EDJ: Selling UK Operations

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Oct 23, 2009 8:27 am

Apparently being sold to an English firm. Canada remains firmly within our future.

Oct 23, 2009 8:30 am

Wow. Good for them.

Oct 23, 2009 8:31 am

Good. I'm tired of carrying those limey pikers.

Oct 23, 2009 9:10 am

One more positive step by Weddle.

 
It was interesting to see that the firm that bought them is strictly fee-based.
Oct 23, 2009 9:24 am

Where did you guys see this? I'd like to read about it.

Oct 23, 2009 9:43 am

Volt, as I'm sure you know by now, it's on Joneslink and under Alerts.

Oct 23, 2009 9:46 am

Can't you just Joogle it volt?

Oct 23, 2009 9:49 am

Check your alerts tab on Joneslink. 

 
Wow.  Didn't see that one coming.  I agree with B24 that Weddle, et al made a good decision. 
Oct 23, 2009 9:55 am

I'll take this opportunity to eat a little crow. I have been an EJ basher in the past, and still can't stomach certain things about the firm (Alan Skrainka, regional nepotism, etc.). That said, the firm is a far better place than I left.



While I'm certainly a lot happier where I am and what I'm doing, I'm impressed as Weddle continues to flex his executive muscles (not easy to do when you are technically first among equals).



Bravo Mr. Weddle.

Oct 23, 2009 10:12 am
Jones FA's-
 
This ought to be a wakeup call for all US FA's. Weddle isn't messing around anymore, he clearly has the firm in his control. Kudos to him, that couldn't have been easy to get the old guard to see his vision.
 
Expectations are going up, you can bet on it. If I were a Canada rep, I would be very concerned about the future at EDJ. Bleeding will stop one way or another. Canada has to produce and its been at least 15 years since the move north. Sooner or later Weddle will sell it off if it isn't profitabale. And so far, according to the 10K, it has never been and may never be profitable.
 
Spiff- It is not rocket science. If you lose money and don't have a prospect to be profitable you are going to be sold or fired. Weddle is exactly what you guys need to survive.
 
Oct 23, 2009 10:15 am
Moraen:

I'll take this opportunity to eat a little crow. I have been an EJ basher in the past, and still can't stomach certain things about the firm (Alan Skrainka, regional nepotism, etc.). That said, the firm is a far better place than I left.

While I'm certainly a lot happier where I am and what I'm doing, I'm impressed as Weddle continues to flex his executive muscles (not easy to do when you are technically first among equals).

Bravo Mr. Weddle.

 
Thank you
 
EDJ #1
Oct 23, 2009 11:28 am
BigCheese:
Jones FA's-
 
This ought to be a wakeup call for all US FA's. Weddle isn't messing around anymore, he clearly has the firm in his control. Kudos to him, that couldn't have been easy to get the old guard to see his vision.
 
Expectations are going up, you can bet on it. If I were a Canada rep, I would be very concerned about the future at EDJ. Bleeding will stop one way or another. Canada has to produce and its been at least 15 years since the move north. Sooner or later Weddle will sell it off if it isn't profitabale. And so far, according to the 10K, it has never been and may never be profitable.
 
Spiff- It is not rocket science. If you lose money and don't have a prospect to be profitable you are going to be sold or fired. Weddle is exactly what you guys need to survive.
 
 
Why do you still waste your time reading our 10-K? 
 
I don't believe our survival was ever in question, no matter who was at the helm.  Folks like you like to throw that around, but it just wasn't a reality.  It still isn't.  As for right now, Canada is still part of the long term picture from what we've been told.  In fact, the letter Weddle sent out to the firm this morning implied that Canada has a much rosier future than the UK ever did. 
 
Feel free to check out the 10-K in your spare time.  Perhaps one day in the near future you'll see a black number for Canada in place of a red one.  
 
 
 
Oct 23, 2009 11:40 am
Spaceman Spiff:
Feel free to check out the 10-K in your spare time. Perhaps one day in the near future you'll see a black number for Canada in place of a red one.







Perhaps one day he'll get a life and spend his free time banging his wife of 23 years rather than reading our 10-k. Go gett'em BigCheese.
Oct 23, 2009 12:47 pm

Here we go.....

Oct 23, 2009 1:08 pm
na, na, na, na, na, na, na, na, hey, hey, hey...
 
Actually, I went on a DIV trip with a bunch of Mik's, great people. Still got friends at Jones and the wheels are turning a bit more now.
 
I remember Gary Reamey's verbatum comments about growth in the UK and Canada at a regional meeting. "5000 offices in the UK and 2500 in Canada".
Oct 23, 2009 1:15 pm

At this rate, maybe he'll take on nepotism within the firm in 2010.....

Oct 23, 2009 1:19 pm

Oh, and can someone get John Bachmann a towel, please.  The egg isn't just on his face.  It's on his chest, his back, his abdomen, and probably up his a-hole as well.  I've said it many, many times.  I'll say it again.  JB was no genius.  The further EDJ moves away from him, the more all of you will figure out how wrong he was on so many initiatives at the firm.  And, the talent drain under his and Hill's leadership was beyond measure. 

Oct 23, 2009 1:39 pm

I can understand why they would prolong Canada. They have invested heavily. Sooner or later accounting 101 comes into play. They have to make money there. 15 years into it, a substantial amount of time to test the waters, don't you think?

Oct 23, 2009 3:04 pm
Soothsayer:

Oh, and can someone get John Bachmann a towel, please.  The egg isn't just on his face.  It's on his chest, his back, his abdomen, and probably up his a-hole as well.  I've said it many, many times.  I'll say it again.  JB was no genius.  The further EDJ moves away from him, the more all of you will figure out how wrong he was on so many initiatives at the firm.  And, the talent drain under his and Hill's leadership was beyond measure. 

 
Actually, it's like most big businesses.  Usually each leader can take a firm only so far.  JB did a great job of growing the company and bringing it  anational presence, but he was not the right guy to bring them into the 21st century (nor was Dougie Fresh).  Jim Weddle is much more of a current-day leader.  I just think Weddle "gets it".  Bachman was old-school.
Oct 23, 2009 4:17 pm

So, it's wrong to make an attempt to grow the firm in different way?  See, I just don't understand that.  It's a business.  Sometimes you make a decision to try something and despite your best efforts to make it work, it just doesn't.  So, you have to make a choice to either keep sinking money into it until it does work, or cut your losses and move on.  With the UK operation, the decision was made to move on.  That doesn't mean that Bachmann was a bad leader for making the decision. 

 
Where do you think Jones would be today without the vision and leadership of a guy like Bachmann?  Would we be one of the largest brokerage firms in the business?  Or would be be a mid sized regional like Stifel or AGE?  My guess would be we'd be much smaller than we are right now, if we even existed at all.  When Bachmann took over as MP in 1980, there were only a couple of hundred offices.  When he stepped down we were around 9500.  It was his vision alone that grew the firm at that pace.  I think Bachmann was a great leader for the direction the firm needed to go at the time.  But, I'll agree with B24 that we needed a different man at the wheel to move forward.  There will undoubtedly come a time when Weddle has grown the firm past what he can handle and someone else will take over.  I just hope I can do as good a job as Bachmann and Weddle did before me.