Wednesday, May 29, 2019

Books - The Comeback of the Century


Mark Hahn and Mitch Evans, my partners at Graphic Arts Advisors, LLC, continue to see M&A opportunities for growth-minded firms to expand within the printing and graphic communications industry landscape. Eyebrows may be raised when we mention book printing in this conversation, but daily operational pressures (shorter run lengths, demanding turnaround times, and increasingly complex finishing and logistics issues) add up to making owners more receptive to joining forces with a compatible partner or with a larger, stronger organization. The underlying viability of book printing supports the view that this segment remains ripe for strategic M&A. Book printing has shown surprising resiliency. An article in NY Times (May 27, 2019) examines valid reasons why printed books aren’t becoming extinct; ironically, the article is worthwhile reading whether in printed or digital form.

Tuesday, May 7, 2019

Restructuring - Art and Science



“Restructuring is the art and science of exchanging one obligation for another,” I explained to a business owner who faced a critical crossroads that had nothing to do with financial distress. “Restructuring requires broad judgment from an experienced practitioner rather than fluency in technical jargon of insolvency or bankruptcy.”