Five Reasons Creative Memories Went Bankrupt Twice

IMG_3288_sign

Actually, these aren’t my reasons. They come from Paul Sloane in Five Reasons CEOs and their Companies Crash, but they’re valid anyway.

  1. Complacency
  2. Risk Aversion
  3. Autocratic Leadership
  4. Slow Reactions
  5. Help – Not asking for it.

And if you need a sixth reason, I would suggest retiree obligations and a poorly structured Employee Stock Ownership Plan (ESOP).

About Mark Mizen

I have over twenty years professional experience in all aspects of photography and digital imaging. I am Chair of the ISO WG5 TG2 committee responsible for physical properties and durability of imaging material and am currently with HID Global working on systems for security printing for IDs, licenses, and credit cards. Previously, I was Director of Digital Development at Creative Memories from 2009 to 2012 and was responsible for the Creative Memories digital products and services. I also established and directed the Creative Memories Technology Center, which evaluated new products prior to product introduction, assisted with production difficulties, and provided technical information to support product sales.
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6 Responses to Five Reasons Creative Memories Went Bankrupt Twice

  1. Louanna Wasson says:

    Agree completely!!!

  2. momfawn says:

    I would add #7: Ignoring the input from their most valuable asset — their consultants! – Fawn

  3. Myrna Slater says:

    _____

  4. Jett says:

    I want to ask you to be more explicit since I was out of the loop when all this happened…but I’m not sure you’ll share.

    I’m mostly interested in what kind of risks they were averse to, who the autocratic leader was (Rhonda Anderson or the CEO…what’s-his-name), and finally, slow reactions to what exactly?

    Any info you give me will be helpful as I’m still trying to decide which company to go with A&Z or OMFL to finish purchasing product from for the last 5 album projects I have (I need to get those off the computer and in a book…I feel like time is wasting away).

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