- 8 -
would include any amount the purchaser paid for Mr. Langdon's
covenant not to compete and/or consulting agreement.5
Pohle Partners subsequently appraised BDC at almost $2
million.
Minutes of the annual meeting of BDC's board of directors on
April 18, 1991, reflect the following:
The president [Mr. Langdon] reported that Pohle
Partners have approximately ten firms interested in
acquiring Bemidji Distributing Company. An appraisal
of the sale value of Bemidji Distributing Company has
been made by Pohle Partners and it is in the
neighborhood of two million dollars. The president
feels that an offer to prospective buyers of the amount
of the appraisal is satisfactory and has accepted the
figure.
An information package was prepared by Pohle Partners for
potential purchasers. With respect to the nature of business and
franchise and territorial protections, the package states:
This is an opportunity to acquire a prosperous
beer distribution business in a broadly based,
progressive market with the brands of the second
largest national brewer, Miller Brewing Company, which
together with products of other suppliers, provides
excellent brand diversification.
* * * * * * *
5In its letter dated July 19, 1990, to Mr. Langdon, Pohle
Partners enclosed the following fee schedule:
Purchase Price
Over But Not Over Fee
* * * * * * *
1,000,000 2,000,000 $50,000, plus 4 percent of
excess over $1,000,000
2,000,000 3,000,000 $90,000, plus 3 percent of
excess over $2,000,000
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