Founder of Boyds' Bears speaks at Alfred University 11/17/00
For the "Head Bean," every day is a bear market - and Alfred University alumnus Gary Lowenthal wouldn't have it any other way.Lowenthal is the founder of The Boyds Collection, Ltd., an award-winning and hugely successful gifts and collectibles company best known for its line of stuffed, dressed and personality-laden Boyds Bears. He shared his experiences in starting and growing the business from a "mom-and-pop" shop to a $210 million company in a
presentation to Alfred University students. His talk - "I was so Inexperienced I did not know what I was doing was Impossible and other Hare-raising tales from an Almost Famous Entrepreneur" - was part of the Cutco Visiting Lecturers' Series, which brings entrepreneurs to campus to speak with students in the College of Business.A native of New York City, Lowenthal earned his B.S. degree in biology from Alfred University and master's degree in 1971. A self-described "child of the '60s," Lowenthal then joined the Peace Corps and headed for the Fiji Islands in the South Pacific. Upon his return to New York, he started working for Bloomingdale's, gaining experience in purchasing, designing and merchandising.In 1979, he and his then-partner, now-wife Justina Unger moved to rural Boyds, MD, and opened an antiques shop. They found their "love of antiques outweighed their ability to purchase many of the rare items," so they began to seek out and sell reproductions that had the look and feel of antiques - but not the price. The venture proved so successful that they started wholesaling some of their top-selling antique reproductions to other dealers in 1982.Among their most successful products were decoys, ranging from a nine-inch teal to a three-foot swan.
Lowenthal designed, painted, antiqued, boxed and sold the decoys, while Tina handled the customer service, billing, shipping and accounting. Another successful line was merino wool bears made in China. In 1984, Lowenthal designed a 12-inch, fully jointed wool bear which he named Matthew after the couple's newborn son. That same year, tired of making 20,000 duck decoys, Lowenthal began sculpting resin into "Gnomes Homes," detailed miniature houses. Soon, spurred by the success of the wool bears, Lowenthal added more bears, along with "hares and friends." Some are soft, floppy and jointed. They have expandable wardrobes, ranging from simple sweaters and felt hats to full period
costumes, and accessories, including glasses, toys, furniture and kitchen accouterments.The Boyds Collection, Ltd.
moved to the Gettysburg, PA, area in 1987. In a brief history of his company, Lowenthal wrote, "We're a lot bigger than when we were a 'mom and pop' shop, but, for better or worse, we still run it like a 'mom and pop' shop, only on steroids. We're still a little disorganized and a little off-center, and slightly eccentric. just like our bears!"Today, the company's line includes resin figurines, porcelain dolls, clothing and accessories, as well as the plush animals.In 1998, Lowenthal sold the company to Kohlberg Kravis Roberts and Co., but continues as chairman of the board. The
company, which had 1999 sales in excess of $210 million, made an initial public offering in March 1999, and its stock is now publicly traded on the New York Stock Exchange as FOB. The Cutco Visiting Lecturers Series is made
possible by a gift from Erick and Marianne Laine and the Cutco Foundation. Erick Laine is CEO and chairman of Alcas Corp. of Olean, chairman of Cutco Cutlery Corp. and an Alfred University trustee. The College of Business at Alfred University, through its Center for Family Business and Entrepreneurship, emphasizes the importance of family businesses and entrepreneurial ventures in the economy today.Alfred University, one of the oldest co-educational institutions in the nation, is the number one "best value" among colleges and universities in the northeast, according to U.S. News and World Report.
