Reimagined to include a large GP elimination. GP’s who would likely vote against going public to “retire”. Leaving enough votes to turn the tide to public. Chubak is the out of town hatchet man. Sorry, Ted. We had a good run.
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PS - This is EXACTLY what happens when the wrong people, with no original thoughts or ideas, get propelled to the top of an organization.
They start reaching out to consultants.
First Growth River that was ran by a botanist, then Boston Consulting Group who was all too eager to siphon cash from a desperate group of “leaders” believing that transformational change was necessary (hot take: it wasn’t).
Somehow this firm had survived 100 years without “human centered complete wealth management and transformational change”. It will not survive another 100 years after inviting the wolves in.
Hey Enterprise Leadership Team - how about you spend a couple of months in various offices? And not just level 10 Tier 3 offices that will blow smoke up your as--s, but some level 2-5 offices with people just trying to open an account and see what a pain in the a-s doing that or attracting clients is.
These are not serious people. They’re rich to be sure, but they’re more plugged in to Wall Street than they are Main Street and that’s where they lost the plot of this whole organization. 🫳 🎤
Partnership value will increase 5-10X by going public, meaning Penny’s stake of ~35M will be $150-$350M once the dust settles.
You better believe they’re setting up to go public.
“We value working as a partnership”
Sheeeeeeeit, until they don’t. They’ve lied to everyone’s faces before and get off on it.
Doubtful, I can't think of a worse time to IPO considering the economic environment.
It will go public.
You can see it happening. A former MP called me stupid for suggesting that this could happen at Edward Jones. Looks like the old guard fell asleep at the wheel.