Tuesday, December 21, 2004

pinky at mouth corner

(UPDATED)

There are 5 guys I've been friends with since Grade One. We were in the same class for nine straight years, then started on our separate ways. One is a doctor, three are computer geeks, and one owns a small business with his father. We keep in pretty regular touch, and see each other a few times a year.

Why is this of any interest to you? Well, it probably isn't, but I have a proud smile this morning, because the small business owner sold it this morning - for one hundred million dollars.
RONA Inc. ("RONA") (TSX: RON), the leading Canadian home improvement and gardening retailer and distributor, is acquiring Totem Building Supplies Ltd. ("Totem"), a home improvement leader in Alberta.

Subject to closing adjustments, the purchase price will be approximately $100 million, payable in cash.

[...]

A privately held company, Totem operates 16 points of sale in Alberta: 14 retail stores and two stores dedicated for contractors. A seventeenth store is currently under construction in Lloydminster, close to the Saskatchewan border. Totem currently has some 450,000 square feet of retail space and employs more than 900 people. Totem will achieve estimated sales of approximately $260 million in 2004.

Not bad for a guy who's a little short of his 31st birthday. Congratulations, Ryan.

UPDATE: per Babbler's comments - no, and apparently, neither does he. May I strongly encourage you to click on the G&M link. I hope it's not just me, but I think it does a decent job of getting across the weird conflicting emotions of selling away something you helped build. I think anyone who starts their own company wants it to end up being worth a lot of money, or at the very least wants it to provide an excellent income. But at the same time, it belongs to you! It wouldn't exist without you!

All that said: if Jerry Jones sold the Dallas Cowboys for $1Billion, would you expect him to be interested in any position with the club? Naaah, and he doesn't have that many years left, either. He'd try something else. And so, I am guessing, will my friend.

1 Comments:

At 11:12 AM, Blogger Babbling Brooks said...

Thanks for posting such a feel-good story. Way cool knowing people in the (good) news, eh? Congrats to your buddy. Any idea what he's gonna do next?

 

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