business & i rofessional

Reflecting Back
And Looking Forward

T

wo weeks ago, Fuller Brush Co.
filed for Chapter 11 bankruptcy.
The story generated a trip down
memory lane. With vivid recall, I remem-
ber the doorbell ringing and
the friendly man visiting with
his wood box containing an
assortment of real brushes
— made of wood and finely
tuned bristles.
My next thought was that
I have not heard nor thought
of the Fuller Brush man for at
least 30 years and had no clue
that the company even existed
in today's world!
Next, I thought of the
Sealtest and the Twin Pines
Delivery trucks rolling down the street
and, of course, Murray the ice cream man
and the Good Humor Man. I also recalled
wiggling my way through the milk chute
to enter the house when I forgot the key.
Until now, I don't think I ever gave a
thought to the notion that Sealtest and

Twin Pines were two businesses com-
peting head-to-head for the same cus-
tomer base — as was Murray competing
against the Good Humor Man. As a pre-
teen, why would I have thought
about such things when there
were more important issues to
address, such as tee-ball and
four square?
Yes, those were fun days. I
tend to think of them as the
"pre-Kennedy era."
Why? The innocence and
clarity of the '50s and early
'60s abruptly left, leaving us
with a world in which there
is little innocence. Of course,
in 1963,1 was oblivious to the
great inequities that existed in the world,
and I recognize that without question we
have, as a nation, progressed in greatly
reducing racial divisiveness.
Fuller Brush's bankruptcy filing
emphasizes that businesses and indi-
viduals in today's world must adapt to

changing times and environments —
both social and business. If you, like me,
have not heard recently of Fuller Brush,
that, itself, emphasizes that they failed to
adapt to the changing business world. It
is actually surprising to me that they still
exist.
For many years, people lived by rules
that said "be a good citizen, work hard,
buy a home (the biggest you can afford),
pay your bills and good things will come."
These rules worked well for many
years. In fact, they worked until the end
of 2008, when the financial crisis took
hold and the economy hemorrhaged.
Three years later, we find that our homes
are worth 36 percent to 40 percent less
today than in 2008, and many of us owe
far more than our homes are worth.
The times have changed. Working hard,
buying a home and being the "good citi-
zen" do not assure success in the face of an
economic and political world that tips and
turns on the price of a barrel of oil.
The smart play is to adapt to the times.
This means if you are under water in your
home or carrying too much debt, you need
to strive to find a strategy that preserves
your future income. If that means taking
affirmative action to strategically exit your
home or get rid of debt, then that is what
you need to do.

The Fuller Brush man

Be a good citizen, but define your fam-
ily as your constituency.
In today's world, you don't want to be
the Fuller Brush person.

Ken Gross is an attorney with Thav Gross and

host of the Financial Crisis Talk Center, which

airs weekly at 10 a.m. Saturdays on Talk Radio

1270 WXYT-AM.

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March 15 • 2012

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