Ownership Change at Factory FivePosted on March 9th, 2012
Dave Smith Buys All of Company
Over the past 15 years I have had the frequent honor of bringing important news of the company to all of you. Recently, I’ve spent some time looking back over our website archives and remembering so many Factory Five milestones and adventures with good friends since 1995. I was humbled by the sheer volume AND depth of the life stories that this company has been a part of! Mostly though, I was honored to have been at the helm and to have been the person whose job it is to tell the story, break the news, or attempt to put into words an important event in our shared journey.
I have yet another story to tell you about. I am happy to report to you that I have purchased the company in its entirety, buying my brother Mark’s half of the company. To me, it is deeply meaningful to know that I own this company outright and am finally able to share that ownership with the people who deserve it the most and who have done the heavy lifting of building the company. To many of you it won’t seem like much has changed right away, but the real effects will be huge and noticed soon enough.
The truth is that Mark had not worked at, or been an active part of the company since 2001. Although it was tough and it took a while to reach an agreement, the buy-out was good for both of us. It gives Mark the ability to follow his own path and it allows me to do what I love and to use a greater percentage of the company revenues to accelerate new products like the 818, reward the crew, and focus on ways to bring the Factory Five experience to more people.
I have been the President of this company since it began and I have worked here for six days a week for over 15 years. In that time, I have learned much about business and even more about what is important to me personally. The freedom to do something I truly love for a career has been, and is immensely valuable to me. Even more though, the chance to work with such great, intelligent, kind and decent people as the crew here at FFR is really such a pleasure.
I have been witness to so many great stories and I understand the special way this company and community of Factory Five owners has affected people’s lives. I have also been fortunate to have made great friendships along the way… friendships I wouldn’t trade for any amount of money.
While I want the company to be financially successful, and I believe the future will be more profitable than ever… I want even more, for the company to continue to fulfill its true charter of making a difference in people’s lives and, thru the medium of these cars, bring people together.
To me, Factory Five Racing is an amazing story that has been, and continues to be, literally BUILT by all of us. I am excited that the company, now with a single clear vision, has a better chance to grow and in so doing, build more great stories along the way.
My brother leaves with our thanks for his contributions in the early days and our best wishes. The road ahead for Factory Five is more exciting than I could ever have dreamed. The weight and responsibility to make the company even better is tremendous, but it is a familiar weight, and I shoulder it well. I promise to build on the strong foundation of our past, but also to bring the company forward into an exciting new chapter where the best stories have yet to be written.