September 8th is the anniversary of the management buyout (MBO) of PlastiCert, this year marked our 10th year since that revitalization! We will be celebrating with a catered in lunch for everyone and some revelry talking about our accomplishments.
It is a little dizzying to reflect on what all has transpired in that 10 years, considering we started out while exiting a recession.
PlastiCert, along with the rest of the nation, was just emerging from the Great Depression. While technically only 18 months long and not ranking very on the list of recessions, we were saddled with reduced revenues, a good deal of debt, aging equipment, and no lead generation taking place. Our business plan was our guide, and it still is to this day.
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 felt this was not only the most cost-efficient way of doing business but was the future of sales. Who knew that we would be ahead of the curve for when COVID hit and direct sales forces were barred from traveling and more importantly, not allowed into customers’ facilities? Our online presence has been beneficial since inception, but in the last 18 months it has been invaluable.
As we worked toward being debt free, we drafted and implements a Capital Improvement Plan. Once our Current and Quick Ratios got above 2 & 1 respectively, we executed flawlessly. We have replaced all our presses with new ones. We have refitted our mold shop with critical new equipment. Some of the equipment acquisitions were financed, not because we had to but because rates were so low it made sense to. We recently broke ground on an addition to our building and are eyeing up other property as well.
We were in a good position to battle and overcome the operational reformatting COVID threw at us, and we are stronger as a result.
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 confident that 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!!)