LASAR is for sale!

[DaV8or]

Got this email today-

"Paul and Shery Loewen of Lake Aero Styling & Repair need to retire!  AND we want to sell the business to someone who wants to keep our 14 employees and our customers happy.  We live in beautiful Lake County, in Northern California, on the shores of California's largest lake, Clear Lake.  We have a very active Mooney parts (supplying parts world-wide) and maintenance business that we'd like to see continue for years to come.  Editor's Note: Paul would be available as a consultant for the new owner.  His expertise would be invaluable to any new owner.
Anyone seriously interested, please call Paul or Shery at home at 707 263-0462 or e-mail us at: PaulL@sonic.net"

Kind of tempting, but I really don't want to move to Clear Lake.

[KSMooniac]

Oh my!  Can't say this is surprising, but I sure hope someone can take it over and keep it going.  Losing that operation will be a HUGE loss for our community.

[Skywarrior]

Wonder what the price would/should be?

[mooneygirl]

Shery and Paul have been talking about this for a long time.  A few years at least.  Wouldn't it be great to keep this business serving our Mooney family? Paul is a legend in the Mooney world. The award he received at the MAPA convention was remarkable.  Jerry Manthey also received the same recognition. Talk about a Mooney brain trust!

[74657]

Assets (inventory, tools, buildings) - Liabilities + Goodwill = value.  I would imagine the place carries no debt.  Defining the Goodwill value is the sticky wicket.  Some people think that they are sitting on a gold mine when the business/industry says otherwise, while others just want to "get out of it" and are less concerned about how much money they put in their pockets...  I would say it would sell for less than one might think.  Fewer planes flying fewer hours, no new Mooney aircraft being produced that will need service/repairs etc. etc.  I wonder why they wouldn't work a buy/sell agreement with one/several of the employees that work there and have the ambition/experience to own the place........

[mooneygirl]

Perhaps some of the employees are retiring too!

[DaV8or]

Quote: 74657

I wonder why they wouldn't work a buy/sell agreement with one/several of the employees that work there and have the ambition/experience to own the place........

[M016576]

Quote: 74657

Assets (inventory, tools, buildings) - Liabilities + Goodwill = value.  I would imagine the place carries no debt.  Defining the Goodwill value is the sticky wicket.  Some people think that they are sitting on a gold mine when the business/industry says otherwise, while others just want to "get out of it" and are less concerned about how much money they put in their pockets...  I would say it would sell for less than one might think.  Fewer planes flying fewer hours, no new Mooney aircraft being produced that will need service/repairs etc. etc.  I wonder why they wouldn't work a buy/sell agreement with one/several of the employees that work there and have the ambition/experience to own the place........

[mooneygirl]

Job, when we were at the factory at the beginning of March, they were manufacturing some parts. It was nice to see folks working there, albeit a skeleton crew.

 

[Shadrach]

Quote: 74657

Assets (inventory, tools, buildings) - Liabilities + Goodwill = value.  I would imagine the place carries no debt.  Defining the Goodwill value is the sticky wicket.  Some people think that they are sitting on a gold mine when the business/industry says otherwise, while others just want to "get out of it" and are less concerned about how much money they put in their pockets...  I would say it would sell for less than one might think.  Fewer planes flying fewer hours, no new Mooney aircraft being produced that will need service/repairs etc. etc.  I wonder why they wouldn't work a buy/sell agreement with one/several of the employees that work there and have the ambition/experience to own the place........

[fantom]

The brain and talent drain in general aviation is depressing. As Jolie mentioned Paul has had LASAR quietly on the market for al least 5 years? In this market EBITDA would be of little value.

The variables and unknowns are daunting, which IMHO is why LASAR, an excellent company, hasn't been bought yet.

[John Pleisse]

Quote: fantom

The brain and talent drain in general aviation is depressing. As Jolie mentioned Paul has had LASAR quietly on the market for al least 5 years? In this market EBITDA would be of little value.

The variables and unknowns are daunting, which IMHO is why LASAR, an excellent company, hasn't been bought yet.

[mooneyflyer]

Paul & Shery called me... I am the source of the email mentioned above, after they asked me to post it on the VMG website.

The cost to buy LASAR is quite attractive and not based on EBITDA.  The primary goal of Paul & Shery is to have someone who will take on LASAR and continue its great tradition, keep the shop in Lakeport, and take care of their 14 employees.

Separately, today is Robert Brown's last day at LASAR.  Robert has been the overall face of day-to-day operations for 11? or 13 years and for those of us who know him and how he supported our planes, we'll miss him.  He is retiring and moving to San Felipe.  Wish him the best!!!  Mike will be taking over the day-to-day (He did a great job on my Eagle's first annual), and Paul himself will be more involved until the business is sold.  All good.  Paul will also be available for the new owner, when that all happens.

[John Pleisse]

Quote: mooneyflyer

Paul & Shery called me... I am the source of the email mentioned above, after they asked me to post it on the VMG website.

The cost to buy LASAR is quite attractive and not based on EBITDA.  The primary goal of Paul & Shery is to have someone who will take on LASAR and continue its great tradition, keep the shop in Lakeport, and take care of their 14 employees.

Separately, today is Robert Brown's last day at LASAR.  Robert has been the overall face of day-to-day operations for 11? or 13 years and for those of us who know him and how he supported our planes, we'll miss him.  He is retiring and moving to San Felipe.  Wish him the best!!!  Mike will be taking over the day-to-day (He did a great job on my Eagle's first annual), and Paul himself will be more involved until the business is sold.  All good.  Paul will also be available for the new owner, when that all happens.

[Skywarrior]

N/A

[MooneyMitch]

Wish I was 40 again for this!

[Shadrach]

Quote: fantom

The brain and talent drain in general aviation is depressing. As Jolie mentioned Paul has had LASAR quietly on the market for al least 5 years? In this market EBITDA would be of little value.

The variables and unknowns are daunting, which IMHO is why LASAR, an excellent company, hasn't been bought yet.

[Shadrach]

Quote: mooneyflyer

Paul & Shery called me... I am the source of the email mentioned above, after they asked me to post it on the VMG website.

The cost to buy LASAR is quite attractive and not based on EBITDA.  The primary goal of Paul & Shery is to have someone who will take on LASAR and continue its great tradition, keep the shop in Lakeport, and take care of their 14 employees.

Separately, today is Robert Brown's last day at LASAR.  Robert has been the overall face of day-to-day operations for 11? or 13 years and for those of us who know him and how he supported our planes, we'll miss him.  He is retiring and moving to San Felipe.  Wish him the best!!!  Mike will be taking over the day-to-day (He did a great job on my Eagle's first annual), and Paul himself will be more involved until the business is sold.  All good.  Paul will also be available for the new owner, when that all happens.

[jetdriven]

I second that.  Robert is a weath of Mooney knowledge, and would talk Mooneys all day if you asked him.   I met Robet, as well as Paul and Sherry at the MAPA convention.  What a great set of folks.

[KSMooniac]

Quote: Mitch

Wish I was 40 again for this!

[MooneyMitch]

Quote: KSMooniac

I don't think being 40 is a requirement to purchase it!  

[smccray]

Quote: Shadrach

What kind of work are you in? I doubt that the liabilities would transfer, the seller would settle debt at closing. All of the things you mention would factor in, but if LASAR is in the revenue range that I think it is, a buyer would more likely use EBTDA (earnings before taxes depreciation and amortization). A multiple would then be attached to EBTDA based on the value and risk attributed to future earnings, good will, market factors, compition etc...

The starting point would look like EBTDA * some multiple based on the factors above  

[Parker_Woodruff]

I hope someone who is a stakeholder in the future of Mooneys will make a run at the company. LASAR is so valuable, especially for the West Coast. 

[MooneyMitch]

"All I know is that I want a set of LASAR visors, so the future buyer has at least one sale... ."

Not sure if Paul is producing these lately but heck, you're right..........maybe I will buy LASAR so you can get your visors!!

[FAST FLIGHT OPTIONS LLC]

I wonder if a change in ownership could mean a loss of the companies MSC status? Not that being an MSC in and of itself really means anything these days.  As the old MSC mechanics leave and new ones come in Mooney is not providing any factory specific training to these folks like they used to do.  In addition Mooney is not levying any type of requirements on these shops for continued use of the MSC designation.  If you were lucky enough to qualify for MSC status 10 years ago you get to keep it today by default I guess?