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Back in the Black?

six questions

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!.