VIDEO: The new reality after the Great Recession

Posted on 30 January 2012

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There are many lessons to be learned from the Great Recession, and industry leaders Bill Yeargin, of Correct Craft; Larry Russo Sr., of Russo Marine; and Joe Lewis, of the Mount Dora Boating Center and Marina, shared what they learned at the International BoatBuilders’ Exhibition & Conference.

In September 2008, when the market plunged, all said they knew business wouldn’t be the same and all went into action right-sizing their companies to weather the storm.

Click play for more advice from Yeargin, Russo and Lewis.

Yeargin said he asked his employees to look at the downturn as a permanent change, not something to be dealt with for six months or so.

There’s no detail too small to look at, Lewis added.

Russo said every aspect of his business has changed in the last few years and he has constantly adjusted to try to stay ahead of the decline.

Comments

4 Tuesday, 31 January 2012 14:22

By Glenn Adams

I can certainly appreciate all the comments from our industry leaders. One of the overlooked areas to the downfall was Textron financial pulling out of the marine industry both on the dealer wholesale side and the lending side.This loss left the dealers with only one floor plan option (Ge Financial) that could not absorb all the industry overhead and consequently drove the interest rates up with their corner of the market and left some dealers withoug viable floorplan options.
Everyone shared in the wealth of 2005-07 with exponential growth for the industry. there was no anticipation of the downfall. it pretty much mirrored the housing industry of over growth. Now it is back to reality times and used boats have become the best source for growth and income.
Glenn sales manager from former Boat Tree.

3 Monday, 30 January 2012 23:08

By Greg S.

Some of the smartest people in the marine industry and all have given back so much to the industry. It is great they are willing to share their experiences and how they have weathered this continuing downturn. Thanks guys.

2 Monday, 30 January 2012 22:39

By Anthony Cavallo

I have been in business since 1963, and I have sold new boats, and used boats, We have come a long way in all these yrs.
We are in a depressed time with gas going thru the roof, Boat builders trying to sell boat, that use to sell for $1000.00 per ft. Now they want to try selling boats at about $5500.00 per ft.
People are loosing their Jobs, some can't get enough to retire, gas is $3.89 per gal, prices are going higher.
Engines are thousands more than expeted,

I am starting a new venture, and that is Repairing old boats that still have that Old Style have a great ride that did not cost many of thousands of $$$, and still will be as good as new.
Even If we rebuild the entire boat put a new power plant, It still will be cheaper than buying a new Boat at $ 140,000.00 for a 25' boat at todays prices Thank You Anthony

1 Monday, 30 January 2012 18:27

By Arch

It's always good to hear how others in our industry handle conflict. Thanks for sharing.

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