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Richard Marchbanks is the president of Gateway Exhibits, a turnkey trade show solutions provider. He is also a member of the Entrepreneurs’ Organization (EO) in St. Louis, Missouri. We recently talked to Marchbanks about adapting to the challenges of the global coronavirus pandemic and making the most of his EO membership.
When COVID-19 struck and it became clear that major changes were coming to the trade show industry, what steps did you take?
We sat down as a leadership team to discuss what we had in unused or dead assets, and what opportunities we could seize with fewer employees.
How did you identify a new business model?
We realized that our sister company’s solvent supplier could formulate sanitizer. So, we reached out, got terms and within four days we had nine pallets delivered. We used our marketing expertise to get the word out and we sold out in a month!
We also have a custom fabrication shop with a computer numerical control (CNC) machine so our first idea was to do environments and, in fact, we did get three builds and installations done. But that proved labor intensive; it was using up much of our bandwidth. Around the same time that we were finishing our third install, we called to order more sanitizer and were shocked to find out the costs had risen 48 percent! We then realized that there would likely be a similar supply-demand issue coming with plexiglass as more businesses started installing protective shields.
Did you have experience in that industry?
We were never in the personal protective equipment industry, but we did use plexiglass in manufacturing exhibit components like signage, counters and design elements. So we decided that we could probably design and build plexishields for cashiers, teller… Read More
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