BandB, I've been looking for stories and info about NM's history and demise (Google, trades, etc). Any links you recommend?
Always curious about what makes one business succeed and another fail.
Skagit County Superior Court Records. Just kidding although a lot ended up there, including much of what went on inside the company.
Bud Lemieux founded Northern in 1995, coming from Delta. He then sold it in 2006 to Ashton Capital. Then he regained it from bankruptcy in 2010 and "sold" it again in 2012 to Andy McDonald (New World Yacht) who had worked for Northern twice including under Bud. Now "sold" has to be carefully considered as he only leased rights to use the name and set up a deal in his favor. Then, of course, everyone knows about 2014 and then Bud "sold" it again in 2016 but who knows what sold ever means with him. Google the names and words like sold and bankrupt and you'll find plenty. Until next time. And history says there will be a next time. A lot of companies and a lot of people have lost a lot of millions dealing with them.
Anyone curious could certainly call and ask the broker about the history of the current listed boat. See what story you get.
You want another interesting read just go for Christensen Yachts and Henry Luken.
And older history, Irwin Jacobs and Genmar and Carver/Marquis and Larson.
And a business warning. When someone with many times more money than you offers you a deal or to step in and bail you out or whatever else, check it very carefully. The one with the money has the control and will likely be standing long after your business demise. They write the rules. When the business struggles they agree to loan it more money at high interest rates and under very detrimental terms. Check their history as it repeats and if they've taken advantage of others then don't deceive yourself into thinking it will be different with you.
Just no one has won buying Northern Marine from Bud. I'm sure he can attribute it all to their incompetency.
Now, this isn't universal. There are businessmen with money who help others all the time. Marcus Lemonis and the people on Shark Tank are good examples as are Rooster and Butch and Tillman Fertitta. And, yes, this is television but these are real people and in much of what is portrayed in the shows is very real. They've also all made bad deals and lost money too.