PDA

View Full Version : Marge Schott's Buick dealership sold



Unassisted
09-16-2005, 10:39 AM
I thought the highlighted (by me) sentences about the condition of the dealership building were a bit insightful about Marge's management approach. Not saying she let the Reds get run down, but that describes some serious neglect!

http://news.cincinnati.com/apps/pbcs.dll/article?AID=/20050915/BIZ01/309150007/-1/cinci


Marge Schott's dealership sold

By Cliff Peale
Enquirer staff writer


(http://gcirm.gannettnetwork.com/RealMedia/ads/click_lx.ads/gci-oh-cincinnati.com/promo/all/742548466/300x250_1/OasDefault/gci-promo-cars/03_minivan_300x250.gif/31386137376531643432343164373830?cid=cincinnati&) Marge Schott’s Buick dealership in Norwood was sold this week to Mark Sweeney, who already owns a Pontiac/GMC dealership in Queensgate. But both will move within a year to a combined location along Interstate 71.

Sweeney said the purchase of Schott Buick at 4300 Montgomery Road in Norwood closed Tuesday(9/13/05). He would not reveal the sale price. An appraisal filed in Hamilton County Probate Court last year valued the real estate at $825,000, but that did not include the value of the dealership.

The seller was the Marge and Charles J. Schott Foundation, which received the bulk of more than $123.4 million in assets after Marge Schott died at age 75 in March 2004.

Built in 1952 and never renovated, the dealership had run down to the point that it was losing thousands of dollars a month and was only selling half a dozen cars a month, Sweeney said. He said he had already sold three cars Thursday and hoped to sell 40-60 cars a month.

“There’s a lot of memories there, a lot of war stories,” said Sweeney, who owns Walt Sweeney Pontiac/GMC Truck at Eighth and Freeman streets. “It’s sort of sad to see the end of a generation.”
Sweeney is the cousin of local car dealer Jake Sweeney, and his brother Walt owns Walt Sweeney Ford in Westwood. His grandfather was a good friend of the Schotts, he said.

The sale is another of the big assets owned by Marge Schott when the former Reds owner died. The estate already sold her one-fifteenth stake in the Reds back to the other owners for $6.1 million.

The estate still owns the University Plaza shopping center in Corryville, valued at $6.4 million, and Schott’s estate in Indian Hill, valued at $18 million.

Sweeney wouldn’t reveal the exact site he’s targeting for the combined dealership but said it would be near the city of Cincinnati border along the Interstate 71 corridor. He said the site is 12 acres, more than double what he needs for the current business. He said he could acquire another dealership to fill the space, or even develop it for a different purpose.

“I hope we’ll be doing more than just selling cars,” he said.

cumberlandreds
09-16-2005, 11:26 AM
"Built in 1952 and never renovated" says much about Schott and their penny pinching ways.

GAC
09-16-2005, 11:57 AM
Penny pitching in alot of areas for sure. But not in every area. She spent on the Reds when it came to the free agent market, and scrimped when it came to the farm system (scouting, player development). Overall, IMO, it hurt this organization in the longrun.

The woman was not a financial genius, nor had good business sense, that was for sure. Very eccentric personality. ;)

westofyou
09-16-2005, 12:10 PM
When Marge owned the Reds she canceled every contract that the Reds with other dealears in the tri-state area, sapping a good portion of revenue.

Then she cut "better" contracts with the Reds to market her Buick dealerships. During the life of the contracts (since Margie owned both companies) Marge would not pay the Reds the advertising costs on time, hence keeping income out of the Reds coffers and in her Buick dealership instead.

The advertising for the dealerships usually cost the dealers, except Marge had the Reds marketing department do it for free. The rates she payed should have been discussed by ALL the partners, they weren't. In fact when payment wasn't given to the Reds by the Dealership Marge off wrote the costs due to cars that the Reds used.

The late payments extended the already shrinking and limited advertising coffers.

How much control of the auto advertising did Marge have? When E.D. cut a contract with BMW to do local advertising Marge squirelled the deal, to make him feel better about it she arranged to give him a corvette to make him feel better... which she charged the Reds not her dealership for.

She moved the Reds to Plant City because the land they bought and used was owned by a "friend" of hers... that worked out well.

Marge destroyed this franchise and forever linked it with a acerbic hag who knew nothing about the sport, tried to sell used donuts to the press, ran through 4 GM, 20 scouts and 5 traveling secretaries in her first 8 years there.

Plus....she only got rich because her husband died in his lovers arms, before he could divorce her.

Marge Schott the prime example of robbing Peter to pay Paul.

Nothing she did was good.

Period.

GAC
09-16-2005, 12:29 PM
So its safe to say you didn't like the woman huh woy? :lol:

westofyou
09-16-2005, 12:31 PM
So its safe to say you didn't like the woman huh woy? :lol:

Marge Schott cut this franchises throat and bled 25 years of hard work away in 10 short years.

What's to like?

GAC
09-16-2005, 10:13 PM
Marge Schott cut this franchises throat and bled 25 years of hard work away in 10 short years.

What's to like?

Oh I agree. But there are some who laud this woman because she did at least win a WS in '90, and agree with and have advocated this philosophy of gambling and putting your organization in a bind financially and talent-wise (maybe for years) if it gets you to a WS once in every blue moon. A "go for broke" kind of approach. Somewhat like what the D'Backs did a few years ago.

I'm not one of those though. ;)

The woman was somewhat of an enigma because around Cincy she did do alot of humanitarian acts in the private sector, while acting totally off the wall in other areas.