Baldwin Piano and Organ Co. of Loveland, Ohio, survived dropping sales and rising interest rates by getting into the finance business: it bought and sold loan agreements on its pianos and organs.
Sales rose from $110.1 million in 1992 to $122.6 million in 1995. Net income slid from a high of $5.9 million in 1992 to just $345,000 in 1994, rebounding to just under $4 million in 1995. Sales...