"Success is never owned, it is rented, and the rent is due every day."
So if the Old Ranger boys are starting Vexus because they care about the boating industry and want to fight JM why did they sell ranger in the first place.
Forrest sold the company a whole long time ago. It was when Irwin Jacobs had the company, along with a number of other boat companies, that he ran into financial problems. Ranger was profitable, but many of his other boat companies were not. So, he declared bankruptcy. Ranger just got caught-up in the mess. Platinum Equity, a holding company, bought Ranger (and a couple of the other boat companies, too...I think). Anyway, Platinum Equity held Ranger, let Randy, Keith, and the others run it as they always had. But, Platinum Equity's only interest was in profit. They had no interest in owning a boat company. They got it cheap and waited until its value increased and then they sold to Johnny Morris. It was only when Johnny Morris took over that Randy, Keith, and the other left the company. Since they had non-compete clauses, I assume that they got a buy-out of some kind, rather than just quitting outright. Now that their non-compete clauses have run out, they started Vexus.Originally Posted by Basser100
"The man of system is apt to be very wise in his own conceit; and is often so enamored with the supposed beauty of his own ideal plan of government that he cannot suffer the smallest deviation from any part of it…He seems to imagine that he can arrange the different members of a great society with as much ease as the hand arranges the different pieces upon a chessboard.” Adam Smith, The Theory of Moral Sentiments
That makes sense. i didn't know the back story.
Most companies these day’s will only give severance pay if you
sign a non-compete. It sucks sometimes but if you want the $
you have to sign it. I wish Vexus all the Best!!!!
Information I have is that Forrest sold Ranger in 1987. I do not believe it was to Genmar at that time although it could have been. Genmar filed for bankruptcy in June 2009, and Platinum Equity picked up all the bass boat lines (Fishing Holdings, LLC) and some of the larger cruisers (Rec Holdings, LLC). Irwin Jacobs bought a couple of the cruiser brands back. Story has it that he also wanted Champion, but PE wouldn't let it go.
I don't think that is necessarily true. Typically a Non-compete is compensated for, but is not considered severance and are usually short term. Any more, as was in the case of my separation from an international technology corporation in 2016, you sign a binding non-disclosure agreemant (NDA) as a condition of your employment. Right-to-work laws pretty well protect the employee from being restricted from seeking employment in their field. Severance is based on the conditions of your release. In my case, the company lost portions of a national contract that had expired and been renewed at a much less labor intense structure. My severance was based on my tenure with the company due to the downsizing. I'm still bound to the NDA I signed which basically states I can't disclose information as to company proprietary information.
I'm looking forward to seeing Vexus' product line and wish them the best of luck even though at my age, I'm in my last boat ...
I think you are correct. I think Forrest did sell the company to someone before Jacobs. But, if I recall, Forrest bought the company back within a very short time, as the buyer couldn't make a go of it.
"The man of system is apt to be very wise in his own conceit; and is often so enamored with the supposed beauty of his own ideal plan of government that he cannot suffer the smallest deviation from any part of it…He seems to imagine that he can arrange the different members of a great society with as much ease as the hand arranges the different pieces upon a chessboard.” Adam Smith, The Theory of Moral Sentiments
No, Forrest sold Ranger to Southland corporation (7-11 stores). Southland used junk bonds to finance the purchase. Southland got into trouble and Irwin Jacobs purchased the junk bonds at auction for pennies on the dollar, and took control of Ranger.
That may have been what I was thinking of, but couldn't recall the correct details.
"The man of system is apt to be very wise in his own conceit; and is often so enamored with the supposed beauty of his own ideal plan of government that he cannot suffer the smallest deviation from any part of it…He seems to imagine that he can arrange the different members of a great society with as much ease as the hand arranges the different pieces upon a chessboard.” Adam Smith, The Theory of Moral Sentiments
WW...between all the VEXUS Kool-aid and RANGER butt-hurt...this was a pretty good thread!!
I bet the R83 was the best of the three.
Lake Norman, N.C./New Britain, CT.
An Khe 66-67
Oh, with a 150HO Etec G2, 25p prop, I bet way faster then that on a Alum. boat.
The local dealer here has been pressured into taking on Skeeter and was thinking about it until he was basically told he would lose triton and Ranger if he did. Needless to say he didn’t take in Skeeter.
2017 Skeeter FX20LE
[QUOTE=TritonJT;9054771]No, Forrest sold Ranger to Southland corporation (7-11 stores). Southland used junk bonds to finance the purchase. Southland got into trouble and Irwin Jacobs purchased the junk bonds at auction for pennies on the dollar, and took control of Ranger.
Had Forrest kept Ranger maybe none of this would have happened. Then again he’s a sell out. I wouldn’t want anything tied to his name anyways.
2017 Skeeter FX20LE
Seniorjumper82, Then why come on this thread and bash Forrest when you know nothing about the details
of the sale. Forrest has been the most influential Bass Boat builder of our time. So take your criticism and
shove it up your ASS!!!!!!!!!!!
Pretty sure he was trollin...and got you hook line and sinker. Damn, you jumped right into the livewell.
Last edited by Seniorjumper82; 03-15-2018 at 09:58 AM.
2017 Skeeter FX20LE
Don’t care if he was trolling or not. Said my pease and mean it.
Well I certainly hope you can find PEACE now that you've said your PIECE.
Reply With Quote
