Bullard Financial Group Inc.

CONNECT

Address:

36 Park Pl
Branford, CT 06405

Phone:

(203) 488-4488

Fax/Other:

(203) 488-3053

A First-Hand Lesson in Planning

BULLARD HISTORY: A FIRST-HAND LESSON IN PLANNING

 

The Bullard Company plant in Bridgeport CT during the 1940s. RIGHT: A Bullard boring mill at the Goodyear Tire Co. factory in Akron OH, 1921. LEFT: A workplace poster from World War II. (Click images for larger views)

Dan Bullard has seen first-hand how poor planning can lead to the loss of a family held business.

For more than 70 years, the Bullard Company was world-famous for making machine tools used by automakers, defense plants and other manufacturers. At its heyday during World War II, the Bullard Company employed over 2,000 people in Bridgeport, CT.

The company was owned and managed by members of the Bullard family from its beginnings in the 1870s. Their advisers included, among others, Arthur Anderson, Chemical Bank, New York Trust, Bankers Trust, and Merrill Lynch.

But as various members of the Bullard family died after World War II, their stock in the Bullard Company was sold to pay estate taxes.

As a result the business was publicly traded and listed on the NYSE. By the early 1960s the stock was widely held and a tender offer was made by White Consolidating of Cleveland, which eventually led to the demise of the company.

Dan thus was introduced to the concept that estate planning, tax planning and the efficient use of life insurance could help a family held business pass from generation to generation.

LINKS

WikiPedia - Bullard Machine Tool Company

Vintage Machinery - Bullard Machine Tool Co.

American Precision Museum - Edward P. Bullard Jr, elected to Machine Tool Hall of Fame, 1982

American Machinest - Edward P. Bullard Sr. obituary, published January 1907

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Check the background of this financial professional on FINRA's BrokerCheck