Waterbed Salesman Reflects on Long Career Focus by JULIA FECHTER Keting and the Sales of Our for Almost 45 Years, Oconee Waterbeds,” He Said
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B 4 DECEMBER 12, 2019 THE OCONEE ENTERPRISE Wesley COMPyFY SLEEPING Scott Business Financial Waterbed salesman reflects on long career Focus BY JULIA FECHTER keting and the sales of our For almost 45 years, Oconee waterbeds,” he said. Take greater control of resident and Southern Waterbeds Like the current iterations of and Futons owner Lynn waterbed frames, the futons also your personal 401(k) Hardman has witnessed the evo- have useful features, like com- lution of waterbeds. partments for remotes, cups or If your employer offers a 401(k) or Hardman started selling magazines. The futons at similar plan, you’ve got a powerful waterbeds at the Athens flea Hardman’s store also encompass retirement-savings tool at your dis- market in the late 1970s, after he a variety of futon mattress types, posal. had already set up a booth there from innersprings to memory And yet, how well you do with selling other products to what he foam to foam and fiber blends. your 401(k) depends greatly on your called the “counterculture youth Hardman decided to add regu- choices and actions. market.” lar memory foam, adjustable What steps can you take to maxi- “I got into it because I finally mattresses to his showroom mize the benefits of your plan? took one [bed] home and set it up about five or six years ago. For starters, be aware that your for myself,” Hardman said. “It “If it hadn’t been for the 401(k) may come with what might be was just a natural progression waterbed, I’m not sure that called “standard” features, which you into the waterbed business after memory foam mattresses would should review to determine their that.” have come along, because it’s a applicability to your situation. These Hardman gave credence to mindset,” Hardman said. features include the following: Charlie Hall of San Francisco, Overall, waterbeds have been n Default deferral rate – When you the man who invented the Hardman’s passion to sell. take a job, your employer may auto- waterbed. Lynn Hardman of Southern Waterbeds and Futons opened his Atlanta Highway store in 1987. Hardman has “The No. 1 thing is the testi- matically enroll you in the company’s “He understood about making been selling waterbeds in the greater Athens area since the late 1970s. [Photo by Julia Fechter] monials I get from customers 401(k) plan and assign a “default” a product that would have to when they come into the store,” contribution rate – the percentage of conform to your body as At that point, he wanted to only the temperature of the bed sumer is that you can load these he said. “It’s just incredible, and your salary you will put in to your opposed to your body having to move to showcasing his beds in but the temperature of the room drawers down, pull them out and I’ve had that really from the 401(k). conform to the bed,” Hardman a more decorator, showroom and your body core temperature, still be able to reach what’s in waterbed category.” Many companies choose a default said. “When he invented the bed, environment. so it’s nice to be able to adjust the back.” He elaborated that he has been rate of 3 percent, although, in recent that was the first innovation in He went to waterbed shows in it.” Over the years, the mattress He also mentioned that frame glad to help people such as those years, there has been a move toward bedding since the box spring. California, which gave him frames for waterbeds have drawers have sturdier corners who bought a waterbed for a higher rates, even up to 6 percent. His thinking was pretty far out, many ideas about how to pro- changed. More decorative pine and that headboards often special needs child, people who Unfortunately, too many people but he was right on target: con- ceed with having a showroom. bed frames with wood siding include light switches or USB cannot sleep at night and arthri- don’t question their default rate, form to your body [and] control “I took the product very seri- have given way to more oak, ports now. tis patients. which could be a problem, especially the temperature.” ously at that point,” Hardman utilitarian frames compete with Though waterbeds are a key Hardman said he is used to if it’s at the lower end. Hardman said many people said. matching nightstands or furni- part of Hardman’s business, he adapting to changes in the indus- If you want your 401(k) to ulti- thought the waterbed was a fad. In 1987, he moved the busi- ture sets. has also started selling futons try and has been doing so for his mately provide you with as many Contrary to those beliefs, how- ness to Atlanta Highway. For As an example, Hardman and memory foam beds. whole career. He also shared financial resources as possible, you ever, sellers, including Hardman, selling waterbeds pointed out the drawers at the He had a few futons in his that he really enjoys when peo- will likely need to contribute as much Hardman, were able to make a became about ensuring quality bottom of the frame for one of inventory when he started, but ple thank him for still being in as you can afford. So, be aware of sustained profit off selling of sleep more than anything else. his newer models. he acquired more to suit the fam- business, particularly because he your default rate, and, if you can pos- waterbeds. He described how he thinks that “The drawers are extremely ily-friendly tastes of his cus- is one of the last waterbed sales- sibly afford it, increase that level. In Hardman’s case, he kept temperature control is one of the unique in that they pull all the tomers. men in the region. expanding until his displays waterbed’s best assets. way out, and that’s called a full “The key to buying a futon “That really makes your day,” And every time your salary goes occupied almost the entire front “Temperature is really impor- extension drawer,” he said. frame is how easy is it to operate Hardman said. “That’s better up, consider boosting your contribu- section of the market. tant when you’re sleeping—not “What that means to the con- … this goes along with the mar- than a paycheck.” tions. n Investment mix – When you’re automatically enrolled in your 401(k), the amount you might initial- ly contribute isn’t the only “off the shelf” feature – you also might be assigned a default investment option. One common default investment is known as a target-date fund, which generally includes a mix of stocks, bonds and cash instruments. your 401(k) plan provider, or your human resources area, will typically base this mix on your age and pro- jected retirement date. Usually, this fund will grow more conservative over time, reflecting the need to reduce the portfolio’s risk as you get nearer to retirement. However, you may not be obligated to stick with the default option. Most 401(k) plans usually offer several options from which to choose. Ideally, you’d want to spread your investment dollars among a mix Presbyterian Village of Athens is scheduled to by early 2021. [Photo by Michael Prochaska] of these investments to give yourself the greatest growth potential, given BUSINESS ROUNDUP your risk tolerance and time horizon. And always keep in mind that your 401(k) is a long-term vehicle, designed to help you prepare for a retirement that may be decades away. PresbyterianBY ICHAEL ROCHASKA Homes of Georgia gets new CEO Consequently, try to discipline your- M P of Georgia’s Terry College of Corporation customer-owners will self to look past the inevitable short- Athens resident Alex Patterson Business with both bachelor and get refunds totaling $8.4 million. term drops in your portfolio. has been master’s degrees of business Oconee resident Peggy n appointed the administration. Hardigree, a long-time Walton Matching contributions – If your new CEO and Presbyterian Homes of Georgia EMC customer-owner, says employer offers a 401(k) matching President of was founded in 1949 and operates receiving a capital credit refund is contribution, you should certainly Presbyterian five facilities for senior care includ- just a bonus to the good service take advantage of it. Consider this: If Homes of ing two continuing care retirement she already receives. you employer matches 50 cents for Georgia. He communities. “I was 5 years old when the every dollar you contribute, up to 6 p r e v i o u s l y lights came on,” she said. “So percent of your pay, and you con- ESP expands Java Joy served as sen- REA, and then EMC, have always tribute the full 6 percent, you would, ior executive Patterson Extra Special People’s coffee cart, been some of my favorite people - in effect, be receiving a 3 percent pay director of a Presbyterian Homes Java Joy, launched its first branch they still are,” said Hardigree. raise (50 percent of 6 percent). retirement community in Quitman in San Francisco. Operated by “When there’s a wreck or when That’s like a 50 percent rate of and as vice president of the non- adults with disabilities, Java Joy there’s storms and I call and report return even before you invest this profit. His primary responsibility baristas—also known as a power outage, they call me back added money. in the past couple years has been “Joyristas”—will serve coffee at when it’s fixed.” Taking control of your 401(k) in the development of the Oconee businesses, such as PagerDuty, Unemployment down the ways described above can help go County retirement community, WeWork, Barracuda and Thoma a long way toward getting the most which is scheduled to open by Bravo.