Bad management through the years......always spending money to start ventures in new fields that had been dominated by other experienced very successful companies for a long time like the home refrigeration and heavy construction equipment markets. Then they had salesmen in top management positions that cried for new stuff, and got it, to sell that wasn't field proven and that severely damaged their reputation in the most revered products they ever had sold and the backbone of their business through the years. For many years they were generous with their employees almost to a fault and spoiled them like a favorite child then had to almost punish them in later years. They never held enough cash in reserve to be able to finance new ventures so they siphoned the cash flow of the steady profit making operations so badly they couldn't bear the costs of updating the established products to stay competitive. Then near the end they put the company into the hands of a guy who didn't see the perils ahead in the agricultural economy or know the nature of agriculture at all and thought that huge inventories of product would eventually sell out and create large sums of much needed capital. It just didn't happen. Letting the strike go on and on at horrendous cost every day and borrowing cash at the high interest rates of the times because of sagging credit rating that was needed to sustain the company at all hurt terribly. The last management team inherited a mountain of debt that couldn't be covered in any way possible except to try to find a buyer for the division that had always been the heart and soul of the company. Had it not been for the acceptance and potential profits to be made with the axial flow combines it's likely there may never have been any buyer willing to take on the Ag division because of the condition it was in..
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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