Chapter 4 - Northshore Marine Was Supposed to Be My Deal
The acquisition that changed everything was called:
Northshore Marine Group.
Three California marinas.
One small charter business.
A maintenance yard.
The owners wanted:
$46 million.
Ainsley Coastal believed the assets were worth less.
I saw:
potential.
So did Spencer.
He helped me model:
dock-rate increases,
charter utilization,
maintenance margins.
Eventually I presented the acquisition to:
Dad
and:
our investment committee.
Victor said:
“No.”
Not forever.
At that valuation.
I was furious.
Spencer said:
“Of course.”
I asked:
“What does that mean?”
“He doesn’t want your first major deal to be yours.”
“That’s ridiculous.”
“Is it?”
Again:
the real frustration,
sharpened.
Two months later the sellers lowered their price.
We renegotiated.
Ainsley Coastal acquired Northshore for:
$38.5 million
plus assumed obligations.
The board approved.
I led:
the transaction.
Spencer’s firm received a consulting contract to help integrate:
charter operations
and:
marina marketing.
Conflict disclosed.
Contract reviewed.
Rates negotiated by someone other than:
me.
At first, legitimate.
Spencer performed well.
Occupancy improved.
Charter bookings increased.
Dad reluctantly admitted:
“He knows the business.”
That sentence pleased me more than it should have.
Then Spencer’s scope expanded.
May you like
That was where things began to blur.
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