Massive Seattle gear producer's sons fire all without notice, to cash out - Page 3
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  1. #41
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    Quote Originally Posted by Mcgyver View Post
    that's a almost beyond huge assumption, why would you say that?

    If it was making a ton of money it would have had a higher value as a going concern than a liquidation

    Until we know the terms of the deal, yours is as large an assumption

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    Default Massive Seattle gear producer's sons fire all without notice, to cash out

    This may have brought up and I missed it.

    Besides sabotage, it’s not uncommon for Union Labor to get hurt on the job on last day of work. A back strain, twisted knee because they stumbled over a small pothole or sidewalk heave( same one they walked safely over for weeks on the way to the cafe or break trailer.), or some other non-visible injury. It’s obviously not everyone, but the few that do it sour it for the whole group.
    We are non union at my current plant, but I paid IBEW dues for over a decade at the last.
    I don’t have an issue with the concept of unions, but in my experience they seem to protect the slackers who think they are entitled to “ride out”!the last couple years of “work”, because they “put their time in”


    Sent from my iPhone using Tapatalk Pro

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  4. #43
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    Quote Originally Posted by gustafson View Post
    Until we know the terms of the deal, yours is as large an assumption

    You are correct, we are both making assumptions. Are they as large as one another? Mine is logical, based on how the world works and professional experience in corporate finance, sale and closure of businesses etc. That they did what the did implies certain realities else they wouldn't have done it that way.

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    Quote Originally Posted by gbent View Post
    This is interesting. I wonder if (which, how many) courts have ruled about websites as an asset of a business.
    The assets bought would listed and described in the deal. If you bought the lathes you didn't buy the website. If its everything, its everything, lathe, trademarks, receivables, inventory, brand, patents, website and so on. There's bits of boiler plate that capture pretty much every kind of tangible and intangible asset that might be included and end with a catch all.

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  8. #45
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    Quote Originally Posted by digger doug View Post
    Well, I'll bet that you can't just bring in anybody to do gear work.
    Ultimately, the answer is no different than any other discipline found within a well rounded shop, or shop hand for that matter.

    Just depends...

    In this specific case, I'd be inclined to agree. Many of the guys that were there were actually well rounded and knew their work pretty darn well. Frankly, that's why I enjoyed them. We could converse on the intricacies of the niche field. Some of those guys would have no problem walking in and starting up their own shops because they were that good. And some times, with much lesser equipment.

    And, like any other shop they had their slugs, too. I was not there, but the impression conveyed to me was that there very much was some protectionism for the lesser contributing ones that chose to ride along on their coworker's backs.

    But I digress...

    To speak to your response, I am going to bet that they will have a hard time getting the ranks back to the level they were when this was thrust upon them. They pissed away some very talented people in a niche trade that is not exactly attracting, nor training, youngsters to continue it.

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  10. #46
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    Quote Originally Posted by Mcgyver View Post
    The assets bought would listed and described in the deal. If you bought the lathes you didn't buy the website. If its everything, its everything, lathe, trademarks, receivables, inventory, brand, patents, website and so on. There's bits of boiler plate that capture pretty much every kind of tangible and intangible assert that might be included and end with a catch all.
    Without knowing the price, yours is no more logical

  11. #47
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    Quote Originally Posted by gustafson View Post
    Without knowing the price, yours is no more logical
    my what? what is that supposed to even mean? what you quoted is universally applicable, nothing to do with price or this deal. It was a simple explanation of how "what assets are included" is dealt with in an asset deal

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    I was given two weeks notice of a layoff, but was immediately removed from duty.
    My final paycheck came right on time.
    If these guys just shut the door without meeting the severance requirements they are just plain dicks.

  14. #49
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    Quote Originally Posted by Mcgyver View Post
    my what? what is that supposed to even mean? what you quoted is universally applicable, nothing to do with price or this deal. It was a simple explanation of how "what assets are included" is dealt with in an asset deal
    >>
    You are correct, we are both making assumptions. Are they as large as one another? Mine is logical, based on how the world works and professional experience in corporate finance, sale and closure of businesses etc. That they did what the did implies certain realities else they wouldn't have done it that way. <<

    inadvertantly quoted the wrong post without reading it, sorry

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    Quote Originally Posted by gbent View Post
    Missing from the article was the owner's ages. There comes a time when you get tired of fighting, and when you get tired of fighting its time to leave.

    As an acquantance's father said after a stressful month "If one more son-of-a-bitch with a badge comes through that door, I'm planting this whole place to trees". The fight doesn't have to be with the employees, it can be with the bank, customers, or government officials that view every business as a piggy bank ripe to be opened.
    ^^^THIS^^^

    It is their business and they can do with it what they and when they want. Employees leave companies all the time without notice so why can't the owner do what he or she wants without notice. When I was working for other shops I always had my mind on what's next if the place closed, I quit or get fired. It is MY responsibility to look out for myself just like the owner of this business did.

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    Quote Originally Posted by Wild West View Post
    ^^^THIS^^^

    It is their business and they can do with it what they and when they want. Employees leave companies all the time without notice so why can't the owner do what he or she wants without notice. When I was working for other shops I always had my mind on what's next if the place closed, I quit or get fired. It is MY responsibility to look out for myself just like the owner of this business did.
    Of course it is

    Say the owner of the business has a meeting and says, hey big new contract starting in 2 weeks, need your best effort, and Mr West, we are really going to be leaning on you on this one. I bet the farm on this one and if we don't make our dates I am bankrupt.

    You quit 2 weeks later

    sure, you can do anything you want, its a free country

    is it right?

    that is a more complex question

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    Quote Originally Posted by Wild West View Post
    ^^^THIS^^^

    It is their business and they can do with it what they and when they want. Employees leave companies all the time without notice so why can't the owner do what he or she wants without notice. When I was working for other shops I always had my mind on what's next if the place closed, I quit or get fired. It is MY responsibility to look out for myself just like the owner of this business did.
    Unless there is a contract to observe.

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    Quote Originally Posted by Ries View Post
    not in this case. The City of Seattle, for example, when it needs a new gear for a 100 year old drawbridge, will call Gear Works, and get referred to Machinists. In fact, the website already automatically refers you. Same thing with Boeing, and the Alaska Fishing Fleet- small cranes, winches, pumps, and engines on most 60' and larger boats, and Seattle is where they get their gears. The direct transfer of a long trusted business is definitely worth something.
    Goodwill has meaning beyond “non-profit second-hand store”.

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    Quote Originally Posted by Ries View Post
    One thing most of you guys dont realize- this is Seattle. That means the real estate alone, in this neighborhood, is worth a LOT. The building is probably worth 2 million or more. (I just looked at what 2 million buys you in that neighborhood, and now I think its a lot more- probably closer to 4.)
    A crappy little house in that neighborhood, on a 50x100 lot, is worth around $400k. The Gear Works building is much bigger, and has power, parking, and is not a 100 year old wood frame bungalow.

    My guess is most of the machinery is 50 to 80 years old, and, at auction, would go for peanuts.

    this deal was about the real estate, putting the competition out of business, and picking up the client list.
    If you go to Gear Works website you're transferred to this:

    Gear Manufacturing & Gearbox Repair | Machinists Inc

    The gear machinery shown (in Gear Works) looks fairly newish modern.

    The article I saw in the local paper said Machinists Inc was leasing the Gear Works' building which may be the best building in South Park. Presumably that would give the Gear Works owners a nice retirement income. Gear Works was founded 70 some years ago so that would make the founder's sons who are the current owners in the 70 +/- age range.


    I see what I always assumed was Machinist Inc's headquarters in Seattle proper is now vacant/for lease. Machinists Inc has been scattered around in several buildings. All those and Gear Works building are in South Park across the Duwamish River from the old headquarters. Just consolidating on one side of the river with its two draw bridges will be an improvement.

    That whole South Park industrial area looks like a super fund site. The Duwamish is heavily polluted too. Not an area you want to casually drive through with its unpaved streets and world class pot holes.

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    Been thinking on this for awhile...

    Story seems to be written from a single viewpoint. Owners decided to close up and cash out.

    Maybe more of a back story...but really no way of knowing that from what is in the article. I do know when someone puts my back up to a wall I go from a level headed willing to listen person to someone not going down without a fight.

    So that said I have to wonder if this Newly established union made some demands or they walk talk. Handwriting on the wall talk of things to come... After being sole owners your put in a position of be told how to run "your" business...that may not sit well.

    Comes a time the headaches of a business make you say its just not worth the aggravation.

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    My only real concern in this situation is work in progress, seems like a good way to piss off a lot of customers if it takes weeks/months to get rolling again with a new crew.


    We never hear stories about all the business owners put everything they had and did everything they could do for their employees right until they lost everything trying to keep a sinking ship afloat, when they really should have bailed years ago.

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    Quote Originally Posted by gustafson View Post
    Of course it is

    Say the owner of the business has a meeting and says, hey big new contract starting in 2 weeks, need your best effort, and Mr West, we are really going to be leaning on you on this one. I bet the farm on this one and if we don't make our dates I am bankrupt.

    You quit 2 weeks later

    sure, you can do anything you want, its a free country

    is it right?

    that is a more complex question
    Nowhere in your hypothetical did I agree to what the boss was telling me. I didn't like it so I quit. BTW, it is not a complex question, people do what they want in their own best interest. The boss could have fired me at that moment; would I like it? No, but I would move on. That's just the way life is.

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    Quote Originally Posted by SND View Post
    We never hear stories about all the business owners put everything they had and did everything they could do for their employees right until they lost everything trying to keep a sinking ship afloat, when they really should have bailed years ago.
    because its so common, happens daily. Check the receivership and bankruptcy notices

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    Quote Originally Posted by Wild West View Post
    people do what they want in their own best interest.
    EXACTLY! works in both directions. I laughed at the earlier suggestion that by taking the job they were subordinating their own best interests in favour of the companies and therefore the company owed them.

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    Quote Originally Posted by SIM View Post
    Been thinking on this for awhile...

    Story seems to be written from a single viewpoint. Owners decided to close up and cash out.

    Maybe more of a back story...but really no way of knowing that from what is in the article. I do know when someone puts my back up to a wall I go from a level headed willing to listen person to someone not going down without a fight.

    So that said I have to wonder if this Newly established union made some demands or they walk talk. Handwriting on the wall talk of things to come... After being sole owners your put in a position of be told how to run "your" business...that may not sit well.

    Comes a time the headaches of a business make you say its just not worth the aggravation.
    Hmmm...
    Why do you suppose they unionized?
    Owners were dicks maybe?
    NLRB might have something to say about this once the trump puppets are gone in a few years.


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