Retailers Forum Magazine August 2020 EMAG

forumworkshop
FORUM WORKSHOP
This happened to Fredʼs print shop. It also happened
to my typesetting business. Fred spent
money on a third location, which attracted almost
no business. He ended up in debt, but
found a buyer for his business-in-trouble. It took
four more years for the business to close.
said she and her husband could use the tax deductions
and her eighteen-year-old daughter,
who had shown some interest in graphic arts,
needed a job. Bev was also interested in retiring
from her state job and moving into a business
of her own.
I realized that desktop publishing was enabling
businesses to do the same thing I was selling
but cheaper and faster. I realized that the “low
end” of the typesetting business was changing.
The demand for typesetting was going to require
phototypesetting equipment, which meant
a $20–40,000 investment and employees to
keep those machines working all day (and
night) to justify that investment. I decided to sell
my business. I admit to some sort of luck. A
customer of mine who had a high-paying state
job asked me if I wanted a partner. Bev Miller
I told her my view of the future;
she agreed and rather
than buying a partnership
agreed to buy the entire business.
Four years later, the
company employed three
daughters and Bev. Each of
the daughters earns more than I ever did. But
they have also invested tens of thousands of
dollars in the business and are in for the long
term. It might be another year or five before
they recover their investment. continued..
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Page 44 AUGUST 2020 | RETAILERS FORUM MAGAZINE