Word: schott
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Dates: during 1950-1959
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Walter E. Schott, 50, is a Cincinnati businessman who likes to collect companies. Fortnight ago he called reporters and announced: "We've just bought the Bunell Machine & Tool Co. of Cleveland for $1,750,000." Next day Schott called reporters again. This time he had paid $1,000,000 for the Novo Engine Co. of Lansing, Mich. This week, Schott's speculative eye was already on a new prospect. By such hustling and sharp buying, Schott has put together a family holding company with enterprises worth an estimated $20 million and controlling some 26 companies spread over...
...typical Schott deal was his purchase late in 1949 of the Royal Vacuum Cleaner Co. for $2,000,000. By vigorously pushing low-priced lines and reorganizing distribution, he increased monthly sales from $500,000 to $1,000,000, paid back the $600,000 he had borrowed from the bank in five months. He has his own rule for financing a new business: clean up the bank debt by the end of a year with profits from other companies...
...Banks Are Paid. When he was still in high school at Cincinnati, Walter Schott got some horse-trader's advice from his father, a cattleman: "Be a salesman, always a salesman. Even if you're buying, be a salesman." Schott never forgot the advice. At 18 he hustled off to Richmond, Ind. with his 15-year-old bride, got a job as an auto salesman...