Drastic Measures Helped Wallace Carlson Printing Return to Profitability
The result of the analysis was a broad set of dramatic, result-producing changes. First, the team reviewed the company’s customer base and increased pricing for a small segment of high volume, non-profitable contracts that were bringing in well over a million dollars worth of business annually. A small but significant increase brought those contracts into the black.
Next, they aggressively renegotiated leases to longer terms, which freed up cash flow. The result was cash they could use to pay invoices more quickly. “We began working with vendors as close to cash as possible,” Turbeville said. “Instead of 30 to 90 day terms, we turned invoices around in 15 days or less, which brought us additional discounts. Plus we could watch closely for any unforeseen up-charges and get back to the negotiated price.”
In addition to improving shop floor processes, renegotiating leases and improving vendor terms, the executive team also recruited top notch printing talent and made necessary changes in existing staffing.
“We have assembled what we believe to be the most talented team in printing in the Twin Cities,” Ann Turbeville said. The three executives continue to make every decision as a team, combining their individual skill sets.
Another focal point for the company is keeping true to their focus on being a certified women business enterprise. In recent years, Wallace Carlson has increased its staff from 5 percent women to 20 percent.
As CEO, Ann Turbeville is not only majority shareholder, but is also heavily involved in daily operations. And today, the exec is the proud leader of a thriving company where the employees enjoy their work and the clientele is loyal.
“It’s wonderful,” she said. “Everybody is dedicated and they do the best they can do. And it shows. Profits are up, morale is up, people smile and we have fun.”