WEBVTT - Martin on Environmentally Friendly "Earth Guitar"

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<v Speaker 1>This is Bloomberg Business Week with Carol Masser from Bloomberg Radio. Nasure,

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<v Speaker 1>what's been all right? It is an iconic song. We're

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<v Speaker 1>talking about the band. The song is the Weight and

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<v Speaker 1>uh I pulled into Nazareth. That has to do with

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<v Speaker 1>Martin Guitars and where the company is based in Robbie Robertson,

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<v Speaker 1>of the band, he revealed, I think a few years

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<v Speaker 1>ago that he was sitting around in his Woodstock home

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<v Speaker 1>with his Martin guitar looking for some inspiration, and he

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<v Speaker 1>looked inside his guitar and saw the words made in Nazareth,

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<v Speaker 1>and so a song and an iconic lyric was born.

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<v Speaker 1>Speaking of iconic, the Martin Guitar Company, they have been

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<v Speaker 1>making guitars for a well nearly two centuries, established back

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<v Speaker 1>at eighteen thirty three. They just announced the release of

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<v Speaker 1>two new guitars as part of the National Association of

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<v Speaker 1>Music Merchants Believe in Music Week's Virtual event, which wraps

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<v Speaker 1>up today. So let's talk about that. Let's talk about

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<v Speaker 1>the iconic guitar brand. Chris Martin, the fourth is the

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<v Speaker 1>c of the Martin Guitar Company. He is with us

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<v Speaker 1>on the phone, not from Nazareth, but from Bethlehem, Pennsylvania,

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<v Speaker 1>and he joins us here on Bloomberg Business Week. Hey,

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<v Speaker 1>nice to have you here, Chris, welcome. Thank you so much.

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<v Speaker 1>So I have to ask you, first of all, are

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<v Speaker 1>you sixth generation for the company running the company? I

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<v Speaker 1>am the sixth generation. I'm C. F. Martin. The four

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<v Speaker 1>two of my ancestors were named Frank for some reason. Okay,

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<v Speaker 1>because I was doing some research and I was trying

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<v Speaker 1>to make sure I had the count right. How are

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<v Speaker 1>you And what's the past year been like for you guys? Well,

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<v Speaker 1>you know, um Pennsylvania, the governor basically shut the state

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<v Speaker 1>down in about a week. So every day which like, okay,

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<v Speaker 1>tomorrow we'll do this, and then tomorrow was like, oh no,

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<v Speaker 1>we're going to do this and this, And by the

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<v Speaker 1>end of the week we were closed. And I thought,

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<v Speaker 1>I said to my colleagues, so I've been through guitar

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<v Speaker 1>booms and busts for a variety of reasons, often economic,

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<v Speaker 1>sometimes cultural, And I said, all right, let's just go

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<v Speaker 1>for a break. Even if we can, you know, we'll

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<v Speaker 1>bring the business down will Unfortunately, you know, we have

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<v Speaker 1>to lay off a bunch of people that will get

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<v Speaker 1>unemployment and we'll go to break even. And then all

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<v Speaker 1>of a sudden, the phone started to ring. And it

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<v Speaker 1>turns out that when people were stuck at home, they

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<v Speaker 1>really wanted to buy a guitar. Did that was that

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<v Speaker 1>April May? Like how quickly did that start? So February March.

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<v Speaker 1>By April we kept petitioning the governors, like, the governor,

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<v Speaker 1>people want our product? Can we can we go into

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<v Speaker 1>the warehouse? Can we just get a half a dozen

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<v Speaker 1>people into the warehouse to ship the product that's on

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<v Speaker 1>the shelf. And they said, okay, only half a dozen

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<v Speaker 1>with protocol, wear a mask, take their temperature, social distancing.

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<v Speaker 1>And then we put together a protocol. You know, we

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<v Speaker 1>have a forty page book out. This is the way

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<v Speaker 1>we're going to reopen the business. And we showed that

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<v Speaker 1>to the State of Pennsylvania and they said, huh, all right,

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<v Speaker 1>you seem to be serious about wanting to get back

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<v Speaker 1>into business. And I think that will help allow the

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<v Speaker 1>State of Pennsylvania to say, hey, some of these firms

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<v Speaker 1>that are really trying to be diligent about the virus

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<v Speaker 1>should go back to work. So I've been working from home,

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<v Speaker 1>but my dedicated colleagues who actually make the guitars are

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<v Speaker 1>in the factory making guitars because we're back ordered. Okay,

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<v Speaker 1>so let's talk about the kind of demand that you've seen.

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<v Speaker 1>You're back ordered. Tell me what normal order is in

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<v Speaker 1>a non pandemic world. Have bit we're like for you guys,

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<v Speaker 1>and then what it's been like post pandemic and everybody's like,

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<v Speaker 1>I'm home, I want to play guitar. So you know,

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<v Speaker 1>from you go from Obama to Trump, Connie has been

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<v Speaker 1>pretty good and so you know, we benefit, you know,

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<v Speaker 1>and people have some discretionary money. But this demand, and

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<v Speaker 1>it's not just Martin. Everyone who makes some kind of

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<v Speaker 1>musical instrument that you can play at home right now,

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<v Speaker 1>they're back ordered. We're all we're all scrambling, We're all like, okay,

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<v Speaker 1>we're trying to catch up. And and the real challenge

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<v Speaker 1>is to allocate the scarce product that we have uniformly

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<v Speaker 1>across our customer base around the world. Well, that's interesting, right,

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<v Speaker 1>because you have global demand. Um, how many give me

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<v Speaker 1>an idea where you know, Bloomberg were into you know,

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<v Speaker 1>how how many guitars and I know you guys have

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<v Speaker 1>a bunch of different guitars, but how many can you

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<v Speaker 1>produce in a week, And it's it all handwork or

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<v Speaker 1>it's a mixture of hand in it's a combination. My

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<v Speaker 1>family's business has always respected technology, and one of my competitors,

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<v Speaker 1>i A will say this honestly, Bob Taylor got to

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<v Speaker 1>jump on us in terms of using computer numerically controlled

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<v Speaker 1>routing machines which really make the early part of the

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<v Speaker 1>manufacturing process very efficient. And we got religion. So I

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<v Speaker 1>often joke when I give a factory toward that my ancestors,

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<v Speaker 1>if they could come back and see the factory that

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<v Speaker 1>lay left me, their head would spin maybe, but they

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<v Speaker 1>are ultimately they are put together by hand, right was

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<v Speaker 1>no one. I don't care where you make guitars. No

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<v Speaker 1>one has invented the guitar put it together machine. And

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<v Speaker 1>we're showing for our folks who are watching on our

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<v Speaker 1>YouTube channel are Bloomberg Business Week YouTube channel. You can

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<v Speaker 1>see some of the manufacturing in the handwork that goes

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<v Speaker 1>into it. I love to get an idea of a

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<v Speaker 1>business like yours. And you say you respect technology, and

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<v Speaker 1>so it's a combination of technology and people putting the

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<v Speaker 1>guitars together. I think you said you get about a

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<v Speaker 1>hundred and eighty five out in a week. Talk to

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<v Speaker 1>me a little bit more about that. Well, we have

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<v Speaker 1>two factories. We have the main mothership, I call it inn.

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<v Speaker 1>You know, my great great great grandfather started his business

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<v Speaker 1>in Lower Manhattan, moved to Pennsylvania, and then early in

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<v Speaker 1>my career Crutton Street, if I recall, if I read

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<v Speaker 1>it right, we opened up a sister facility in let Go.

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<v Speaker 1>I'm Kya Dora, and so at that facility we make

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<v Speaker 1>all of our Martin guitar strings. And we make what

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<v Speaker 1>I'll call a medium priced Martin guitar, and so we

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<v Speaker 1>actually do more volume because the price is lower. So

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<v Speaker 1>we're doing about four units out of that factory a day. Wow,

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<v Speaker 1>that's I don't know where they're all going, but they're

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<v Speaker 1>going somewhere. Well, it's interesting. So what do you expect

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<v Speaker 1>to you, you know, anticipate. I mean, you've got to

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<v Speaker 1>feel good about the demand that we're seeing. You wish

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<v Speaker 1>it was not against a health pandemic. But I think

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<v Speaker 1>one of the things that we ask about a lot

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<v Speaker 1>of businesses is do you anticipate that this continues? Because

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<v Speaker 1>once the world opens up, right, all of a sudden

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<v Speaker 1>we have a lot of challenges for our time again.

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<v Speaker 1>So yes, A good friend of mine, Brian Majesty. He

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<v Speaker 1>and his brother have a trade publication, Music Trades, and

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<v Speaker 1>Brian was involved last week in an event at our

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<v Speaker 1>virtual trade show. And Brian made the prognostation whatever that

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<v Speaker 1>word is. You know, he likes to analyze data and

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<v Speaker 1>then from the analysis kind of tell you what he

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<v Speaker 1>thinks might happen. And he said, I think, okay that people,

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<v Speaker 1>not everyone, but enough people are going to continue to

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<v Speaker 1>work from home, maybe not every day, but often enough

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<v Speaker 1>that they will still want to buy guitars because they

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<v Speaker 1>have some free time. You know, in between work you're

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<v Speaker 1>doing you're doing zoom calls all day. You've got twenty

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<v Speaker 1>minutes break before your next call. And how many times

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<v Speaker 1>have we seen we're seeing you know, someone on TV

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<v Speaker 1>and doing a zoom call and in the backgrounds of

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<v Speaker 1>guitar a lot of times. Yeah, so they pick it up.

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<v Speaker 1>They got twenty minutes to just do something else and

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<v Speaker 1>then go back to work. Well, I have to say

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<v Speaker 1>my husband loves to play guitars, guitart. He has a

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<v Speaker 1>few of them, um, and he's got you can never

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<v Speaker 1>have enough. I know that. That's what he tells me.

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<v Speaker 1>I say that about shoes, and that's why we have

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<v Speaker 1>a happy marriage. Um. But he has a Martin and

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<v Speaker 1>the acoustic sound is just pretty incredible. I think it's

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<v Speaker 1>a bread and butter guitar. Yeah, and it's just a

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<v Speaker 1>beautiful sound. Um. You know it's int thing too that

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<v Speaker 1>I wonder and talk to me because you guys too.

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<v Speaker 1>A lot of things that we've talked about over the

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<v Speaker 1>past years, companies innovating, being disrupted, and I do wonder

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<v Speaker 1>whether it's digital online, if you're seeing you know, you

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<v Speaker 1>grow your business that way even more because of what's

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<v Speaker 1>happened the pandemic. And talk to me too about you

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<v Speaker 1>guys are creating an earth guitar or an environmentally friendly guitar,

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<v Speaker 1>which I think is another bigger trend that's coming out

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<v Speaker 1>of the pandemic that we're all thinking a lot more about,

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<v Speaker 1>especially as the world shot shut down, right and all

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<v Speaker 1>of a sudden there was clean air. We're just so

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<v Speaker 1>the fires in California, like they were just thinking a

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<v Speaker 1>lot more about our environment. So the first question what

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<v Speaker 1>we've seen at the retail level is the retailers that

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<v Speaker 1>already had a robust online presence have done better than

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<v Speaker 1>the brick and mortar retailers. Some do both. Some came

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<v Speaker 1>from a digital world and then did brick and mortar.

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<v Speaker 1>Most came from brick and mortar and did did a

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<v Speaker 1>digital world. But the ones that can do both because

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<v Speaker 1>people are gonna want to go back into a music store.

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<v Speaker 1>There's something about hanging out in the music store, playing

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<v Speaker 1>the guitar, talking to other guitar players, maybe buying something.

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<v Speaker 1>But in the meantime, you can't do that. The other

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<v Speaker 1>thing what I've seen in just in my career is

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<v Speaker 1>that you know, we use these they are called rare

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<v Speaker 1>exotic woods for a reason, and we need to find

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<v Speaker 1>alternatives and we need to take better care of the

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<v Speaker 1>rare exotic woods. And so we've partnered with the Forest

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<v Speaker 1>Stewardship Council and they audit us. They come in annually

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<v Speaker 1>and they want to make sure that when we say

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<v Speaker 1>we've bought this would legally. They come in and they

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<v Speaker 1>say prove it. We want to see the paperwork, we

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<v Speaker 1>want to see the And so that's what the Earth

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<v Speaker 1>Guitar is. It's a way of us saying you can

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<v Speaker 1>buy these rare exotic woods and you can buy them

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<v Speaker 1>legally and correctly, and and that's that's what it's really

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<v Speaker 1>all about. Is there's still a llegal logging going on.

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<v Speaker 1>There's still you know, would that gets sold nefariously. I

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<v Speaker 1>want no part of that. And I don't think any

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<v Speaker 1>guitar should have I don't think anything made out of

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<v Speaker 1>wood should have any illegal wood in it. And so

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<v Speaker 1>there's still a big concern, you know, and you look

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<v Speaker 1>over you know, you look in some parts of the

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<v Speaker 1>world and a hundred dollar bill will buy a lot

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<v Speaker 1>of illegal wood. Yeah, I can imagine that. And listen

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<v Speaker 1>the way of consumers, you know, they care about this stuff,

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<v Speaker 1>and they're increasingly asking the questions for me too as well.

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<v Speaker 1>So what is this? Believe in music Week, it's a

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<v Speaker 1>virtual event. People who are interested in check out the

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<v Speaker 1>NAM side and a m M dot org today and

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<v Speaker 1>this weekend blog on it's free. Um, it's gonna be

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<v Speaker 1>some really good music this evening and tomorrow. So it

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<v Speaker 1>was our we had to pivot. Normally, this week would

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<v Speaker 1>be our traditional big international trade show as part of

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<v Speaker 1>our trade association in Anaheim. Can't do it Right's going

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<v Speaker 1>to happen? And Joe, the CEO of NAM said, Chris,

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<v Speaker 1>I don't want to sit this one out. I said, Joe,

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<v Speaker 1>we can't. He said, if we sit it out, we're

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<v Speaker 1>gonna lose people. We're going to lose the connection that

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<v Speaker 1>our association brings to all of the tribe. And so

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<v Speaker 1>this was our digital show and what it's turned out

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<v Speaker 1>to be. As Joe said the other day, he said,

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<v Speaker 1>you know, it's not the same as a physical trade show,

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<v Speaker 1>but boy, in terms of connecting all of us that

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<v Speaker 1>haven't seen each other in a year, yeah, it's done

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<v Speaker 1>a really good job. Yeah right, and just bringing the community. Listen,

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<v Speaker 1>I've used the word over and over again. Community, but

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<v Speaker 1>it's an important one. Hey, very quickly thirty seconds here. Uh.

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<v Speaker 1>You do a lot of collaborations with celebrities clapped in

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<v Speaker 1>and others. In terms of making guitars. Is there's someone

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<v Speaker 1>you haven't made one with that you'd love to do? Yeah? Absolutely,

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<v Speaker 1>And we've tried and tried and tried. So there's a

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<v Speaker 1>there's a couple of Bob Dylan, Neil Young. Anytime you're ready,

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<v Speaker 1>We're ready, alright, deal and when and when they when

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<v Speaker 1>they do it, you can let us know come on

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<v Speaker 1>back on it and tell us about it. Um listen, Chris,

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<v Speaker 1>thank you so much. Good luck with event, and great

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<v Speaker 1>to check in with you, and I hope we can

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<v Speaker 1>do it again in the future. For well. Chris Martin,

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<v Speaker 1>the fourth CEO of the Martin Guitar Company. We said,

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<v Speaker 1>family run, family owned, joining us on the phone from Bethlehem, Pennsylvania.