Meloon Family Sells out In Orlando |
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Cape Cod CC
Groupie Joined: September-17-2005 Location: United States Status: Offline Points: 49 |
Topic: Meloon Family Sells out In Orlando Posted: September-27-2008 at 1:19pm |
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I'm not sure if this story has been posted or not. The Meloon Family's Orlando based Correct Craft dealer is now a Master Craft dealer. It sounds like the Meloons hold very little interest in the company. Check out the links below for more...
Orlando boat dealer sales away from Correct Craft Vince Editied by Keith: I removed the second link, it was to a blog and was not a creditable source |
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eric lavine
Grand Poobah Joined: August-13-2006 Location: United States Status: Offline Points: 13413 |
Posted: September-27-2008 at 1:53pm | |
New Mastercraft decals will be available shortly.....
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"the things you own will start to own you"
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The Godfather
Platinum Member Joined: August-13-2008 Location: Orlando Fla Status: Offline Points: 1766 |
Posted: September-27-2008 at 1:58pm | |
I hate the papers, and all the coments.
The family did not sell out to Master Craft. Only Walt is opening a new dealership!!!! Not the family!!!!!!!!! |
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Riley
Grand Poobah Joined: January-19-2004 Location: Portland, ME Status: Offline Points: 7946 |
Posted: September-27-2008 at 2:04pm | |
Is it a fact that the Melloons now own less than 1% of the stock of Correct Craft? That's a big change. I wonder how the timing of building the new facility played into it?
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eric lavine
Grand Poobah Joined: August-13-2006 Location: United States Status: Offline Points: 13413 |
Posted: September-27-2008 at 2:15pm | |
sell out is a different word than sell, whats the scoop? who owns 51% of Correct Craft?
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"the things you own will start to own you"
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MaddMarxx
Platinum Member Joined: June-29-2006 Location: United States Status: Offline Points: 1741 |
Posted: September-27-2008 at 2:20pm | |
I think its Reidp!!!!! |
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lfskizzer
Senior Member Joined: July-26-2007 Location: Wilton, CT Status: Offline Points: 290 |
Posted: September-27-2008 at 2:44pm | |
Dave,
If I read this correctly myself and from my research of the past of the meloon family is pretty big. So it is sad that Walt and everyone at SECC is now a Mastercraft Dealer but there must be some backing to the story on why this happened. Someone must have been knifed on that part that they lost the selling right of CC. Now there is Nautiques of Orlando. So that part of the family has crossed to the dark side and selling mastercrap as some people say. So Ken Meloon, Mr. Ralph Meloon Sr and the other family members are still there for us Correctcraftfan's. Just my 2 cents -Phil |
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Chexi
Newbie Joined: August-01-2008 Location: United States Status: Offline Points: 24 |
Posted: September-28-2008 at 4:37am | |
This story has been posted elsewhere on these forums or on planetnautique, I can't remember which. My recollection is that there was no formal dealership agreement with SECC, and once the Meloon family sold control of CC, it was only a matter of time before things went a bit sour and the dealership arrangement with SECC was terminated. I am not doing justice to the story, but a quick search should yield a better telling.
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SNobsessed
Grand Poobah Joined: October-21-2007 Location: IA Status: Offline Points: 7102 |
Posted: September-28-2008 at 12:36pm | |
From what I have read, Walt owned SECC. Businesses don't usually mess with sucessful business avenues (aka cash cows), so there is a reason, that we will never know, that CC pulled the dealership rights from Walt.
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“Beer is proof that God loves us and wants us to be happy.”
Ben Franklin |
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jbear
Grand Poobah Joined: January-21-2005 Location: Lake Wales FL. Status: Offline Points: 8193 |
Posted: September-29-2008 at 12:40am | |
So.....WHO did they sell to? Not mastercrap....even tho the paper says so? Why on earth would the family sell out anyhow? Just to make money? john |
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"Loud pipes save lives"
AdamT sez "I'm Canadian and a beaver lover myself"... |
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8122pbrainard
Grand Poobah Joined: September-14-2006 Location: Three Lakes Wi. Status: Offline Points: 41040 |
Posted: September-29-2008 at 8:10am | |
John, Chexi is referring to the sale of CC to one of those investment groups. 5 - 10 years ago? I don't know exactly when it was nor do I know the % of stock ownership but it hasn't been a good old family business for awhile. You know corporate goals are to make $$$ so considering their typical marketing schemes, I wouldn't be surprised if they come out with the "TUBE NAUTIQUE" !!! Endorsements for pro tubers will then follow! |
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67nautique312
Gold Member Joined: June-23-2004 Location: United States Status: Offline Points: 883 |
Posted: September-29-2008 at 10:21am | |
Sad news........
Maybe we could ask ken at the next reunion? |
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1963 Classic (handed down to my daughter)
67 Riviera 68 barracuda 1971 Ski Nautique Promo 86 Silver Nautique 1995 Ski Nautique |
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75 stang
Senior Member Joined: August-11-2008 Location: northwest ohio Status: Offline Points: 475 |
Posted: September-29-2008 at 10:55am | |
so considering their typical marketing schemes, I wouldn't be surprised if they come out with the "TUBE NAUTIQUE" !!! Endorsements for pro tubers will then follow![/QUOTE] Sweet... More huge heavy wallowing pig boats with roll bars to swamp my little ski boat! I guess the only good news is it will showcase driving ability as all you need for tubing is someone heavy to man the tube... |
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GottaSki
Grand Poobah Joined: April-21-2005 Location: NE CT Status: Offline Points: 3327 |
Posted: September-29-2008 at 11:30am | |
and a monkey at the helm... |
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"There is nothing, absolutely nothing, half so much worthwhile as messing around with boats...simply messing."
River Rat to Mole |
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Hollywood
Moderator Group Joined: February-04-2004 Location: Twin Lakes, WI Status: Offline Points: 13510 |
Posted: September-29-2008 at 12:12pm | |
Where did you come up with that title? Sure didn't get it from the articles you posted What a load of BS, plenty of speculation in this thread already. This is PN news!
John, MC's headquarters is in Tennessee. |
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jbear
Grand Poobah Joined: January-21-2005 Location: Lake Wales FL. Status: Offline Points: 8193 |
Posted: September-30-2008 at 1:45am | |
HW: I know mastercrap is in Tennessee. Guess all things there (TN) are not the best...altho we love most all things about the state.
Thanks Pete...you explained a few things I did not realize...corporate sale...that would explain the change I guess. john |
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"Loud pipes save lives"
AdamT sez "I'm Canadian and a beaver lover myself"... |
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adamt
Gold Member Joined: July-18-2007 Location: Orlando, FL Status: Offline Points: 927 |
Posted: September-30-2008 at 3:42am | |
The whole thing is crazy. I find it particularly odd that it appears people on this website have more loyality and pride in the name "Correct Craft" than people with the surname Meloon?!? Just my .02 |
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-Adam
1973 Skier |
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Cape Cod CC
Groupie Joined: September-17-2005 Location: United States Status: Offline Points: 49 |
Posted: September-30-2008 at 5:25am | |
HW: The title is just what it is. It's not derogatory or even an opinion. The Meloon family did sell their shares off. I'm just putting it out here. Here is an excerpt from the Orlando Business Journal that may be more accurate and succinct.
After more than eight decades as principal owners of Orlando boat manufacturer Correct Craft Inc., the Meloon family sold most of its remaining shares in the company to longtime board member Daryle Doden. Many members of the family remain with the company, including board Chairman Ken Meloon and Greg Meloon, vice president of product development. Gary and Walt Meloon, meanwhile, have become the new owners of a MasterCraft dealership on South Orange Avenue. Correct Craft and MasterCraft Boat Co. in Vonore, Tenn., have competed against each other for 40 years. The Meloon family, which has been selling its shares to Doden for years, retains less than 1 percent ownership in Correct Craft, which reported annual revenue of $107.7 million in 2007. |
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TRBenj
Grand Poobah Joined: June-29-2005 Location: NWCT Status: Offline Points: 21109 |
Posted: September-30-2008 at 11:16am | |
Vince, thanks for the clarification. I think HW was trying to dispell the notion that the Meloons had sold their shares of Correct Craft to Mastercraft.
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Cape Cod CC
Groupie Joined: September-17-2005 Location: United States Status: Offline Points: 49 |
Posted: September-30-2008 at 12:47pm | |
TRBenj
I hear you on them selling to MasterCraft. One of the articles states they did, but they clearly got it wrong. Tx |
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81nautique
Grand Poobah Joined: September-03-2005 Location: Big Rock, Il Status: Online Points: 5767 |
Posted: September-30-2008 at 1:09pm | |
The goings on regarding the Changing of the guard at CC and the opening of the new Dealership at OWC has been public knowledge for quite some time. Whoever wrote that story and states that mastercraft purchased CC should be fired, Publishing wrong information when this has been public info for atleast a month now, irresponsible to say the least. |
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emccallum
Platinum Member Joined: August-08-2006 Location: Clarks Hill SC Status: Offline Points: 1084 |
Posted: September-30-2008 at 2:42pm | |
Since when did truth get in the way of a good story!!! Poor journalism is rampant these days, just watch a little politics or a Nancy Pelosi speech! As for swapping the product line....I am sure it had something to do with money. Our local CC dealer dropped CC, because they could sell other similar brands twice as fast b/c of the prices. |
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Hollywood
Moderator Group Joined: February-04-2004 Location: Twin Lakes, WI Status: Offline Points: 13510 |
Posted: September-30-2008 at 2:48pm | |
The title then those crappy articles made it seem like they chose not to be part of CC and wanted to go work for MC. Yeah, Walt N sold his shares but I don't think he volunteered SECC to get dropped. Looks like Walt N and Gary basically got fired then went to work for the competitor, nothing shocking about that. |
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harddock
Platinum Member Joined: June-04-2008 Location: Toontown, MA Status: Offline Points: 1763 |
Posted: September-30-2008 at 4:15pm | |
The only qualiy product to come out of Tennessee is Jack Daniels
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Keith
Admin Group Owner / Operator of CorrectCraftFan.com Joined: October-20-2003 Location: Pepperell, MA Status: Offline Points: 1917 |
Posted: September-30-2008 at 6:46pm | |
I had the chance to speak with Walter Meloon yesterday. In my conversation with him, a few things were cleared up and some rumors were put to rest.
As most of you already know, the former SECC is no longer a Correct Craft dealer. The details behind this change are a private business matter between Walter Meloon and Correct Craft, Inc. I can tell you that Walter wanted to continue operating as a dealer in the narrow niche of performance tow boats and therefore did take on a competitive boat line. The dealership has been renamed to Southeast Marine, operating as Mastercraft of Orlando. Furthermore, Walter did sell his 43% share of Correct Craft stock to recent majority owner, and long-time board member, Daryle Doden. Doden, founder of Ambassador Steel Corporation of Auburn, IN, now owns 99% of Correct Craft, Inc. -Keith |
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RainDog
Platinum Member Joined: February-21-2007 Location: Mke/Grn Lake WI Status: Offline Points: 1387 |
Posted: September-30-2008 at 6:54pm | |
The facts, however interesting, are completely irrelevant. Thanks for setting the record straight, Keith. |
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Hollywood
Moderator Group Joined: February-04-2004 Location: Twin Lakes, WI Status: Offline Points: 13510 |
Posted: September-30-2008 at 6:59pm | |
You're making it sound like Walter sold his stocks AFTER the dealer change around. When did the stock sell, and when did the rug get pulled out?
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Keith
Admin Group Owner / Operator of CorrectCraftFan.com Joined: October-20-2003 Location: Pepperell, MA Status: Offline Points: 1917 |
Posted: September-30-2008 at 7:24pm | |
I'm not sure the sequence of events really matters but from what I understood from Walter, he chose to sell his shares [EDIT] just in the past few weeks.
I think on this point I will close this thread. I'm not sure there is much more to gain by continuing the discussion. Thank you, -Keith |
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