GA GA - Shirley, 87, & Russell Dermond, 88, Putnam County, 2 May 2014 - #12

[dancinunderthemoon]

I never heard he named them but in the last podcast he said he has 2 suspects.

that's what I got from it too............YES kay74, I agree, refusing poly speaks volumes! My guess is that it would be someone close to the D's in some way or extended family somehow.....

 

[dancinunderthemoon]

Restaurant franchises aren't going to make the huge returns many other invetments will. Beyond the franchise fees, margins are tight in the fast food industry.
Plus these were what I'd consider 2nd or 3rd tier restaurants, not the volume of a McDonald's. The resale value of the franchises may not be as great as one might think. Here's an example: Blimpies states the minimum franchise investment is about $140k. I found existing Blimpie's franchises selling for $75k. I used Blimpie's because I found examples for re-seal quickly. Many businesses, including these franchise businesses, end up financing the business to the new owner because bank financing can be hard to get.

DId you or anyone remember reading that RD HANDED them over to the kids, as if he got the businesses up and running then passed them down. I think someone said the sons sold some of them but did RD actually sell them? I Know there was initial reporting by Brad or Keith that their dad got into these only to get the sons started in business for their future......maybe that was their early inheritance. At any rate, maybe he didnt lose anything or gain anything

ALso RD may have inhertited from his mother who I think lived with him in her last days. So that may be what got him started with these, if he didnt do the owner financing you talk about.......that would be a beauitful setup to get started for sure! Nothing lost if the bs runs itself and whatever profit may have gone to the sons all along............I just remember that the franchises were done for the sons, i dont think the daughter was ever involved i could be wrong

Just MO

 

[dancinunderthemoon]

Don't confuse that initial investment with resale value. Franchises often do not resell for anywhere near what a new franchise costs. They likely made nice income from them over the years, but there is no guarantee that they resold for anywhere near $1 million each (or that there weren't debts that needed to be paid off at the time of sale reducing the proceeds).
I think they probably were well off, but without access to more detailed financial information I would not assume they are "rich".

like rental property, usually functional obsolete and in overdone neighborhoods, the money you make is the rental income but break even in the resale......thats my experience

 

[Valiant]

DId you or anyone remember reading that RD HANDED them over to the kids, as if he got the businesses up and running then passed them down. I think someone said the sons sold some of them but did RD actually sell them? I Know there was initial reporting by Brad or Keith that their dad got into these only to get the sons started in business for their future......maybe that was their early inheritance. At any rate, maybe he didnt lose anything or gain anything

ALso RD may have inhertited from his mother who I think lived with him in her last days. So that may be what got him started with these, if he didnt do the owner financing you talk about.......that would be a beauitful setup to get started for sure! Nothing lost if the bs runs itself and whatever profit may have gone to the sons all along............I just remember that the franchises were done for the sons, i dont think the daughter was ever involved i could be wrong

Just MO

That sounds like something I remember reading. I don't have the time to search back now though.

 

[dancinunderthemoon]

That sounds like something I remember reading. I don't have the time to search back now though.

I know it would take forever! LOL....im sure its in the threads somewhere.....
thanks!

 

[Deleted member 162919]

RD owned 5 Hardees and 14 Wendy's. Wendys is a very popular chain and I don't see many of them close up shop. They were worth much more than SS is telling us there's no doubt. Even if RD and family just decided to shut down the chain and walk away they still made great money. I know a family that owns several wendys in my area and they all have multi million dollar homes 1 of which is for sale at 5.3 million.

 

[kay74]

DId you or anyone remember reading that RD HANDED them over to the kids, as if he got the businesses up and running then passed them down. I think someone said the sons sold some of them but did RD actually sell them? I Know there was initial reporting by Brad or Keith that their dad got into these only to get the sons started in business for their future......maybe that was their early inheritance. At any rate, maybe he didnt lose anything or gain anything

ALso RD may have inhertited from his mother who I think lived with him in her last days. So that may be what got him started with these, if he didnt do the owner financing you talk about.......that would be a beauitful setup to get started for sure! Nothing lost if the bs runs itself and whatever profit may have gone to the sons all along............I just remember that the franchises were done for the sons, i dont think the daughter was ever involved i could be wrong

Just MO

BBM Could this have upset their ex son-in-law. Their daughter did not get this.

 

[deugirtni]

BBM Could this have upset their ex son-in-law. Their daughter did not get this.

That's the thing.. if those franchises were 'given' to the sons, then where is the equalization.. maybe early inheritance, but then daughter would/should have received way more from the estate than did the sons, but yet SS has reported it was shared equally, aside from a small amount to MD's offspring.
If anyone should've been upset, wouldn't it have been the daughter for seemingly not being treated equally?

 

[deugirtni]

I heard a saying once, that 'you don't REALLY know someone until you've gone through a divorce with them'.
It has occurred to me that through all of the ugliness of so many divorces, it's possible there may have been all kinds of things going on with the separating couple. The wife's parents may have been encouraging her to go after certain things, or they could've been supporting her in a crusade to keep the kids away from her ex, or whatever. So many ways to be nasty in a divorce and especially when there are kids involved, AND some money. So many things that can really hurt, could've happened surrounding that whole thing. Enough to want someone's head on a platter?
Note that it appears from SM that the divorced couple seem to maintain a friendship/cordiality. Plus the kids, I'm not sure what their ages were at the time, but maybe any potential threat of child custody/visitation/support issues weren't to be very long-lived?

 

[wildebeest]

It's difficult for me NOT to focus on the ex (for several reasons). But, I don't think he did this alone. So, now I'm wondering.... Who was the possible culprit?!

The ex had never been on my radar, only the sons. But, the timing of the divorce, and the untruthful statements from a female, I hope SS knows a lot more.

IMHO

 

[wildebeest]

That's the thing.. if those franchises were 'given' to the sons, then where is the equalization.. maybe early inheritance, but then daughter would/should have received way more from the estate than did the sons, but yet SS has reported it was shared equally, aside from a small amount to MD's offspring.
If anyone should've been upset, wouldn't it have been the daughter for seemingly not being treated equally?

All good thoughts. Quite often, parents leave different amounts and things to different children, for various reasons. IMO, this causes deep rifts between the siblings, and many times they become estranged.

 

[wildebeest]

BBM Could this have upset their ex son-in-law. Their daughter did not get this.

Interesting thought!

 

[TJtennispro]

That’s a good point. My father passed away last July so a year ago from Pancreatic Cancer. My trust is setup so my Dad’s accountant is actually the executor of my trust.

Life insurance is separate completely but I would imagine that’s would be $1 million dollar policy for the Dermond’s. They were 88 and 86 so at most they’re living another 10 years max.

Trusts are irrevocable and the kids would’ve all been old enough to access those if they exist. Life insurance is payable on death but I’m sure it’s not easy to get paid out when two murders took place. MOO.

Being a savvy businessman as RD was i'm sure he had a trust fund set up and I do know some trust funds nobody outside of the people in the trust fund can get any info . Even with a warrant SS wouldn't be able to get access to it as they usually go through an attorney who then distributes the funds according to what RD set up. My guess is each Dermond kid pocketed more than 250k. The house sold for almost 700k so there's almost 250k per kid right there. I am sure both Dermonds had life insurance and i'm sure that was a good amount, then you have investments over his 60 years not to mention the money he made from his franchise he certainly wasn't losing money if he was able to expand to 19 restaurants before handing it over to the kids. Bottom line and a conservative estimate each kid took home at least 1 million . Another thing comes to mind. Early on someone said they heard from someone on the police force that this was a hit from up north well last time I checked a map North Carolina was north of Georgia but I know a lot of people hear it was a hit and instantly figure New York or New Jersey, Heck I even saw 1 comment where the person said there's no mafia in Georgia. Factor in his pension, social security, insurance, investments and I think the kids were looking at a lot of money... Just My Opinion though

 

[TJtennispro]

SS and the forensic accountant DD have both said they weren’t rich. They had money but it wasn’t Great Waters or Reynolds Plantation rich.

Don't confuse that initial investment with resale value. Franchises often do not resell for anywhere near what a new franchise costs. They likely made nice income from them over the years, but there is no guarantee that they resold for anywhere near $1 million each (or that there weren't debts that needed to be paid off at the time of sale reducing the proceeds).
I think they probably were well off, but without access to more detailed financial information I would not assume they are "rich".

 

[TJtennispro]

Actually, the financially smart life insurance thing to do is to carry term insurance only to cover death during working years and not in retirement.
Without knowing their financial planning I would not assume large amounts of life insurance.

My Dad was only 69 so what you said makes sense.

 

[fred&edna]

The ex had never been on my radar, only the sons. But, the timing of the divorce, and the untruthful statements from a female, I hope SS knows a lot more.

IMHO

You might also remember the poor ex-Dr couldn't even break the news of RD's death & SD's disappearance to the Dermonds' son. Apparently, he was just too emotional and handed the phone to his own son to explain.

Some of us found that... A bit odd.

 

[dancinunderthemoon]

A lot if hardees in ga closed down in the late 90s maybe to early 2000s.....some have made a comeback

RD owned 5 Hardees and 14 Wendy's. Wendys is a very popular chain and I don't see many of them close up shop. They were worth much more than SS is telling us there's no doubt. Even if RD and family just decided to shut down the chain and walk away they still made great money. I know a family that owns several wendys in my area and they all have multi million dollar homes 1 of which is for sale at 5.3 million.

 

[wildebeest]

That’s a good point. My father passed away last July so a year ago from Pancreatic Cancer. My trust is setup so my Dad’s accountant is actually the executor of my trust.

Life insurance is separate completely but I would imagine that’s would be $1 million dollar policy for the Dermond’s. They were 88 and 86 so at most they’re living another 10 years max.

Trusts are irrevocable and the kids would’ve all been old enough to access those if they exist. Life insurance is payable on death but I’m sure it’s not easy to get paid out when two murders took place. MOO.

So sorry for the loss of your father, tennis...

 

[wildebeest]

You might also remember the poor ex-Dr couldn't even break the news of RD's death & SD's disappearance to the Dermonds' son. Apparently, he was just too emotional and handed the phone to his own son to explain.

Some of us found that... A bit odd.

YES! More than a bit odd...I had completely forgotten about this, even though I have been here from the beginning. Thanks for the reminder.

 

[wildebeest]

SS and the forensic accountant DD have both said they weren’t rich. They had money but it wasn’t Great Waters or Reynolds Plantation rich.

I find it strange they weren’t rich. Having owned that many franchises in their life, they should have had a lot more money. I have the feeling, just the feeling, perhaps their children had already used part of their parents wealth, for various reasons. Once it was known the parents could be “leaned on” for money, it became habitual, and maybe, just maybe, it became too much for Mr. and Mrs. D, and they said, No. Then, people were angry.

Just thinking out loud, and throwing out thoughts.

IMHO