Like a lot of BassFans, I'm surprised by today's events – even shocked – and I'm left wondering what the sale of Ranger, Stratos and Champion really means. Several different thoughts swirl through my head, and they all tend to coalesce into one big question mark.
Truth is, I don't what know what it means for the future – whether immediate or long-term. That's expected. Monumental change never delivers quick answers – only questions – and today's sale of those three bass-boat brands is certainly monumental.
I've covered the Genmar bankruptcy from a news angle since day 1. I've also written a few opinions. I've seen every page of every court document. I've listened to boat manufacturers, tackle manufacturers, media stars, pros, boat dealers, the general public. I imagine I'll be talking with them all again in the coming days.
But now that the sale is moving toward confirmation, it's critical to look at some of the big-picture issues that surround the bankruptcy itself and those folks and entities affected by it.
First there are the people.
I grew up in a manufacturing town (Buffalo) and know first-hand that when corporate titans do battle, it's the little guys who often get hurt. My heart goes out to every Genmar employee. There were a lot of lean Christmases this year – a lot of folks talking to banks, sweating their mortgages and stretching one meal into three and four. I hope the infusion of capital that Platinum brings can keep those families afloat.
Included in that group are the Genmar dealers and their employees. There's a general consensus out there that Platinum was the preferred choice of Genmar dealers and manufacturers. Platinum's well capitalized and brings a lot of money to the table. The company has created a new boat division. It's one of the largest private companies in Los Angeles. There's a solid floorplan in place. And many of those dealers will now be in excellent position once the market redounds.
And don't forget Genmar management. Over the course of the bankruptcy, I got the sense there was friction between Ranger management, Irwin Jacobs and FLW Outdoors. Ranger management is still heavily tied to the Forrest Wood family, and from what I've heard, they worked closely with Platinum in the due-diligence process. I'd have to guess that if Irwin Jacobs did retain control of Ranger, many of those great folks would have moved on – whether by choice or not.
I'm now confident that people like Randy Hopper and Keith Daffron will continue to represent the braintrust in Flippin.
Which inevitably brings the conversation back to FLW Outdoors. Again, first thoughts turn to the people there. Lean times are certainly ahead.
The league, which is still controlled by Jacobs, may try to broadcast an all-okay signal. Or it might state the honest reality of today's events. Either way, the organization chart that linked Ranger, FLW Outdoors and Jacobs has basically been blown up.
Both Ranger and FLW Outdoors took marching orders from Jacobs. There may have been minor wrestling matches here and there, but Ranger and FLW Outdoors seemed to hold parallel, lieutenant positions within the empire.
Now that Ranger's independent of FLW Outdoors and Jacobs, FLW Outdoors needs to knock at Ranger's door, same as it would for any potential sponsor. And I say potential sponsor because Ranger is, right now, only a potential sponsor. Genmar specified last week that the winning bidder need not assume the approximate $750,000 cost of Ranger's FLW sponsorship.
And remember that it was Jacobs who made the call for Ranger to pull its advertising and sponsorship from BASS. You can bet there'll be a voicemail waiting at Flippin headquarters Monday morning, probably from BASS VP and GM Tom Ricks, asking if Ranger would like to have an expanded presence at the upcoming Lay Lake Bassmaster Classic.
And what about FLW Outdoors as a whole? It's anyone's guess whether Jacobs ever made a dime from holding tournaments that wasn't counted as a Ranger boat sale. He said many times he wasn't in the tournament business to make money. He was in it to sell boats.
Now that he doesn't have bass or walleye boats to sell, will he stay in the tournament business? My guess is no.
Genmar was a sinking ship that he couldn't save, and I don't believe he'll stick around to fix a listing tournament organization. Genuine concern should be there from everyone in the sport for employees and families that depend on that league, because as I see it, the next big sale in fishing could in fact be FLW Outdoors.
Are there potential buyers? Platinum Equity appears to have deep pockets.
Then again, Jacobs might have one last trick up his sleeve. He appears to be talking with Platinum about the possibility of buying back FinCraft – a new glass-boat line that, through the use of VEC technology, retails in the low- to mid-teens. FinCraft wasn't an initial target for Platinum, but the company owns the brand now.
Could the future include a re-invented FLW Outdoors, charged with a mission to redirect the tournament bass-boat market toward affordable glass boats? It would be risky, since the margins are so low on such sales, but it seems just the type of challenge Jacobs would relish.
