GR Research for sale? Really?

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Danny Richie

GR Research for sale? Really?
« on: 5 Feb 2014, 12:19 am »
Yes, you reading this right! I am seriously considering selling my company; GR Research. I don't have to sell it, but I looking to position myself in a way that will allow me to move beyond selling products and more towards a product development and design role. Other motivating factors will be outlined below.

Some brief history: GR Research is now today and in its past been a very successful venture. The company has made me a very good living for many years and has provided well for my family. Operating GR Research has allowed me to work from home and be with my kids everyday as they grew up. I consider this the greatest blessing, and just one of the advantages this type of self employment has blessed me with. I have enjoyed my customer base and made many new friends. Unfortunately many high end audio companies in the marketplace have seen an economic downturn in recent years. All the while GR Research has done very well comparably. With brick and mortar audio stores struggling and closing the doors, there has been a shift away from buying in the retail market and going with reputable online companies like GR Research. Currently we are in a good position for the existing market as GR Research doesn't rely on traditional stores for sales. And GR Research has become a known go to company for the DIY market segment.

From a more personal perspective helping people create and own something that they love has been very rewarding. Meeting new people and making new friends that are all over the country, and in many other countries, has been great as well. Exhibiting at shows has also allowed me to meet many great people that share the goals of the attaining the highest level of music reproduction. And all of the awards and accolades from the shows are a side note compared to the great time spent with friends and customers.

So the question many of you may have is why would I sell GR Research? Here are some of my reasons to move beyond ownership of the company.

I enjoy challenges. I look for new challenges, always. Designing the next best something is where my mind is all the time. And I really love coming up with and working on new designs. And if this is what I really enjoy doing then I have to make more time for it.

For 2014 I have a ton of new design work lined up from several companies. And I really need to devote more time to my design work. I may even launch a new product line of completed loudspeaker designs. And I might even launch some new products in various other countries soon. New stones are being laid. And I'd still love to design new future GR Research products.

A thriving business like GR Research involves answering phone calls, e-mails, and posting regularly on the forums. That can be very rewarding as well, but it does require spending more and more time that takes away from my future design work and goals. And yes, packing orders everyday means GR Research is making good money. But sometimes for me, making money isn't everything. Because of the success of GR Research I have no financial burdens. If the business continues to grow at its current rate, then I will be greatly limiting my time to take on my future challenges. These challenges are where my real passion is versus just making money in a product offering based business.

Lastly, I both play and coach soccer and have done so for many years. There is a strong possibility that I might even consider coaching full time at high school or college level. This is something that I can only do if I am in a design role capacity versus owning and running a day to day business operation. I'd like to take advantage of the time I have to be more involved in playing and coaching soccer. It's what keeps me young at heart and makes me happy.

As of today, I am offering the right person a very lucrative deal on the ownership of GR Research. This Includes complete ownership of the GR Research name, the website, the inventory, and all of my support. As stated earlier, this is a money making business. It has taken years to build a customer base and clientele that contacts me from all over the world. Success at this level is something that is not very easy to obtain nowadays even with a good presence on the internet. Good reputations take a long time to develop. I have also amassed a considerable amount of inventory that encompasses the bases for the selling price. So please realize, I am not looking to just give this business away. But it will be sold for a very fair price considering it's market value and assets.

And I admit that I have not been a great marketer of GR Research. Given a choice of helping a customer or packing and filling orders verses working on web page development and marketing has always left web page development and marketing on the back burner. Someone with a greater level of marketing expertise could likely take the business and run with it.

If you think that you may be the right person to operate and own GR Research, then let me know. I am looking for the person(s) who have a passion for high end audio and want to continue building the GR Research brand. I already had a buyer lined up, but unfortunately health related issues resulted in this buyer having to back out. So I am now making this offering public. If you feel you are the right person for the job then please feel free to contact me if you are interested.
« Last Edit: 14 Feb 2014, 02:26 pm by Danny Richie »

SoCalWJS

Re: GR Research for sale? Really?
« Reply #1 on: 5 Feb 2014, 12:57 am »
Wow!

Good luck with any future endeavors!

Hope you can find somebody with passion and knowledge willing to take this on. It has been so nice having access to both your knowledge and experience and it will be sad to see you go.

Have you thought about just taking on a partner who could handle the day to day as well as marketing while staying on as the designer?

Danny Richie

Re: GR Research for sale? Really?
« Reply #2 on: 5 Feb 2014, 01:13 am »
Wow!

Good luck with any future endeavors!

Hope you can find somebody with passion and knowledge willing to take this on. It has been so nice having access to both your knowledge and experience and it will be sad to see you go.

Have you thought about just taking on a partner who could handle the day to day as well as marketing while staying on as the designer?

I really won't be going so to speak. I'll still be here for support. Plus posting on the forums is part of what I consider the fun part. So, I won't be disappearing.

I haven't really considered the partner idea. It started out that way and didn't work out too well at the time. So I am really not considering going back to that arrangement. I wouldn't mind staying on as a consultant or something. But that's about it.

gregfisk

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Re: GR Research for sale? Really?
« Reply #3 on: 5 Feb 2014, 01:46 am »
Well Danny,

I certainly understand what you are talking about as a long time small business owner. I too have been able to stay home and watch my daughter grow up and I too have been growing to such a point that I'm not really doing what I like to do. Too much paper work and not enough time with people or working on ideas. I think your wise not to partner up again, I started out that way too and it didn't end well. Once on my own everything fell into space. I got a sinking feeling reading your post, I really enjoy my time here and would hate to see it change too much. I don't blame you for wanting to do more of what you enjoy doing and hey, we only live once. Good luck and hopefully you'll find a good fit with someone you can work with. I for one hope you're around here for a long long time.

Greg

AmpDesigner333

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Re: GR Research for sale? Really?
« Reply #4 on: 5 Feb 2014, 01:48 am »
Danny,

This is one the most interesting threads I've seen on AC in a long while.  Your heart is really in this, and that's way too rare these days.  Please send me a personal message sometime.  Hope everything works out for you without waiting too long for the right answer/people.

-Tommy O

jcotner

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Re: GR Research for sale? Really?
« Reply #5 on: 5 Feb 2014, 01:56 am »
Guess the Corvette and the big roll of bubble wrap don't play too well together  :lol:
Appreciate where you are trying to go. You will have accomplished something if you
can transition this to somebody else and keep everybody happy.
I can't think of anything harder to transition to a new owner than a one man
company.
With regards to your earlier partner, as I understand it, he was a designer also.
Maybe a partner specialized in marketing/operations might work a little better.
Just a thought. Good luck.

mlundy57

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Re: GR Research for sale? Really?
« Reply #6 on: 5 Feb 2014, 02:09 am »
Well Danny,

I certainly understand what you are talking about as a long time small business owner. I too have been able to stay home and watch my daughter grow up and I too have been growing to such a point that I'm not really doing what I like to do. Too much paper work and not enough time with people or working on ideas. I think your wise not to partner up again, I started out that way too and it didn't end well. Once on my own everything fell into space. I got a sinking feeling reading your post, I really enjoy my time here and would hate to see it change too much. I don't blame you for wanting to do more of what you enjoy doing and hey, we only live once. Good luck and hopefully you'll find a good fit with someone you can work with. I for one hope you're around here for a long long time.

Greg

+1

GR Research just wouldn't be the same without Danny Richie. The products are your designs. Just as designs have come and gone over the years, at some point the current models will no longer be viable. Without new designs of the same or higher caliber and price points to replace them that would be the end of GR Research.

I too understand your desires. The skill set, desire, and drive needed to get a new company up and running to the point that it matures are very different from what is required to successfully run a mature company, as are the rewards provided.

From a purely selfish standpoint I hope you don't go too far.

Good luck

Mike

Captainhemo

Re: GR Research for sale? Really?
« Reply #7 on: 5 Feb 2014, 02:16 am »
I got a sinking feeling reading your post, I really enjoy my time here and would hate to see it change too much. I don't blame you for wanting to do more of what you enjoy doing and hey, we only live once. Good luck and hopefully you'll find a good fit with someone you can work with. I for one hope you're around here for a long long time.

Greg

+1 . Very well said. 
Whatever ends up happening , I hope it all works out  for you Danny and tha it allows you to have the time to do what    works for you .  For all of us,   we can only hope  that whoever ends up taking  over your bussiness follows your lead and  continue to offer us all the great  products ad support like you've been doing.
It's great to know that you are planning to stay on  in a supprt role and will continue on with the forum. 

Man, trying to be  happy for you but can't  seem to shake that sinking feeling  Greg mentioned  ....

-jay

Danny Richie

Re: GR Research for sale? Really?
« Reply #8 on: 5 Feb 2014, 02:40 am »
No need for any sinking feelings. I won't be far. And I'll still be glad to design new designs and new models for GR Research. That's the part I want more time for. I can design new product while someone else works on the selling end, packing, shipping, etc.

S Clark

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Re: GR Research for sale? Really?
« Reply #9 on: 5 Feb 2014, 03:41 am »
Well, life is full of surprises.  I certainly didn't see this one coming.  Hope that this works out in a satisfying way for you.  Just so happens, my daughter is looking for a soccer coach! 

Scott

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Re: GR Research for sale? Really?
« Reply #10 on: 5 Feb 2014, 03:51 am »
Danny, I want to wish you the best with all of your future endeavors.  Life is short.  And you need to pursue your passions.  That's what makes life worth living. 

And, of course, I look forward to hearing and hopefully owning some of your future designs. 

Captainhemo

Re: GR Research for sale? Really?
« Reply #11 on: 5 Feb 2014, 03:53 am »
No need for any sinking feelings. I won't be far. And I'll still be glad to design new designs and new models for GR Research. That's the part I want more time for. I can design new product while someone else works on the selling end, packing, shipping, etc.

Good news for everyone  :green:

-jay

Skiman

Re: GR Research for sale? Really?
« Reply #12 on: 5 Feb 2014, 04:02 am »
Wow! The only thing that would surprise me more would have been if the Broncos nearly got shut out in the Superbowl.  :duh:

I understand that you want to move on and be able to devote more time to R + D, but couldn't you have just hired someone to man the phones and ship stuff out?

Anyway, please stick around here, as we love picking your brain.


david45

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Re: GR Research for sale? Really?
« Reply #13 on: 5 Feb 2014, 12:15 pm »
Good news for everyone  :green:

-jay

Hahaha I was just about to start a petition to make sure that Danny changes his mind and doesn't sell :P

May the x-otica design survive!! :D

On a slightly less selfish note, I am extremely happy for you Danny and I wish you all the best with your future projects. You are following your heart and honestly I find this quite inspiring

dB Cooper

Re: GR Research for sale? Really?
« Reply #14 on: 5 Feb 2014, 12:18 pm »
Wow! The only thing that would surprise me more would have been if the Broncos nearly got shut out in the Superbowl.  :duh:

I understand that you want to move on and be able to devote more time to R + D, but couldn't you have just hired someone to man the phones and ship stuff out?

Anyway, please stick around here, as we love picking your brain.

+1. Hire a business manager. Off to the lab you go. Problem solved.
I cannot think of any small audio company sell off that didn't result in the owner/founder becoming a marginalized figurehead that eventually quits in disgust. Kloss, Bozak, Hafler, Marantz... They all got screwed. New regime tells the "founding father" how valuable his/her input will be, how they will be shaping future product development, yada yada yada. Then the first "initiative" announced is "cost cutting", because to them, it's just a business, not a labor of love. I agree with Skiman. On the other hand, if you just want to "chuck it all" and be a "hired gun", that's fine too.

Hank

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Re: GR Research for sale? Really?
« Reply #15 on: 5 Feb 2014, 01:48 pm »
Danny, I've enjoyed our long-term relationship, from back when I built those enormous Alpha LS cabinets for you.  I understand why you want to get out from under the daily grind of paperwork, packing, shipping, ordering components, etc.  At your stage of success you should be handling the strategic R&D rather than the tactical operations. 

If you don't receive a reasonable buyout offer near term, I suggest hiring one of two types:  a recent retiree who still wants to work and enjoys working with people and overseeing a successful operation, OR a recent college grad with a business degree who would work for a modest salary for the opportunity to run a business and some day have that very important entry on his/her resume. 

God bless you, your family and your future ventures!

rms8

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Re: GR Research for sale? Really?
« Reply #16 on: 5 Feb 2014, 02:11 pm »
WOW, simply WOW.

I had to check my calendar to make sure it wasn't April already.....

I've been a long time lurker to this site but just VERY recently a registered member.  This feels like such a bummer, but I completely understand the reasoning behind the decision.

I hope nothing but the best of luck in your future Danny!

I really like Hanks alternatives below.
If you don't receive a reasonable buyout offer near term, I suggest hiring one of two types:  a recent retiree who still wants to work and enjoys working with people and overseeing a successful operation, OR a recent college grad with a business degree who would work for a modest salary for the opportunity to run a business and some day have that very important entry on his/her resume. 

I assume Danny has explored so many options already.

God bless and good Luck!!!!!!!!!!!!!!!!!!!!!!!!!!
 :D

Vedder323

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Re: GR Research for sale? Really?
« Reply #17 on: 5 Feb 2014, 02:21 pm »
Danny,

I actually think this is a smart move man!

You are better off working on designs and doing what you do best rather than filling orders, updating sites etc etc...

If I was in a different position, id be all over this!

Ron
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Guy 13

Re: GR Research for sale? Really?
« Reply #18 on: 5 Feb 2014, 02:35 pm »

Hi Danny and all Audio Circle members.
I am up top my third businesses; with the first one, I had a partner but only one week later, I had to buy his shares back to kick him out, cost my lots of $ $ $.
I ran the business all by myself for a year, then hired employees and secretary and the business started to grow to a point that I was putting 80 hours a weeks and neglecting my wife and children, then I close the business and went working for my ex-boss. The a few years later, I started another business, again all by myself, but after a years or so a ex co-worker came to see me and I offer him a 50/50 partnership and it work well for 12 years, (He took care of accounting and sales of parts, I was doing the technical part designing, repair, installation.) then I wanted to take a new challenge, do something completely different, so I came to Vietnam and started with my wife (She’s my boss, no kidding) a business importing and selling professional photographic equipment. (Bowens, Manfrotto, Phase One, LEE, B+W and more)
I choose with my wife to stay small and after 18 years, I am still in business, minds you, I think at 65 years old it’s time to think seriously about my retirement.
I’ve always enjoy working in something I like.
I always wanted to be small.
Danny, I understand the move you want to do and I agree 100% with you.
Still working in the same field of work is a good idea, because we all know that you are good at what you do.
I wish you luck and I think getting someone (Employee or partner) for GR Research might be a good idea.

Guy 13   




Ron

Re: GR Research for sale? Really?
« Reply #19 on: 5 Feb 2014, 06:32 pm »
Danny,

  I'm saddened that you plan to sell your company,  but I certainly understand your reasons for wanting to do so.  I want to wish you the very best in your new endeavors and hope that it will allow you more time for product design and development. Thank you for all your help and contributions to the DIY audio community. Also, for all the wonderful speaker system designs that you have developed so far. I feel confident that you will be selling your business only to someone who has as much passion about speakers and helping others as you do. The only thing that concerns me is hopefully the products want take a big price increase once the business is sold.

Ron