Hyman emigrates to England and sets up Kosher Tailors Ltd. He starts with making alterations and then moves into bespoke suits. Over time, his 3 sons join him and the company grows and prospers. Soon, the company is exceedingly profitable and his sons want to float KTL on the Stock Exchange.
“Dad,” they say, “we need to establish a financial basis for KTL. How should we determine costs and assets? How do we establish value?”
Hyman thinks for a while, then replies, “Go down to the basement and bring me the box behind the old boiler. You should find some flat irons inside the box. Then go upstairs and bring down the old tailor’s dummy behind the door. You will also find an old treadle sewing machine upstairs together with an ironing board. Bring these also to me.”
The sons do as they were told.
Hyman looks at the old instruments and says, “These are what I started with. Everything else is profit.”
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