[Previous entry: "Burning The Night Away"] [Next entry: "Catalina Ablaze!!!"]
05/10/2007: "That's Why You Need A Family Trust"
I actually had two titles picked out for this entry. I went with the one above, but I could just as easily gone with "Has She Lost Her F&%$ing Mind??? ... 
No one likes to think about death, particularly their own, so few of us plan for our own deaths. We all think we'll live forever, or will at least have lots of time in the future to plan for the inevitable. Some take the time to lay out exactly how they want their affairs to be handled in the form of a family trust. Just last night, I received my copy of my father's trust - a depressing, but necessary action.
Some folks, though, either don't take the time to set things up or have their life cut short before they get a chance to lay things out. That's what happened to stock car racer Dale Earnhardt. I'm sure he had no idea he'd die during the 2001 Daytona 500, but die he did. Many times during his later years, he described with joy the thought of his children taking over the operation of Dale Earnhardt Incorporated, the race team he created for his son Dale Jr. to race for. But wanting is one thing, and acting is another.
Wherever he is today, Dale is watching with disappointment as his dream crumbles. Dale Jr. announced today that, despite his best efforts to negotiate a contract extension, he would be looking for a new team to race for starting next year. He and his sister Kelley, who was serving as his agent, had wanted a majority ownership in DEI, consistent with his father's wishes. In the end, though, Earnhardt Sr's widow, Teresa, couldn't give up control. Now she's without a driver, the face of her company, and the reason DEI was created in the first place. What a blunder.
He said:
"Money's not really the issue. It's not the guy who gives me the biggest paycheck," he said. "There's some things you can't get with money: peace of mind and satisfaction." ... "I feel like over the last year or two I've shortchanged my fans," he said. "I'm hoping to win some races, win some championships to give [the fans] what they pay all that money to go see us for."
She said:
"While we are very disappointed that Dale Jr. has chosen to leave the family business, we remain excited about our company's future,'' she said. "Dale and I built this company to be a championship contender, and those principles still apply. Dale Earnhardt Inc. will win. ... This company has a great legacy and a bright future, built on loyalty, integrity and commitment.''
With his announcement today, there will be a tidal wave of interest in Junior's services for next year. Lots of teams will offer stacks of cash, but he's been a Chevy guy from the start and has indicated a preference to stay there. He certainly won't sign with Hendrick Motorsports, who never really fit his image and already maxed out with drivers anyway. The sentimental choice would be Richard Childress Racing, the team Dale Sr drove for when he died. Junior brings the Bud sponsorship with him, but not the car number, and RCR offers the ultimate opportunity - to drive the #3 Chevy his father made famous. Another option would be Joe Gibbs Racing, home to his friend Tony Stewart. Gibbs is the coach of the Washington Redskins, and it may or may not be significant that Earnhardt was wearing a 'Skins cap at practice earlier this week - backwards, of course. The final option is that he could simply expand his current operation, Junior Motorsports, from Busch series racing up to the Nextel Cup. But that would mean a steep learning curve, and he is 32 ...
There will be a lot of fingerpointing and tongue wagging over the next few months. Teresa Earnhardt will be made out to be the Yoko Ono of stock car racing, and Junior the crown prince denied. It's not as simple as that. Surely, both sides realized the impact their failure to agree would result, and made a conscious decision to implode the team anyway. Hmm ... that sounds a lot like what happened a few years back with the Lakers when Shaq and Kobe couldn't just get along. That all worked out fine ... 
