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April 30, 2011 12:44 am
From Mr John Foley.
Sir, Part of your obituary of Sidney Harman, co-creator of the first home hi-fi, will have resonated with Australian readers (“Audio entrepreneur with love for bard and Beast”, April 23).
As you state, when Harman sold his company to Beatrice Foods for $100m and later bought it back for nearly half that amount, his comment was: “There are two ways to get rich. One is to sell your company to Beatrice Foods. The other is to buy it back.”
Similarly, Australia’s media magnate, Kerry Packer, sold his television network to businessman Alan Bond and was, like Harman, able to buy it back at a later date for a bargain-basement price.
Bond was a flamboyant West Australian who was later imprisoned for fraud. Packer’s phrase to describe the whole highly profitable exercise has entered Australian folklore: “You only get one Bond in your life and I’ve had mine.”
Library Services Manager,
Melbourne Business School,
Carlton, VIC, Australia
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