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Printers live by their deadlines and, for that reason, they take few things as seriously. No printer would slip a delivery date out of inertia or carelessness - there’d be too much at stake for the long-term good of the business.
Yet, the deadline that many owners of printing companies can’t bring themselves to confront is the one attached to what Scott Vaughn, CEO of The Standard Group in Reading, Pa., calls “the largest monetized event of their careers.” That would be planning for succession: the orderly transfer of ownership to new principals under whose qualified leadership the business will be able to go forward without the owner of the enterprise - in many cases also its founder - in charge.
Because so many printing and packaging companies are closely held, “succession” traditionally has meant a generational handoff of proprietorship. But if this used to be the norm in the industry, it isn’t any longer, according to Peter Schaefer of the investment banking consultancy New Direction Partners (NDP).
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