{"id":53964,"date":"2023-02-25T11:09:25","date_gmt":"2023-02-25T19:09:25","guid":{"rendered":"http:\/\/www.enxmag.com\/twii\/?p=53964"},"modified":"2023-03-01T00:42:10","modified_gmt":"2023-03-01T08:42:10","slug":"art-of-the-deal-ma-minded-dex-imaging-sets-sights-on-reaching-750-million","status":"publish","type":"post","link":"https:\/\/www.enxmag.com\/twii\/dealer-spotlight\/2023\/02\/art-of-the-deal-ma-minded-dex-imaging-sets-sights-on-reaching-750-million\/","title":{"rendered":"Art of the Deal: M&#038;A-Minded DEX Imaging Sets Sights on Reaching $750 Million"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"610\" height=\"820\" src=\"http:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/ENX_03_2023-cover.jpg\" alt=\"\" class=\"wp-image-54113\" srcset=\"https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/ENX_03_2023-cover.jpg 610w, https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/ENX_03_2023-cover-223x300.jpg 223w\" sizes=\"(max-width: 610px) 100vw, 610px\" \/><figcaption>Dan Doyle Jr. (left) and Dan Doyle Sr., DEX Imaging<\/figcaption><\/figure>\n\n\n\n<p>It could be argued that time is the greatest asset in Dan Doyle Jr.\u2019s portfolio. The CEO of Tampa, Florida-based DEX Imaging maintains a schedule packed with adventure, from involvement in critical customer takedowns to the latest acquisitions that build upon his $492 million (and growing) empire, not to mention dedicating time to a laundry list of professional and charitable organizations. And in his spare time, he\u2019s been known to purchase golf courses and host LPGA events while also sponsoring up-and-coming female golfers. Plus, he\u2019s an avid linkster in his own right.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"610\" height=\"417\" src=\"http:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/Dan-Jr-Sr-on-stage.jpg\" alt=\"\" class=\"wp-image-53966\" srcset=\"https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/Dan-Jr-Sr-on-stage.jpg 610w, https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/Dan-Jr-Sr-on-stage-300x205.jpg 300w, https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/Dan-Jr-Sr-on-stage-160x110.jpg 160w\" sizes=\"(max-width: 610px) 100vw, 610px\" \/><figcaption>Dan Doyle Jr. (left) and Dan Doyle Sr., DEX Imaging<\/figcaption><\/figure>\n\n\n\n<p>That\u2019s only scratching the surface of his agenda. However, there\u2019s one thing Doyle doesn\u2019t have time for, and that\u2019s reinventing the wheel.<\/p>\n\n\n\n<p>He\u2019s catapulted DEX Imaging from a startup raking in $8 million in its first year of operations some 20 years ago to the largest network of office technology dealerships in the nation today, a tale that\u2019s both inspirational and compelling. And in 2019, when it was announced that Staples would acquire the then-$300 million performer, it opened a world of possibilities that could propel DEX Imaging to even greater heights.<\/p>\n\n\n\n<p>However, there\u2019s sufficient reason behind why it seems Doyle has made, and continues to execute, all the right moves. His father, Dan Doyle Sr., provides a bottomless font of knowledge and experience from his time as the architect behind the DANKA Industries empire, which at its 1997 apex reached $3 billion. DANKA was sold to Konica Minolta in 2007.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"610\" height=\"343\" src=\"http:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/DEX-HQ-Drone-Photo-300dpi.jpg\" alt=\"\" class=\"wp-image-54094\" srcset=\"https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/DEX-HQ-Drone-Photo-300dpi.jpg 610w, https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/DEX-HQ-Drone-Photo-300dpi-300x169.jpg 300w\" sizes=\"(max-width: 610px) 100vw, 610px\" \/><\/figure>\n\n\n\n<p>Having experienced his share of triumphs and missteps, the elder Doyle\u2014chairman of DEX Imaging\u2014is an invaluable sounding board for his son. The duo meet for breakfast daily, and as much as it\u2019s a bonding opportunity to talk about sports and everyday life, it also provides perspective to focus on best business practices while avoiding the pitfalls.<\/p>\n\n\n\n<p>\u201cI\u2019ve got someone here who\u2019s been in the copier world since 1973,\u201d Doyle Jr. said of his dad. \u201cThere\u2019s a lot of knowledge he brings to the table, and I\u2019d be a fool to pass up those experiences. It really allows me to ask questions, pick apart an idea and get his feedback.<\/p>\n\n\n\n<p>\u201cHe\u2019s extremely honest about the paths he\u2019s taken. He\u2019ll tell me that he\u2019s taken the wrong way at a fork in the road. So now, when I go down that same path, I have the benefit of his wisdom. That\u2019s part of the reason we\u2019ve been able to grow so quickly.\u201d<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"610\" height=\"407\" src=\"http:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/Back-of-House-Shot-Wrigley-Awards-Banquet.jpg\" alt=\"\" class=\"wp-image-53967\" srcset=\"https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/Back-of-House-Shot-Wrigley-Awards-Banquet.jpg 610w, https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/Back-of-House-Shot-Wrigley-Awards-Banquet-300x200.jpg 300w\" sizes=\"(max-width: 610px) 100vw, 610px\" \/><figcaption>DEX Imaging&#8217;s awards banquet at Wrigley Field in Chicago<\/figcaption><\/figure>\n\n\n\n<p>Take note, office technology community\u2014the Doyles have laid down the gauntlet. DEX Imaging\u2019s goal is to reach $750 million in revenue through organic growth and acquisition. The timeframe? Eighteen months.<\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color\"><strong>Optimal Conditions<\/strong><\/p>\n\n\n\n<p>Geography played a role in DEX Imaging\u2019s rebound in the aftermath of COVID, as businesses were quicker to resume on-site activities in the Southeast and Southwest, its primary territories. The dealer enjoyed a stellar year for hardware sales, although the supply chain issue caused it to carry over nearly $20 million in backorders. During 2020, its clicks were down 38% from its normal run rate but have rebounded and surpassed 2019 figures. The company grew by 26%, and approximately 16% was through organic, same-store growth.<\/p>\n\n\n\n<p>DEX Imaging is the largest reseller of Konica Minolta equipment, and it also counts Kyocera, Canon, Ricoh and HP among its lines. Two of its largest growth sectors in 2022 were wide-format equipment and a burgeoning list of enterprise accounts, which currently comprise 15% of its client base. The SMB space, however, is still the firm\u2019s \u201cbread and butter,\u201d according to Doyle Jr.<\/p>\n\n\n\n<p>Two of DEX\u2019s top verticals are health care and automotive (including the top five dealerships in the nation), which faced their own set of challenges after the pandemic. Lucrative elective surgeries were placed in a holding pattern on the health care side, while automotive was beset by inventory issues. And while business ramped back up in the South, national accounts with holdings in major cities and states, including New York and California were slower to return.<\/p>\n\n\n\n<p>However, Doyle Jr. notes the national trend is quickly resuming normalized activity. \u201cPeople are coming back to the office, and the click volumes are returning to previous levels,\u201d he said. \u201cThe commute during COVID was 15 minutes, and now it\u2019s back to 45 minutes or an hour, so we\u2019re seeing the customers coming back. The machine is running again the way it should be.\u201d<\/p>\n\n\n\n<p>The pandemic experience for DEX Imaging was unlike many; the dealer never resorted to work-from-home operations, and the Doyles didn\u2019t lay off a single employee. It wasn\u2019t without sacrifice; DEX reduced its profit-sharing plan and canceled its president\u2019s club trip at the request of the company\u2019s sales representatives in order to keep its nationwide payroll of 2,000-plus members on the books.<\/p>\n\n\n\n<p>Little did the Doyles realize how long-lasting the pandemic would be. \u201cHindsight is 20\/20,\u201d Doyle Jr. remarked. \u201cDad and I would meet every morning and say, \u2018I think this COVID thing is only going to last three or four more weeks.\u2019 We were saying that every week for nine months. We convinced ourselves it was going to end, and our main objective was to keep everybody employed. Our entire workforce rallied around that. We just slugged our way through it, and we were really busy when the world started spinning again.\u201d<\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color\"><strong>Masters of M&amp;A<\/strong><\/p>\n\n\n\n<p>DEX Imaging was born on Valentine\u2019s Day of 2002, after Doyle Jr. had coaxed his father out of retirement. The goal was to become a $100 million business based in Florida, but the company didn\u2019t acquire its first company\u2014XEROGRAPHICS\u2014until nearly three years later. In the lead up to that deal, the Doyles opened facilities in Orlando, Jacksonville and Sarasota. It wasn\u2019t until 2008 that DEX pulled off its next acquisition, WADE, in Mobile, Alabama.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"610\" height=\"345\" src=\"http:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/DanJrSrWarehouseManager.jpg\" alt=\"\" class=\"wp-image-53968\" srcset=\"https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/DanJrSrWarehouseManager.jpg 610w, https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/DanJrSrWarehouseManager-300x170.jpg 300w\" sizes=\"(max-width: 610px) 100vw, 610px\" \/><figcaption>Dan Doyle Jr. (left) and Dan Doyle Sr. (right) confer with Paul Tinsley in the warehouse<\/figcaption><\/figure>\n\n\n\n<p>Organic growth primarily carried the dealer through its first seven years, but as DEX kept hitting milestones, the Doyles pushed the revenue bar higher and higher. Doyle Sr. felt it was extremely important to ensure that, in taking the M&amp;A route to growth, they instill their culture into the acquisitions.<\/p>\n\n\n\n<p>\u201cI made a mistake in acquiring Kodak Office Imaging,\u201d Doyle Sr. noted of DANKA. \u201cThey were larger than we were, and their culture\u2014which wasn\u2019t as good\u2014ended up overtaking ours. That\u2019s why it\u2019s important to establish our culture from the start.\u201d<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"610\" height=\"342\" src=\"http:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/DanJr-Forecasting.jpg\" alt=\"\" class=\"wp-image-53969\" srcset=\"https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/DanJr-Forecasting.jpg 610w, https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/DanJr-Forecasting-300x168.jpg 300w\" sizes=\"(max-width: 610px) 100vw, 610px\" \/><figcaption>DEX Imaging CEO Dan Doyle Jr. tackles forecasting<\/figcaption><\/figure>\n\n\n\n<p>Integration pains can be felt well beyond transferring one business to another on paper, and when onboarding a decades-old dealer, effecting cultural change can be more difficult. \u201cCultures are somewhat like fingerprints; everyone\u2019s a little different,\u201d Doyle Jr. said.<\/p>\n\n\n\n<p>\u201cWhen we go in to a new company, we want our culture there. Our model works; we built a business basically from zero to nearly a half-billion dollars. Nothing runs perfectly, but we\u2019ve done pretty well.\u201d<\/p>\n\n\n\n<p>Today, DEX Imaging has 42 full offices (sales and service) in 11 Southeast and Midwest states and 62 service hubs throughout much of the country. The Doyles estimate their service technicians cover 80% of the United States\u2019 business map, including more rural areas such as Montana and North Dakota.<\/p>\n\n\n\n<p>It was an active 2022 for DEX, which obtained nine companies (34 total since its 2002 inception). The larger deals included Meritech, a $30-plus million performer in Cleveland, and Hendrix Business Systems, a $20 million dealer in Matthews, North Carolina. In the summer of 2021, the Doyles acquired 10 direct branches from manufacturer partner Konica Minolta.<\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color\"><strong>The Buying Machine<\/strong><\/p>\n\n\n\n<p>DEX Imaging runs a lean operation, and a pair of M&amp;A specialists are dedicated toward cold-calling in search of potential deals. Its network of industry colleagues helps to scout out candidates, but the heart of the operation is the \u201cthird floor,\u201d where the Doyles, Paul Natale and Mark Rodgers work the big board in the conference war room, evaluating the pros and cons for a possible acquisition. While the \u201cperfect deal\u201d may be a unicorn, the brain trust has been effective in finding optimal fits.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"610\" height=\"439\" src=\"http:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/Hurricane-Ian-Relief-School-Supplies.jpg\" alt=\"\" class=\"wp-image-53970\" srcset=\"https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/Hurricane-Ian-Relief-School-Supplies.jpg 610w, https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/Hurricane-Ian-Relief-School-Supplies-300x216.jpg 300w\" sizes=\"(max-width: 610px) 100vw, 610px\" \/><figcaption>Employees gather school supplies in a relief effort following Hurricane Ian in October of 2022, which was the deadliest storm to hit the Sunshine State since 1935<\/figcaption><\/figure>\n\n\n\n<p>\u201cWe know a company isn\u2019t going to fit perfectly in our mold, but as long as we\u2019re getting great people, we can make it work well,\u201d Doyle Jr. said. \u201cWe bought a well-oiled machine with Meritech, which turned out to be a great transaction, a stepping stone for us to get into the upper Midwest. We ended up with some terrific people joining us.\u201d<\/p>\n\n\n\n<p>The Hendrix acquisition boasted a similar M.O. of a strong dealership and a quality, tenured staff\u2014no small consideration in light of the industry (and national) employment woes. \u201cIt used to be that we\u2019d look at a deal as more of a MIF buy and hope to get good techs. It\u2019s more of a plus now to acquire great management and team leaders,\u201d Doyle Jr. noted.<\/p>\n\n\n\n<p>Why do sellers choose DEX Imaging? Expectation-setting goes a long way toward eliminating misgivings sellers have in turning over their operations, some of which may have been cultivated over decades. Doyle Jr. believes it\u2019s important not to sugarcoat the process.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"610\" height=\"309\" src=\"http:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/Nashville-SalesAwards.jpg\" alt=\"\" class=\"wp-image-53972\" srcset=\"https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/Nashville-SalesAwards.jpg 610w, https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/Nashville-SalesAwards-300x152.jpg 300w\" sizes=\"(max-width: 610px) 100vw, 610px\" \/><figcaption>Honorees take the stage at DEX Imaging&#8217;s sales awards in Nashville, Tennessee<\/figcaption><\/figure>\n\n\n\n<p>\u201cOne thing we always point out is that we\u2019re going to be making changes,\u201d he said. \u201cOthers may say everything\u2019s going to stay the same, but we have to make sure we can get the synergies we need. Some owners may not want to hear that, but most prefer to get the facts up front. We\u2019re going to bring in some corporate functions in the process, and they\u2019re going to have access to certain products they don\u2019t currently offer.\u201d<\/p>\n\n\n\n<p>Although he estimates that 70% of owners transition out following a deal, 100% of those who chose to remain are still on board. Changes are implemented gradually, as to not interfere with ongoing sales within an acquired company. In the long run, the obtained companies find DEX\u2019s commission structure and pricing to be more advantageous than what was previously in place.<\/p>\n\n\n\n<p>\u201cThere\u2019s probably some shaky ground for about 60 days, and then it starts running smoothly,\u201d Doyle Jr. noted. \u201cAgain, we\u2019re not perfect. We do break a few eggs here and there. But for the most part, we do pretty well.\u201d<\/p>\n\n\n\n<p>In terms of future deals, the Doyles aren\u2019t fixated on any particular region of the country. California\u2014where the company only has techs\u2014New York and all of New England have yet to be tapped. When it comes to deal-making, it\u2019s more about bandwidth as opposed to desire.<\/p>\n\n\n\n<p>\u201cWe can only acquire so much in a year, because we only have so many people who can help integrate these companies,\u201d added Doyle Sr., the author of 200-plus deals at DANKA.<\/p>\n\n\n\n<p class=\"has-vivid-cyan-blue-color has-text-color\"><strong>The Staples Factor<\/strong><\/p>\n\n\n\n<p>In early 2019, the industry was shaken by the news that DEX Imaging had been acquired by big-box retailer Staples. As an owner, Staples has given the Doyles a wide berth, especially since DEX has managed to hit all its financial benchmarks. The benefits of the union are readily apparent; Staples has been a gateway to enterprise accounts for DEX, which has also taken the reins of its lucrative managed print services business.<\/p>\n\n\n\n<p>\u201cWe\u2019re one of those Cinderella stories. They acquired us, and they haven\u2019t been here since,\u201d Doyle Jr. said. \u201cThey call us monthly to check in, but really, they just let us run the business. We\u2019ve performed to their numbers, so that\u2019s part of it. We\u2019ve done some shared sales on accounts they have, and they\u2019re excited about the way we operate. They love the recurring revenue stream, and they\u2019ve helped us enhance our managed print side of the business.\u201d<\/p>\n\n\n\n<p>The path to $750 million will also be paved through organic growth within the company\u2019s existing footprint, and the Doyles are rolling out new initiatives to run leaner and more effectively while streamlining processes. While all indicators point to a resumption of normal business activities throughout much of the country, the Doyles are cautious about getting ahead of their proverbial skis. The initial goal to reach $500 million was delayed by COVID, and although DEX Imaging appears to be hitting its full business stride, Doyle Jr. has come to expect the unexpected.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"610\" height=\"407\" src=\"http:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/Pitbull-WrigleyField-PrivateConcert-DEX-Sales-Banquet.jpg\" alt=\"\" class=\"wp-image-53973\" srcset=\"https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/Pitbull-WrigleyField-PrivateConcert-DEX-Sales-Banquet.jpg 610w, https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/Pitbull-WrigleyField-PrivateConcert-DEX-Sales-Banquet-300x200.jpg 300w\" sizes=\"(max-width: 610px) 100vw, 610px\" \/><figcaption>Rapper Pitbull electrified DEX Imaging employees during a private concert at the company&#8217;s sales banquet in Chicago<\/figcaption><\/figure>\n\n\n\n<p>\u201cWe didn\u2019t have COVID in our plans, just as we didn\u2019t expect two hurricanes to hit the state of Florida this year,\u201d he said. \u201cOur distribution center in Dallas closed because of an ice storm, as did our facilities in Memphis, Tennessee, and Jackson, Mississippi. So while I\u2019d love to say it\u2019s a perfect world and we\u2019re humming along, we keep getting curveballs thrown our way. It\u2019s all about being quick and agile enough to make the necessary moves and keep pushing forward.\u201d<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"610\" height=\"407\" src=\"http:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/DEX-ScottyMacWins-2022-StPeteGrandPrix-1-copy.jpg\" alt=\"\" class=\"wp-image-53976\" srcset=\"https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/DEX-ScottyMacWins-2022-StPeteGrandPrix-1-copy.jpg 610w, https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/DEX-ScottyMacWins-2022-StPeteGrandPrix-1-copy-300x200.jpg 300w\" sizes=\"(max-width: 610px) 100vw, 610px\" \/><figcaption>DEX Imaging also sponsors Scott McLaughlin of TEAM PENSKE in the IndyCar series. He won the circuit&#8217;s 2022 season-opening event, the Firestone Grand Prix of St. Petersburg. The performance has been a game-changer in terms of enhancing DEX Imaging&#8217;s brand recognition globally<\/figcaption><\/figure>\n\n\n\n<p class=\"has-black-color has-pale-cyan-blue-background-color has-text-color has-background\"><strong>From NASCAR to NHL, Sports Advertising has Proven a Boon for Business<\/strong><br><br>Difficult though it may be to believe, there was a time not long ago when DEX Imaging didn\u2019t boast the level of name recognition it enjoys today. When DEX was merely an $8 million dealership vying for business in sunny Tampa against a plethora of well-heeled manufacturers, Dan Doyle Jr. and his father were searching for ways to bolster brand recognition.<br><br>There wasn\u2019t an abundance of viable options to raise DEX\u2019s profile. Satellite radio had effectively fragmented general audiences into smaller, specialized groups. And their home state of Florida was cracking down on the multitude of billboards that were pockmarking the interstate highways. What better way to reach the masses, Doyle Sr. thought, than through sports marketing? As a former minority owner of the Devil Rays MLB team, he saw the value of sports in gaining exposure on the business side.<br><br>\u201cI wish I could say it started with a great marketing idea, but it really didn\u2019t. It was more ego-driven,\u201d Doyle Jr. said with a laugh.<br><br>It began with supporting the Tampa Bay Lightning franchise in the NHL and has since grown to include MLB, collegiate sports, NASCAR, IndyCar, the NBA and LPGA. Backing the Lightning was fortuitous; the franchise has appeared in four Stanley Cup finals during the past eight years, which has provided a high level of national exposure on major TV networks. In fact, during the 2021 playoffs, the DEX logo adorned the helmets of all Lightning players.<br><br>Technology has elevated signage to another level. Digitally enhanced dasherboard advertising allows TV audiences to see branding superimposed on or near the playing surface, a creative ploy for broadcasters to sell more ads and another outlet for ad buyers to gain additional exposure. DEX also sponsors in-game features on stadium scoreboards.<br><br>The success with the Lightning led the Doyles to expand their reach into four more hockey arenas, and the digital ads also help raise brand visibility in out-of-town markets where DEX Imaging may be looking to acquire. From a selling standpoint, sports visibility helps to warm prospects who gained insight into the dealer simply by catching last night\u2019s game.<br><br>The partnerships with arenas and sports franchises also allow DEX to host clients and prospects at certain venues. \u201cNobody wakes up and says, \u2018hey, I want to buy a copier today,\u2019\u201d Doyle Jr. said. \u201cWhen we can entertain our clients and give them a once-in-a-lifetime experience at a hockey arena or racetrack, the customer will remember you, and that\u2019s what we\u2019re looking for.\u201d<br><br>On the NASCAR side, DEX sponsors the No. 21 car driven by Harrison Burton in the Cup Series. The Doyles have been longtime friends with Burton\u2019s father, Jeff (a former NASCAR star), and have sponsored the younger Burton since his days of racing go-karts. Burton\u2019s ascension eventually led to the Doyles being introduced to the PENSKE Corporation, which opened the door to do business with PENSKE\u2019s 196 car dealerships. Owner Roger Penske personally provided a reference that led DEX to win another major dealership, not to mention an agreement with Shell USA.<br><br>As an aside, the Doyles have developed a passion for women\u2019s sports, namely the LPGA circuit. Not only have they purchased a local course, the Pelican Golf Club, they also play host to a tour event that has the highest prize purse of any non-major event. The Doyles are also providing financial support for up-and-coming female golfers, which caught the attention of Annika Sorenstam, arguably one of the greatest golfers in the sport\u2019s history. Sorenstam came on board with her support, and the tour stop is being renamed in her honor.<br><br>\u201cDad and I are both golfers, and we thought that women golfers were underserved,\u201d Doyle Jr. said. \u201cSo we started supporting young ones to give them a leg up for their first two years. That allows them to focus on golf and achieve some success.\u201d<br><br>Last December, the Doyles held a 12-hole charity golf tournament, boasting the likes of Tiger Woods, Rory McIlroy, Justin Thomas and Jordan Spieth under the lights as part of Capital One\u2019s The Match series. The event raised $3 million for Southwest Florida hurricane relief.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"610\" height=\"407\" src=\"http:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/HarrisonBurton.jpg\" alt=\"\" class=\"wp-image-53977\" srcset=\"https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/HarrisonBurton.jpg 610w, https:\/\/www.enxmag.com\/twii\/wp-content\/uploads\/2023\/02\/HarrisonBurton-300x200.jpg 300w\" sizes=\"(max-width: 610px) 100vw, 610px\" \/><figcaption>DEX Imaging-sponsored Harrison Burton celebrates in victory lane following his 2017 win at Memphis International Raceway in the K&amp;N Pro Series East circuit<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>It could be argued that time is the greatest asset in Dan Doyle Jr.\u2019s portfolio. The CEO of Tampa, Florida-based DEX Imaging maintains a schedule packed with adventure, from involvement in critical customer takedowns to the latest acquisitions that build upon his $492 million (and growing) empire, not to mention dedicating time to a laundry list of professional and charitable organizations. And in his spare time, he\u2019s been known to purchase golf courses and host LPGA events while also sponsoring up-and-coming female golfers. Plus, he\u2019s an avid linkster in his own right. That\u2019s only scratching the surface of his agenda. However, there\u2019s one thing Doyle doesn\u2019t have time for, and that\u2019s reinventing the wheel. He\u2019s catapulted DEX Imaging from a startup raking in $8 million in its first year of operations some 20 years ago to the largest network of office technology dealerships in the nation today, a tale that\u2019s both inspirational and compelling. And in 2019, when it was announced that Staples would acquire the then-$300 million performer, it opened a world of possibilities that could propel DEX Imaging to even greater heights. However, there\u2019s sufficient reason behind why it seems Doyle has made, and continues to execute, all the right moves. His father, Dan Doyle Sr., provides a bottomless font of knowledge and experience from his time as the architect behind the DANKA Industries empire, which at its 1997 apex reached $3 billion. DANKA was sold to Konica Minolta in 2007. Having experienced his share of triumphs and missteps, the elder Doyle\u2014chairman of DEX Imaging\u2014is an invaluable sounding board for his son. The duo meet for breakfast daily, and as much as it\u2019s a bonding opportunity to talk about sports and everyday life, it also provides perspective to focus on best business practices while avoiding the pitfalls. \u201cI\u2019ve got someone here who\u2019s been in the copier world since 1973,\u201d Doyle Jr. said of his dad. \u201cThere\u2019s a lot of knowledge he brings to the table, and I\u2019d be a fool to pass up those experiences. It really allows me to ask questions, pick apart an idea and get his feedback. \u201cHe\u2019s extremely honest about the paths he\u2019s taken. He\u2019ll tell me that he\u2019s taken the wrong way at a fork in the road. So now, when I go down that same path, I have the benefit of his wisdom. That\u2019s part of the reason we\u2019ve been able to grow so quickly.\u201d Take note, office technology community\u2014the Doyles have laid down the gauntlet. DEX Imaging\u2019s goal is to reach $750 million in revenue through organic growth and acquisition. The timeframe? Eighteen months. Optimal Conditions Geography played a role in DEX Imaging\u2019s rebound in the aftermath of COVID, as businesses were quicker to resume on-site activities in the Southeast and Southwest, its primary territories. The dealer enjoyed a stellar year for hardware sales, although the supply chain issue caused it to carry over nearly $20 million in backorders. During 2020, its clicks were down 38% from its normal run rate but have rebounded and surpassed 2019 figures. The company grew by 26%, and approximately 16% was through organic, same-store growth. DEX Imaging is the largest reseller of Konica Minolta equipment, and it also counts Kyocera, Canon, Ricoh and HP among its lines. Two of its largest growth sectors in 2022 were wide-format equipment and a burgeoning list of enterprise accounts, which currently comprise 15% of its client base. The SMB space, however, is still the firm\u2019s \u201cbread and butter,\u201d according to Doyle Jr. Two of DEX\u2019s top verticals are health care and automotive (including the top five dealerships in the nation), which faced their own set of challenges after the pandemic. Lucrative elective surgeries were placed in a holding pattern on the health care side, while automotive was beset by inventory issues. And while business ramped back up in the South, national accounts with holdings in major cities and states, including New York and California were slower to return. However, Doyle Jr. notes the national trend is quickly resuming normalized activity. \u201cPeople are coming back to the office, and the click volumes are returning to previous levels,\u201d he said. \u201cThe commute during COVID was 15 minutes, and now it\u2019s back to 45 minutes or an hour, so we\u2019re seeing the customers coming back. The machine is running again the way it should be.\u201d The pandemic experience for DEX Imaging was unlike many; the dealer never resorted to work-from-home operations, and the Doyles didn\u2019t lay off a single employee. It wasn\u2019t without sacrifice; DEX reduced its profit-sharing plan and canceled its president\u2019s club trip at the request of the company\u2019s sales representatives in order to keep its nationwide payroll of 2,000-plus members on the books. Little did the Doyles realize how long-lasting the pandemic would be. \u201cHindsight is 20\/20,\u201d Doyle Jr. remarked. \u201cDad and I would meet every morning and say, \u2018I think this COVID thing is only going to last three or four more weeks.\u2019 We were saying that every week for nine months. We convinced ourselves it was going to end, and our main objective was to keep everybody employed. Our entire workforce rallied around that. We just slugged our way through it, and we were really busy when the world started spinning again.\u201d Masters of M&amp;A DEX Imaging was born on Valentine\u2019s Day of 2002, after Doyle Jr. had coaxed his father out of retirement. The goal was to become a $100 million business based in Florida, but the company didn\u2019t acquire its first company\u2014XEROGRAPHICS\u2014until nearly three years later. In the lead up to that deal, the Doyles opened facilities in Orlando, Jacksonville and Sarasota. It wasn\u2019t until 2008 that DEX pulled off its next acquisition, WADE, in Mobile, Alabama. Organic growth primarily carried the dealer through its first seven years, but as DEX kept hitting milestones, the Doyles pushed the revenue bar higher and higher. Doyle Sr. felt it was extremely important to ensure that, in taking the M&amp;A route to growth, they instill their culture into [&hellip;]<\/p>\n","protected":false},"author":166,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1643],"tags":[],"_links":{"self":[{"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/53964"}],"collection":[{"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/users\/166"}],"replies":[{"embeddable":true,"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/comments?post=53964"}],"version-history":[{"count":10,"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/53964\/revisions"}],"predecessor-version":[{"id":54127,"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/posts\/53964\/revisions\/54127"}],"wp:attachment":[{"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/media?parent=53964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/categories?post=53964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.enxmag.com\/twii\/wp-json\/wp\/v2\/tags?post=53964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}