Central Package & Display (CONT’D FROM PAGE 1)
I learned Minneapolis,” he says, “because when you’re from out of the area, you have to learn it numerically and alphabetically and not just from local landmarks.” Playing his strong suit, Haglund sold, first traveling for Federal Package, then going out on his own brokering boxes in the Twin Cities. It was during this time that he came to know Jerry Hinitz, Jack Persten, and Dick Page, who owned Central Container Corp., one of his regular suppliers. Haglund, knowing the company’s potential and learning of Persten’s impending retirement, offered to buy his half of the business. Persten demurred, however, saying he was committed to selling to his other partners. “Then around Christmastime, he called me back,” Haglund remembers. “He says his retirement is based on the com- pany succeeding. ‘I know you can do it and they can’t, so I’m going to sell you my half.’” The price, Haglund says, was quickly set: The book val- ue of the business was $238,000; half was $119,000. So, Persten and he agreed to $25,000 down with the balance over 11 years at 7 percent interest. “I says, ‘OK.’ The only problem was, I didn’t have $25,000!” Buying The Company It is a familiar memory for any successful entrepreneur: the scramble to raise that initial capital to start the busi- ness. For their part, the Haglunds—Jim and Kathy, his wife of 62 years—sold their house and pulled out $15,000 in equity. Haglund borrowed the remaining $10,000 from his CONTINUED ON PAGE 24
third-party logistics warehouse in Canada, with plans to open a second in Ireland. Early Years Jim Haglund’s career started in the sample shop of a Minneapolis printing company. The young Haglund, fresh
off the farm in northern Minnesota, assembled dummies of customers’ print jobs and delivered them throughout the city. Besides the benefit of a $250-a-month salary, Ha- glund says the job gave him the geographic bearings that would serve him well in his sales years ahead. “That’s how Mike Gallagher, left, joined Central Package & Display in 2014, allowing Mike Haglund to focus on his passion for leading sales efforts.
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November 4, 2024
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