Greenwood Management

Mat the trasher

Hi,
Wondering if anybody has ever taken one of these Greenwood Management forestry investments as advertised on Irish Times web site? 8-12% (some)goverment backed sounds quite good.

Or anybody who has put some research into them?

Cheers,

martyoo

Don't know much about them but there is a thread on AAM which maybe of interest.

ITFarmer

Hi,

The Irish Forestry (www.irish-forestry.ie) company were advertising returns of 9.6% per year. Long investment. I know for a fact with their 2nd Foresty investment plan, you got a return of just about 5% compound overall.

Red.king

Hello All,
I am an investor with Greenwood Mgt since 2008/9. I can probably answer some queries from a customer perspective and would gladly share my experiences to-date.

Quick Summary:
1. I have harvesting rights for Xmas trees in New Brunswick in Canada
2. I also have an investment in Brazil (eucalyptus trees for charcoal production).
3. I have received 1 payout for the Canadian investment already (representing approx 25% of my initial investment layout)
4. Good products... but holy cow... the worst customer relationship management I have ever come across.
5. Non-reachable Account Manager.. despite persistent attempts from my side.
6. Slow with the payments... last year my Xmas tree crop was sold by end of Dec 2015.... I am still waiting for payment almost 6 months later..
7. The investment plan explained to me seems to have changed without consultation with me as a customer.
8. No clear communication on anything except when they want to sell me more products...

Overall a solid 2/10 in terms performance, engagement and satisfaction.

PM me for more details, I will be happy to share communication trails, documents etc...

topper_harley2

Why are you digging up threads from 5 years ago on both boards and askaboutmoney to talk about these guys? Your first and only post on both forums........

Red.king

Because as a customer for the last 8 years I am hoping that new potential customers will benefit from my interactions and experience with them ie BAD.
If I had known what I know now back in 2008 I would have made a different choice.
I am also hoping to get in touch with other current customers to compare experiences.

Thanks for the kind welcome BTW.

Red.king

P.s. if you check, you will see that I am a registered user here for several years, more a lurker than a poster.

topper_harley2

My point was "why now?" The threads you referenced are over 5 years old, and nobody seemed to be talking about this company anymore, so why bother? Or else start a new thread with "Beware Greenwood Management.....my experience".

Anyway, apologies for sounding harsh but my suspicious senses are immediately raised when a poster's first post is specifically about their experience with one company. Granted most of these are usually pumping up the company while yours is the opposite.....

I know you mentioned you're a lurker, so a belated welcome along, and post more stuff

Red.king

Why 5 years later? Simple, I am an admin on another forum (non-related) and it is good 'house-keeping' to reuse existing threads if they relate to the same topic... This way if a user was seeking information on the topic they would find everything under one thread..

Anyhow, back to the business at hand, so my saga continues. I have asked my 'account manager' several questions (for probably the 4th time in a row): I am still not any wiser....

1. When will I get paid for the harvest from 2015?

--> It is now 6 months since the sale of the Xmas trees. I was told they had an issue with one of the wholesalers who purchased the trees. But in my experience, this is a cash business with typically 30-60 day payment (30 days if sold into the US).
--> I have big concerns of cash mismanagement... serious concerns actually.
--> My payment for the 2014 crop was not paid until mid-May last year..

2. Why has the harvest strategy apparently changed from that as was advertised?

-->The answer I got was fluffy at best.. The original cycle was planting in 2009, first (thinning) harvest in 2014 (payment 2015), bigger harvest in 2015 (payment 2016), largest harvests in 2016+2017 and final harvest (smaller) in 2018... The figures they advertised (and they are just estimations) were 2014 = 10%, 2015 =30%, 2016 =30%, 2017 = 20%, 2018 = 10%.. (these are very approx)

--> Now, I am led to believe that harvests from 2014+2015 are 'bonus' payments, and that the 'big' harvest will take place in 2016....

--> This is extremely worrying.... so now us customers are getting a payment based on nothing in terms of harvesting volumes?? I have been told that my 2016 payment will match my 2015 payment (to the penny), but how can this be possible unless they managed by coincidence to harvest the exact same volume of trees 2 years in a row...

3. Why do they not consider it necessary to inform and update customers about such an investment change, especially one that changes the complete cash flow?

--> I got no response on this query...

The hit-rate for responses from GM in my experience is that I get a reply only after I repeatedly remind them after 2 weeks. I have never succeeded in actually getting anyone on the phone, I get to the reception but for some reason everyone is in 'meetings' and they rarely (as in once) call me back...

Red.king

OK, in the interests of seeing this thread through, and also spreading information about GM, I have some updates. I received a call from a senior executive in GM this morning, and all of my queries listed above were answered in a reasonable way. Points 1-3 below are answers to points 1-3 above;

1. I will get paid in the coming weeks, the payment is being processed.
--> There is an approx 5 months 'delay' after the sale of the crop until final investor payment because; GM in Canada sell to private wholesalers, basically individuals who sell Xmas trees in parking lots etc.. They (GM) do not sell to e.g. Walmart or other big buyers as they get a better price per foot selling privately. These small privateers are not so good with cash-flow and thus receiving payment from all of these small guys is a challenge. GM will not pay to the investors until they receive ALL payments due from the wholesalers.
--> My Opinion: it is a good strategy to maintain a strong price per foot, however, its weakness is that there is huge admin to collect all dues. They need to develop this process to ensure payment is received 30 days net..

2. Basically, my now Ex account manager was an idiot and did not know what he was talking about. When he couldn't answer something it appears he just made up lies. I have a new account manager now.
--> My harvesting strategy has NOT changed (Ex AM was talking crap).
--> Harvesting will take place over 3-4 years depending on quality of crop growth.
--> I have received 1 payment (2015 harvest) and should expect min 2 more of larger value in 2016 and 2017. There is potential for a 2018 harvest depending on crop conditions.
--> There is no 'bonus' payments and my 2016 payment will not be the same as the 2015 payment (again, crap from the ex Acc Mge). I will find out later today the exact value. You are paid per foot of tree harvested.

3. Null and void. No strategy change at all.

Basically it seems a lot of my issues were down to the idiot Account Manager and his inability to understand basic customer service and support.

I will report back when I receive my payment and I have no problem in sharing how this investment is turning out... good/bad or indifferent.

I have another investment with the same firm in Brazil and an open to sharing details there too if any one is interested.

//Red

flyingfitz

Hi Red King, I am in the same boat as yourself, bought Christmas trees in Canada 2008, got back a 25% payment last year
Have had a lot of unanswered e-mails this year and filled in the paperwork for this years payment about 2 months ago, still waiting. I was told that they had staff problems in the accounts office. Also have the Eucalyptus with them in Brazil since 2010 but feel that it will be a long time to get a return on that. I guess we just have to keep after them, so long as they are getting new customers we will probably get paid. It is good to keep in touch with others and hope we can make some profit on this

Red.king

HI Flying Fitz,
Yes, I am in exactly the same boat as you. I have the same portfolio as you I guess. I also got a small payment last year (May) and I am still waiting for my 2015 harvest payment. There was a mistake in my account number some weeks back, and I resent it again, but have learned that I am on a 'queue' for payment.....
My new account manager is a lot better than my last and answers my questions openly. But...... surely it should not take this long to make a payment! We are now heading into July, 7 months after the point of sale of the harvest!

Please PM me and we can compare notes.

//Red.

Red.king

Hi All
There is now a private facebook group for investors. It is run by other investors.
In facebook search for;
Greenwood-management.com Investor Private Club.

alesmith

Red King,
I searched Facebook for that club, but can't come up with anything. I'd really like to locate it. Could you please check the name, and let me know how to find it? Thanks!

Red.king

PM sent @alesmith

Red.king

Just as an FYI, there are now several of us investors in contact with each other directly. If you want to discuss and get more information in private, then please Private Message me.

rgossip30

topper_harley2 wrote: »

Why are you digging up threads from 5 years ago on both boards and askaboutmoney to talk about these guys? Your first and only post on both forums........

Why not ??

flyingfitz

Hi, could anyone please let me know if they have received this years 2017 payment from Greenwood for the Christmas tree project. I joined in 2008 and only received two small payments (20%) in the last two years. Would like to join up with other Greenwood investors to get our payments hurried up. Thanks

Red.king

Hi Flying Fitz,
I got your message and sent you an email. 
For any current investors with this company, feel free to reach out to me. We now have a group of 20+ investors working together to address the ongoing issues (including over-due payments) we have with the company (now called GWD). If you are interested in joining this group let me know.

Santope

Red.king wrote: »

Hi Flying Fitz,
I got your message and sent you an email. 
For any current investors with this company, feel free to reach out to me. We now have a group of 20+ investors working together to address the ongoing issues (including over-due payments) we have with the company (now called GWD). If you are interested in joining this group let me know.

I'm an investor since 2012 and I would be interested in sharing

Red Dog1

I am at present a client and have been for several years. In my experience, GWD appears to be very poorly managed. The performance results and scheduled payouts have not been timely or according to their published conservative anticipated returns so far. Getting them to pay anything on my account has been difficult, to say the least

jammyjoe

I'm waiting to be paid these last few months due to a harvest done in 2016. Waiting a few months now but GWD won't even reply to my emails, Desperate to get answers if anybody has any.
Regards

phileasphog

I have invested about 20,000 euro in acacia and coconuts since 2010 and have not received one single payment despite amounts being due since 2015 and despite receiving multiple promises of payment.
 

Greenwood / GWD communication and transparency are very poor.

BDenero

I invested €7495 with GWD back in 2008 (New Brunswick project).

The predicted returns were €19,440.00 net.

To date I have received three payments totalling €5769 with one more payment to come in 2018.

At the moment my €7495.00 has been somewhere between a gift and a 10 year interest free loan rather than an investment with returns.

The final 2018 payment will have to be €1726 to even get my initial investment back after 10 years.

Over the past nine years communication and any information regarding the "investment" has been almost none existent.

Unless, by some miracle, My 2018 payment is €12000 I could not reccomend investing with this company.

Brindsley Den

I would be interested in getting involved as I have 30k invested and have received about 7k back.

Gally2017

I have invested 2K, zero back, count me in with this shower of jokers.

Leescratch

I want in,
I am in the same boat, Its a joke

Nicklemann

I cant find the group on FB, so please send me a link