I just returned from Chicago last night and I think it has been decided that we will not expand, at least right now, outside of the Ohio region. Being based in Columbus, Ohio we can get to almost any location in the state in about 2 hours. Indianapolis is just a little farther.
By staying in Ohio and not expanding right now we are able to continue to keep overhead low and remain able to take on smaller projects. In 2009 we had over 30 receiver projects with asset values under $200,000 and sold over 300 lower valued inner city properties when smaller investors we not able to keep up their investment.
If we expand, there will be more time spent on the road with more expense in travel and time will be spent in transit instead of working on a project. We'd need to turn down the smaller project and wouldn't be able to assist our clients.
It seems like staying local is more profitable.
Do you have questions about distressed assets, receivership or bankruptcy sales, auctions? Email me at rfk@gryphonusa.com and I'll try to answer it in an upcoming post.
Richard F. Kruse is the President of Columbus, Ohio based Gryphon USA, Ltd. (www.gryphonusa.com). The Gryphon Organization includes Gryphon Asset Management providing receivership and consulting services in the distressed marketplace, United Country Gryphon Realty & Auction Group (www.ucohiorealty.com & www.ucohioauctions.com) providing real estate brokerage and auction services throughout Ohio and OnlineAuctionUSA.com (www.onlineauctionusa.com) providing commercial asset liquidations from the Midwest to East Coast.
United Country Gryphon Realty & Auction Career Opportunities Available. Call 614-885-0020 x 17
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