Capture Technologies, Inc. – 73 years of success begins – Part III
NORCOM 550 Mini-Cassette Voice Recorders.
Of course, all this happened well before cell phones were used. With Mr. Scott’s phone number in hand, I walked to the nearest phone booth and called Mr. Scott. I called his office, got past the gate-keeper and gave him my opening pitch: “Mr. Scott, this is Ed Wright. I know you know who I am and I have cost you a lot of money in the last two years. I am starting a new business and looking for investors. I think this is an opportunity for you to recover those losses.” His response was short and to the point; “Young man, come and see me!” Thirty minutes later, I met Mr. Scott, which was the beginning of a long and wonderful relationship.
The business I was attempting to fund was the manufacturing of glycerin soap. Mr. Scott listened to my plan, then immediately pulled out his checkbook and wrote a check for 20% of the amount I was trying to raise. Years later, I learned that he thought it was a crazy idea which, he felt, would surely fail and I would be obligated to go to work for US Audio, Inc., selling dictating equipment. Two years later we sold the startup resulting in a five hundred percent return, for Mr. Scott, and the following year, Judith and I bought US Audio, Inc.
As part of the purchase, we went through a long vetting process, by Norelco, to take over the exclusive dealership for Norelco dictation products. Norelco sent us a case of champagnes and we were off to the races; or so we thought. Within six months, Norelco changed their distribution methods - eliminating exclusive territories. This triggered the beginning of many changes it has taken for US Audio, Inc., now Capture Technologies, Inc., to adapt and continue to succeed year after year.
About this time, a new company called Norcom entered the dictation market. They were the first to bring Japanese-made dictation equipment into the United States. They were looking for dealers. Many of the Norelco dealers, Including US Audio, Inc., joined their team. Norcom products were of excellent quality and offered extremely good margins. US Audio Inc’s representing Norcom was the beginning of marketing products, other than dictation machines, to our valued and growing customer base. More on our history in the next post…
Ed Wright
Author, entrepreneur, ultimate optimist who believes hard work - works!