Oy Vey

[BobbyJones]

Originally Posted by dbnm

That is nuts.

The guy was an amazing cyclist but his business track record is not so great.

How many lawsuits will happen before the new company closes?

Unless you know something different about him personally, i'd venture to say he's doing quite fine financially.

It's easy to think his "business track record is not so great" based on what you read, but besides some stumbles he's doing pretty good from where I'm sitting.

[peanutgallery]

Commercial real estate, he owns some and has done quite well as a result

Bike biz, granted, has been rough. Between his father, Burke and -7, he's been rooked trying to invest in the sport he loves. Met both GL and -7 over the years, one would give you the shirt off his back and the other is more like a NJ stripper who'd punch you in the face and take your last dollar. I'll leave it to the reader to decide the who's who for that one

Moral of the story, don't buy a Trek or pump up the -7 ego by paying attention to his IG or podcasts. Support someone who has passion for the sport and not just your wallet. Cycling is a small tribe and each of us can make a difference with our purchasing decisions. I can't wait to see what Greg comes up with and I will be first in line to buy

Originally Posted by BobbyJones

Unless you know something different about him personally, i'd venture to say he's doing quite fine financially.

It's easy to think his "business track record is not so great" based on what you read, but besides some stumbles he's doing pretty good from where I'm sitting.

[ColonelJLloyd]

Originally Posted by JasonF

I work in the hedge fund/private equity "space" and it's insane how much $$$ is sloshing around looking for deals, any deal.

Pension funds, HNW individuals and anyone else with capital to allocate views private equity as a panacea to ultra low interest rates and historic stock market valuations. Since most private equity investments aren't "marked to market" a pension fund or anyone else for that matter, can value their holding with a lot of wiggle room. Private equity funds don't balk at this since they get a percentage of profits on gains.

In short, I bet he could've raised a lot more capital if he wanted.

+1 Lots of cash looking for a home.

[prototoast]

Forget about the $2 million, "Since formation in 2016, LeMond Companies have raised $18.6 million of seed capital from individual and institutional investors, according to a company statement in 2019."

[livesadventure]

My lips are sealed, but I think there are some very exciting things coming from this iteration of Lemond Bikes

From my understanding, the Lemond brand was very successful under Trek until they more or less undermined him in part because of his comments about Lance and doping. Looking for some proper reporting on that, but Wikipedia has a general overall outline...


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[RWL2222]

I think it’s much bigger than bikes this time.

See https://lemondcarbon.com

[Coffee Rider]

I really hope this is a successful venture. The bikes will have to be pretty amazing to get on the list of ones I may actually buy in the future.

[Velocipede]

For some reason it's always labeled as Greg is bad at business.

-His bike company wasn't run by him, it was his dad.
-The Trek thing, he was just a figurehead. Trek did everything.
-The ski resort thing, that was the majority investor who killed that.
-The new bike company(Time frames, Washoe frames, Revolution trainers), that company is still around. ZEN was closing up so Greg decided not to offer frames anymore. The trainers, a former GM embezzled almost $200k from the company. -The Time frames, he bought them from Time and they sold. Not sure how he did something wrong there.
-Car racing, he didn't own the team. He was a driver.
-LeMond Fitness(spin bikes, trainers), he sold it and bought the trainers back.
-The current company, the carbon one is doing fine.

I think Greg has had some serious bad luck and has had some bad people around him.

[Coffee Rider]

According to Celebrity Net Worth, he is worth $40M. Even if that's off by a multiple, he's still done fairly well after racing. He could have done even more better, but I hope he has a positive enough perspective in life that those don't rule him and he keeps doing new things because he wants to be active.