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Whitesell is known as an acquisitive company, because acquisitions are a key part of our unique business model. Whitesell’s primary strategic business objective is to continually offer our customers better total value. Key to this is regularly completing strategic acquisitions. Through these acquisitions, Whitesell gains the ability to add (or “bolt on”) newly acquired product and process capabilities to our existing core competencies and market penetration.
The company has grown dramatically since 1985, now with nine-figure revenues and a global footprint. This rapid expansion is the result of both robust organic growth and its vigorous approach to acquisitions ─ 20 in all so far. Each acquisition, which average one to two a year, is strategically selected to expand the product and process capability Whitesell is able to offer to its customers. Continually adding new product and process capabilities to an established logistic infrastructure is one of the key ways Whitesell is able to offer new cost savings to the market on an ongoing basis. - Whitesell website
The company has grown dramatically since 1985, now with nine-figure revenues and a global footprint. This rapid expansion is the result of both robust organic growth and its vigorous approach to acquisitions ─ 20 in all so far. Each acquisition, which average one to two a year, is strategically selected to expand the product and process capability Whitesell is able to offer to its customers. Continually adding new product and process capabilities to an established logistic infrastructure is one of the key ways Whitesell is able to offer new cost savings to the market on an ongoing basis. - Whitesell website
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The MKM Company in Jeffersonville, Indiana, had problems...big financial problems. Among the company's vendors was the Acme Widget Company, and Acme was obviously worried about being paid for its products. Then along came the Whitesell Corp.
A representative of Whitesell informed Acme and other vendors that they would be purchasing MKM. The deal wouldn't be finalized over night, but it was in progress. A Whitesell employee began to sign the checks from MKM to vendors, and Acme Widget was reassured that MKM was once more a responsible company that paid for its purchases.
Yet something didn't seem quite right. Each month's check to Acme left a larger and larger balance. Acme decided to cut MKM off, but a representative from Whitesell called the widget manufacturer and asked for an emergency delivery of several parts. The Whitesell employee stated that the acquisition was almost complete and that they would be paid in full at that time.
The deal was completed just as the Whitesell representative had promised, but instead of payment in full, all MKM vendors received a letter that the Whitesell Corp. had purchased the assets of MKM only; MKM would be paying secured creditors, whomever they might be. The Acme Widget Company lost 200K dollars. The total loss of all MKM vendors reached the millions.
Surely the Acme Widget Company could sue? No, 'fraid not. Acme's attorneys informed the company that Whitesell would be fighting them with the very money they had made from Acme's products. It was a lost cause. Now Acme still sells widgets to Whitesell, but strictly on a COD basis.
An employee of Acme has been so concerned over this event that he has launched a website:
It should prove extremely interesting to see how many companies may respond to the Acme employee's blog.
*****
From a reader concerning Crystal Huddleston: According to her Facebook page, she has been approved for a gastric sleeve to help her lose weight. Maybe she should take the money that operation costs and pay back Colbert 911.
Shoalanda
Comments welcome. No profanity, vulgarity, or libelous statements...
Interesting. I had 3 or 4 service bulletins for my 2009 RAM (as Dodge trucks are called these days) truck each one for faulty bolts. One involved a day long stay to take the manifold apart to get to it. I bet RAM has gone elsewhere for bolts.
ReplyDeleteNine figure revenues? I haven't seen Neil in a while, but that photo of him looks like he's spending most of it on Botox.
ReplyDeleteI was just going to say that must be a really, really old pic of Whitesell, because he looks better in that picture than when I worked for him in the mid-nineties.
DeleteHe left a special needs adult school high and dry after getting them to drop all other work adding work and then pulled the rug.
ReplyDeleteI went to UNA with Neil. Recently had him on a flight that I was working as a flight attendant. I didn't realize until he had deplaned that it was him. He was extremely rude and arrogant...imagine that! He refused to move out of the aisle during boarding for a wheelchair passenger. Notice how he has straight hair now? It was wavy back in the day......he permed his hair while at UNA.....I find that funny!! Looks to me like he's had a little more than Botox, too! If he had looked anything like his old self and had been recognizable, I would have asked him if the damage from the palm tree had been repaired!
ReplyDelete