After 30 Years, Is It Time to Get Out or Re-Charge?

Several decades ago, these young folks had this great idea to be in the label and package printing business. Whether they were in queue to take over the family business or they started one from the garage, it was clear that they had ink in their veins. And what a ride it has been! Through the financial highs and lows, technology swings that continue to transform the industry, a customer base that shares their expectations – daily, and oh yeah, a global pandemic, they remain steadfast at the helm. You know what they all have in common though? They’ve taken on these challenges, and through the headwinds they faced not only persevered but grown to be leaders in this industry. It may not have always been pretty, but they continued to get the work out, kept folks employed, and even made a few bucks. But now they are looking for that next challenge. Is it time to get out or find a way to re-charge?

Maybe it’s a generational movement, but it seems more of these owners are now looking for the options that will define the next chapter for themselves personally, as well as for the business. And while selling the business could be an option, it doesn’t necessarily mean they want to sell the business. It means thoroughly evaluating their options: maybe by adding a new capability or upgrading in certain areas so that the entrepreneurial spark gets re-ignited.

So, what are these options? After their decades in the printing industry, there are still several options for them to consider. Here is a high-level view of some options for the owner personally and for the business:

Exit Strategy If the owner is looking to retire or move on from the business, they should consider their exit strategy. This could involve selling the business outright, passing it on to family members or key employees – think ESOP, or even merging with another printing company.

Succession Planning If the owner plans to eventually step back from day-to-day operations, they should have a succession plan in place to ensure a smooth transition. This could involve grooming a successor within the company or bringing in outside talent.

Diversification Given the changes in the printing industry with the changes of how customers go to market, it could be wise to diversify the business's offerings. Depending on their current capabilities, this could involve expanding into adjacent services such as graphic design, apparel and promotional products, and digital marketing analytics.

Technology Upgrades Investing in newer printing technology can help the business stay competitive and meet the changing demands of customers. This could involve upgrading the digital printing equipment, or the next wave of ink jet presses which offers greater flexibility and customization options. On the conventional side, don’t overlook the automation that has been added to offset presses, bindery equipment, and workflow enhancement.

Online Presence Building an online presence through a website and social media can help attract new customers and showcase the business's capabilities. Offering online ordering and proofing can also streamline the customer experience and reduce touches throughout the production cycle.

Environmental Sustainability Many consumers are increasingly concerned about the environmental impact of printing. Investing in eco-friendly practices and offering sustainable printing options can attract environmentally conscious customers.

Training and Development Investing in training and development for employees can help improve efficiency, increase employee engagement and keep the business competitive. This could involve training on new equipment or software, as well as leadership and management development.

Customer Relationships Building strong relationships with customers is essential for long-term success. This could involve offering enhancing the personalized service they offer, staying in touch through in-person meetings, business reviews, email or social media, and soliciting feedback to continuously improve. Think proactive vs, reactive.

Explore Niche Markets Identifying and targeting niche markets can help the business stand out from competitors. This could involve specializing in a particular type of printing, such as smart-and-active packaging or large format printing, or focusing on serving a specific industry, such as healthcare or education.

Cost Management Continuously reviewing and managing costs is important for maintaining profitability. This could involve renegotiating supplier contracts, optimizing workflow processes, and minimizing waste.

By considering these options, the owner can position themselves and their printing business either for ongoing success or for sale in this rapidly changing industry. They can provide the options that can re-charge the tank after the decades of being in the business.

These are some ideas that I think are important, and that you should consider. But what’s working for you? What are some of the ways you’re using to re-charge and re-energize both your personal involvement and the business results you deserve? Please add your thoughts and comments below.

Mike Philie advises Graphic growth strategies. Mike offers direct guidance to navigate market shifts and achieve growth. Mike provides advice for strategic integration during mergers, ensuring success beyond financial considerations. His practical insights and strategic direction empower businesses to thrive, anticipate change, enhance leadership, and succeed confidently in transformative markets. Learn more at www.philiegroup.com, LinkedIn or email at mphilie@philiegroup.com.