Did Readfelds change hands?
Post Reply
1 of 1
Readfields
2,856 Views |
16 Replies |
Last: 4 mo ago by ElephantRider
Not as far as I know but I haven't been in there in a few weeks.
Readfield did not
Ruffino Meats did
Ruffino Meats did
But it's the same owners. Did they only sell the processing part?
Yes. Talked to them last week. We're in there weekly and I had not seen Richard lately.
That makes me happy.
Hasn't been a smooth transition from what I was told. Sad to hear
Private equity and capital firms ruin so much of what they buy.
Shame.
Shame.
Hate that for them. Dang good people. And not just because we're related in some convoluted way.
Why do you "hate that for them"? They voluntarily sold for what I am sure was a fair price.
tu ag said:
Private equity and capital firms ruin so much of what they buy.
Shame.
Can confirm, currently have one driving my company into the ground as we speak
The rocky transition not the sale
I don't want to speak for Trouble, her reasoning may be different. For me, the company was started by a first generation immigrant family (large and not rich). They worked hard and created a successful business that was handed down to three sons that made it exponentially more successful. Now, the next generation doesn't either want to continue or can't (not sure of those details). It is a recognizable B/CS staple that will, in all likelihood, be run into the ground while still wearing the Ruffino name during the lifetime of the current owners instead of watching it continue in family hands. That same initial family (other members) brought the first Pizza Hut to town, JJ's liquor, Sloppy Joe's, The Farmer's Market, Cherry Ruffino Reality, Mike's Grocery (plus several other grocery stores), The Feed Barn plus many others. Not many of those businesses are still here for similar reasons. Yes, Roland, Larry and Richard were most likely well compensated but I am sure they still have heavy hearts to see their life's work in someone else's hands outside of the family.cslifer said:
Why do you "hate that for them"? They voluntarily sold for what I am sure was a fair price.
There's that too and I'm sure it was a difficult decision for them. After making it, I hate that the transition hasn't gone smoothly for them. The Ruffinos are originally from the same part of Sicily as my family and distant as the connections may be, we're all still family.
ElephantRider said:tu ag said:
Private equity and capital firms ruin so much of what they buy.
Shame.
Can confirm, currently have one driving my company into the ground as we speak
Same. They are playing corporate jenga at my place. "How many people can we lay off until it affects revenue?"
Mine is the opposite, in a way. We're more or less a consulting firm (hours = revenue), so they're trying to force us to add people to supercharge revenue so they can jack up the value and sell to the next PE firm.Hornbeck said:ElephantRider said:tu ag said:
Private equity and capital firms ruin so much of what they buy.
Shame.
Can confirm, currently have one driving my company into the ground as we speak
Same. They are playing corporate jenga at my place. "How many people can we lay off until it affects revenue?"
The kicker is that they don't understand our business at all. Most of the industries we serve are very ebb-and-flow, and we know this and had gotten good at planning for it and adjusting. It's very much ebbing right now, so we don't have enough work to support all of these people they want to hire.