Today we’d like to introduce you to Greg Gibson.
So, before we jump into specific questions about the business, why don’t you give us some details about you and your story.
I began in 1976 as a used book seller. I owned shops in five different locations in Gloucester over the years, gradually shifting to a mail order business to escape the limits imposed by the demographics of a small town – tourist season was great, but there were not enough year-round customers.
Then the Internet became a factor. At first, we all made money in this expanded market. Ultimately, however, the Internet revealed the prevalence of books that were formerly thought to be “rare,” and the downward spiral in prices began, ending in the classic “race to the bottom.” Basically, the used book market was gutted.
All this while I’d been specializing more and more in rare books, unique manuscripts, documents, and ephemeral items. When there’s only one of something, you won’t have any competition on the Internet.
Overall, has it been relatively smooth? If not, what were some of the struggles along the way?
The greatest obstacle has been retooling myself to become a computer-centric business. I hire consultants to teach and assist me, but at the end of the day, it somehow winds up being me and the keyboard. Much of the software I use is niche stuff, and rather clunky. Also, my website is built on WordPress, which is anything but user-friendly.
In terms of cash flow, I sell a lot to institutions and wealthy collectors, neither of whom seem to prioritize prompt payment.
Finally, rare stuff is “rare” because there isn’t much of it. There’s a lot of travel, a lot of digging, and a lot of competition for these treasures.
Alright – so let’s talk business. Tell us about Ten Pound Island Book Co. – what should we know?
Ten Pound Island Book Co. specializes in rare books, manuscripts, documents, photographs, ephemera, and charts (only paper – no antiques or paintings) pertaining to the sea and its history. This is a tough little niche, and we’ve somehow survived for forty-one years.
The thing that sets us apart is that we’re “the last man standing” – the last major maritime specialist in America.
Any shoutouts? Who else deserves credit in this story – who has played a meaningful role?
I learned a great deal from the maritime specialists who preceded me.
And I depend every day in so many ways on my colleagues in the rare book business, both business-wise and socially. Everyone thinks booksellers compete for goods and customers, and we do to some extent. But at the end of the day we’re more colleagues than competitors. The best people to whine to are the people in your business. Only they can truly understand…
Contact Info:
- Website: tenpound.com
- Phone: 978 283 5299
- Email: tenpound@tenpound.com
- Facebook: https://www.facebook.com/Ten-Pound-Island-Book-168527513207082/
- Other: http://tenpound.com/bookmans-log
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