[14], Wirth Business Credit is a small-business supplies leasing company owned by Winmark. ", "Winmark to open resale stores in the San Gabriel Valley", "Eagan's Style Encore offers curtain call for used clothing", "Bursting at the seams Store: Once Upon a Child moving to new location", "Franchise opportunities open with Winmark", "Playing a New Tune//A Strong Economy Has Made Franchising a Less Popular Business Option. Most recently John sold 788,224 units of WINA stock worth $66,778,337 on 14 May 2015. John Adams Morgan is a former sailor and Olympic Champion who founded the financial company Morgan Joseph LLC. Robinson Worldwide's Stock Stays on the Move, Should Continue to Grow", "Men make 'sound' investment selling used CDs", "Computer Renaissance gives new life to used computers", "Series of mistakes led chain to have abysmal Christmas", "Company Launches Store That Sells Used Tools", "Tool recycle franchise a boon for the handy", https://en.wikipedia.org/w/index.php?title=Winmark&oldid=1133958310, Play It Again Sports Franchise Corporation, This page was last edited on 16 January 2023, at 08:41. You dont do things just because you can. Morris sold her Play It Again Sports franchise rights to Olson and Dahlberg in 1988. In the last 17 years at Winmark Corp, John L Morgan has sold an estimated value of $125.62M worth. The most recent stock trade was executed by Brett D Heffes on 1 November 2022, trading 10,400 units of WINA stock currently worth $979,992. John Morgan was born in Dallas, in March 15, 1978. Around 2013, research company IBISWorld reported that in the used goods outlet market, Goodwill Industries was first with a 21.5% share, Winmark was second with nearly 6%, and The Salvation Army was third with nearly 4%. Winmark Corp. franchises retail brands that buy, sell, trade and consign used and new merchandise. Our reporters are only able to do their work thanks to support at all levels. Capitalized with just $105,000 (a modest $35,000 from each founding partner) Winthrop secured a $2 million line of credit from U.S. Bankwith no personal guarantees. He makes money from the cases that he handles. Since the most his father had ever made in a single year was $12,000, Morgans father was convinced there was a terrible error in his sons W-2. As I went along one of my talents is that I see the world as it is. At the very beginning, I thought I would stay with the bank. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. They needed me. Executives from three national chains Pet Supplies Plus, The Spice & Tea Exchange and Winmark share practical tips on how they pull shoppers into their stores. Inspired by his poker playing, as well as his interest in the poker industry, Morgan began accumulating shares of Canterbury Park Holdings about three years ago. We really screen the franchisees. On average, Winmark executives and independent directors trade stock every 18 days with the average trade being worth of $2,544,251. Box 18438 | Minneapolis, MN 55418 | 612.455.6950, This and is republished here under a Creative Commons license., * Please read before republishing * Journalist who is best known for his coverage of a variety of MMA events. [34] Computer Renaissance was started in 1993. The most active traders at the company are Related by Industry: Business Services & Supplies, Located in Minneapolis-St. Paul-Bloomington, MN-WI Metropolitan Area. [4][25] Roughly 70% of Play It Again Sports' sports equipment is new. [13] Morgan said in a 2009 interview with the Star Tribune about the state of Winmark before he joined, "The company was very good at selling franchises, but it was still losing money. When he joined in early 2000, the market capitalization of Grow Biz, which went public in August 1993, was $30.9 million. Ronald G Olson, He is 1.66 m tall. What was it like negotiating with Cooper? This chart shows the growth in number of franchises over the last 10 years with the orange line indicating that YoY % change. Giants such as Etsy (ETSY) or eBay (EBAY) and pure plays such as thredUp are aggressively growing in this space. Conversely, the bear case involves net franchise closures and falling revenue as the e-commerce threat gains traction. A deal should have a margin of safety. While a company with declining revenue buying back shares to artificially improve earnings - think IBM (IBM) in the early 2010s - tends to be a losing proposition, Winmark is doing this while maintaining its modest growth rate. Chausse de Bastogne, 67 B-6840 Neufchteau. On average, John trades about 7,487 units every 27 days since 2001. They were married in May 1982. by: In addition, it also has a leasing business, which connects electronic equipment companies 2000: Morgan, ec, director, ten percent owner at winmark (wina), has a 95.6% success rate when buying and selling stocks. Its a very important part of my story. Last, Winmark has a strong balance sheet with $8m cash against $31m debt, leaving it with only $23m in net debt. What was the important thing that IBM taught you? You try to leave your mark.. After he Hosted to media press conferences in Charlotte NC in September of 2013 he disappeared. "[4] Around 2002, Winmark sold the franchises Retool, Computer Renaissance and Disc-Go-Round. [25] The first Once Upon a Child store was opened in 1985 in Perrysburg, Ohio, by Dennis and Lynn Blum in 1985 after they observed Goodwill Industries accepting and selling used baby attire. The Winmark March 2013 proxy disclosed that you and your top three managers all earned the exact same salary ($267,250) and exact same bonus ($267,250) for fiscal 2012. The federal government of course, Attribution-NonCommercial-NoDerivatives Creative Commons license. CALL. The ever-bubbly cast member from The Real Housewives of New York (RHONY), Sonja Morgan's only daughter, Quincy Adams Morgan is all grown up.Quincy Adams Morgan turns 17 years old in October and quite actively follows in her mother's fashion footsteps. $385M. john morgan winmark net worth. At a recent price of about $73 per share, the market cap of Winmark today is just under $370 million, a 12-fold increase since Morgan took over. and Fern Morgan would become commonly known as Jack Morgan, and one of the most significant figures in the history of Scott County Indiana. The company behind Platos Closet has a long history of being profitable and making investors happy. The is an important distinction, as Winmark is not directly a retailer and as such was somewhat protected from the ups and downs of the industry. Yes. We were shocked, but they had that much faith in what we were doing, says Morgan. [12] CEO John Morgan said that whereas Music Go Round's used musical equipment did not depreciate, Computer Renaissance's aging computers did. Winmark Corporation Plymouth, MN. IBM taught me how to say Oh, really? to a customer instead of Oh, shit. They taught me how to wear the white shirt, the rep tie, and the shoes with a thousand eyes. Whos the best businessman you ever worked with? [23], Between 2006 and 2010, Winmark started around 50 stores annually. We want to build a good business at a reasonable rate for everyone: the shareholders, the management and the employees, and the franchisees. In 2013, Winmarks store count will top 1,000 franchised stores (none are company-owned), while retail sales of its franchisees will be more than $900 million. Im not a very good player, he says, but I have no fear. He plays in tournaments almost every week, and most famously was in a World Series of Poker event in July 2012. First, Mystic Lake Casino is a partner. Dataserv, which primarily marketed used equipment, was one of the pioneers in the world of computer finance. When the world is chaotic, people intrinsically turn to each other, and by showing your humanity, your brand can stand out as a beacon of hope. [24], Style Encore buys and sells used women's clothing. He attended Broad Street High School. Winmark enjoys a 5yr EPS CAGR of 11.5% and 10yr EPS CAGR of 16.6%. Badly, he recalls. The balance of his 1.7 million share holding has been purchased on the open market. The most active traders at the company are John L Morgan, . American businessman John Adams Morgan has an estimated net worth of $100 million. That Winmark's insiders have been so consistent over the last five years at least makes the last 12 months' behavior strike me as less of a red flag. Morgan, 72, stands out in the Twin Cities business community because hes had two big breakthroughs. . [27] Prior to opening a store, Lynn Blum had been selling her three sons' and friends' and neighbors' clothing in a garage sale from her house every week. If any of them had a problem with that, they should take down their sign and get out. John Mack's strategy is widely heralded as having been successful. Its a deal that should have been done, and it did get done. [3] In 2010, the housewife filed for Chapter 11 bankruptcy citing $13.5 million in assets and $19.8 million in debts. No personal checks, Morgan remembers; they only accepted a cashiers check. We make them work hard to find the right real estate. He points out that he has received only one stock option grant during his 13-year run as a CEOan. Morgan rescued Winmark from the verge of bankruptcy by selling financially failing franchise concepts and stores and replacing the management team. In a tribute to both Buffet and the nonprofit, Morgan bought Warren Buffets wallet, with a single stock tip inside, for $210,000. If you continue to use this website then we will assume you are ok with that. Will you help us keep it this way by supporting our nonprofit newsroom with a tax-deductible donation today? Morgans philanthropic efforts include serving on various boards, including for Girls Inc., where he became close friends with Susie Buffett, daughter of investment maven Warren Buffett, often known as the Oracle of Omaha. In the course of his other service he has also gotten to know Buffett himself, as well as other members of the family. Maintaining a near perfect renewal rate and opening net new stores sets Winmark into motion as a recurring revenue machine, as franchise agreements are 10 year pacts. [43] Roughly 65% of ReTool's goods were purchased from people, while the remainder was purchased from factories that produced too many tools or from closing businesses. They even made money in their first year: $390,000 in 1982. [18] According to a 2014 article in The Toronto Star, Morgan holds the most shares in the company.[19]. They had sold franchises to anyone who could come up with the money. And, third, through Wirth Business Credit, Winmark offers financing to small businesses for small ticket items. The resale fashion industry is disruptive to the retail industry. Online retail sales continue to climb, but consumers still prefer to shop in stores, research shows. Latest cash: $869 on 03-Feb-2023. [24] In 2013, Winmark had over 1,000 franchised storesnone of which it ownedthat in total had sales of over $900 million. If theres one thing that weve changed at this company, its not just if you have the money. The divorce marked the beginning of Sonja's financial woes. Today, Morgan owns a little more than 34 percent of Winmark, worth about $125 million. In total, John L Morgan has made about 161 transactions over 17 years of their time at Winmark Corp. [37], It's About Games bought and sold used PC games, video games, and board games. With just over 100 employees, Winmarks market cap per employee is $3.5 million, a top-of-class performance in any industry. I dont need an exit strategy, as I dont need the cash. Morgan also led Winmark into the equipment-leasing business, using the cash flow from the franchise business. He considers the issue a civil justice matter and thinks anyone in prison charged with possession should be released. They had their lawyer there. Looking back, John Morgan calls it the worst six months of my business career. In March 2000, he stepped into the CEO role at Grow Biz, best known for its franchised lineup of Play It Again Sports stores. Their combined net worth is, according to Nashville Post estimates, $6.4 billion. He is also the sole funder of the Transformation Project, which operates in Nebraska prisons. Bill Cooper [the CEO of TCF] came to us. A fabulous deal for Mystic Lake. Winmark Corporation owns five franchise-based retail companies that focus on used goods: Music Go Round (musical instruments), Once Upon a Child (children's clothes and toys), Plato's Closet (adolescent and young adult clothes), Play It Again Sports (sports equipment), and Style Encore (women's clothing). $66.78M on May 15, 2015. He points out that he has received only one stock option grant during his 13-year run as a CEOan initial grant of 600,000 options at $5. To motivate the employees, it has to be a public company. Wirth Business Credit operates small-ticket financing which serve small businesses. Asked if he had a favorite quote, Morgan cited a line from DickensA Tale of Two Cities: It is a far, far better thing that I do, than I have ever done; it is a far, far better rest that I go to than I have ever known. Morgan explains: Most of us are a bag of good news and bad news. What does this mean for brick and mortar? suffered a cerebral hemorrhage and died three weeks later on February 26. [24], Once Upon a Child purchases and sells used children's attire and toys. If you dont think its cost-effective to change them in just a little way, youre crazy. But Rapid Growth Has Come with its Share of Problems for the Golden Valley Firm", "Trio of Used-Product Franchises Flourish in the Metro-East", "Used merchandise a hit for Winmark Income for the Minneapolis owner of such franchise-based businesses as Music Go Round and Play It Again Sports is growing during recession", "Previously Played and Profitable. People who go to garage sales and are looking for really good bargains. By John Jennings Contributor. I want the company to be public. Shares have fallen from their mid-September highs, which makes now a great time to buy this high-quality company at a discounted price. From 1974 to 1982, he attended the University of Florida (1974-1978) and the University of Florida Fredric G. Levin School of Law (1978-1982), where he attained his Juris Doctor. [28] Winmark purchased the company in 1992. [38] Disc Go Around also had "listening stations" for customers to listen to CDs. John Morgan. The first store opened in Texas in August 2013. Morgan had been a successful poker player since his teenage years. John L Morgan owns about 907,186 units of Winmark Corp common stock. You joined the TCF board and became its largest shareholder. Matt Morgan, Morgan & Morgan attorney and son of the firm's founder John Morgan, on Jan. 3 paid $10.5 million for the 9,092-square-foot home at 1411 Via Tuscany in Winter Park, according to a deed . Rather than making money from the buying and selling of goods directly, Winmark makes money from franchise royalties and fees. You can see the complete history of John Morgan stock trades at the bottom of the page. He is popularly known as the ex-husband of Sonja Morgan, a cast member . https://livehard.substack.comPersonal Finance the Right Way Because Money MattersLooking for long term alpha. [38] The outlet had an electronic system that recorded all the CDs a store had so customers did not have to browse the shelves trying to determine whether a particular CD was present. He answered without hesitation: No Filter. Sometimes my mouth goes to war before my mind thinks about it, he explained. 0 . $750K-2.5M. Winmark doesn't have to pay for inventory and turn it over. John Morgan, Chief Executive Officer at Winmark Corporation in Plymouth, MN has commercial real estate listings for sale or rent on showcase.com.