Jacobs and DeJoria confident in new company’s course

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John Paul DeJoria, who partnered with Irwin Jacobs to form J&D Holdings, says he’s involved with the new boatbuilding company because it has the potential for being a billion-dollar business. “If I didn’t think there was any growth towards a billion, I wouldn’t even consider it,” he said.

DeJoria has lofty goals for the business he and Jacobs created in the wake of the Genmar Holdings bankruptcy, according to an article in the Minneapolis/St. Paul Business Journal.

Jacobs said the bankruptcy cost him more than $100 million personally, and DeJoria lost about $20 million that he had invested in Genmar 90 days before its bankruptcy.

Both men say they are confident their new company will succeed, having learned lessons from the former Genmar, which sold off its 15 boat lines in a bankruptcy auction in January.

For one, Jacobs said, the corporate staff is smaller than before. While Genmar employed more than 40, J&D has fewer than 10.

Also, J&D Holdings is focusing on fewer brands – six instead of 15 – which will allow it to stay in better contact with brand managers and closer to customers.

DeJoria and Jacobs recently toured the two factories of J&D Holdings – a plant in Pulaski, Wis., that builds the Marquis and Carver brands and a factory in Little Falls, Minn., that builds the Larson, Seaswirl, FinCraft lines and soon will restart production of Triumph boats.

“They are so excited to be working right now; all of a sudden 400 jobs – 200 jobs here and 200 jobs there,” DeJoria told the newspaper. “They are very confident about their product … and the economy is turning around and more and more people are getting boats.”

As it grows, J&D will try to limit debt levels, Jacobs told the newspaper. It is taking on debt from public sources, including a $1.5 million low-interest loan from the state of Wisconsin that was used to help finance its $5.75 million acquisition of the boat businesses.

J&D also plans to produce more entry-level boats at the Little Falls plant that can attract new buyers to the market.

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Comments

3 comments on “Jacobs and DeJoria confident in new company’s course

  1. Full Sail

    Will it ever stop! The evidence from a slew of respectable articles written (none by Norm Shultz) before, during, and after the Genmar bancruptcy suggests that Irwin Jacobs turned a blind eye to any reality inconsistent with his own vision of the world. I have no doubt that there are many Larson, Seaswirl, FinCraft, Marquis, Carver, and Triump dealers who just adore Mr. Jacobs; however, there are exponentially more of these dealers and those that represented Glastron, Four Winns, Ranger, Stratos, Champion, Hydra Sports, Wellcraft, and the other Genmar products who can’t wait for Mr. Jacobs to take a bow. Mr. Jacobs is only interested in fame, fortune, adulation, power and whatever else suits his egositic needs.

  2. Ian Watson

    I agree with you, Full Sail.  While your comment and this article are a couple of months old, I am just now reading again about the continuing lies and continuing and never-ending spouts from Messrs. Jacobs and DeJoria, and wanted to put my $ .02 worth in.  Former Genmar employees were put through the wringer, and shouldn’t give Jacobs the time of day.  They may need to work, but how long can they trust a man who lied all of 2009?  We were laid off, told we’d be called back in 8-12 weeks, then let’s wait another 4 weeks, ad nauseum.  This went on for a few months until someone in the Jacobs camp manned up and told employees they were not going to be called back to work.  Now, they are hiring “200 here….200 there”.  Great.   What about us Triumph former employees who need a job?  And, if Genmar/Jacobs were so concerned about money, why did they keep the men (yes, men—no women were asked to stay) who were earning the highest salaries even after the pay cuts to stay in the buildings for months when they could have hired equally competent, lower paid employees who had the talent to handle the same responsibilities. Ludicrous.  And, as I have stated over and again for the past 16 months, only a jerk like Jacobs can get away with this behavior.  Why?  I don’t know and wish I had the answer.  He is not one who should be continually rewarded and blessed with money over and over again.  Hope he fails for good this time around.

  3. Om Organic Media LLC

    The worst part of the Internet is the millions of citizens that have NO media background who would make comments without having the FACTS STRAIGHT. Irwin Jacobs is a Conscious CEO who actually RETURNED to the Laid Off former Employees from Genmar and INVITED THEM into this new restructured company. Also Irwin Jacobs was a VICTIM of a Ponzi Schemer and is a brilliant caring CEO that other professionals could learn from in his support to many disaster regions and giving back to his former employees is a sign he DID care and yes others that are not on that level like CEO Ken Lewis to millions of CEOs that have ruined lives of millions of families by the corporate back stabbing and destruction of lives, include suicides over it. If a CEO has to dissolve a company he does NOT have to dissolve hard working valuable professionals working as a team and any CEO that uses BULLYING or CORPORATE POWER to destroy anyone is absolultely NOT conscious and a violation but IRWIN L JACOBS is part of the Consciousness.

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