The problem with private equity in print – letters to the editor
It’s time that private equity groups put the passion back into print, says Phil Heaton. Meanwhile, other readers write in over Worldwide Online Printing woes.
Equity partner print groups have, in my opinion, treated the commercial print people and the industry with disrespect by not appreciating the knowledge and benefits that they can really bring to the table (and this can be said for most of the equity partner groups).
Yes, the print people had a lot to learn and there certainly needed to be a maturing and growth in their abilities; however they know what makes the industry tick. It is a small and incestuous industry with a lot of skilled and talented people. Give them the skills and train them to improve their financial skills but show respect for our print culture that has been crafted for many years. People are the key to the success of a print business. Make them proud of what they belong to and make them really part of your new print business structures!
Print manufacturing is not 101 and print sales is not 101 as I have heard some equity partner print group say, that is utter ignorance. Commercial printing is a diverse range of different services and talent that come together to ensure the finalisation of a quality printed product in many different applications.
It takes longer than a year, much longer, to understand the commercial print culture. It is not book printing or web printing, they are all different in processes. Until the equity partner print groups appreciate that and build a respect for commercial print people, the equity partner model in commercial print will continue to fail. It is much more than just numbers. Build a commercial print business that is passionate about quality, service and the craft of commercial printing, then the dollars will look after themselves.
You might be good at running a successful finance business but a commercial print business, you have a lot to learn. I am seriously and thoroughly disappointed with the way these finance organisations have seen us, the print industry, as a quick buck and didn’t really care about building a true future for that business and its people. In their rush to buy print businesses “under duress” they were either to slow to react or brought in people that had no respect or experience with the industry’s skilled people. They even had built in exit strategies from almost day one of purchasing the businesses that were discussed with other equity groups over lunch as if these printing businesses were meaningless slaves being traded.
Passion, promotion, motivation, dedication and innovation are all words that built successful printing businesses of the past e.g. Lilyfield Printing, JS McMillan and many more, such as print entrepreneurs like Bob McMillan and Reg Hammond who inspired their staff and had them fell like it was their businesses too. This is a very special industry with a lot of excellent people who have the drive to succeed without the roadblocks. They know their clients and are passionate about their relationships to deliver service, quality and the can-do, let’s-make-it-happen attitude. YES, we can.
Please for all our sakes, bring back the guys who know what they are talking about.
Phil Heaton
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Re: Worldwide Online stores continue trading as HQ goes under
I’ve been a Worldwide franchisee for six years and bad management in the franchisor company has held us back for the last four years. Just watch us go now that they’ve been cleared out and Rob Dallimore is CEO.
Michael Kelly
Franchise Owner
Worldwide Online Printing – Chatswood
All very sad when we read news like this. Whether you are a franchise or an independent the customer is getting a far better product now than in the past.
I think all this software that has come about, has made things easier to chase
higher volume and sell at lower prices. Trouble is, there is not the volume there anymore for it to be worthwhile.
Hence we print in a low profit industry … not the reason why I went into print!
Name withheld