As always, I’m here to offer my unsolicited opinion on the matter!
First of all, the brand, goodwill, website, distribution network, etc definitely has residual value. Anyone who says otherwise doesn't have experience or knowledge of how much time, effort and money it requires to take an idea and turn it into a legitimate business...even a failing one. That said, if you’re looking to salvage the most from this debacle for Todd (and hopefully yourself,) I highly suggest shifting tack away from the “sinking ship” narrative. Although the dysfunction has been readily apparently to those of us who have followed these threads on TNet, I don’t know that there is anything to be gained from shouting it from the rooftops. I’m certainly not advocating dishonesty or intentionally misleading prospective buyers, but they can and will discover the warts for themselves. In the meantime, there are plenty of legitimate positives to advocate here to improve your negotiating position. Namely, the Bazooka is still a superior solution for a “river sluice” application and despite the recent chaos, people are still falling over themselves to get their hands on one. Those things count for a lot.
In my opinion, the last thing this particular brand needs, considering the circumstances that led to this point, is some new guy producing these things as one-offs in a backyard shop somewhere. As romantic as it might sound, I believe most people who are not properly-capitalized nor have the business experience to quickly affect mass-production, would quickly tire of the rigors of cranking-out each box by hand a few at a time. If that is what it takes to keep the concept alive, so-be-it, but there’s a good chance their experience would follow a similar trajectory to Todd’s in a matter of years. Anyone who thinks they can simply reverse engineer a Bazooka for the purpose of sale to the public is in for a rude awakening. Sure, many of us could (and have) put together a single homemade fluid bed, but running a business and producing something for public consumption is an entirely different animal. I’m sure Todd, Chris, Goldwasher and others could attest to a great deal of trial and error on materials, tools, processes and other intricacies that can only be worked through with hard-earned experience.
With this in mind, I believe the best solution lies in an established gold prospecting brand picking up the brand to expand their existing portfolio. What Bazooka needs is a company that has a bit of capital to properly tool for small-scale “mass” production, established supplier relationships and an existing distribution network in place to hit the ground running. I’ve mentioned a couple of options below, but I’m sure there are many others that might be worth pursuing. I would start by deleting this thread and contacting each company individually with a phone call or brief e-mail. There’s no need to go into laborious detail on the circumstances...just the first-principle facts. You represent Bazooka and want to inform them of your intent to sell the brand and give them an opportunity to make a bid. Don’t scare them off by suggesting it’s a fire-sale, or seem too desperate by stating a lengthy case as to why it might be a good fit for them...less is more in this initial contact. Only fall on the sword if you aren’t able to generate interest from the first round.
I’ve always thought Gold-N-Sand/Gold Cube would be a good philosophical match, with their “get out of the Stone Age” approach to reimagining traditional prospecting and mining tools. They obviously have supplier relationships and experience in creating molded ABS products, and the Bazooka would fill a much-needed niche between the Banjo Pan and Gold Cube. Although based on the volume they move I can’t imagine there is a ton of capital lying around to acquire languishing brands, Mike and Red have continually improved upon existing products and expanded their line with accessories and new products. R&D on a brand new product takes a lot of time, a lot of money and a lot more of both to build awareness in the marketplace. A relatively-cheap acquisition of an existing brand allows them to circumvent this process and continue growing their brand.
Minelab is another interesting possibility that might be worth exploring. They have great name recognition in the prospecting industry and have shown an appetite to expand beyond the detector world, with the introduction of a panning kit last year. It might seem like an odd marriage at first, but I think the folks at Minelab may be willing to hear you out. Gold Hog represents a similar possibility. Doc’s bread and butter is obviously powered equipment...and he emphasizes the importance of his matting and the durability of metal, but something like the Bazooka would give companies like Minelab and Gold Hog the ability to leverage their strong reputations in their own fields into capturing a segment of the market that likely wouldn’t otherwise engage with their brands. Once you have introduced the customer to your “world” of products, it’s much easier to sell them a $3,000 high banker or a $7,500 metal detector.
Then you have the big kids on the block...Garrett, Keene, Royal, etc. Developing, manufacturing and distributing new products is old hat to these types of companies and many of the logistical issues that would likely plague a start-up or smaller company are abated instantly. Throw their expertise and experience in supply-chain management, advertising and marketing, extensive distribution networks, etc (all the things that helped them secure their position on the top of the mountain) behind an amazing product like the Bazooka and the sky's the limit. As long as they don’t feel that the fluid bed significantly delegitimizes or cannibalizes their existing products, this would be a great way to recapture the growing segment of the market (see: for instance, nearly everyone on TNet) that has moved on from the outmoded carpet and riffle technology of the 1800s.
Don’t get me wrong, I know we are not talking about a ton of money here in any case...but I do think you can significantly enhance your prospects by starting the negotiation from a position of strength and keeping the initial focus on the legitimate positives that would make Bazooka a great acquisition for the right prospective buyer. I legitimately believe the best days for this product are ahead...and I hope that means for you as well, Chris. I would certainly not hesitate to give yourself the credit you deserve and see if you can’t make a job for yourself, or a consulting gig with the prospective buyer as they work out the kinks, a condition of the sale. Best of luck!
