When Pa first started, the stone cutting he did was done with a dry saw. Over time it harmed his lungs to the point he had to choose; either process the stone in a different way, or quit the stone business. Pa was determined to make it work, and he did something few people would have the bravery to do. He bet the sure thing – the farm, for something uncharted – Buechel Stone.
Ma and Pa went to the bank to get a loan for a stone splitter, which was a huge investment. Before this, all processing he did was done with a Carborundum circular saw blade, a hammer, and chisels – minimal capital. A quick fun little fact: there were search engines before Google. Pa remembered there was a company somewhere in Minnesota that made stone splitting machines for their peers in the natural stone industry, but couldn’t remember who it was or how to contact them. This was 1965. They called the phone operator and she said she would find out who the company was. A couple days later she called back with the information to contact Park Industries in Minnesota. It’s a little off point but a tidbit of info I always think is fun. It is amazing the way things were done in the past, much less the patience required to wait on information. Back then information was also at your fingertips, you just had to be willing to give it a day or two!
So Ma and Pa went to the local bank for a loan to purchase a new splitter. When there, the banker wanted Pa to co-sign with his father even though he was married with kids and a farm. The banker stated, “Francis, you have to understand. If you were getting a manure spreader or another piece of farm equipment we could sell it. What are we supposed to do with a stone splitter when you go bankrupt?” Pa always talked about how it was never stated if they went bankrupt, it was predetermined that by starting a business in the stone industry they would go bankrupt.
They got up to leave, stating they would find someone else who believed in them. Pa had too much pride to have a co-signed loan. No sooner did they stand up than the banker told them to hold on, they could figure something else out. Ma and Pa returned and discussed other options. They agreed to a contract that had them betting the farm in the event they went bankrupt. Everything they owned was put on the line with this decision. All the farm equipment and livestock, and the new splitter.
There’re a couple of things I love about this story. The first is the loan – look at it! At one time you could take out a loan with all the collateral you have and it only took two pages and one signature. That loan in today’s dollars would be over $44,000. How many pages would that same loan require today?
