55 years of grumbling; he's still retiring ... sort of
By Michael Greene -- Furniture Today, December 16, 2001
Again, let me tell you about my close friend, Harry Hocker, the going-to-retire retailer who never does.
Harry reminds me of my Papa, who for 55 years threatened to divorce my Mama but never did because no way was he going to pay a legal eagle $5 for the paperwork. So he just stuck it out, thanks to the Almighty, and loved every moment.
Same with Harry and retailing. Harry has grumbled about it for more than 55 years but loves the business. Besides the buy-and-sell of the game, he particularly loves the risk of the buy-and-pay of it ... credit.
Harry started out in our game during the Great Depression, at the bright, wet age of 16, running a bedding store and factory. And at 25, he borrowed $1,500 from family and went into the Never-Neverland of bedding and headboards.
And before long he had a 10,000-square-foot stand that showed over 40 groups of kids furniture! I think he invented the game. Then off he went to High Point to see and conquer the buy-borrow-pay world of mamas and papas.
Oh! Yes! Harry once read about J.C. Penney, the man, who at the time hadn't incorporated his company and, therefore, put himself lock, stock and barrel on the credit line. Harry liked the idea and did the same thing so he could point out to his creditors that no way could anyone have more at stake in his business than he did. Finally, his accountant and lawyer prevailed.
Harry didn't go to market to visit with reps. He went to visit credit managers. He knew every manager by his first name, and they knew everything about Harry, including his blood type. He invented the credit payment symbol 2% E.O.Y. (End of Year) and when he said the check was in the mail, it was. No matter what he owed and how late the invoices were, no shipment was ever held up.
They labeled him the "Northern Tar Heel who kept his word," although one of his credit ratings was "13-5," which in credit lingo meant "check to see if breathing before shipping."
Harry had the same relationship with the local bank. A bank VP once perused his statement and exclaimed, "This is not a company! It's a mirage!" No matter, Harry still had a $75,000 line there. Another young whipper-snapper manager asked to see Harry's assets, so next time Harry brought along his valuable "diamond" — his wife of long standing.
Harry once asked the president of a major independent bedding manufacturer why he bothered to call Harry with his little specials when he owned all the bigwig department stores as customers. "Because they always promise to pay and they don't," Harry was told. "You, however, say you won't pay and you do."
Harry still is retiring.
Thanks, again, for listening.
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