This was a challenge. Beckett, as the price guide for “trading cards” company, was a solid enterprise. Trading cards were not as big a business as it was in the 80’s but still had an extremely loyal fan base. On top of that the company had been joined with several other companies that seemed to have synergy, but in reality, didn’t. Through 2005 and forward, print media, and most notably, newspapers and magazines, have seen an ever increasing slide of readers and advertisers.
Beckett had been saddled with a massive debt load in a non-technology related field with very limited resources – outside of the staff. The existing staff was solid, and extremely motivated to save the company. If not for the purchasing group, the banks/investors would have simply been shut down Beckett and the world would have lost an icon. Our strategy was to focus on three main online revenue generating websites, starting with Beckett.com.
I was tasked with turnaround and transformation of multiple retail products including 58 newsstand publications, price guide data, and the online marketplace with over 260 million individual products. 2010 was estimated to lose $X.X million in EBITDA without drastic changes. 2011 posted over $X million in EBITDA while still writing off over $X00K in AR dating back to 2002.
- Rebuilt our online website to accommodate increasing customer base. Online price guide revenue increase 44%.
- Reduced magazine product lines from 58 to 29, maintaining only our positive contribution lines.
- Implemented new online strategy for Motortopia.com and added 6 print publications online. Strategy is expected to generate in excess of $6 million new revenue over the next 3 years.
- Reduced vendor notes by $X million in 2011, while shortening our average payable aging by 30%.