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Catalina/Capri 25/250 Sailor's Forums

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Everything just fell apart

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djn
Master Marine Consultant

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USA
1561 Posts

Initially Posted - 04/12/2007 : 15:16:37

Hi All, as you know we sold our C25 and all the rest of our toys to buy a business up north Michigan. Well.....we took the money from the boat and repainted and recarpeted the house for a faster sale, then at the last minute, the seller of the business disclosed that there was $25,000.00 in unpaid bills and we would have to take them as part of the business........ So we don't have a boat or other toys and are not buying the business. We also don't have the money from the boat either so I can't buy another one. I am really bummed out. Just thought I'd vent. Cheers.

Dennis
No Boat
S.E. Michigan

Edited by - djn on 04/12/2007 15:17:28

existentialsailor
Master Marine Consultant

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USA
1180 Posts

Response Posted - 04/12/2007 : 15:25:01

Sounds like misrepresentation to me. I'd get a lawyer, remember it costs more to defend a case than to file one. You may not be out of the game yet Dennis.

Edited by - on

dlucier
Master Marine Consultant

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Virgin Islands (United Kingdom)
7583 Posts

Response Posted - 04/12/2007 : 15:41:38

That's a bummer, Dennis...Well, at least you've got a freshly painted and carpeted house.

What's the status with Horizon's?

Edited by - on

Ben - FL
Admiral

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880 Posts

Response Posted - 04/12/2007 : 15:49:51

Wow!! I'm really sorry to hear about that.

But I have learned one thing in life. That is that God doesn't close one door without opening another. It is just that walk down the hall that scares me.

Edited by - on

Dave Otey
Navigator

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USA
112 Posts

Response Posted - 04/12/2007 : 17:43:31

So sorry to hear that Dennis. I think Ben's perspective will come to pass.

Edited by - on

Champipple
Master Marine Consultant

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USA
6855 Posts

Response Posted - 04/12/2007 : 17:53:02

Okay so you've now got some equity in the house because of the renovations. Get a HELOC for about 8k, write me a check for 4500 of it and you will have a boat. Use the rest to find some place to tie it up. The sail back to the Detroit area would be one very nice time. The dinner table is on port, so you'll have phobia issues....(hopefully the laugh might cheer you up?)

Seriously though, I'm very sorry to hear of your misfortune.

I'll send you an email regarding a couple of things.

Duane

Edited by - on

Renzo
Admiral

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USA
621 Posts

Response Posted - 04/12/2007 : 18:03:44

Don't know what to say other than sorry. And to let you know that I'll definatly give you a call to go sailing after I launch the boat and get it settled. Keep in touch.

Edited by - on

Happy D
Admiral

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921 Posts

Response Posted - 04/12/2007 : 18:34:30

Sorry to hear that Dennis. It could have been worse. Buying the busines then finding out you owe 25K.
Hang in there.

Edited by - on

britinusa
Web Editor

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USA
5404 Posts

Response Posted - 04/12/2007 : 18:51:08

Did he also disclose that there was additional inventory on hand?

Bummer situation, make some lemonade though!

Paul

Edited by - on

Oscar
Master Marine Consultant

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USA
2030 Posts

Response Posted - 04/12/2007 : 19:39:25

Sell house buy large(r) boat go sailing

Edited by - on

Frank Hopper
Past Commodore

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Pitcairn Island
6776 Posts

Response Posted - 04/12/2007 : 19:49:44

WOW, focus on making your wife happy. This is when we take care of those we love and remember what really counts.

Edited by - Frank Hopper on 04/12/2007 19:51:09

djn
Master Marine Consultant

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USA
1561 Posts

Response Posted - 04/12/2007 : 19:53:10

Thanks all. At least now I don't have to wonder and worry about everything working out. It just didn't work out the way I thought.

Duane, I did laugh when I read that about the dinette.

Larry, I will gladly take you up on your offer. Let me know if you need help getting the boat ready for launch. Cheers.

Edited by - on

Turk
Admiral

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USA
736 Posts

Response Posted - 04/12/2007 : 20:08:37

Guess the $25,000 in unpaid bills shows you what kind of business the owner was really doing. Consider yourself lucky you found out now. All considered, who feels worse, you for not getting the business, or the seller, who just lost a chance to sell his business. Looks like you got him back

Edited by - on

djn
Master Marine Consultant

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USA
1561 Posts

Response Posted - 04/12/2007 : 20:49:26

Yep Turk, I agree that it is an indicater of the business environment up there. The only real bummer is that I worked so hard on the boat and miss it already. It really became part of the family. The guy who bought the boat will take good care of it I'm sure, but it will always be mine. Cheers.

Edited by - on

Dave Bristle
Master Marine Consultant

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Djibouti
10005 Posts

Response Posted - 04/12/2007 : 21:04:12

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by djn
 ...The only real bummer is that I worked so hard on the boat and miss it already. It really became part of the family. The guy who bought the boat will take good care of it I'm sure, but it will always be mine.<hr height="1" noshade id="quote"></blockquote id="quote">
Yup, I felt that way about Passage--she's moved along to her second owner after me (in a very short time), but I still have her original standing rigging and a cracked tiller in the basement.

As several have said, this is almost certainly a good outcome in the long run--that business wasn't what you thought it was! That's what "due diligence" is about--sorta like a marine survey--you have to presume the seller is misstating or hiding something. Nothing is as perfect as its seller makes it out to be.

When I moved to Mystic, I had a deal on a condo fall through, only to end up getting one on the water with a slip! Thank goodness the first one didn't work out!

On to the next chapter... All the best!

Edited by - Dave Bristle on 04/12/2007 23:29:13

Champipple
Master Marine Consultant

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USA
6855 Posts

Response Posted - 04/12/2007 : 21:47:18

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by Dave Bristle
 <blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by djn
 ...The only real bummer is that I worked so hard on the boat and miss it already. It really became part of the family. The guy who bought the boat will take good care of it I'm sure, but it will always be mine.<hr height="1" noshade id="quote"></blockquote id="quote">
That's what "dud diligence" is about--<hr height="1" noshade id="quote"></blockquote id="quote">

That a Freudian slip there dave?

Edited by - on

djn
Master Marine Consultant

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USA
1561 Posts

Response Posted - 04/12/2007 : 22:02:01

Hi Dave, I had to start a C Corp for this business so we named the company "Mystic Holdings" Cheers.

Edited by - on

dblitz
Navigator

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240 Posts

Response Posted - 04/12/2007 : 22:18:51

Without knowing what kind of business you were buying who can say that 25K in a/c payables was a big deal? What business doesn't have 25K in payables? Anyway, the good thing about material stuff, including boats, is that there's all kind of opportunities out there. I'll bet you you'll have everything you want back in no time.

Edited by - on

Dave Bristle
Master Marine Consultant

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Djibouti
10005 Posts

Response Posted - 04/12/2007 : 23:33:12

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by Duane Wolff
 That a Freudian slip there dave?
<hr height="1" noshade id="quote"></blockquote id="quote">
Subconscious redirection of motor nerve impulses...

Edited by - on

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