Tom Gardner Runs Ohio Bush Into The Ground

Make no mistake, Tom Garder destroyed the family business.
http://www.feltonbrushes.com/index.php/about-us/ohio-brush-company-asset-ability-acquisition
"Owned and Operated by the Gardner family for four generations and located in Cleveland, Ohio since 1879, the Ohio Brush Company has been manufacturing innovative, high quality products for industrial and hardware markets.
As of 2014 Felton Brushes Limited acquired the assets and brush-making ability of The Ohio Brush Company."
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On Wednesday, December 10, 2014 2:56:59 PM UTC-8, jon_banquer wrote:
Make no mistake, Tom Gardner destroyed the family business.
http://www.feltonbrushes.com/index.php/about-us/ohio-brush-company-asset-ability-acquisition
"Owned and Operated by the Gardner family for four generations and located in Cleveland, Ohio since 1879, the Ohio Brush Company has been manufacturing innovative, high quality products for industrial and hardware markets.
As of 2014 Felton Brushes Limited acquired the assets and brush-making ability of The Ohio Brush Company."
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On Wed, 10 Dec 2014 23:08:57 -0800 (PST), jon_banquer

</snip>
You had access to the company financials going back 10 or more years?
A company established in 1879 and sold [not liquidated] in 2014 was in existence for 135 years. This is exceptional longevity.
Entire semesters in Bschool are devoted to company case studies, and conclusions change, as more information about not only the company's operations, but perhaps more importantly the socioeconomy in which the company has/had to operate becomes available. http://www.hbs.edu/teaching/inside-hbs/ http://en.wikipedia.org/wiki/Case_method
NAFTA, and later the WTO, are two of the more likely suspects, not only for the direct product competition these allowed, but perhaps more serious, the liquidation of the company's customer base, as it makes no difference how good your product is, or how quick the delivery, if you have no customers...
As I had suggested before, you need to work on your people skills, and avoid jumping to conclusions based on little or no data.
--
Unka' George

"Gold is the money of kings,
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On 12/11/2014 2:52 AM, F. George McDuffee wrote:

I have no kids and am getting old. I took the best of three deals that has worked out well except for the building that I still own. But, just now I have it leased with a positive cash flow and a Ohio State road project coming through here in a couple of years, and all my employees dispersed to other companies in the area in my industry. So, let the wife-beater say what he may, he lies so often that nobody believes a word he says anyway. I still kept the machine shop and am doing small projects and consulting for other companies in my industry, there are a bunch around here and in Milwaukee.
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wrote:

Congratulations on your successful transition into semi-retirement in a tough industry and "interesting financial times". Wishing you good health and a Merry Christmas and happy 2015.
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On 12/11/2014 8:24 AM, snipped-for-privacy@snyder.on.ca wrote:

Thanks, I'm happy that the product line I developed will continue and was sought after by three companies! I didn't get filthy rich but I can retire fairly comfortably. I've been looking to retire for a few years now.
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wrote:

Kudos, sir. I give you the clap. <clap, clap, clap>

That's as it should be. Mil/billionaires generally suck.

Your competitors have been eagerly awaiting that, too. ;)
--
The problem with borrowing money from China is
that thirty minutes later, you feel broke again.
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On Thursday, December 11, 2014 9:20:36 AM UTC-5, Larry Jaques wrote:

n
>That's as it should be. Mil/billionaires generally suck.
Wrong. Millionaires and billionaires regularly check with all authorities including lawyers and accountants and they keep up with who and what goes on in their industry in a highly regularly scheduled manner. Notice how I keep saying the phrase "regularly scheduled"?
As a result you claim they suck? How is that? Because they've gotten good results from being responsible? As a matter of fact, why do people talk to a mental brick wall like you Larry, huh? Why?
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On 12/12/2014 8:47 AM, snipped-for-privacy@hotmail.com wrote:

A million isn't shyit anymore, one good illness, one rotten kid, one spendy wife and you are eating beans and rice. Lots of guys here are millionaires...at least on paper and the have holes in their socks and rust on their tools.
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A million is not much today, it just does not confer a high flying status. It just gives you an easier way to make another million.
i
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wrote:

(Thanks for quoting this, Tawm. I don't see his crap otherwise.) Most of the richies I've met are assholes in one way or another. They either look down on most other people and treat them like shit, or are driven solely by money and/or power. I don't like those types, preferring _real_ people. I'm sorry if you have money, mog, because I'm sure you'd be one of "those" people. Tawm's real.

I'm short most of the mil, but I have all the rest of that stuff. ;)
--

Some people have the vocabulary to sum up things in a way you can
understand them. This quote came from the Czech Republic . Someone
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On Friday, December 12, 2014 10:54:36 PM UTC-5, Larry Jaques wrote:

Everyone is real. Sure I've been penniless.

> >millionaires...at least on paper and the have holes in their socks and >> rust on their tools. > > > I'm short most of the mil, but I have all the rest of that stuff. ;)
Being poor and silent about it is one thing. But being poor and asking for help is quite another.
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On 12/13/2014 11:10 AM, snipped-for-privacy@hotmail.com wrote:

You've probably been broke but never poor!
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On 12/12/2014 9:55 PM, Larry Jaques wrote:

I have even more, I have holes in my underwear.
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On 12/12/2014 11:43 AM, Tom Gardner wrote:

As I pointed out in a recent post, if you have a million in free cash to invested you would be very lucky to get $60,000 a year. That doesn't make you rich.
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On Fri, 12 Dec 2014 05:47:09 -0800 (PST), snipped-for-privacy@hotmail.com wrote:
<snip>

</snip>
There are at least two classes of millionaires. Those who have grown their wealth, and those who have inherited their wealth, or "lucked" into it, for example winning the lottery.
It is entirely possible those who have inherited their wealth become involved in the family business, or actively manage their wealth (and indeed many do), but in many other cases they become rentiers*, with their wealth under "professional" management, i. e. they join "the beautiful people**" club. * http://tinyurl.com/b2bo7dn http://tinyurl.com/p54z3d2 ** http://tinyurl.com/2pkvtr http://tinyurl.com/k7ngc8g
We are discussing two very different groups, with the only common factor being ownership of a large concentration of wealth/assets.
The typical behavior and world view of these two groups are very different.
--
Unka' George

"Gold is the money of kings,
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On 12/12/2014 7:47 AM, snipped-for-privacy@hotmail.com wrote:

Oh good, glad to see someone else chastising him! Mikek
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On 12/11/2014 8:21 AM, Larry Jaques wrote:

Or, they might just be people that worked harder, lived more frugally, invested better, stayed married and generally don't waste money on high status material possessions.
You might want to rethink your stereotype. Your not goiung to know who most of the millionaires are.
" PORTRAIT Of A MILLIONAIRE
Who is the prototypical American millionaire? What would he tell you about himself?(*)
* I am a fifty-seven-year-old male, married with three children. About 70 percent of us earn 80 percent or more of our household's income.
* About one in five of us is retired. About two-thirds of us who are working are self-employed. Interestingly, self-employed people make up less than 20 percent of the workers in America but account for two-thirds of the millionaires. Also, three out of four of us who are self-employed consider ourselves to be entrepreneurs. Most of the others are self-employed professionals, such as doctors and accountants.
* Many of the types of businesses we are in could be classified as dull/normal. We are welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors.
* About half of our wives do not work outside the home. The number-one occupation for those wives who do work is teacher.
* Our household's total annual realized (taxable) income is $131,000 (median, or 50th percentile), while our average income is $247,000. Note that those of us who have incomes in the $500,000 to $999,999 category (8 percent) and the $1 million or more category (5 percent) skew the average upward.
* We have an average household net worth of $3.7 million. Of course, some of our cohorts have accumulated much more. Nearly 6 percent have a net worth of over $10 million. Again, these people skew our average upward. The typical (median, or 50th percentile) millionaire household has a net worth of $1.6 million.
* On average, our total annual realized income is less than 7 percent of our wealth. In other words, we live on less than 7 percent of our wealth.
* Most of us (97 percent) are homeowners. We live in homes currently valued at an average of $320,000. About half of us have occupied the same home for more than twenty years. Thus, we have enjoyed significant increases in the value of our homes.
* Most of us have never felt at a disadvantage because we did not receive any inheritance. About 80 percent of us are first-generation affluent.
* We live well below our means. We wear inexpensive suits and drive American-made cars. Only a minority of us drive the current-model-year automobile. Only a minority ever lease our motor vehicles.
* Most of our wives are planners and meticulous budgeters. In fact, only 18 percent of us disagreed with the statement "Charity begins at home." Most of us will tell you that our wives are a lot more conservative with money than we are.
* We have a "go-to-hell fund." In other words, we have accumulated enough wealth to live without working for ten or more years. Thus, those of us with a net worth of $1.6 million could live comfortably for more than twelve years. Actually, we could live longer than that, since we save at least 15 percent of our earned income.
* We have more than six and one-half times the level of wealth of our nonmillionaire neighbors, but, in our neighborhood, these nonmillionaires outnumber us better than three to one. Could it be that they have chosen to trade wealth for acquiring high-status material possessions?
* As a group, we are fairly well educated. Only about one in five are not college graduates. Many of us hold advanced degrees. Eighteen percent have master's degrees, 8 percent law degrees, 6 percent medical degrees, and 6 percent Ph.D.s.
* Only 17 percent of us or our spouses ever attended a private elementary or private high school. But 55 percent of our children are currently attending or have attended private schools.
* As a group, we believe that education is extremely important for ourselves, our children, and our grandchildren. We spend heavily for the educations of our offspring.
* About two-thirds of us work between forty-five and fifty-five hours per week.
* We are fastidious investors. On average, we invest nearly 20 percent of our household realized income each year. Most of us invest at least 15 percent. Seventy-nine percent of us have at least one account with a brokerage company. But we make our own investment decisions.
* We hold nearly 20 percent of our household's wealth in transaction securities such as publicly traded stocks and mutual funds. But we rarely sell our equity investments. We hold even more in our pension plans. On average, 21 percent of our household's wealth is in our private businesses.
* As a group, we feel that our daughters are financially handicapped in comparison to our sons. Men seem to make much more money even within the same occupational categories. That is why most of us would not hesitate to share some of our wealth with our daughters. Our sons, and men in general, have the deck of economic cards stacked in their favor. They should not need subsidies from their parents.
* I am a tightwad. That's one of the main reasons I completed a long questionnaire for a crispy $1 bill. Why else would I spend two or three hours being personally interviewed by these authors? They paid me $100, $200, or $250. Oh, they made me another offer--to donate in my name the money I earned for my interview to my favorite charity. But I told them, "I am my favorite charity."
Quoted from "The Millionaire Next Door: The Surprising Secrets of American's Wealthy"
When he says he didn't get rich, even the median millionaire household with $1.6 million, say with 1 million invested, earning (with a big stretch these days) 6%. That's only $60,000 a year. They don't consider themselves rich. Also, they worked 30 years for that stash, they aren't going to go out and live like they have $100 million, in fact they probably don't want to touch the principal of there investments.
I'd be fairly comfortable on $60,000. :-)
Mikek

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wrote:

Congratulations, Tom! Enjoy retirement, I am. Off to Balcones Canyonlands NWR tomorrow with two of my sons for a drawn hunt. Lots of hog and deer sign while scouting today.
Pete Keillor
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On Thu, 11 Dec 2014 08:37:05 -0500, Tom Gardner wrote:

Somehow, that doesn't sound like "running it into the ground".
I'm still trying to turn my business into something more than a gilt frame around me, so that when I retire I'll have something to sell that's worth spit.
So -- congratulations from me, too, and feel free to brush off any criticism you get.
("Brush." Get it? Yuk yuk yuk.)
--
www.wescottdesign.com

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