Portland, Ore. - Goodguys.com is on the auction block.
The five-year-old A/V e-tailer is independent from Good Guys Inc., the West Coast brick-and-mortar chain, which holds a 20 percent position in the company, supplies it with product, and receives a royalty for the use of its name. The balance is held by an outside investment group which at one time included former chairman Ron Unkefer and several Good Guys directors.
According to a prospectus, 2002 earnings were $346,000 on sales of $22 million, representing an 88 percent increase over 2001 revenue, while projected 2003 sales are $24.5 million. The sellers say the site’s growth is 'severely restricted' by Good Guys’ inability to provide it with adequate inventory, and that the buyer would be free to acquire product at net cost from other suppliers. The asking price is $5 million.
The company’s shareholders have retained Acquisitions Northwest, based here, as their financial advisor.