group members
Those old enough to vividly recall the early 1980s certainly remember the old investment commercial tagline “When E.F. Hutton talks, people listen.” Last week’s Copier Dealers Association (CDA) meeting definitely borrowed from that notion with its guest speaker, DEX Imaging President and CEO Dan Doyle Jr., whose hour-long talk was afforded rapt attention by the approximate crowd of 50 dealer execs.
Doyle batted leadoff during the two-day affair hosted by Ford Office Technologies and the outgoing CDA President, Johnathan Garlow, at the sprawling Nemacolin Resort, tucked in the mountains of southwestern Pennsylvania. Garlow, the CEO of Connellsville, PA-based Ford, served as the emcee of the robust meeting, which included presentations that covered artificial intelligence adoption and a look at the success drivers in business and the entrepreneurs who refused to give up. The second day featured closed-door informational sessions for CDA members.
All eyes were on the DEX Imaging chief exec. Doyle recounted his company’s meteoric rise from a staff of 15 employees, the string of acquisitions that have carried the company to the $500 million mark in revenue, and selling the company to (and later buying it from) Staples. Doyle and his father, Dan. Sr., boast legendary status within dealer circles. His father, Dan Sr., was one of the driving forces in amassing the DANKA Industries empire, a $3 billion powerhouse in the 1990s that was later sold to Konica Minolta.
Evolved Thinking
There were watershed moments in his development. Doyle recalled that as a young executive, his goal was to reach $100 million in top-line revenue. The real education for him came during breakfast meetings with his dad at a greasy spoon, where father made son work out a cash flow for the business on the back of a placemat. Gradually, he learned that it was the bottom line revenue that was the true path to success.
“Top line is ego, bottom line is profit,” Doyle told Garlow. “My dad just kept beating that into me and I finally understood it.”
The measuring stick for success has been a constantly moving goalpost, so as DEX Imaging continued its ascension, the revenue target grew. The paradox was the more the company earned, the less money ended up in Doyle’s pocket, simply because the profits were being funneled back into future investments for growth. Once the company reached $350 million, that’s when Doyle set his sights on becoming a billion-dollar dealer.
The Staples strategy (2019-2024) was strong on paper. The retail giant had $2 billion in toner sales per year, but it was leaking 10% market share, with much of its going to DEX Imaging. So Staples approached Doyle with the idea of obtaining his dealership and turning over all of the toner leads to DEX account reps, to be put on managed print contracts. Doyle signed off on the sale, but two things happened that neither party counted on: Staples’ reps were reluctant to hand over their still-lucrative toner leads, and the pandemic.
Operating in the southeast, DEX actually fared better dealing with COVID than Boston-based Staples, which saw much of its business in the northeast drop off. When a debt payment came due, Staples decided to sell DEX. Still enamored with the industry, Doyle enlisted Gamut Capital Management to help buy the company back.
“I like this business. It’s a lot of fun,” Doyle said of the buyback decision. “There’s something going on in our business every day, whether it’s a small or big deal. It’s exciting, not a boring business.”
Done Deal
Garlow guided the conversation toward DEX’s renowned M&A track record, which numbers more than 30 deals, including eight in the last six months. Doyle spoke about the difficulty (and expense) in starting new branches from scratch, whereas adding established businesses carry with it the bonus of quality team members, which are a premium in today’s employment landscape. As much as customer accounts, a dealer’s employee roster represents an important aspect of an acquisition.
Doyle also shared some of the caveats in judging prospective acquisitions—P&L statements, equipment margins, aftermarket and seller addbacks. When asked by Garlow how dealers can best position themselves for a possible sale, Doyle recommended “cleaning your business up” before going to market, and having a CFO on staff can make the process much easier because they know all the information a buyer is seeking.
The interview concluded with a walk through DEX Imaging’s foray into managed IT. Doyle revealed he learned a lot from two failed previous attempts, but he now has a solid team that is enjoying controlled growth in the $6 million to $7 million range. He believes the more prudent route is to acquire a managed IT firm. Doyle admits it’s not an area of business he’s 100% comfortable with, despite the success.
“I think we’ll finish this year at $700 million, and I think we’ll hit our billion-dollar goal in three years,” he said. “Maybe 15-20% of that will be IT services.”
Gold Rush
The day’s second speaker was Greg Reid, an author, entrepreneur and motivational speaker. His presentation, “Three Feet from Gold: Leading Through the Final Mile of Breakthrough,” chronicled a collection of observations on success formulas from a multitude of high-performing individuals. Reid himself has penned 28 bestsellers, hosts a leading global networking event, filmed a documentary on the Make-A-Wish founder, among many other achievements.
Reid energy was boundless; he paced about the room, standing on chairs to add his own unique perspective. He delivered a rapid‑fire session on perseverance, proximity and taking decisive action. Reid traced his journey from dyslexic non‑reader to bestselling author, emphasizing the power of surrounding yourself with achievers, seeking counsel instead of opinion, and pushing three feet further when most people quit.
Through stories of Make‑A‑Wish founder Frank Shankwitz, Napoleon Hill and entrepreneurs who turned dirt, setbacks and missed opportunities into breakthroughs, Reid underscored that success favors those who act. It also rewards those who plan accordingly.
“A dream written down with a date becomes a goal, and a plan backed by action makes your dreams come true,” Reid said.
Fear and Loathing AI
The opening day’s final speaker was Santi Jaramillo, co-founder of Pragmatico, an entrepreneur and coach who helps executive leaders grow their businesses and navigate work/life transitions. The Columbia-born Jaramillo wrote “Agile Engagement,” an Amazon bestseller that delves into organizational culture and employee engagement, and was named to Inc.’s 30-Under-30 list.
Jaramillo delivered a sharp, practical breakdown of why AI adoption stalls inside most organizations—and how a disciplined, culture‑driven strategy reverses the trend. He argued that AI isn’t a tooling challenge but a behavior‑change challenge, rooted in fear, uncertainty and inconsistent leadership engagement. Jaramillo emphasized that successful companies treat AI as an adaptability exercise: leaders go first, expectations are explicit, and workflows are redesigned around AI’s strengths rather than patched with superficial “AI add‑ons.”
He highlighted two traits shared by the rare 5% of successful pilots: a single accountable owner and a highly specific workflow, not broad experimentation. When organizations combine leadership buy‑in, governance, role‑specific training, incentives and measurable ROI, AI becomes a force multiplier—boosting productivity, elevating client service and strengthening competitive positioning.
Fear is not to be discounted. Jaramillo believes culture change is important because people are afraid that AI is going to take their jobs.
“AI is a culture and change‑management problem dressed up as a technology problem,” Jaramillo said. “The technology’s there, and I bet you 5% of your people are doing some pretty amazing things with AI. The other 95 are not.”
