6. Jackson is growing and has been through housing crunches and recessions before without a damn thing affecting it. It seems bullit proof to a soft economy. More houses and hotels are being built now than ever before and more people are coming to visit than ever.
7. Finally- The offer was not enough to retire on. I would have to go back to work in a couple of years. I have done this for 13 years and I am damn good at it. I took a small 13 vehicle company on the verge on bankruptcy and turned it into the largest transportation company in Wyoming. I also made it a profitable multi-million dollar company. I make a good living, take a lot of time off and can accomplish my immediate goals (the Lazy P) as the owner. Although it drives me crazy from time to time, it has gotten much better as Boo Boo runs blocker now for much of the stuff that pissed me off.
Well, thats it. It has been two weeks since I turned down the offer and have never felt better. I am digging in my heals, expanding my company, and when I can get what I need to retire, I will throw it our there again. I figure it will take me 2-3 more years. The next 12 months are going to be epic and I only see a bright future for me, my family and Alltrans, Inc./Gray Line of Jackson Hole!