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Crab Captain Dan Mattsen - UW Foster MBA

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(Dan Mattsen) You can all have imagine we are out at sea and rolling with the wave here but, (Dan Mattsen) When you see what's going on you spot the bowie (Dan Mattsen) Grandpa's bowie floating out there (Dan Mattsen) And you can just drive up to him and and do this 200, 300 times a day (Dan Mattsen) We actually use one of these belts to take the fish back to this third tank (Dan Mattsen) To take the crabs back, (Dan Mattsen) The last king crab I fished in..under open access was the 2004 system , (Dan Mattsen) Or season and there was I think sixty million pounds crowded eighty hours (Dan Mattsen) So it was a, (Dan Mattsen) Just a brutal three and a half day season (Dan Mattsen) That was unsustainable. (Dan Mattsen) We were going to end up finally having a three hour fishery (Dan Mattsen) Were everyone is going to go out and fish so we been working towards a quota system (Dan Mattsen) Each permit holder as it turns out, (Dan Mattsen) Not exactly, (Dan Mattsen) The quota does not belong to the boat, (Dan Mattsen) It belongs to the owner of the boat who held the fishing permit (Dan Mattsen) Was giving arothma (Dan Mattsen) A certain amount of quota share percentage of fishery based upon his or her history. (Dan Mattsen) I decided I should educate myself about how to handle this windfall (Dan Mattsen) Windfall or good fortune, (Dan Mattsen) Lets call it good fortune. (Dan Mattsen) And so I got the idea, (Dan Mattsen) And I read lots of books, (Dan Mattsen) And I started thinking about how I might be able to do this and talked to a lot people , (Dan Mattsen) And just decided that I would go back to school. (Dan Mattsen) I have really enjoyed my school as an undergraduate man, (Dan Mattsen) So I thought that might be the case and that I could do that again. (Dan Mattsen) So I looked into programs and gravitated towards an MBA program (Dan Mattsen) Thinking I might just reinvent myself and some other capacity, (Dan Mattsen) Because being a fisherman after being a college grad wasn't quite the path that other people have envisioned for me (Dan Mattsen) And I kind of made it go (Dan Mattsen) But then I was thinking (Dan Mattsen) Well maybe the next twenty years I work maybe a new work (Dan Mattsen) You know, (Dan Mattsen) For a wall street firm or maybe a work for a cooperate environment (Dan Mattsen) And decided to go down that path (Dan Mattsen) Was thinking more Seattle U Seattle central (Dan Mattsen) You know good schools but evening programs (Dan Mattsen) And then I ended up just going through the process taking the G map, (Dan Mattsen) And doing far better than I had anticipated and that opened the door (Dan Mattsen) And then you might as well go to the best school you can (Dan Mattsen) And maybe you can get out of the area and gone to some more. (Dan Mattsen) You know , (Dan Mattsen) More or whatever I think was available, (Dan Mattsen) But I didn't want to leave the area, (Dan Mattsen) Because Seattle was not quite my home but it's close to my home I live in Bremington (Dan Mattsen) And my kids are here so I decided that (Dan Mattsen) If you are going to go school one more time in your life and you can get into the U. (Dan Mattsen) You might as well give it a shot. (Dan Mattsen) I gravitated towards finance (Dan Mattsen) You know both from the initial Jennifer Crosby class (Dan Mattsen) To getting to take classes from rocky and Hegans and Alikamara (Dan Mattsen) You know these are just some great classes (Dan Mattsen) But when I got the chance to take lance's class I was all over it (Dan Mattsen) And when I looked at some of the cases (Dan Mattsen) These were more human size businesses (Dan Mattsen) Because I just don't think I'm ever going to start (Dan Mattsen) You know some bio tech that is going to be sold out for a billion dollars (Dan Mattsen) I am you know, (Dan Mattsen) Very comfortable owning the majority or a large chunk of a smaller operation (Dan Mattsen) And rather than being the CEO with one percent of the stock of a huge company (Dan Mattsen) I like this style, (Dan Mattsen) This size of a business, (Dan Mattsen) And working that quarter with lance was just a lot of fun (Dan Mattsen) Looking at you know, (Dan Mattsen) Making the decision to buy a winery or to buy you know this small business and how you would do that (Dan Mattsen) At end of class one day and I was, (Dan Mattsen) Said you know there is a friend of mine who's going to sell out his crab boat operation (Dan Mattsen) And I just kind of thinking about how I would approach that for analysis (Dan Mattsen) And he just came right back and said you know what (Dan Mattsen) What are you doing next quarter, (Dan Mattsen) Says why don't you work with me in inter study and we will just go through and analye the whole thing (Dan Mattsen) And he said, your deliverable will be a key study that maybe I'll use going down the road (Dan Mattsen) Maybe I will use in the class and I said great sounds good (Dan Mattsen) You know, and I didn't really have that much (Dan Mattsen) For the final quarter I was pretty light in class work but so i was really able to dive in the analysis of buying this boat (Dan Mattsen) But it was a compelling enough and interesting enough proposition that I decided to pursue it (Dan Mattsen) And over the course of a couple of months I negotiated with the owner and I was able to seal the deal by becoming a graduate

Video Details

Duration: 6 minutes and 1 second
Country: United States
Language: English
Views: 68
Posted by: sabbagh96 on Sep 27, 2010

Crab Captain Dan Mattsen (UW Foster MBA 2008) has shifted his burden of commercial fishing's inherent risk from physical to financial. Through Mattsen Management LLC, a firm he launched while in the University of Washington Foster School MBA Program, he now owns three fishing vessels that reap mountains of crab, cod and salmon from icy Alaskan waters.

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