“Ah,” said Mr. Ackerman thoughtfully, “it’s a pity your father never took action along the lines of a conversation I had with him a few months ago. I expressed surprise that he had never turned his business into a joint stock company, and—rather to my surprise I confess, for he was a little old-fashioned in such matters—he said he had been thinking of doing so. He observed, and very truly, that he was as capable of managing his own affairs as any board of directors, but that if anything happened to him, such experienced advice would be of inestimable benefit to you. And then he spoke of the limited liability feature as desirable. Looking back at that conversation,” said Mr. Ackerman with a gentle sigh, “it almost seems as if he had a premonition. I assure you that he spoke with the greatest earnestness, as if he had thought the matter over carefully and arrived at a definite conclusion. And yet I suppose nothing has been done in that direction, yet?”
No, nothing had been done, Joe told him. In fact, this was the first intimation he had had that such a thing had entered his father’s thoughts.
That, said Mr. Ackerman, was too bad. It was a great responsibility for a young man—too great. Now, a board of experienced directors would share it, and they would have an active interest in advising properly.
“Meaning that the advice I get now isn’t proper?” asked Joe, with just a little tightening of the mouth.
“Meaning nothing of the sort,” Ackerman hastened to disclaim. “Don’t misunderstand me. But you must admit that it is irresponsible. In the long run you pay the piper.”
“That’s true enough,” Joe admitted. “In the end it’s up to me, of course.”
“Just so,” said Mr. Ackerman. “That is what your father foresaw and intended to provide against. If he had been spared a few months longer I believe he would have formed a company, retaining the controlling interest himself, so that you might have had the benefit of the advice of a board of experienced directors.”
Joe Kent was quite sure his father would not have done anything of the kind, but he did not say so.
Ackerman bestowed on him another measuring glance and proceeded:
“You see, Mr. Kent, business history shows that, generally speaking, the collective wisdom of half a dozen men is greater than that of the individual. The exceptions only prove the rule. The weak points in any proposition rarely get past half a dozen experienced men. And then we must remember that influence makes for success. Naturally the influence of half a dozen representative men helps to get business as it helps the business to buy cheaply, and as it helps to transact business properly. Why,”—here Mr. Ackerman became prophetic—”I venture to say, Mr. Kent, that if this business of yours were turned into a joint stock company and the proper gentlemen interested, its volume would double in a very short time.“