Update Ltd—now one of the most trusted bindery supply companies—started in a Minnesota basement in April 1982.
The company’s founder, Spencer Boynton, came from management consulting, where uneven commissions meant good years and not-so-good years. As he put it, he was tired of arriving at a new prospect “naked with his hair on fire” just to get attention. He wanted loyal customers and long-term relationships.
At age 55, with little bindery experience and limited funds, Spencer launched Update Ltd from his basement. For the first year and a half he built the business largely on his own, aided briefly by a contact who shared leads. Risk, worry, and reward were his first three companions—and he was off.
Once the business found its footing, Spencer’s son, Todd, began helping—making calls for hours each day and learning the trade alongside his father. In early 1985, after about six months working together, he officially joined Update Ltd. In 1989, Todd purchased the company from Spencer.
Their first office was tiny and windowless—washer and dryer in the corner—outfitted with a desk, phone, and a pencil cup. Inventory at the time? Mostly stitcher head parts. Day after day, they talked shop, refined ideas, and grew the company step by step.
Update Ltd quickly expanded beyond stitcher parts into stitching wire and paper drills, then into broader bindery supplies as demand grew. Annual catalogs became a signature: a way to debut products and support the industry. More than two decades later, with our 23rd catalog in print, we continue to serve thousands of customers each year—catalog in hand and website at the ready.
To boost productivity for customers, Spencer developed the CHT process (Chemicals, Heat, Time)—value-added coatings for cutting and wear surfaces. CHT gained traction across the industry and helped establish Update Ltd as an innovation partner.
Basement space only goes so far. As the business scaled, Update Ltd moved several times before settling into its current location on St. Patrick’s Day, 2001. The 2007–2008 downturn hit the print community hard, Update included, but the team adjusted and kept moving forward.
Through resilience and steady innovation, Update Ltd has resumed a modest, sustainable growth path. We’re proud to be a respected, trusted name in bindery and finishing—proof that big things can indeed start in small basements.
And to think it all started downstairs.
