Interview with Mark Richards, CEO of Grand Banks
Mark Richards, CEO and major shareholder of Grand Banks, sits down with John Burnham, marine editor from RightBoat.
Richards recounts visiting the Malaysian factory and then making his final decision to join the company. He was surprised by some of the inefficiencies he saw at the state of the factory and saw an opportunity. Under his leadership, along with the team, the factory has expanded significantly from 500,000 to 1.1 million square feet and can now build 42 boats on the same floor, handling most of the construction in-house.
Richards, who also founded Palm Beach Yachts and later sold it to Grand Banks, emphasizes his focus on efficiency and performance, which led to a complete redesign of the Grand Banks models. The new Grand Banks boats, exemplified by the Grand Banks 62, utilize extensive carbon fiber construction for lightness and strength, resulting in significantly improved fuel efficiency (60-70% less than competitors at similar speeds) and performance, capable of cruising at 20 knots with a 1,000-mile range.
He notes Grand Banks' competitive history, with former employees like Tony Fleming and Dave Marlow successfully starting their own companies. Richards' vision was to revolutionize long-range cruising with faster, more efficient vessels. He highlights that their models are not made obsolete, preserving resale value, and that the new 60 series (including the 60, 62, and 65) offers enhanced features due to slight increases in size.
Richards also discusses a trip to Bermuda on a Palm Beach 70, showcasing the long-range capabilities and efficiency of their boats. He stresses the high level of customization offered for both Grand Banks and Palm Beach yachts, focusing on fulfilling customer dreams. While acknowledging the expense of carbon fiber, he believes its benefits are worthwhile and that their production line is efficiently set up for customized builds.
The future of Grand Banks and Palm Beach Yachts includes building larger yachts, including new models like the Palm Beach 107 and Grand Banks 101, all promising to be exceptional in a variety of ways. For a full account of the interview visit RightBoat.