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Old 09-17-2019, 04:42 PM   #281
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Been through the big corporate buys smaller private company twice in my career. Winnebago purchased Newmar, not the other way around. It will take some time but they will instill " The Winnebago Way" and their way of how to run the business. Miller is there to make the early transition easier and will very likely be gone in 12-18 months. At that point Winnebago management in Minneapolis will put in one of their own at the helm. Cost cutting to improve profitability will become a high priority early on. Its just the way corporate America works now days
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Old 09-17-2019, 04:43 PM   #282
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Originally Posted by edgray View Post
YUP, and nobody believes that "consolidation" (elimination of competition) is ever good for the consumer. Somehow, the "savings" never make it down to the retail level buyer.
In the DP market, Winnie doesn't compete with, well anyone. If anything I see them killing off their remaining 2 models and there is some of that consolidation.
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Old 09-17-2019, 04:53 PM   #283
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Yep, Steve made a good point, and farmers also came to mind, where if a parent passes and the kids inherit the farm (or a business), they have to pay tax on the value of the farm or company and very often the kids or business doesn't have the cash or cash flow to pay millions or tens of millions (or more) in taxes, and the result is having to sell part or all of the business.

So, this may very well have been a factor.
A farm or small business that fails to purchase life insurance on the owner to cover the inheiritance taxes deserves the bankruptcy problems. The owner and the kids lacked the self discipline to forgo some immediate pleasure for a better tomorrow. The US is full of successful businesses that were sold or run into the ground so the kids could live a idle and dissolute life after the parents croaked.
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Old 09-17-2019, 04:58 PM   #284
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A farm or small business that fails to purchase life insurance on the owner to cover the inheiritance taxes deserves the bankruptcy problems. The owner and the kids lacked the self discipline to forgo some immediate pleasure for a better tomorrow. The US is full of successful businesses that were sold or run into the ground so the kids could live a idle and dissolute life after the parents croaked.
Deserves the bankruptcy problems? Seriously? How about the confiscatory inheritance taxes on businesses/farms that are generally 50% and there are those that want them even higher on businesses that have already paid taxes on as the problem?
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Old 09-17-2019, 05:01 PM   #285
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But should I order my Dutch Star NOW before the real changes happen???

I will add, our family owned company went through a buyout by a large, publicly traded company. "Nothing would change. Business as usual." they said. 3 1/2 years later... we started up a new company and hired most of our former employees back as the acquiring company absolved our company and others into a single entity that was eventually sold 3 times over at staggering losses every single time. I know the RV industry is a bit different, but change is inevitable. What that change looks like, only time will tell.
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Old 09-17-2019, 05:05 PM   #286
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Been through the big corporate buys smaller private company twice in my career. Winnebago purchased Newmar, not the other way around. It will take some time but they will instill " The Winnebago Way" and their way of how to run the business. Miller is there to make the early transition easier and will very likely be gone in 12-18 months. At that point Winnebago management in Minneapolis will put in one of their own at the helm. Cost cutting to improve profitability will become a high priority early on. Its just the way corporate America works now days
We don't know how much debt Miller had or if he had investors and if he's going to have to split the proceeds. If not, when the deal is done, he'll be a 6% owner of Winnebago and I believe the largest individual shareholder, third behind to private equity companies.

So, he's going to be a not insignificant minority shareholder in WGO. Winnebago's sales revenues were 2 billion I believe vs. Newmar's 661 million, which is larger, but it's not like it's a giant buying a mom and pop or start up.

That said, Miller may have zero say in the combined company (I don't think they announced him getting a board seat or anything), and they may very well massively change the Newmar ways, but only time will tell.
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Old 09-17-2019, 05:20 PM   #287
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But should I order my Dutch Star NOW before the real changes happen???
YES. When my wife and I were shopping for the coach we have now, we looked at Winnebago at a dealer near our home. They were literally falling apart in the dealer parking lot. Went inside a couple of units and there were broken sorta-wood parts laying loose on the floor and furniture, parts improperly and sloppily installed, etc. Walked away and never looked at another one


I agree with DC21, Mr. Miller is staying on for marketing and transition purposes, and won't be there long. Marketing to ease the minds of those that have just purchased and those wanting to purchase. Transition to keep the employees comfortable with staying. Winnebago is not going to buy a brand new balloon just to pop it, hopefully.


If you can't beat 'em, buy 'em.
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Old 09-17-2019, 05:23 PM   #288
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kpecks, if it were me I would not change my purchase plans.
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Old 09-17-2019, 05:24 PM   #289
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YES. When my wife and I were shopping for the coach we have now, we looked at Winnebago at a dealer near our home. They were literally falling apart in the dealer parking lot. Went inside a couple of units and there were broken sorta-wood parts laying loose on the floor and furniture, parts improperly and sloppily installed, etc. Walked away and never looked at another one


I agree with DC21, Mr. Miller is staying on for marketing and transition purposes, and won't be there long. Marketing to ease the minds of those that have just purchased and those wanting to purchase. Transition to keep the employees comfortable with staying. Winnebago is not going to buy a brand new balloon just to pop it, hopefully.


If you can't beat 'em, buy 'em.
I figured as much... the year 2020 has a good ring to it anyways. And good for the Miller family. While I don't think anyone knows the intimate details of their financial situation prior to the buy out, it doesn't really matter. They'll have plenty of help to figure it out and they will enjoy the ride. They'll be able to help many more people and families in the process. Now, I just hope they set up proper family governance and structure.
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Old 09-17-2019, 05:31 PM   #290
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Deserves the bankruptcy problems? Seriously? How about the confiscatory inheritance taxes on businesses/farms that are generally 50% and there are those that want them even higher on businesses that have already paid taxes on as the problem?
The prudent builder of a business who thinks and cares about what happens to it after they die will have the business buy the life insurance to cover the death taxes. The cost of the life insurance is a cost to the business.
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Old 09-17-2019, 06:35 PM   #291
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Just an observation, I have a friend with a 2014 Winnebago Journey. I don’t know the brand of his in dash radio/Nav but it runs Rand McNally GPS like the Xcite.

His rear view camera monitor and the NAV monitor are the same size as a 2020 MADP. This is in a coach with an MSRP of half a new MA.

That’s what I’m hoping we can see Winnie push down the line at Newmar.


When all of the discussions were taking place on how bad the Xite Radio was, I remember at least one WB owner saying
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Old 09-17-2019, 06:39 PM   #292
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With all these thoughts and opinions, does anyone know what happens to dealerships with exclusive to Newmar?

For example, in Tucson, La Mesa sells Winnie but not Newmar while Freedom RV sells Newmar but not Winnie.

I wonder if that will stay the same???
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Old 09-17-2019, 06:46 PM   #293
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Winnebago acquires Newmar

I read this and found some of the points very interesting :
https://rvbusiness.com/coach-builder...for-winnebago/
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Old 09-17-2019, 06:47 PM   #294
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With all these thoughts and opinions, does anyone know what happens to dealerships with exclusive to Newmar?

For example, in Tucson, La Mesa sells Winnie but not Newmar while Freedom RV sells Newmar but not Winnie.

I wonder if that will stay the same???
It all depends...generally the dealer body stays the same.
Sometimes its easier to get the other lines with the combined ownership.

If the original company is "dead", then the dealer agreement is also dead. So, the dealers would need to sign and abide by the new one.
That could require the dealer to buy parts, keep more inventory, buy new tools, be held accountable for low customer satisfaction, improve the facility look or location etc that would be in the new dealer agreement.

Sometimes poor performing (low sales or low customer satisfaction - really low) dealers are not offered the new agreement. Or the company might have an existing store that sells well that wants Newmar and the old poor performing Newmar store is pushed out of the way if they share the same locality.

But, as there are relatively few Newmar dealers, I don't expect much if any change.

When Chrysler went through the Fiat ownership change, FCA closed many dealer points that weren't selling or were in bad locations. There was a lot of change. Half the number of dealer codes when done.

It's like a divorce and a chance to get remarried, find another partner, or stay single.
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