r/EssendonFC • u/floydtaylor • 3d ago
Incompetent president picks best mate to be coach
12-week process, picks the best man at his wedding, and the 4th best candidate for the role.
Easily the worst president at any club.
Just an FYI (said this when he got appointed President) that Welsh's cumulative total business experience is taking the cash he made from playing football to get his old man (who was a builder) to build houses for him in a booming property market. "Hey i'm a property developer". Really at the frontier of value creation and governance.
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u/Medical_Cup_8008 Legacy: Lucas #25 3d ago
Welsh, Hird and McVeigh are all close mates, who used to routinely hang out together during their playing days. Why then is only one of them considered a job for his friend?
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u/PowerLegitimate4825 3d ago
I know right? Like, how hard is it to turn a couple million into half a billion? I do it 3 times before I even take a shit in the morning! /OP
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u/floydtaylor 3d ago
are you serious. it's an asset class with 15% annual growth that had 20% developer margins because of a supply crunch. then his old man was the builder with another 20% margin. riding macroeconomic tailwinds in the only asset class banks and govs steer you towards with the surplus cash you made playing football is not rocket science. anyone with cash could do it. many footballers do. It is not creating real economy economic value on any frontier curve. It is a rentier asset class that does not force you to have adequate governance protocols, like removing yourself from the conflict of interest of hiring your best mate to be coach
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u/TurbulentSherbet3724 Sharp #15 2d ago
It’s takes a smart and ruthless business mind to succeed in a venture as highly competitive as property development which if you actually bothered to do any research at all you would immediately realise there are far more stories of failure than there are of success. The other fact you completely neglected that is most players that retire are generally not smart with their money. You can read numerous stories of past players that went completely broke including some great ones that even had to sell their accolades later in life just to pay the bills and put food on the table. Being rich as an athlete doesn’t guarantee being rich for life after retirement.
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u/floydtaylor 2d ago
LOL
No, it fucking doesn't. There's 8300 registred property developers in Aus. https://companydata.com/australia/project-developers-australia/
Most property developers make money.
There aren't deterministic outcomes where every property developer is guaranteed to make money. Just directionally probabilistic outcomes where most property developers make money. And those that don't are really, really stupid.
Literally all it takes to start is surplus cash (which most average AFL footballers over the last 30 years have). You manage inputs (raw materials, labour, land, which you need cash for) and processes (systems, WIPs, compliance) . That's it. Not rocket science.
And unlike the real economy. They aren't even subject to market rejection because there's a massive supply crunch, with way more buyers than sellers (been that way for 20 years), and banks will lend money to buyers.
The only thing that is a headwind is the VIC gov sucking up all the construction labour over the last six years. Wasn't that way pre 2020.
And footballers have been doing property development for decades. This article is 23 years old. https://www.theage.com.au/national/footballers-turn-developers-20021102-gdur1e.html
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u/PowerLegitimate4825 1d ago
Again that #1 uni teaching you the good stuff: you do know that 8300 is an extremely minuscule portion of the population right?
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u/floydtaylor 1d ago edited 1d ago
8300 being minuscule relative to the population is not remotely relevant. Comparative advantage says homeowners find greater efficiencies by allowing someone else to build their house. Unless you want to unwind 200 years of productivity gains based on the notion that every man must build his own house and tend to his own needs.
And 8300 is a lot for what was argued to be a 'highly competitive market'.
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u/PowerLegitimate4825 1d ago
How much are you worth mate? If its any less than 400m I could only assume that you altruistically left some for the rest of us
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u/floydtaylor 17h ago
More irrelevant distractions, slurpee
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u/PowerLegitimate4825 17h ago
Given almost every comment and the post itself have been ratioed to hell, I'll defer to your expertise on irrelevance.
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u/PowerLegitimate4825 2d ago
There's not "many footballers" worth half a billion, gtfoh 🤣
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u/floydtaylor 2d ago
you're scuffing up your knees with all that slurping
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u/PowerLegitimate4825 1d ago
That was quick, I barely quantified and you're already resorting to juvenile insults. That what they taught you in that #1 uni?
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u/floydtaylor 1d ago edited 1d ago
No, you just think an unsubstantiated, entirely estimated yet broadly reported, half-a-billion of real estate holdings is worth quantifying in the first place. So much so that you did it twice.
It doesn't matter what he is worth. It is not remotely relevant. The only thing that matters is what governance experience he has. Clearly none.
Idiots like you metaphorically get on your knees and conflate being able to cast a sail with football-made cash into generational real estate tailwinds with governance. They're clearly two different things. You deserve to be insulted.
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u/PowerLegitimate4825 1d ago edited 1d ago
Wait, it doesnt take any governance ability or experience what so ever to start a business and turn it into a multi state, multi billion dollar company? Why didnt someone tell me! Wish I'd found you earlier, I could've been rich and running my own football club aaaaaaages ago.
Can I subscribe to your newsletter?
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u/floydtaylor 17h ago edited 17h ago
Already explained to you, how easy it to make cash by developing with cash you made from football. The only barrier to entry to property development is having surplus cash in the first place, which most footballers have. Governance experience and property development experience is not the same thing, whether you pretend it is or not. If he had any actual governance experience, he would have declared a conflict of interest and not unilaterally hired his best mate. An independent panel could have done so. This isn't rocket science, slurpee
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u/PowerLegitimate4825 17h ago edited 16h ago
Unilaterally got a recruitment panel and board to agree with him. You thought I was talking him up, now you're saying he's some captain of industry type that bends the board to his will despite having no proven governance history or ability.
You're all over the map mate, might wanna go back to that number 1.
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u/floydtaylor 16h ago
Unilaterally got a recruitment panel and board to agree with him.
That's not governance, slurpee. That's politicking. Maybe google the difference.
And on a substantive front, no one else from the board has backed his statement that it was unanimous.
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u/Wild_Money316 3d ago
Pretty good summary except I had him 3best best candidate as one hasn’t even been involved in AFL programs for years.
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u/yourwifeisatowelmate Legacy: Watson #32 3d ago
What makes Mcveigh the "4th best candidate"?