Chapter 2 - Strategic Growth
When a defining moment comes along, you define the moment, or the moment defines you. —Kevin Costner
As Dormont continued to grow, we continually looked for new and add-on products that would help increase our sales. We knew that we were somewhat of a one-trick pony in that the large majority of our sales were stainless steel gas connectors. I began to think about several different methods to expand our product portfolio, including creating our own new products, acquisitions, buying from other manufacturers, and/ or developing license agreements with other companies. I would walk the floor at industry trade shows and visit companies on my trips overseas to look for products and ideas that might fit.
The challenge that we encountered was that there were few truly new innovative products.Most products would allow Dormont to offer additional items as more of a full-line supplier rather than simply gas connectors. These products were typically sold by other companies, and beyond service and vendor consolidation, there was little value-add that we could provide. One of our biggest dilemmas was in choosing between add-on products that would be complementary to our current line and getting into a whole new line of business. Ultimately, we were most successful when it involved an extension of our current products, often developed collaboratively with our supply-chain partners.
Board of Advisors:
"Preparing For Private Company Mergers & Acquisistions" PWC/Cohen Grigsby
Goldman Sachs/New York
Presentation to MBA Interns
- The Business Growth Expo - Pittsburgh Business Times
- Institute for Entrepren.eurial Excellence (IEE)
- Association For Corporate Growth (ACG)
- Fox News
- Bloomberg: Taking Stock
- Business Talk Radio Network
- Inc. Magazine
- Business Finance Magazine