HCOB: Can you tell us a bit about the kind of research you conducted before deciding to purchase the com- pany, the level of analysis you went through? Duncan : It was very extensive, very detailed. We had a very formal busi- ness plan. I’m a big believer in vetting out the numbers, knowing what the metrics are, making sure that there are safety nets in those numbers so that no matter what happens, you've planned
for the worst. I surrounded myself with industry leaders to help me, and I had a lot of help from vendors who knew our potential and could help us craft plans for success going forward, including people who were experts in mergers and acquisition. HCOB: Six weeks later, the 9/11 attacks occurred, and the whole world changed. Duncan : That’s right. Our business, like most businesses, was impacted greatly by 9/11, the uncertainty of it all was omnipresent. We went from 220 employees to 180 in a mat- ter of weeks.
HCOB: Before we launch into how you came to acquire Keyston Bros., can you tell us a little about your early career? Duncan: Sure. To begin with, my folks never went to col- lege. My father ran a small textile business and I worked for him growing up. After graduating with a BS in Marketing from the Harbert College of Business in 1981, I spent the first 20 years of my career at Peachtree Fabrics in Atlanta, rising to Vice President of Sales and Marketing leading overall company sales growth and marketing strategy on a national level. From there I went to Spradling International, where I spent a couple of years as National Sales manager for the company. By that point, I had amassed a consid- erable level of experience and expertise in the fabrics and textile marketplace, and I knew what it takes to succeed in the that arena. HCOB: So, how did you come to acquire Keyston Bros. and why? What was your thinking? Duncan : Ann and I felt that Keyston Bros. was an under- performing, yet extremely valuable asset with a lot of poten- tial. We liked the underlying business model, the products, the distribution channels — we felt they were unique in the industry. We also felt that — with the right leadership — the business could grow significantly. So, we pulled together financing from our own savings, family and friends, and managed to close the deal. It was touch and go, though, and for about eight hours after signing the papers, we weren’t quite sure whether we owned the business or if it owned us. It might be useful to note that both of us were essentially unemployed at the time, so there was quite a bit of risk involved. Dee Duncan faced a tremendous challenge in transforming a struggling 133-year-old leather, fabrics and textiles business into a vibrant global enterprise.
Family matters — Dee's wife, Ann, and daughter, Brooke, play key roles in Keyston's success today.
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