The son of a big band leader turned mathematician, Smith didn't have the money to buy higher-end models: "The only way I could get them was to make them." Dropping out of St. violin shop-no formal training whatsoever. Smith, 57, began building guitars as a teenager in his bedroom with parts from a Washington, D.C. distributor, with the idea of selling direct to retailers in Europe by year-end. So in January he paid an undisclosed sum to acquire his U.K. Smith must try to squeeze out profits wherever he can. But with 2012 revenues of $43.5 million, it's difficult to be heard over bigger rivals Fender Musical Instruments ($350 million) and Gibson Guitar Corp. PRS may be a favorite of such artists as Carlos Santana, Orianthi and Jimmy Buffett. Survival is tough in this business of handcrafted goods.
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