Still A Champion

After 16 years of operating Champion Printing in the suburbs of Baltimore, MD, Ted Gelletly called it quits for his independent print shop. Yet, he says he still feels satisfied. Quick Printing asked Gelletly a few questions to learn more about his life-altering business decision.

Q: When did you first enter the printing industry, and what has your career been like?
A: I purchased Champion Printing in May 1992 from its founder, Don Champ. The first few years of running the business were pretty rough. We were very labor intensive. The equipment was old, and though operational, needed replacement in order to become efficient.

I also hired some really great people over the years. The quality and quick turn around allowed us to grow the business substantially. In 1999, we built a modern facility in a nearby industrial location which allowed us to expand our mailing operation, increase paper storage, and streamline workflow.

Q: So why did you decide to sell your print shop? And why now, in this economy?
A: It was not an easy decision. I was expecting to work two or three more years, but my business instincts told me to fully explore this opportunity. The Allegra Network representative, Walt Rickens, presented me with a copy of the John Stewart/Larry Hunt book, "Print Shop for Sale." I read the book and followed the suggested formula. John Spaar's (the buyer) initial offer was surprisingly close to my calculation. I considered it a great opportunity.

Q: What was the transitioning process like? What was the first thing you had to do?
A: The first thing I really had to do was begin to let go. I wanted the new owner, John Spaar, to play an integral role in the day-to-day decision making. Even though most of the decisions were routine for an experienced shop owner, I remember how hungry I was to learn everything I could when I was a new owner. I also wanted John to have the chance to be involved in the decisions, and more importantly, understand my thought process.

Q: Describe the relationship you have now with your buyer.
A: Our relationship has been great. After John took over, I remained on staff for 90 days. The contract I signed also included consultation for one year. John inherited a great staff and I'm certain that he has gained a greater trust in their technical expertise. We still talk on the phone and exchange emails, but I feel John is now firmly in the driver's seat. John's attitude toward clients is similar to mine. The business was built on great customer service and John has only improved it.

Q: What piece of advice do you have for people out there looking to sell their businesses?
A: For heaven's sake, hear the math! You can't have any fear when they tell you what your business is really worth, but what you can expect is a fair and realistic price.

With the economy right now, people are afraid to let go of what they worked so hard to attain, but if you wait around, you might end up with nothing. So, in other words, if you are thinking about selling your business, don't wait. It might be worth more now than two years down the road.

Even though John didn't have "hands on" experience, he understood printing theory and knew what to expect. It made for a very positive experience.

Q: So, what are your plans now? Are you officially retired?
A: Yes, I can say that I'm officially retired! I still participate on a few print-oriented list serves. I intend to spend more time with my wife, Kay, at our vacation spot on Chincoteague Island, VA, and travel a bit.