Feroce Exits BENRUS
Tuesday, November 07, 2017
GoLocalProv Business Team
|Giovanni Feroce, leaves BENRUS|
Feroce announced his departure on Tuesday, and told GoLocal that he will focus on his own brand and will concentrate on writing and speaking.
“These are steps that I have planned for some time, so that I can also take a serious look at the Governor's race. My timeline for a decision on that has not changed. I will use the balance of this year to divest myself of certain commitments as I look to the first quarter of 2018 to build a winning strategy and plan,” said Feroce.
Feroce has faced significant financial challenges in recent months. In September, Feroce's Newport mansion was sold at a bank auction for $4.175 million and was purchased by Coastway Community Bank — the bank that held the mortgage on the property.
Feroce, who has been in a series of legal battles over the licenses for BENRUS, spoke with GoLocal about his decision (BELOW).
Regarding a potential run for Governor, Feroce said, “I look to late spring as an actual time to announce if that is determined to be what is best for the state of Rhode Island. I am someone who is committed to making Rhode Island the number one state in the country and that means it has to feed a vision, not just point out negative activity of current office holders. I will outline that vision clearly and concisely.”
GoLocal Q&A with Feroce:
1) Why the departure?
Approximately one month ago we successfully transitioned the trademark BENRUS from the previous owners to a new third party investor group. There were discussions to have us license from them a few categories, but we could not come to an agreement on length of a contract. I refuse to put my efforts and those of my partners on a project that has less than a suitable time period that I feel best maximizes our value. That said, I am not closing the door on that completely, but my partners to include investors will remain open to a number of options, not just one brand.
2) What is the future of the company?
The new investor group is best positioned to answer those questions, I would expect they will license the mark in different categories.
3) What up next for you?
I am transitioning personally to consulting a number of brands rather than just one. I am approached weekly to help companies and I have identified a few that I think are exciting and with my guidance could become very large entities. I am also exploring rolling out my own signature brand of products. However most of my focus will be on two books I am working on called, "Military Management Systems for Business" and "Navigating Crisis". In addition I will be outlining a vision for what the state of Rhode Island needs to look like in 25 years. I hope to turn those thoughts into a published product as well.
4) What did you learn from this experience?
The past three years have been a vast learning experience and it truly opened my eyes as to how much reform is needed when it comes to updating business regulations, taxes and laws that encourage and assist entrepreneurial efforts as opposed to many that are in place that are meant to stifle and penalize risk-taking. It's like anything in life, until you actually do something, you won't get the hands on experience. As I tell most people, I am the most experienced person you will ever meet, some of those experiences I wish I didn't have to go through, but at the end of the day, you are better educated than you were had you not gone through them. I will use both positive and adverse experiences to plan and execute successful objectives in the future.