Date: February 16, 2009
Vol. XII, No. 4

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TABLE OF CONTENTS

COMMENTARY: THE PURPOSE OF TRADE ASSOCIATIONS 

Many think trade associations exist to produce trade shows, but there's much more. Private show management companies can produce excellent shows, so trade associations are not unique in that respect.

What they can/should do is speak for you to the world, whether it's to the media, the government, or to the consumer. CHA, TNNA, NAMTA, TIA and others are working for you to inject some common sense into the Consumer Product Safety Improvement Act. I'm convinced the implementation of the law would not have been delayed if trade associations hadn't raised a stink about the law's effects. Will trade associations get everything you want, as fast as you want? Probably not. But without them, you're a lone voice in the wilderness.

A good trade association should also conduct studies on the size of its industry and research consumer attitudes. Try getting a loan if you have to tell the banker you're in an industry that doesn't know how big it is. You may disagree with a study's data, and they are imperfect, but outsiders did not invest in our industry until the old HIA finally produced a professionally conducted size-of-industry study.

"Vinny Da Vendor". An "indie" crafter explains who indies are, what they like, what/where they buy, and how to reach them.

Newsbriefs. The 2/06 and the 2/10 newsbriefs with updates on the Consumer Product Safety Improvement Act.

Kate's Collage. How a laid-off industry veteran is changing his spending habits, and the opportunities it offers our industry, since millions are in the same situation.

(Note: To read the columns, click on the column title in the left-hand column. If it's not the column you expected, click on the Reload or Refresh button of your browser.)

So there's a delay in the implementation of the Consumer Product Safety Improvement Act. Nevertheless, when the law is implemented, will it have an effect on your business?

To vote, click on Industry Polls in the right-hand column or click HERE.

It's report card time, and the TNNA and CHA shows earned a 2.413 grade, a C+, in CLN's unscientific survey. A's were given by 17.65% and B's were handed out by 38.24%. A fifth, 20.59%, gave the shows a C while 14.71% rated them a D. Only 2.94% flunked them, and 5.87% gave them an incomplete (probably exhibitors waiting to see if contacts turned into orders).

For the period ended Jan. 31, sales dropped 2.4% to $571.9 million from $585.9 million a year ago. Same-store sales decreased 2.9%. For the fiscal year, net sales rose 1.2% to $1.901 billion versus $1.879 billion last year. Same-store sales for the year rose 0.5%.

The fourth-quarter and full-year earnings report will be released Mar. 11.

(Note: This is an ominous sign; numerous vendors at the recent CHA show told CLN they thought Jo-Ann was performing better than most other chains. It's also a sign of the times: Jo-Ann's stock rose after the sales announcement, probably because so many other retailers are performing so much worse – see below.)

On Saturday, the Weekend Edition of National Public Radio broadcast a report on consumers turning to crafts during the recession. The report focused on a recent family workshop at a Michaels store in Springfield, VA. About 25,000 people participated in the Valentine's cardmaking event in Michaels stores across the country, NPR reported.

NPR interviewed Michaels Chief Marketing Officer Stuart Aitken who said, "During down economies, customers tend to go back to basics. Arts and crafts are the most basic form." He added, "People are truly looking for value like they've never looked before. It's a great time for retailers to understand that and look specifically at what customers want from them to deliver value." The article also quoted parents who thought crafts were a better value, and better for kids' development, than toys.

To read the article, visit www.npr.org/templates/story/story.php?storyId=100683864.

Meanwhile Time's Valentine's article included this: "Analysts predict that specialty arts-and-crafts stores should thrive as more consumers choose handmade over store-bought gifts. The website for specialty retailer Michaels details dozens of ideas for making cards, scrapbooks, and jewelry."

Wal-Mart was one of the few retailers who posted positive same-store sales figures for the month, and the Int. Council of Shopping Centers reported a 1.6% decline in overall retail sales for January, the fourth consecutive month of declining sales. ICSC expects overall retail sales to decline between 1% and 2% next month, and the decline will probably continue in March, if for no other reason than Easter will be in April this year, rather than March.

Todd Slater, managing director at Lazard Capital Markets, wrote in a research note that consumers are buying what they need, not what they want, Advertising Age reported.

A sampling of chains' same-store sales for the month: Sam's Club, +2.4% ... Wal-Mart, +2.1% ... BJ's, -0.7% ... Fred's, -1.9% ... Target, -3.3% ... Macy's, -4.5% ... Bon Ton, -8.2% ... Limited/Victoria’s Secret, -9.0% ... Chico's, -10.9% ... Pacific Sunwear, -11.0% ... Dillard's, -12.0% ... Nordstrom, -13.0% ... Kohl's, -13.4% ... JC Penney, -16.4% ... American Eagle Outfitters, -22.0% ... The Gap, -23.0% ... Saks, -23.7% ... Neiman Marcus, -24%.

Retailers are expecting the worst, at least in terms of imports. The National Retail Federation and IHS Global Insight's monthly Port Tracker report predicted container traffic at U.S. major retail ports will decline 11.8% in the first half of '09, after a drop of 7.9% in '08.

(Note. CLN emailed two newsbriefs on developments regarding the Consumer Product Safety Improvement Act since the last issue. If you missed them, click on Newsbriefs in the left-hand column.)

News, I. The CPSC issued a new "draft guidance" regarding phthalates. Read it at http://www.cpsc.gov/about/cpsia/draftphthalatesguidance.pdf. In a written statement the CPSC said, "Until the draft guidance is finalized, CPSC intends, given its limited resources, to focus its enforcement efforts on the products most likely to pose a risk of phthalate exposure to children. Specifically, CPSC will focus its enforcement efforts on bath toys and other small, plastic toys (especially those made of polyvinyl chloride) that are intended for young children and can be put in the mouth.)"

News, II. Various groups have asked for exclusions from lead limits under Section 101(b) of the CPSIA. The Writing Instruments Manufacturers Assn., which produces 75% of the writing instruments in the U.S. asked for an exclusion for ball-point and roller-ball pens, claiming there is no alternative metal for pen points that does not contain some violative quantity of lead. ... The Fashion Jewelry Trade Assn. and other groups asked for an emergency exemption for crystal and glass beads, including rhinestones and cubic zirconium. No response yet from the CPSC. Read the requests at http://www.cpsc.gov/about/cpsia/cpsia.html#exclusion.

Concern. How worried is the industry about the Consumer Product Safety Improvement Act (CPSIA)? There is virtually no seminar topic that would cause exhibitors to leave their trade show booth during show hours. But the two-hour seminar sponsored by CHA's Standards and Technology Committee at the recent Anaheim show attracted more than 300 people.

Vague. No one is objecting to providing safe products for children, but the law is so broad that no one CLN has contacted is absolutely certain they are in complete compliance. Even the panelists at the CHA seminar couldn't answer some of the questions from the audience. Vendors are conscientiously following the law (they think), but are unsure if their interpretation will be the same as the Consumer Product Safety Commission's.

Quotation. "The biggest concern I have is that we have a whole committee working on this, trying to understand all the different interpretations and changes in direction that are occurring weekly. All these people should be working on creating business in the worst retail environment in 40 years. It is a huge distraction." – Industry Retailer

Legislation. In addition to Senator Jim DeMint (R, SC)'s amendment to the economic stimulus bill, he has introduced the Consumer Product Safety Reform Bill, which is cosponsored by Republican Senators Sam Brownback (KS), Saxby Chambliss (GA), Mike Crapo (ID), David Vitter (LA), and Roger Wicker (MS). The legislation has been endorsed by the U.S. Chamber of Commerce, the National Federation of Independent Business, the Coalition for Safe and Affordable Childrenswear, and the Handmade Toy Alliance.

CPSC. In defense of the agency, in the Federal Register referred to in a CLN Newsbrief, the CPSC wrote, "The Commission has received literally thousands of email, telephone, and written inquiries as to how to comply.... Furthermore, the Commission is operating in fiscal year 2009 with the same level of funding appropriated to it for fiscal year 2008, before the CPSIA as well as two other acts also requiring significant additional Commission efforts ... were enacted. This funding constraint is a severe handicap on the Commission's ability to staff up to address the numerous new requirements imposed by the CPSIA."

Trade. To further complicate matters, CLN has learned the World Trade Organization is unhappy with the new law and may file a complaint against the U.S., claiming the law may violate certain trade agreements. So when the dust finally settles, it may get stirred up again.

Media. A blog, Victims of CPSIA 2008, lists some of the businesses – many non-profits – that are damaged by the law. Visit http://cpsia2008victims.blogspot.com.

Labels. The CPSC posted a "Notice of Inquiry" asking for opinions on the requirement to "place permanent distinguishing marks on the product and its packaging that provides certain identifying information." Visit www.cpsc.gov/library/foia/foia09/brief/tracking.pdf.

Retailers. COO Travis Smith told CLN, "Jo-Ann Fabric and Craft stores is committed to selling product that meets or exceeds all federal and state laws, rules, and regulations. With that said, There have been many valid concerns regarding a company's ability to meet the changing standards for the Consumer Product Safety Improvement Act. We revised our own internal quality standards and conducted vendor education early in 2008 so that the impact of the February 10 deadline would be minimal. We continually evaluate test results for our products so that any potential non-compliant product is identified and removed from the supply chain before the product reaches our retail shelves."

Summary. Mike McCooey, CEO of Plaid and Chair of the CHA Board of Directors said, "CPSIA was the legislative equivalent of killing an ant with an elephant gun. President Bush and Congress passed an impossible-to-enforce law, in a knee-jerk reaction, in the middle of an election cycle. Due to a great deal of lobbying by CHA, the toy industry, and many others, the Consumer Product Safety Commission has issued a one-year stay on some particularly onerous sections of the legislation.

"Congress really needs to revisit the folly of their actions," Mike added, "and craft a manageable, enforceable law. However, members have now put themselves in a bad PR position if they do the right thing and pass a more realistic act. Stay tuned."

CLN heard of a free-lance designer who made a deal with a small manufacturer to design a new line, for which the designer would receive a percentage of the sales. The designer created the line and the manufacturer had a few prototypes made and took them to one of the dollar-store chains. The buyer liked the prototypes and a deal was made.

But when the manufacturer learned how much testing would be required, he realized he probably couldn't make any profit due to the thin margin required to sell a dollar chain and the cost of the testing.

End result? The deal was cancelled. The designer received nothing; the manufacturer lost time, the cost of the prototypes, and travel expenses; the chain did not have a product it thought it could sell for a profit; and the consumer never had a chance to buy the products.

(Note: CLN had not learned by its deadline if the recent CPSIA developments had changed this scenario.)

As reported in the previous issue of CLN, the following companies received Innovations awards at the CHA Winter Show for their new products. Here are more details:

Art Materials/Framing: Golden Artist Color, for its Fluid Color Travel Interference Acrylics. www.goldenpaints.com/index.php

Fabric/Quilting/Needlecraft: AccuQuilt, for its GO!™ Fabric Cutter, a fast, precise, affordable fabric-cutting system that reportedly allows quilters to cut fabric as much as 90% faster than scissors or rotary cutters. Included with the cutter is a free die with several shapes on one die, plus a cutting mat. http://accuquilt.com then click on Go! Cutter.

General Crafts: Duncan Ent., for its Tulip Create-A-Color Custom Dye Kit. Beginning with just four base permanent fabric dye colors, consumers can follow the recipe guide to mix 150 custom dye colors. The kit will be available this summer. www.ilovetocreate.com/News.aspx

Scrapbooking/Paper Crafts: Crafter's Companion, for its Ultimate Crafter's Companion Master. It's an all-in-one, compact carry-case which allows consumers to score, measure, trim, embellish, create boxes, shaped card blanks, envelopes, etc. www.crafterscompanion.com

New Exhibitors: Spiral Eye Needles, for its Spiral Eye Side Threading Needles. An innovative needle that makes threading a needle easier. www.spiraleyeneedles.com

Overall Best Innovation: Duncan Ent.'s Tulip Create-A-Color Custom Dye Kit.

Meanwhile, Scrapbook Update named its Top Ten Products from the CHA Show. The list includes Ribbon Ring by Chicory Chic ... Invisibles by Heidi Swapp ... Snorkel Collection by Cosmo Cricket .... Storytellers by Webster's Pages ... Anything by Sassafrass Lass ... Cards & Envelopes by Bazzill Basics ... Bling It by Basic Grey ... Small Stamp Packages by Maya Road ... Anything by Jenni Bowlin Studios ... Ali Edwards for Technique Tuesday. For more details and photos, visit www.scrapbookupdate.com.

Apparently everybody is cutting jobs – even Wal-Mart, which performed better in January than almost every other retail chain. The 800 jobs, about 6% of the headquarters staff, are mainly in merchandising, real estate, marketing, and support staff. The position of craft buyer has been open since August and was expected to be filled this month; it is unknown if that position is affected. Store employees were not affected.

"We do not make these decisions lightly," Wal-Mart CEO Mike Duke wrote in a memo to employees, the Washington Post reported. He added that "we must also challenge costs in every corner of the company in order to keep our business strong today and well into the future."

Actually Wal-Mart's cuts are less than other chains; Macy's and Home Depot announced they would each lay off about 7,000 employees, and Circuit City's liquidation will push another 30,000 workers onto the unemployment line.

There are signs that consumers' interest in our industry is growing, if tv ratings are any indication. "Our series have experienced anywhere from a 10% to a 41% increase in the last six months," reports Kathie Stull, head of KS Inc. Productions which produces numerous tv series for PBS stations.

"One factor is bandwidth," Kathie explains. "As stations convert from analog to digital, they can put multiple stations in the same band width. This is leading them to do more specialty channel series such as how-to, or programs specific to a certain category.

"Hands On was the most dramatic increase," Kathie says, "because the 7-12 age group is a difficult one to market to on TV, and many stations did not program specifically to them; but when they added a kids channel, we got additional carriage. We have also seen increased web traffic; not quite as dramatic an increase, but anywhere from 8 to 15% in the last quarter. Also so far in 2009, a KS, Inc series is airing in all 50 states, 100% of the top 25 markets, and 94% of the top 100; today 92% of the country is airing one or more of our shows."

Some of the shows being uplinked to PBS stations in the near future:

1. The 12th series of Hands On Crafts for Kids, hosted by Kathie, uplinks Mar. 15. Sponsors are Elmer’s®, Staedtler®, Coats and Clark, FloraCraft®, and Pepperell Crafts. www.craftsforkids.com.

2. The 14th series of Scrapbook Memories, hosted by Julie McGuffee and Beth Madland. It uplinks Mar. 22. Sponsors include Close To My Heart, Sakura, Epson, Uchida, Canon, Colorbök, Elmer’s, Fancy Pants Designs, Pazzles, Hot Off The Press, Copic Marker, Quick Quotes, Unibind, Smilebox, Spellbinders, Kaleidoscope Collections, Corel Corporation, Create! Digital Art, Nunn Design, and Zutter/Bind It All. www.scrapbookmemoriestv.com

3. The 28th series of America Sews with Sue Hausmann and produced by Husqvarna Viking will highlight quilting and uplinks Mar. 29. It's sponsored by Robinson-Anton Textile, Sulky of America, Dream World, Rowenta, The Warm Co., Loralie Designs, Havel's Crooked Nickel Designs, Blank Quilting, Pellon, Coats and Clark, and June Tailor. Four DVD's with the 13 episodes is available for $24.95. Mail to America Sews, 31000 Viking Parkway, Westlake, OH 44145 or call 800-358-0001. www.americasews.com

KS, Inc. Productions also produces Quilting Arts, Bake Decorate Celebrate!, Beads, Baubles & Jewels, and Knitting Daily. For info on KS Inc. Productions series, call 800-348-3909 or email info@ksproductions.org.

For a behind-the-scenes view of Beads, Baubles & Jewels, visit www.beadingdaily.com, click on Blogs, then scroll down to Behind-The-Scenes. For Quilting Arts, visit www.quiltingartsblog.com/quilting_arts_blog/qa_tv.

Chartpak has exclusive North American distribution rights to the premium brands of Schmincke, including Mussini Artist Oils, Horadam Watercolor and Gouache, and Schmincke Artist Pastels. "These brands compliment our Grumbacher premium artist brands including Pretested Oils, Max Oils, and Finest Watercolor, as well as our Grumbacher collegiate brands, Academy Oils, Academy Acrylics, and Academy Watercolor," stated President/CEO Steven Roth.

The Grumbacher-Schmincke relationship dates back to the early 1900s. Grumbacher distributed Schmincke colors until World War II when Grumbacher began to manufacture its own line of premium colors in the U.S.

Chartpak's brands include Grumbacher® (paints/brushes); Koh-I-Noor® (drawing/sketching); Pelikan® (fine writing/art materials); Frances Meyer® (scrapbooking); Clearprint® (paper products); Craft House® (painting/crafts/science activity kits); and Chartpak® (graphic/decorative arts).

The discounts offered by many retailers during the Christmas season were startling and raise the question, have consumers become spoiled? Will they ever again be willing to pay regular prices, or respond to 20%, 30%, or 40% off?

"Our sense of what is fair and what is a good deal has changed," Michal Ann Strahilevitz, professor of marketing at the Golden Gate University, told the Associated Press. Now she thinks a sale must be at least 70% percent off to be considered a bargain.

"Sixty percent off is the new black," said New Yorker contributor Patricia Marx to More magazine.

One craft industry analyst calls it "cocaine discounting. You get consumers hooked on sales, and they just demand more and more."

Furthermore, do consumers still believe the "regular" price is real?

One chain trying to avoid that trap is the high-end Neiman Marcus. The company is planning to target its best customers with smaller, in-store events. The hope is that personalized service and special events available no place else at any price will entice the customers to pay regular prices. (Comment: NM needs a plan; its same-store sales fell 24% in January. But could this strategy work for our stores? Email your thoughts to CLN at mike@clnonline.com.)

1. The consolidation at the retail level is having the usual effect. One paper manufacturer said he wrote fewer but larger orders at the recent CHA show. Some of his customers have closed their stores, but others are expanding. The successful retailers now have less competition and more of the pie to themselves.

2. The reporter for National Public Radio, interviewed me for background for her piece on kids crafts. I told yes, consumers seem to be turning to crafts in tough times, but in effect it's old news. There were a gazillion media reports in December saying the same thing. If NPR wanted to report on a really current topic, it would be the problems caused by the CPSIA.

3. So the CHA Winter Show numbers (and every other trade show's) are down – certainly not surprising. Remember, a well run trade show reflects the state of the industry. The scrapbook area was more crowded because there are more scrapbook retailers. Overall attendance was down because some stores closed, others stayed home to save on travel expenses, and exhibitors brought fewer staffers.

CHA SHOW FINAL DATA. The Winter show attracted 5,207 buyers from 60+ countries, a decrease of 9.5% from 2008. The number of "business networkers" (designers, non-exhibiting manufacturers, sales reps, publishers, etc., was down 1.5%, including 160 members of the press. Together those two groups declined 7.8%. There was also a 20% decrease in exhibitor personnel/booth staff.

DEADLINE. TODAY is the last day to submit applications for workshops for the CHA Summer Show and the (consumer) Supershow. ... Mar. 2 is the deadline for business seminar or Demo-nar proposals. For info, call 201-835-1202. or email Amie Kolodziej at akolodziej@craftandhobby.org.

CONFERENCE. The 2nd Annual Yarn Market News Smart Business Conference is Mar. 15-17 in Chicago with small-business seminars and networking events tailored to the needlearts industry. "More than ever, this is the moment to focus on how you can fine-tune your business practices in order to thrive and continue to grow. We're offering a value-packed roster of dynamic speakers in a lively format and an amazing networking opportunity," says YMN Editor in chief Karin Strom. One of the highlights is Georganne Bender and Rich Kizer's new seminar on merchandising and customer-theory. They will speak on the best ways to create a unique and appealing layout for a retail store. For info and to register, visit www.yarnmarketnews.com, call Jessica Cepek at 212-225-9011, or email jessica@yarnmarketnews.com.

COMPETITION. Twenty-two students from Kent State U.’s School of Fashion Design and Merchandising competed in a Project Runway-type competition. Coats & Clark and affiliate companies provided the materials and prizes included $1,500, sewing machines, and others. To see a video of the event, visit www.coatsandclark.com and click on Fashion Students Race Against the Clock in the right-hand column.

SHOWS. The number of exhibitors and attendees at the Paperworld and Christmasworld shows in Frankfurt, and the Las Vegas Gift show, were down, Gifts & Decorative Accessories reported.

HANCOCK. Reported a cash balance increase of $774,000 during the quarter ended Jan. 3. The unaudited numbers were made public as part of Hancock's quarterly summary report required as part of the company's emergence from Chapter 11 bankruptcy. Hancock started the quarter (Oct. 5-Jan. 3) with nearly $3.4 million in cash. The retailer recorded cash sales of $80.7 million. After other receivables and expenses, the retailer ended the quarter with a cash balance of about $4.2 million.

LOOKING TO HIRE. Walnut Hollow is looking for an experienced sales professional to be Director of Sales, to direct the sales function, which includes two Key Account Managers, an inside sales associate, a customer service associate, and a customer inventory analyst. Requires strategic planning, leadership in the development of new customers and new accounts, and growth in sales and profitability. Located in Dodgeville, WI. National travel required. Send resume with salary requirements to Human Resources Manager, Walnut Hollow®, 1409 State Road 23, Dodgeville, WI 53533 or email myersb@walnuthollow.com.

GREEN. The "eco" trend continues. Coats & Clark introduced Aunt Lydia’s® Bamboo Crochet thread that is 100% viscose from bamboo. It's size 10 and available in 8 colors. Coats has also updated colors in its popular Fashion 3 line and added four new colors to its Aunt Lydia’s mercerized cotton line. There's a new Red Heart® Eco-Ways™ Bamboo Wool, too, a size 4 (medium) weight yarn in 10 colors. And for baby projects, Red Heart® Moon and Stars™ yarn in 8 colors reportedly becomes softer after each wash. visit www.coatsandclark.com.

PAINTING. Interactive Artist magazine has launched, with video and written lessons from well known teachers, new product information, trade show and convention info, a Virtual Gallery where subscribers of all skill levels can see others' works and post their own, and a media library with art books and instructional DVDs. The intro sub price is $19.95. Visit www.InteractiveArtistMagazine.org.

PEOPLE. Former Michaels exec Harvey Kanter was named CEO of Moosejaw Mountaineering, an outdoor gear retailer that is ranked #260 in the Internet Retailer Top 500. ... Joseph Borbely resigned as Sr. VP of Store Operations for Hancock to pursue other opportunities. His responsibilities will be assumed by Hancock regional VPs on an interim basis.

CAUSES. A goal of the recent 2009 Special Olympics World Winter Games was to provide 5,000 scarves made from Red Heart® Super Saver™ Delft Blue and White yarn, the Games' official colors, for the athletes, delegates supporting them, and dignitaries. Instead, knit and crochet enthusiasts from around the world donated 40,000+ scarves.

ROLODEX. New address for Westlake Associates (Peter Heinsimer & Terry Hunt): 1705 Chelsea Rd., Palos Verdes Estates, CA. Phone: 424-206-2920; fax: 877-889-6221; email westlake01@aol.com.

MAGAZINES. Newsstand sales of 535 magazines audited by the Audit Bureau of Circulation dropped 11% in the second half of '08, compared to a year ago, the Associated Press reported, and ad pages in major consumer magazines declined 12%, said the Wall Street Journal. ... Craft magazine, a leading publication for indie crafters, stopped publishing a hard-copy edition. The magazine continues online at www.craftzine.com.

STOCKS. A.C. Moore: $1.63, down $0.06 ... Hancock: $0.62, up $0.22 ... Jo-Ann: $14.12, up $1.35 ... Wal-Mart: $46.53, down $0.59 ... Dow Jones: 7,850.21, down 1.9%. (Note: All changes in price are since 1/30 and are exclusive of dividends.)

The only personnel recruitment firm specializing in our industry has added a new service designed to assist small companies sell their businesses. "Founders of numerous small businesses realize they have taken their companies as far as they can, or they want to retire," said President Gail Czech. "So they want to sell their company – but how?

"Traditional merger/acquisition firms do not want to deal with small businesses," Czech added, "because they take a percentage of the sale and it can take as much time to sell a large company as it does a small one."

"There's another problem," Czech continued. "An owner doesn't want competitors or customers to know the company is for sale, afraid it would start rumors and hurt sales. Because of The Creative Network's services in personnel recruitment, my staff and I are talking to tens if not hundreds of industry people every week. We hear about prospective buyers and sellers; it's only logical that we help both sides come together in a strictly confidential manner."

Companies interested in buying or selling and wishing more information about the service, should call, in complete confidence, 360-604-0802; email President Gail Czech at gail@creativenetworkinc.com; or VP Jessica Goursolas at jessica@creativenetworkinc.com.

To read the latest listings by the only personnel recruitment firm specializing in our industry, click on Jobs in the left-hand column or click HERE.

Dave was a single guy living at home with his father and working in the family business. When he found out he was going to inherit a fortune when his sickly father died, he decided he needed a wife with whom to share his fortune.

One evening at an investment meeting he spotted the most beautiful woman he had ever seen. Her natural beauty took his breath away. "I may look like just an ordinary man," he said to her, "but in just a few years, my father will die, and I'll inherit 20 million dollars." Impressed, the woman obtained his business card and three days later, she became his stepmother.

Women are so much better at estate planning than men.

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