They seem like an unlikely pair to be buying a half-million-dollar boat and heading to Alaska to fish commercially.
For one, they’re both just 24 years old.
But Jeffrey Ludwig and Matt DeWitte already have a combined 15 years of fishing experience, hold well-paying jobs in maritime and already possess an expensive commercial licensing permit.
And Ludwig was born into the industry.
“I grew up with it, I saw my Dad doing it and I always wanted to own my own operation,” Ludwig said. “It’s a business and there’s risk with any business. That being said, it’s really fun and it’s a cool job to do.”
Their story led Mountain Pacific Bank in Everett to back them. From the bank’s perspective, lending money to the pair isn’t a risk, because they’ve already demonstrated an ability to make a commitment and follow through on it, said Aaron Overland, the Mountain Pacific lending officer.
“If you have confidence in the borrowers and their expertise in the industry and you have confidence in the (boat builder) and their expertise in the industry then it’s just a make-sense proposition,” Overland said.
If all goes well, the pair will take possession in April of a 32-foot sternpicker being built by Mavrik Marine in La Conner, transport it to Bristol Bay in Alaska and start fishing by next summer.
Jeffrey Ludwig, who is from Arlington, is following in the footsteps of his dad, Joel Ludwig, who fishes for sockeye salmon with his boat, the Match Point.
In 2002, Joel Ludwig took his sons, Jeffrey, then 12, and Peter, then 10, out for the summer to fish commercially, giving them work and a share of the profits. Jeffrey could have taken cash or put his money toward one of his dad’s commercial fishing permits. He chose the latter.
“It’s just as well. I would have probably just blown it as a young kid,” Jeffrey Ludwig said.
Every summer, Jeffrey Ludwig went with his father to fish in June and July, not only learning the business, but also earning money for that permit. His father was selling it to him for the $60,000 that he bought it for.
In the summer of 2006, Matt DeWitte, who went to Arlington High School with Jeffrey Ludwig, joined the crew. Jeffrey Ludwig recalls skiing with his dad and family on Mount Baker when they saw DeWitte.
“My dad conducted a five or 10 minute interview up there and he said, ‘You’re hired,’ ”Jeffrey Ludwig said.
DeWitte only vaguely remembers the conversation. But he found a calling with that summer job and job shadow on a boat the year before. After high school, Ludwig headed to the U.S. Merchant Marine Academy in Great Neck, New York, and DeWitte went to the California Maritime Academy in Vallejo, Calif.
After graduating,they both got jobs in 2013 working on an oil rig for United Kingdom-based ENSCO in the Gulf of Mexico.
They serve as third-mates on a floating oil rig drilling in water 6,230 feet deep. They work onboard the rig for three weeks and then fly back to the Northwest for three weeks off.
This summer, DeWitte worked a couple of weeks on a fishing boat in Alaska for the first time in a couple of years. He realized how much he missed fishing.
“After the season, it really hit me that I wanted to buy into the fishery,” said DeWitte in an email. “Jeff and I had discussed the possibility of buying a boat together a few years prior. For me, this was kind of a last chance opportunity to buy a boat.”
DeWitte had been about to buy a house on Lake Goodwin. Instead, he and Ludwig pooled their savings together to make the down payment on a boat. They created their business plan on a flight to their work.
They set up a business named DeWitte &Ludwig Fisheries. Their accountant suggested that they approach Mountain Pacific. DeWitte and Ludwig felt they could make a compelling case for a loan, despite their age.
“We both make north of a 100k a year in the oil field and we come from a successful fishing group,” Jeffrey Ludwig said. “My Dad and his 10 other guys in his fishing group are consistently among the top producers in Bristol Bay.”
Loaning to the fishing industry has been an area of emphasis for Mountain Pacific since 2010, said Mountain Pacific CEO Mark Duffy. The bank has even opened a loan office in Ballard to be closer to potential clients.
Duffy said they felt comfortable with Ludwig and DeWitte from the beginning.
“We were impressed with their story and they had a good plan,” Duffy said.
Ludwig and DeWitte considered their options for a boat before deciding to get one built by Mavrik Marine.
“We played around with the idea of getting used boat, but it’s a pretty tired fleet up in Bristol Bay,” Jeffrey Ludwig
Now they just need to name the boat.
“Ooh, gosh we haven’t really had any chance to think about that,” Ludwig said. “We’ve got a list. We’re going to keep it under wraps.”
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