Last week when we reported the closure of Mallard Press we only received confirmation from a company spokesperson. At the time Bob Gay, President of Mallard Press could not be reached for comment. Shortly after our report, Cary Sherburne interviewed Bob Gay and we ran a two part series in which Bob spoke frankly about what went wrong.
The interview with Bob is a salutary reminder of the challenges the printing industry faces as we undergo structural change that is fundamentally redefining the way we do business.
Shortly after we ran the interview we were contacted by Ron Gion Former CEO of Impressions Unlimited. He gave us permission to share his comments:
I have been a WhatTheyThink subscriber since 2001 and as I read the story of Bob Gay and Mallard Press, I wept inside for him and his company because the same outcome occurred for my company, Impressions Unlimited, in April of 2009.
I want to second 4 key points said by Bob;
1. Debt. Only take on debt if the lowest revenue projections of your business can support it. Leverage is a two edged sword and the downside is very sharp.
2. Don't be a man in business, be a businessman. Make the tough, hard calls. If we don't, nobody else will and your company will be lost.
3. Family is more important than any business.
4. Print is a commodity and a rapidly declining commodity. In order to survive, print service providers must add new sources of revenue in order to be profitable.