The last few years have been a whirlwind for local printing and marketing firm NextPage.
NextPage itself was created after three local businesses—MailPrint, Graphic Services and L&L Manufacturing —merged together. And now, NextPage has just announced the acquisition of Print Big Solutions, a local company that specializes in banners, vehicle graphics and other large-format printing.
Gina Danner, NextPage’s CEO, talked with Thinking Bigger Business about the strategy that’s driving her company’s growth.
How Does an Acquisition Help You Grow?
A lot of times, efficiency is the chief motive behind a merger. The business owners involved think they can save money on back-office costs. For NextPage, though, its motivation for M&A activity has always been growth.
“It was about expanding our client base and offering services that we didn’t offer before,” Danner said.
The initial NextPage merger has created several opportunities for “crosspollination.” For example, a lot of Graphic Services’ clients hadn’t done many mailings before, but now several of them are using the mail and fulfillment expertise that MailPrint brought to NextPage.
The deal with Print Big wasn’t an accident. Danner and her partners, president Eric Danner and vice president Larry Wittmeyer Jr., had been purposely looking for a large-format printer for a couple of years. It was a service that they didn’t offer, but presented a big opportunity for growth. (Just over half of all large-format printing is sold by commercial printers like NextPage.)
Why It Pays to Be Selective
As NextPage has searched for possible acquisitions, its leadership has been very careful to look at the other companies’ cultures. Do they share the same values that NextPage does?
In the case of Print Big, the answer was a big yes. But not everybody emphasizes innovation or customer care to the same degree that NextPage does. In those situations, Danner and her partners have passed on those targets. (They’ve looked at 10 deals to date, with others under consideration. So far, only one deal has proceeded.)
Bringing two different companies together is challenging enough without a mismatch of cultures.
“If they don’t align with your own value systems, you’ve got some challenges,” Danner said.
The Benefits of Being Different
Having similar cultures is important, but it’s also good to embrace (and benefit from) differences.
Each of NextPage’s leaders brings something different to the mix. Eric Danner, for example, is an expert at finances and operations. Wittmeyer possesses an incredible level of skill with the company’s equipment and machinery, while Gina Danner is the best at sales and marketing.
“I don’t have to worry about the finances or the operational areas of the business,” Gina Danner said, “because I know that Eric is carrying that football.” The same goes for the equipment, she said. Larry has that piece locked down.
