Offshoreonly.com - Troubled Broward Trailers ‘Evaluating Options’

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Quote:

Originally Posted by tmmii (Post 4712047)

I don’t know any details other than here-say but it sounds like the typical marine industry business that starts out with the best intentions and not enough money behind them to cover what they get into. Before you know it, rob Peter to pay Paul, or get the next deposit to finish the last trailer.

Its sad that reading things like this just scream at me the opportunity that exists in the marine industry that I don’t want to touch with a ten foot pole.

Well said , not to mention I have very similar feelings / tenancies!

Quote:

Originally Posted by payuppsucker (Post 4711787)

I don't see how he could do anything other than remain solvent considering the prices he charged. I owned a trailer mfg business for 12 years so I know what it costs to build trailers. Broward's profit margin was at least 200% and probably closer to 300%.

I was thinking the same thing, with a $18k deposits, there shouldn’t be a cash flow problem to buy materials and pay the bills...

Quote:

Originally Posted by Wildman_grafix (Post 4711817)

A south Florida boat business that is shady,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Shocking :drink:

Right!? Between Broward, Coastal Marine Export, Ritchey Rich...I don’t think I’m doing business with anyone in the marine field in south Florida...

Quote:

Originally Posted by ToMorrow44 (Post 4712209)

Right!? Between Broward, Coastal Marine Export, Ritchey Rich...I don’t think I’m doing business with anyone in the marine field in south Florida...

1 place in pompano I wouldn’t think twice about leaving a credit card on file. Other than that, very unlikely.

Quote:

Originally Posted by ToMorrow44 (Post 4712209)

Right!? Between Broward, Coastal Marine Export, Ritchey Rich...I don’t think I’m doing business with anyone in the marine field in south Florida...

As much as I agree with this as Im one of the ones that got burned by Richy. there are still good shops, but they aren't on here shooting their mouths off. usually they are the ones too busy to be on here and quietly are taking care of business. that being said there are just as many bad customers as there are bad businesses... my advice is always be the client that you would to service. be direct and honest, you wont get every sale as a business and as a consumer you may not get what you want(price) but good shops charge what they do for a reason.

Quote:

Originally Posted by ToMorrow44 (Post 4712208)

I was thinking the same thing, with a $18k deposits, there shouldn’t be a cash flow problem to buy materials and pay the bills...

I have no idea on this one but it wouldn't be the first business to have a sudden influx of success to go on a spending spree personal and business side (new SOTA equipment "to improve production", new truck or 3, new address, few toys at home) and then the bills start coming in hot and heavy

Quote:

Originally Posted by speicher lane (Post 4712235)

Exactly.
Slow and steady wins the long race.
Spending money that you “think” is coming in the future is certain doom.

Quote:

Originally Posted by payuppsucker (Post 4712261)

Exactly.
Slow and steady wins the long race.
Spending money that you “think” is coming in the future is certain doom.

Agreed but sometimes one gets in a cash flow bind especially if they are having to give their regular customers (like boat manufacturers) payment terms of 60, 90 or even 120 days.
So your best steady eddy repeat customer that you cater to also has the leanest margin & best payment terms.
If you don't have a credit line or you've already tapped into it, what are your options?
1- drum up more business to create cash
2- take on an investor (easier said than done)

So as you pound the pavement ISO new business to keep the place afloat another buyer strings you out and so you see it can easily become a domino affect when you are already teetering on the edge

I'm not making excuses for anyone & I side w/ those that have gotten burned b/c I too have been burned in both the marine & housing industry.

I just don't think that when companies like Broward go belly up that it's blatant where the owner is knowingly taking deposits w/ a premeditated escape plan to take the $$ and run then kickback on the beach drinking a Corona..
I have noticed that some of the smartest people I work with who engineer and design ingenious parts are not the best business people even when it comes to managing their own money / benefits.

If Broward installed the best bilge pump on the market rated at 50gph to try to fend off the cashflow issue but their company is taking on 75gph of debt it's not going to matter & it's just a matter of time.

Hoping those caught in the middle get something out of it, whether it be an unfinished trailer, $$, equipment whatever.

Sometimes it's as simple as having to go to work everyday.

Call me crazy, but if you wait til you have the cash to buy new equipment it always works out. Financing equipment is a good way to hang yourself. I know it’s common but so are failing businesses.