A future and a succession plan, https://www.speedonthewater.com/mti-sold-to-employees/

Scism is a class act for certain !!!! Well done !!!!

A true workers' collective.

Now that's cool!

Randy continues to amaze me, From his family atmosphere with his customers, attention to detail on his boats, continuing to push the race side of things, to this!

Great job MTI!

Lol…

you all know this is a way to get $$ out of the company, basically selling it and paying less taxes.

You are so far off with this statement. He could have sold this company on open market for a way higher price and got a full amount wire sent to him no risk, versus to an ESOP for a much smaller price and the risk of it failing before he gets paid in full.

way to go Randy, continuing supporting your company and team.

I think its a good thing for MTI and its employees.
Lots of variables for ESOP's though What Is ESOP (Employee Stock Ownership Plan) – Forbes Advisor INDIA

Griff,

I agree. While I'm not a worker co-op simp, I like ESOPs because it puts workers' skin in the game. They don't own it because they work there. They work there because they own it. Some think the former should just be a given, while the latter is the only way that actually works. Investment is the key.

It will be interesting to see how this plays out for MTI workers if/when the markets slump and sales decline. There were a number of ESOP machine shops in the greater Dayton area that went belly up after '08 because the workers all scattered when they were forced to work for free to scrape by. Most of them that survived are now either single ownership again or, at most, multiple owner partnerships, rather than the utopian worker co-ops they are touted as. Most people are not cut out for signing the fronts of paychecks, and they figure that out pretty quick when they don't get to sign one for themselves for a few months.

I truly hope it works out for them at MTI. Hopefully catering to a crowd that is far more recession-proof than the rest of us will help, but I remember '08 putting a pretty serious cramp on the performance boat market; the boat market, in general.

Thanks. Brad.

Randy is no rube and has so far in his career not given the impression of being indifferent to money.

Draw your own conclusions about how he thinks about the outlook for the industry from the timing of the sale, and draw your own conclusions about the number and attractiveness of offers from external takers from the fact that he ended up selling to employees.