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Award Recipient
Health Science/Medical Instruments & Supplies
George Richmond
Young Innovations, Inc.
George
Richmond
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George Richmond
has developed a culture and business in which entrepreneurs thrive.
Young Innovations is a dental equipment and supply company with
sales of $60 million. As a major part of his company's growth strategy,
Richmond has successfully acquired a number of companies. But rather
than dissolve a new company, he brings them into his growing family
of entrepreneurs.
"I want them to join us as a partner, and provide them with the
thing I missed most as an entrepreneur-the ability to consult with
peers, to learn and to grow. I also want to provide them the capital
and expertise that a single entrepreneur may not have access to."
Richmond adds that several of the acquired companies are run as
separate divisions of Young Innovations by the original founders.
This strategy has worked exceedingly well for Richmond who purchased
the company from his mother in 1961 at the age of 28. The business
was originally founded by Dr. Young at the turn of the century,
and was known worldwide for superior products. But when Richmond
took over, his mother was in poor health and the company was in
trouble.
Since that time, Richmond has increased sales from $61,000 in 1961
to more than $51 million in 2000 and took the company public in
1997. The company's market value has increased from $35,000 in 1961
to more than $120 million today. When Young Innovations went public
three years ago, it had annual sales of $25 million, 120 employees
and three locations. Today, Young has annual sales at a run rate
of approximately $60 million, 250 employees and nine locations.
How did he do it? In addition to acquiring entrepreneurial companies,
part of his strategy was to create new and innovative products in
the dental equipment and supply market. Richmond realized dentists
were emphasizing preventive dentistry and he focused on developing
tools for that purpose. In 1968, Richmond introduced the Triple
Seale prophy angle, a cleaning tool for dentists that was clinically
superior. This product and the newer disposable version, are still
leading products today.
Richmond continues to lead the company to develop new products to
meet the needs of the dental industry and improve its customers'
oral healthcare. The company has added numerous products including
panoramic x-ray equipment, dental handpieces (drills), fluorides
and infection control products, orthodontic tools and brushes, flavored
examination gloves, and children's toothpastes and toothbrushes.
At the same time, Young has significantly expanded its customer
base and distribution channels.
Richmond is committed to improving public health through better
oral healthcare for people in the United States and beyond. The
company recently co-sponsored a symposium at the University of Louisville
to explore the ways preventative dentistry can enhance overall public
health. (back)
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