John Deermount
Master of Reprographics: John Deermount
John Deermount was an important player in reprographics in New York from 1971 to 2003. He worked for his family firm, The Blueprint Company, that entire time, though ARC owned it during the last five years of his career.
Here are excerpts of an interview with John conducted by Joel Salus. The numbers beside each question represent the number of the question in the original interview. The read the complete interview, click here.
8. If you sold your company (or more than one), when did you sell your company, and why did you sell your company when you did? Do you regret selling your company when you did?
I sold the company to ARC in Oct. ’98. I had no intention of selling, but they “made me an offer I couldn’t refuse”.
I always wondered what it would be like to work for a larger company and the transaction gave me that opportunity. We had made the digital transition and were doing very well. ARC was the market leader in many respects and I thought that it would enable our company to progress faster than the competition. I was very fortunate to sell when we did. I have no regrets, other than the fact that many of our long time employees and customers are no longer with the company. The Blue Print Co. would have celebrated it’s centennial in 2013.
11. When you sold your company, did you agree to stay on with the company for a period of time after the sale? And, if you did stay on for a period of time after the sale, how was it different for you, if it was different?
I had a five year contract and stayed thru the end. ARC added a lot more controls and technology to our operations. After the sale we expanded very rapidly, going from $6.5 mil. in sales to $22.5 mil. in less than three years by buying four other companies in addition to internal growth. There was a lot of consolidation.
12. Would you briefly share with us your frame of mind during the first year or so after you retired? Was it a difficult transition? Did you go through, or not go through, withdrawal?
The first few years were very exciting. Business was good; we were buying companies and the sales and profits were growing rapidly. I had some regrets later, but not now. I was VERY fortunate to sell when I did.
15. Regarding any acquisitions or mergers you completed during your time in business, did they accomplish what you expected they would accomplish? With the benefit of 20/20 hindsight, what are the key issues to be aware of to ensure success with an acquisition or merger?
In general, our acquisitions went smoothly. Some consolidation was needed to eliminate duplicate overhead. Make sure that all parties understand the agreement and what’s expected of them. Small business owners typically are pretty set in their ways. They need to understand how things will change and what’s required of them to be successful, financially and otherwise.
16. What’s your definition of “success”?
A balanced combination of meeting customer’s, employee’s and personal needs. It’s NOT just about the money! If you can’t step away from the business without honestly saying that you’ve met those needs, you didn’t succeed.
Want to read more? Click here for the complete interview.