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Go to thehulltruth.com and do a search under transom repair.
A friend of mine followed the advice given, and was able to repair his totally rotten transom using a liquid replacement. Use a long drill bit and a coathanger to get the rotten wood out, and then mix this stuff and pour it in. The transom is more rigid than it was when new.
Great stuff that has been proven over time and many success stories. It's expensive, (several hundred dollars for the kit) but much cheaper than a shop, and the results are outstanding.
Having seen his first hand, it is what I would do.
TH
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