How does a media firm widely known for its newspaper journalism exit the business? Join us as Ralph revisits the difficult decisions that led Manship to sell The Advocate — a much beloved community newspaper owned and published by the Manship family–owned business for the past 104 years.
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An Offer Too Good to Turn Down
“From 2008 going forward, newspapers saw something like 30 to 40 percent of their revenues disappear in the course of 3 to 5 years. This is a paradigm shift beyond the imagination. In 2013, the family reluctantly made the decision to sell the paper after an offer came to us that was just too good to turn down. So, after 104 years, we exited the business.”
Advancing the Deal
“In every situation, there are so many circumstances that we don’t control. … We had something that someone wanted, and in Washington, D.C., the Washington Post Company had something that Mr. Bezos wanted. There have been a number of other sales where the company didn’t have this advantage, or they may have had more problems than we faced, or they had union issues.”
Mentoring Round
“I wish that I had taken the time earlier in my career to get an MBA. … I like to consider myself a recovering CPA. That type of exposure can take you from the view that it’s all about numbers to the view that it’s all about strategy. The numbers are important, but use them — don’t let them use you.”
Book Pick
Profiles in Courage
Interview Links
- Ralph’s Site
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