When I arrived back in my office after the Labor Day holiday, my calendar reminded me that Tuesday September 8th was the anniversary of the management buyout (MBO) of PlastiCert.
It was amazing to reflect on the fact that it has been 9 years since that day and the change that has occurred.
PlastiCert was just emerging from the great depression. Reduced revenues, a good deal of debt, aging equipment, no lead generation taking place. (Which also makes me think, what the heck were we doing?)
Well, we implemented the business plan that had been drafted to guide and spearhead the acquisition.
We addressed the lack of lead generation. We decided to not take the conventional approach of adding a direct sales force or sales representation which would add overhead and direct costs. We undertook an aggressive revamping of our online presence through our website and implemented a Google Ads program. We started generating leads almost immediately. We continue to pursue this route today not having to achieve such a high ROI on the conventional sales structure. We have added nearly 20 new customers in that time. Since that MBO, we have had one small customer ask us to ship out their mold, (and one other customer ask us to ship out their mold, and then ship it back to us 13 months later).
We approached operations in a conservative yet service-oriented effort. Minimized our cost of doing business but maintain high quality, delivery, and value to our customers, until all debt was paid off. We achieved and have maintained a debt free organization.
As we worked toward being debt free, we drafted and once there, implemented our Capital Improvement Plan. We have replaced over half of our presses, with new or newer versions, and have just two more presses slated for replacement. We have refitted our mold shop with critical new equipment, all while incurring no new debt.
The future is bright at PlastiCert. We have a great team; we have satisfied customers and are adding more all the time. We have reinvested in our capabilities and skills, and we have assured our finances are sound and in the right place.
How is your molder doing? Going in the right direction? Give us a call and come along for the ride! The future is so bright, ya gotta wear shades.
That is why we say, PlastiCert, Molding YOUR Future. (And ours too!!)