Minn-Kota Repair out of business, might sell equip.

I don't mean to violate the rules of the forum. I see where it says no advertising. I'm not selling anything. I would just like to help some nice people and help the antique tractor community fill a need.


Several years ago I had a steering wheel for my Ford 4000 recovered and also had a set of torsion springs redone for the Rest-O-Ride seat. I found out about Minn-Kota Repair here on the Yesterdaystractors forum. I called there today to see about getting another set of torsion springs redone. I spoke to the widow of the gentleman that started Minn-Kota Repair back in 1988. She just happened to answer the phone. She told me that they had gone out of business a couple of years ago after running the business a few years after the passing of the father, she (the mother and widow) along with the daughter ran the business as long as they could. The mother told me that the father had turned the business over to the daughter and it was hers to run it or close it. They made an attempt or two to sell the business, which includes molds and certain equipment, but gave up when a qualified buyer could not be found.

They have 14 steering wheel molds (I think) and the molds to make the torsion springs. Apparently it is not an easy process to do the rubber injection part. She told me that they would clean up the parts, put them into the molds, and then carry them to a rubber factory many miles away about once a month. She said the rubber factory folks would work with her husband to get the rubber formula just right.

It sure seems a shame that such a handy little business would just disappear from the scene. I am posting this here hoping that someone would contact her about purchasing the equipment and starting the company backup again. If I was closer to retirement I would love to pick up the business and carry it on.

She said that the daughter would be the one to entertain any offers to buy the equipment. The phone number is three two zero eight three nine three nine four zero. They no longer maintain the email address. Her mailing address is 38893 County Highway 12 Ortonville, MN 56278.

I sure hope someone re-starts this company. I have a set of torsion springs I need rebuilt.

I believe they were the only place to get a Silver King steering wheel redone. That's too bad....

Ross

Here is one vote for Yestersdays Tractors to buy them out and that to their business. Good way for them to expand! What do youall think?! Armand

I too was disappointed when I heard of their demise when I heard of it a year or so ago.

I've two sets of torsion springs that I had planned to have rebuilt to keep as spares but waited too long.

The aftermarket springs are not worth taking out of the box.

Dean

I think the Chinese steering wheels put them out of business. It cost $125 to get one recovered and a new Chinese one costs $70. They used rubber, however, and the Chinese ones are plastic coated.

What I have observed in my few years in the auto restoration and a few more into antique tractors/equipment is this. Out of ten people refurbishing their cars/tractors , seven of them will inevitably seek out and purchase the quick/pretty/new aftermarket parts. I mean , lets face it, they are "new" and they look so good and you punch a computer button and they ship to your door in a few days. Yea, ya get them and they aren't perfect and a little off correct but who will ever see. Myself, I will take the refurbished original any day but to base a business (even at retirement) on a 30% potential market share just isn't going to cut it. Right now I have a 100% perfect restored/painted set of original grills/screens for a JD "B" and am asking the same as they used to for the bare steel reproductions w/o screens and shoddy workmanship (none on the market anymore).... and no sale. Same with refurbished original clam shell fenders. They will buy the re-pops and pay same. That 30% won't even pay for the initial investment.

Dang it. Needed Oliver and Ford rubber seat shocks. Wanted to drive over a couple years ago, wife had other goals for that week, I put it off then......

Paul

Agreed.

Aftermarket steering wheels, however, are serviceable.

Torsion springs are quite another animal.

Those of you who have tried them know that the Minn-Kota springs fit properly ane are RELIABLE.

The aftermarket springs do not fit well and simply do not hold up.

Dean

The problem with a business like this changing hands is that all the things that were "grandfathered" in with the old owners have to be 100% compliant with all regulations and laws when the new owner takes possession. Things such as EPA regulations, OSHA, etc..

For it to be a profitable business, you almost have to already be in that business, or one that is closely related.

My question is how would you value it? There isn't another one like it, so how do you come up with a value? I am sure they have a number, but the pool of potential people is going to be super slim.

If I was them I would take the first reasonable offer and ride off into the sunset.

A big problem I see with the business is them having some other business do the actual rubber injection. The only "real" equipment you have is some molds. They would not be cheap but they also would not be that valuable.

So then you move on to the "blue sky" part of the business. They have been out of daily operations now for several years. So there would be little if any value as far as customer base. It is all gone. The main consumers have switched to other suppliers of some sort.

So you have a business that really is not a true business. It is more of a hobby. Then I bet that the Widow and daughter think it is worth "Good" money as the business was important to their husband/father. So making it a profitable business would be difficult.

Earl posted on here about a very similar business a few years ago. That was Crescent Forge. I went and looked at the business. The molds where the only thing of value in the whole building. The machinery was OLD and of little use in a modern factory setting. You would not be able to make the product like it was done because of safety issues and EPA requirements. I know that some of the Rare dies were scrape but they really did not have much value. If there are only a few hundred of that model of plow left in the world your not going to be selling many plow parts for them.

The steering wheel refurbishing would be much the same type of thing. It seems like they were only doing 14 steering wheels each month???? Even if they made a bunch of rubber seat springs the business would not be able to generate enough revenue to be much more than a expensive side line.

If the business was a turn key operation then it would have more value and you could easily build a business plan for it being successful.

With the current form of them refurbishing the steering wheels the business plan just has too many problems.

1) The reliance of an outside specialty company to preform a major part of your business, the rubber injection company.

2) The limited production of the company as it was setup.

3) A very narrow and limited market for the end product. There are just so many people that will pay the additional cost for an original style steering wheel. Most will just buy a "cheaper" plastic one and go on.

So I think that the odds of the company ever being viable again are remote/slim.

Agreed, JD.

Dean

Had a friend that talked to them about buying the thing but they wanted way to much

The rubber plant closed that did his work. That is what put him out of buisness. Even towards the end he had to start bringing in bigger groups of work to get a spot on the schedule. I have some shifter boots here that didn't turn out as wanted but still useable. I knew a guy from the plant not the Minn-kota owner.

I agree. I posted this on another site, had no replies. Of course 98% of their steering wheels are available in plastic.