By Jacob H. W. Wolf
My father was an honest man and I tried to emulate him. But somewhere along the line he said, “Never lie but you don’t have to tell the whole truth.” I tried to set an example for my son, but I’m afraid he learned too well. He is a professor of mathematics and I suppose, in his field, the subject of honesty has a different interpretation than in business.
Some time ago, I discussed this subject with him. I told him that when I was a sales engineer for the Philco corporation. I sold transistors. Now Philco transistors were rated at a 25 mw power rating. This means that a transistor can safely dissipate up to 25 mw of power without effecting the life of the transistor. From each batch of new transistors, a sample is subjected to a 25 mw life test. The majority of these sample lots passed the test, but some did not. This means that millions of transistors were thus unsellable and a complete loss to Philco. I reasoned that if these failed transistors could be sold, it would be a great benefit to the Philco Corp, and to me. So, when speaking to a customer, where price was an issue, I would ask him how much power the transistor in his circuit dissipated. If, for instance, he replied 10 mw, I would say to him, “I will quote a price to you at $1.75 per transistor instead of the $2.50 you are currently paying. I will specify a maximum power rating of 15 mw, thus assuring you of the safety of the transistor in your circuit.” In this instance the customer was overjoyed and so was Philco management because it meant that transistors that were a complete loss would now be sellable.
Now my son, on hearing all this told me I was being dishonest because I did not tell the customer that the 15 mw transistors I was selling him had previously failed the 25 mw life test. So to Philco management I was a hero, but to my son, I was a crook.
Jacob Wolf grew up in Philadelphia and started a successful business, Lansdale Transistor and Electronics Co. He was an actor and enjoys theater and reading. He has two children who also live in the New York metro area.