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Imagine going out to buy milk and bread and coming back owning the grocery store. That’s about the way it worked for a new owner of a world-class yacht company.
Stephen Brodie’s journey took him from the banks of the Pamlico River to California. The construction foreman wanted to bid on a boat mold at a federal bankruptcy auction. He ended up buying the whole Pacific Seacraft company.
Brodie says, “Now I have a whole fleet of molds and a new company and a new start.”
That new start is happening in an old textile mill in Washington, North Carolina. Brodie bought the 30-year-old company for pennies on the dollar. Then the hard part- hauling the molds, tools, and half-built boats across the country to give the new family business a go.
Brodie admits it’s been challenging. However, he has received help from an unexpected source. The state of North Carolina’s Rural Ventures Fund helps new companies in the state’s poorest areas.
“It allowed us to move the company here and pay the freight bills. It allowed us to take some of these partially completed boats and finish them,” says Reid Brodie, Steve’s Dad and business partner.
Patrick Woodie is the Vice President of Rural Development Programs. He explains, “Our ultimate goal is to create jobs and wealth in rural communities and companies. We’re doing that by investing in companies.”
Over the past 2 years, the state has invested more than 2 Million dollars in businesses.
“It’s certainly not free money. But it’s at a better rate than other funds that you may receive,” according to Steve Brodie. Over time the loan must be paid back to give another company a shot.
The 6.8 Million dollar fund is unique to North Carolina. The General Assembly, the NC Rural Center and the Golden Leaf Foundation developed the stimulus plan 2 year ago before stimulus was the buzzword.
Twenty- three people now work at Pacific Seacraft. However, the unstable economy makes luxury yacht sales a tough sell these days. The yachts cost 250 thousand dollars up to 750 thousand.
Still Steve Brodie is optimistic. He landed his dream company and a couple of sales so far. “We are definitely hopeful and we are small enough that we have the staying power through the lean times and hopefully come out better for it (on) the other end.”
Pacific Seacraft
252-948-1421
P.O. Box 189
Washington, NC 27889
www.pacificseacraft.com
info@pacificseacraft.com
Watch the NC Now Feature
An interview with Stephen Brodie