Farewell!
Dear Partners:
I’m sure that most of you have heard that I will be retiring at the end of the month.
It has been quite the journey from my first LLC 22 years ago of $3.6mm with 3 members to our last LLC of $44.6mm with 71 members. To recap the last 22 years – we have formed 50 LLCs with over $870mm in total asset value; you have contributed capital of $252mm; and we’ve paid out $335mm in distributions.
I am definitely going out on top. With the building sales, railroad sales, and new development projects, we have set records in every key performance metric in 2022 that may never be broken. Probably the most important metric to all of you is the $86mm in cash distributions in 2022 (almost $50mm higher than previous record year)! Even with the $135mm in building sales, we were able to increase our total square footage through expansion projects and new developments.
The relationships with you and our bankers are what I will miss the most. It has been an honor and a privilege to be able to work with, and learn from, such a successful group of business leaders and entrepreneurs.
As I transition into this new chapter in my life of pickleball, grandkids, travel, Gunsmoke reruns, “honey do’s”, and basically anything else I want to do, Matt Kurland, our new CFO, will be your new primary contact at Agracel. Matt’s email is mkurland@agracel.com and his office phone is (217) 342-1904.
Thank you for everything you have done for me and Agracel over the past 22 years. I wish you continued success and prosperity.
As always, if you have any questions or need any additional information, please let me know.
Take care,
Mike Mumm
