Westover Farms Bank Owner Goes Under

[ness]

I don't know about world class, but it could be a great regional location. Somebody needs to sink enough additional money into it to finish it and market it so that people will come and spend their money. That'd take deep pockets and a lot of patience.

[joeD]

I stand corrected. I guess I need to retake my Banking and Finance classes. I think for Westover to make money, it needs a steady stream of people, week in and week out. If it were to become a "destination" spot, with the attendant crowds, then I would think it would lose part of its intimate charm, which I think was (is) its attraction in the first place.

[joeD]

I stand corrected. I guess I need to retake my Banking and Finance classes. I think for Westover to make money, it needs a steady stream of people, week in and week out. If it were to become a "destination" spot, with the attendant crowds, then I would think it would lose part of its intimate charm, which I think was (is) its attraction in the first place. It's hard to make ends meet with charm, though.

[ness]

It's hard to make ends meet with charm, though.

That's a great point!

I think part of their original plan was to build the big conference center, and attract the corporate (read: free-spending) groups out there. That's a great plan, but not at all unique to them. Every hotel/resort out there is after that group too. It's competitive, and the pie is smaller these days.

I see some parallels to the way it often works with a restaurant. We've all probably seen this: a guy comes in and builds a magnificent place. He buys all the equipment and decorates the place up real nice. He's outta business fairly soon because he spent too darn much borrowed money, and there just wasn't enough time to get the revenue rolling in. The next guy comes in and grabs everything at a discount. But it's always tough to make money with a restaurant so he's gone pretty quick too. By the third go-around, the guy that owns the real estate is tired of churning tenants, and the bank that financed the equipment and other stuff just wants out. So, the third guy gets it all for a song. His expenses are a fraction of what the original guy was spending, (plus he's probably smarter and more frugal), so he's got time to make things work. If he can deliver a decent product and get a clientele built up, he'll do OK.

Of course, I don't know financial particulars on Westover. But, what I do know is this: they've got a beautiful, unique property and some great people running it. Those are two big assets that aren't easy to come by. The bank/FDIC won't/can't own it forever, so it's gonna get sold. I'd bet there's somebody out there licking their chops over this one.

[joeD]

BUT. Here is the rub, and it's a big one. The subset of the fishing and or fly-fishing population who want to spend top dollar for a flyfishing experience in the middle of Missouri is extremely small. Especially when there are free options nearby. Too, these pay-to-play excursions are generally a once a year event for most people. So, the odds of having "regulars" are slim.

[troutfiend1985]

I'm just throwing an idea out there, and it gets at what Joe said about the lack of people wanting to spend money to catch trout when there are free options nearby. But if the place offers a type of fishing that you cannot get nearby, then you have a leg up. I don't know much about Westover as I have never been there, but I think if they would/could stock brook or cutthroat trout in the stream they would draw more attention. I don't know if they can do this either legally or if the stream could hold them, but I would think stocking fish like this would increase their attention.

Hell, if it was my property I would find a way to get some unique type of trout in there, like apache trout or golden trout or hell bull trout if I could find a way to get them. Just something to make my business unique in the sense that you cannot get this experience anywhere else nearby. Just my .02

[joeD]

Nevertheless, the physical parameters of that little stream dictate how much pressure it can handle. Do you want to jump holes with other fishermen or do you want a more solitary experience? You can't have both. Crowds may equal money, but it also equals a less, I don't know, natural "fishing" experience.

[troutfiend1985]

Nevertheless, the physical parameters of that little stream dictate how much pressure it can handle. Do you want to jump holes with other fishermen or do you want a more solitary experience? You can't have both. Crowds may equal money, but it also equals a less, I don't know, natural "fishing" experience.

I totally understand what you are saying, but I'm just looking at it from the owners standpoint(at least what I assume the owner would be thinking). Here you have a company that appears to be dying and unless something changes there is no money to be made. I totally agree that I would rather prefer a natural experience as a fisherman, but if I'm the owner something has to keep the lights on. Whatever is going on down there doesn't appear to be working, so something has to change IMO.

[ness]

Rockbridge and Windrush seem to be making a living off small stocked streams and nice accommodations. Westover also has sporting clays, fly shop, etc. I'm not saying it's easy, because it isn't, it's not unprecedented.

[joeD]

Maybe the owners. Just saying.