Family-owned Bassett Printing Completes Ownership Succession with NAPL's Assistance
PARAMUS, NJ—September 9, 2009—David M. Flach, Jr. has purchased all outstanding shares of Bassett Printing Co. of Bassett, VA, according to NAPL. Flach had already owned 5% of the full-service commercial printing business previously held by the estate of his father, the late David M. Flach Sr.
The announcement was made by John Hyde, NAPL Senior Vice President, who advised the new owner regarding business valuation of the company and structured the purchase transaction. Flach, facing enormous challenges in achieving the purchase, turned to Hyde in February of 2007, following his father’s passing in August of 2006. “It’s taken this long to get the purchase resolved, and NAPL has done an excellent job,” Flach said.
“To further complicate things, we were going through this process when Bear Stearns collapsed in 2008, affecting the whole American economic structure. The whole question surrounding business asset valuation and the valuation of stock and assets took on a different face,” added Flach, who also wanted to ensure that other family members were being compensated fairly in the transaction. He credits Hyde and his “excellent resources” with helping to effect a smooth and equitable conclusion to an extremely complex process.
Bassett Printing is one of approximately 30,000 privately owned print and graphic communications businesses in the United States. It is estimated that roughly half of these businesses are experiencing or will face some form of intergenerational or succession planning issue. “The percentage that successfully transfers ownership from one generation to the next is low,” commented Hyde, who has nearly 20 years experience helping owners of printing companies and other graphic communications firms implement successful restructurings, mergers, acquisitions, and other strategic initiatives.
David Flach typifies the new breed of printing company owner who is open to learning new ways of doing business and passionate about building the business as an asset, rather than a legacy. “I was very quick to reach out to people who had the experience that could help me make decisions that I needed to make, and deploy the plan that I wanted to accomplish,” Flach added.