Back in the Black?
We have covered the bad news of Goetz Custom Boats having financial issues, ultimately resulting in the company going into receivership, and now here’s a bit of good news: Goetz Custom Technologies, LLC has announced that it has successfully bought the assets of Eric Goetz Custom Sailboats Inc. from the state appointed receiver and started a new company, Goetz Custom Technologies. Eric Goetz promised he would answer a few questions, and here they are:
Q: So we see that you guys are creating a new goetz company. please tell us the details.
A: In order to purchase the assets of Goetz Custom Sailboats, Inc., we formed goetz Custom technologies, LLC.
Q: Some complain this is just a way out of old debt – comments?
A: That is both cynical and understandable. What people do not know from behind the scenes is that I poured my own money into Eric Goetz Custom Sailboats to try to keep it going. I am an unsecured creditor as well. I am not going to see any of that money. Not exactly a good way to shave debt!.
Q: Why will a new Goetz company not have the same financial problems the old Goetz company had?
A: Good question. Goetz Custom Technologies is starting with a stronger balance sheet than the outgoing company. This means that the products which we have in house will have a stronger impact providing positive cash flow. Obviously we, like any other business at any time, let alone this one, need new work to be landed.
Q: Will the new company have a new direction in boat building? for example, less expensive boats, one design, etc.
A: We will send you a press release on this, (check it out – there is a new direction at the company – Ed.) but basically we are not going to rely solely on custom boats, which is a small part of the boating market.
Q: So let’s say the economic stimulus ‘package’ as given me some new money and i am considering building a new 40′. why would i come to you?
A: Goetz Custom Technologies is staffed by the same people who made the top quality boats which our old company produced. We have moved 85% of our staff to the new company so you would be assured that you are getting a top quality vessel. From a business perspective GCT is a stronger company because of its stronger balance sheet..
Q: Do you see a turn around in the industry at some point? Can you survive under the current conditions?
A: I am bullish. We will survive. Bank on that!.