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Business in Vancouver February 19-25, 2008; issue 956 Relationship builder Since co-founding her company in 1992, Laura Hansen has overseen a dramatic increase in revenue which eclipsed $10 million in 2007 Andrew Petrozzi The power of positive relationships has propelled Laura Hansen, president of promotional products distributor Image Group Inc., to increasing levels of profitability. Originally founding the Image Group in 1992 with husband Colin Hansen and another couple, Hansen has solely directed the company since 1996 to revenue of more than $10 million in 2007 – up from $7.7 million in 2006 – and expanded it to 19 full-time employees. Image Group began as a merger of the Hansens’ JBI Advertising and Grennan Marketing. “By and large, people buy from people that they like to work with,” Hansen told BIV as one of the secrets of her success. “Relationships are a big factor.” Good listening skills, getting back to clients promptly and being knowledgeable about not only Image Group’s products and processes, but clients’ needs all helped build Image Group’s reputation and, subsequently, its revenue. “When you first start out in business, you are really hungry. You have bills to pay and you are trying to work with as many customers and potential customers as you can,” said Hansen, who is also a mother to two sons. “What happens when you finally get rolling is you realize there are customers that fit better with you than others.” Hansen’s business acumen has also been recognized by national business publication Canadian Business, where she was ranked 57th on its list of Canada’s Top 100 Women Entrepreneurs for 2007. Like many business owners, Hansen found that securing financing in the early stages of Image Group’s growth was a challenge. “We had a small line of credit and we wanted to grow the line of credit because we were getting more business. The customers we were working with were trying to go after bigger clients so we would get bigger orders. But when we were buying from new factories, we had to pay upfront because we didn’t have a track record with them.” As the business grew, so too did its financial requirements. The company’s financial institution at the time “didn’t really have confidence in us and wasn’t interested in extending our line of credit,” said Hansen, who had to turn to personal credit cards for additional credit until finding a new bank that believed in her and the company. Hansen would subsequently meet her new banker at a networking event, a key activity for entrepreneurs looking to grow their business and find new potential clients, customers and suppliers, she said. “I really recommend for people starting a business to join networking groups like the [Vancouver] Board of Trade, Vancouver Executives [Association], different organizations that will help you get to know people,” she said. “You are doing your own thing and you wonder if you are on the right page and doing everything you should be, especially in the beginning.” Another beneficial activity for Hansen and the Image Group has been getting involved in charitable and volunteer work. “As soon as you have even an hour in your day where you can work in some volunteer area or maybe pro bono something to a charity, it really rounds you out as a person. I think it has really helped me and the company. Your business and community are interdependent,” she said. Carol Jukes, manager for promotional products for Canada for PricewaterhouseCoopers, has found Hansen’s personality to be one of her strongest assets after working with her for almost 20 years. “In the area we work, it is built really on trust. I can’t stress enough how much I trust her. She is always a joy. She never has the blues, and if she does she never lets her client know that. She always seems to answer the phone with a smile on her face. I don’t know how she does it some days,” said Jukes. “She is a very busy lady. She not only has her own life, but she is the wife of a politician and a mother of two boys.” For the next five years, she plans to continue building Image Group, but a decade from now – Hansen is in her early ’50s – she “might be definitely looking for some sort of change of hands at the top level.” Image Group is currently looking at the new people joining the company and taking into consideration their ages “so that they can carry the torch when we are ready to hand it over.” • apetrozzi@biv.com Five questions What boards are you on? Minerva Foundation for BC Women, Endeavour Society, Women President’s Organization, Vancouver Executives Assoc. What sparked your involvement on these boards? I love the work that Minerva and Endeavour do and I love the camaraderie and networking that WPO and Vanex offer. All of these organizations help you grow as a person and a business person. What challenges have you faced in your career? Scrambling to find enough business in the ’80s’ recession; taking over the helm in ‘96 from the previous four partners What are the main charities you support? Minerva Foundation for BC Women and Endeavour Society How would one of your parents describe you? Emotionally strong but messy! My grandmother used to say ‘You don’t need more closet space for your clothes – you need more floor space!’ |
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