Ok thank for the reply! I have replaced that already and stilL having that same issue. Any other thoughts on here?

Thanks for the info

29 minutes ago, 85 Barefoot said:

Well, if the reporting is to be believed, and the floor plan was $20M previous to more recent events, and were moving 1/3 of Malibu’s units, lets assume a few hundred Million $, I’d say that their credit would be pretty appealing?  But what do I know.  

For sure I don’t know specifics on Tommy’s situation. How could any of us… private company and whatnot. But I do have quite a bit of experience both raising large amounts of commercial debt and managing debt on corporate balance sheets, servicing that debt, refinancing / re-pricing that debt, credit ratings, interest rates, etc. I have loads of respect for you, 85 (always have, I think you know that) so take this as simply me sharing some of my experience and principles I’ve learned (and am now applying here, a close but not exactly identical set of circumstances)… 

In my experience, commercial credit isn’t driven by volume or wow factor. It’s driven by RISK. That is all the banks really care about. “Am I going to get my money back?” is what they care about, not an impressive or inflated growth rate.

People make this mistake all the time when they do a large commercial debt raise… “I’m gonna show these guys how awesome my growth rate is and how much market share I have.”  They fail to understand their audience; lenders are not equity investors. Growth is not what banks care about. They would rather see SLOW, steady top-line growth and LARGE free cash flow that is BANKABLE and not susceptible to the way the winds blow. “Hockey stick” top line growth actually scares them. 

I simply don’t believe Tommy’s has steady, consistent cash flow (like 20% - 30% demonstrated over years). I also think the bank knows this industry can and does flip on a dime; they have long memories. And think about the pitch… “Uh, we need to increase our credit line because Malibu wants us to sit on more inventory.” It takes the bank about 30 seconds to do the math and assess the risk of that increased inventory turning stale. 

I also believe that if they just recently raised their credit limit, it wasn’t likely done for free (it never is cuz the leverage ratio changes and not in a good way). All that is factored into the bank’s risk model. And as Tommy’s asks for more it’s a simple calculation… what is the implied debt to earnings/fcf ratio? What is the risk profile of the industry? The higher those variables go … well, so goes the juice! 

100% speculation on my part, but I think it’s founded on sound lending experience/principles. For all I know you own a bank that floors ATV or something and I’m way out of my depth. lol. 

if the steering is stiff, the cable needs to be replaced.  The direct drive on the response does make this much easier.  Unscrew from the rudder side, unscrew the 4 bolts on the rack and pinion side that is attached to the steering wheel and it will pull out.  

https://www.themalibucrew.com/index.php?/forums/topic/56100-steering-cable-change-lxi/

43 minutes ago, JasonTucker said:

Thanks for the upload instructions.  

Drilling 5/8" holes in this transom was maybe the scariest thing I've ever done.

Haven't seen this back in the water at night yet - but the install went fairly smooth. (other than dropping the mounting screws in the grass and crawling around looking for them for 30 minutes)

Power toggle progresses through several different color options.  Back in the water tomorrow (waiting for sealant to cure) to make sure it doesn't leak.

Thanks for all the tips and advice on this forum.  Really helpful info.

 

Looks like a very clean install. Nicely done.

I think if I did it those 5/8” holes would have ended up more like 7/8” because my hands would be shaking so much from being nervous about drilling through the transom.
 

Looking forward to the water pics.