This Interview was sponsored by GreatAmerica
In this video interview, Andy introduces his special guest, Mike Riordan, a highly respected figure in the copier industry. With genuine enthusiasm, Andy expresses his gratitude to Jennie Fisher of GreatAmerica, the organizer of the interview. The conversation kicks off as Andy takes a moment to acknowledge Mike’s impressive knowledge and experience, even recalling hearing his name long before fully understanding the copyright industry. It becomes evident that Mike’s expertise stems from a diverse background, including his tenure at Kansas State University and his sales career at IBM, where he sold typewriters and dictating equipment for a remarkable seven years. This eventually led Mike to establish his own company, focusing on enhancing the hiring, development, and motivation processes for copier dealers. For an incredible four decades, he has had the privilege of working closely with copier dealers, offering his profound insights and expertise.
As the discussion unfolds, the spotlight shifts towards industry trends, particularly the intriguing realm of acquisitions. With a deep understanding of the subject, Mike sheds light on the historical context of acquisitions in the industry, highlighting significant waves of activity that have occurred over time. He explains how mega dealers played a pivotal role, competing against each other and initiating major shifts. Although the acquisitions market has somewhat cooled down at present, Mike confidently predicts the emergence of another wave in the future. Notably, he observes the growing trend of larger independent dealers acquiring smaller ones, indicating a potential shift in the industry landscape. The conversation then evolves to address the future trajectory of the industry, contemplating whether only a select few dealers will dominate or if a significant portion will eventually sell. Mike shares his belief that as many tired dealers approach retirement age, acquisitions will remain prevalent as owners seek viable exit strategies. He advises against underestimating the potential of independent buyers, as they can present attractive options for sellers. Additionally, Mike encourages medium-sized dealers to focus on building robust teams and loyal customer bases, while considering acquisitions as a means to compete with the mega dealers. Looking ahead, Mike provides invaluable guidance to independent dealers, emphasizing the importance of strengthening banking and manufacturing relationships, expanding service offerings, and investing in technology to bolster competitiveness. Furthermore, he underscores the enduring significance of building and nurturing strong customer relationships through the provision of exemplary service. This insightful video interview with Mike Riordan provides a wealth of knowledge and expertise, equipping professionals in the copier industry with valuable insights to navigate the ever-evolving landscape effectively.
SOURCE Industry Analysts Inc.
