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01-09-2019, 11:52 AM | #21 | |
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Join Date: May 2010
Location: Durango CO
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Re: LeBaron Bonney Co.
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In the early to the mid seventies, major companies were scouring the SEMA show looking for companies to buy in the high performance industry. Very simply, these hot rod equipment companies were very profitable. The prevailing thinking by the corporations was that if some guy with a high school education could make this kind of money making exhaust headers, think how much more money you could make with MBA's running the outfit. While major corporations brought business knowledge and lots of capitol to the table, they lacked the knowledge of their customers and the passion of the founder and therefore failed. There were more than a few guys that bought their businesses back for pennies on the dollar.
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01-09-2019, 01:52 PM | #22 | ||
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Location: Eastern Tennessee
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Re: LeBaron Bonney Co.
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There is some truth in this however there is often another side in this from what I hear in seminars, --that while it is unethical and illegal, it happens WAY too often in business sales in that the books are 'cooked' to represent an inflated P&L. While many will be quick to say that this is fraud and rarely done, nothing could be further from the truth regarding the 'rarely done' part from what my banker and CPA tell me. Sometimes it can be found beforehand thru a full-audit however someone who is shrewd with the books can make this virtually undetectable until well after the sale has been consummated. Even when it has been discovered, an undercapitalized company generally does not have the funding to contest this in court. I would be interested to hear what Bill Underwood says in his experience with this type thing. |
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01-09-2019, 04:11 PM | #23 |
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Join Date: Mar 2017
Location: Connecticut Shoreline
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Re: LeBaron Bonney Co.
If you have the right attorney and account. Do your due diligence. You should know what your buying.
With a small ma and pa business there is probably more likelihood of a potential problem. With a multi million dollar business. It’s one of the responsibilities of your advisers to make sure the numbers are correct. “Cooked Books”. You must know what you are buying. “Buyer Beware”. Everyone selling a business is not misrepresenting what they are selling. Like anything else, antique cars as an example, the buyer has to do there homework. Good people sell good businesses. Age, health, no one to take it over. There are many sound reasons businesses are sold. I would think there are as many problems with buyers. Bankers that I know make sure to check both the buyer and seller. Can the buyer run the business, and are they getting what their paying for. In my view. If your paying for a accountant and attorney. I hope both are understanding of businesses. Not divorces, and simple tax returns. |
01-10-2019, 05:00 AM | #24 | |
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Re: LeBaron Bonney Co.
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01-10-2019, 10:35 AM | #25 |
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Location: Camarillo, CA and Pine Grove, CA
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Re: LeBaron Bonney Co.
I don't know what happened to LB. I do know I quit dealing with Mac's because the new employees there knew nothing about a Model A and were simply there to write down part numbers.
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01-10-2019, 02:40 PM | #26 | |
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Location: Eastern Tennessee
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Re: LeBaron Bonney Co.
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Sometimes it is best to deal with a smaller parts vendor that has good personal knowledge of the Model-A products they sell. Bert's Model-A is a great example and they are reasonably close to your side of the country. |
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01-11-2019, 11:31 AM | #27 | |
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Join Date: May 2010
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Re: LeBaron Bonney Co.
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Among other things, Dixon thru Rita had hired an accounting firm to create ledgers, the firm gave the books to Rita, she turned them back over to be 'audited', and sure enough they were found to be in order That firm was also named in the lawsuit for many millions of dollars. Good show, the FBI and US Marshall's office talks about how much of these kinds of things go on all over, every year. Lots of thieves out there. |
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01-11-2019, 02:51 PM | #28 |
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Join Date: May 2010
Location: New Jersey
Posts: 734
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Re: LeBaron Bonney Co.
Hey Jeff/Illinois, isn't it sad that so many people today have lost their moral compass. Maybe it's always been that way and I'm just kidding myself. It gets disheartening to always have to worry about being conned and often whoever is doing the conning is doing it with impunity.......
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01-11-2019, 04:33 PM | #29 | |
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Join Date: May 2010
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Re: LeBaron Bonney Co.
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01-11-2019, 10:19 PM | #30 |
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Join Date: May 2010
Location: Tucson, Arizona
Posts: 374
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Re: LeBaron Bonney Co.
I would second this and suggest everyone shopping for Model A and Model T parts wherever you are contact Sammy Guthrie of Arizona Model A (480)782-0266 because his service is second to none.
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01-12-2019, 12:35 AM | #31 |
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Join Date: May 2010
Location: Camarillo, CA and Pine Grove, CA
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Re: LeBaron Bonney Co.
Ditto.
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1921 Runabout 1930 Tudor Early 1930 AA Speed costs money. How fast do you want to go? |
01-13-2019, 03:03 PM | #32 |
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Join Date: May 2010
Location: southeastern Michigan
Posts: 10,101
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Re: LeBaron Bonney Co.
Classtique appears to be a viable alternative for the Model A hobbyists and while I may have missed it on their website, it appears that they have no offering after the '31s. That's a big hole from a V8 era point of view.
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01-15-2019, 01:08 AM | #33 |
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Join Date: Mar 2013
Location: Bend Or.
Posts: 1,057
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Re: LeBaron Bonney Co.
I couldn't agree more, been dealing with them for years, and learned a lot from them, but I haven't purchased anything from them since...... Tuesday?
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