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Business Movers

Milton Hershey: The Lord of Chocolate | The Chocolate City | 2

Business Movers

Wondery

History, Business, Entrepreneurship

4.81.5K Ratings

🗓️ 26 October 2023

⏱️ 40 minutes

🧾️ Download transcript

Summary

As construction on the Hershey Chocolate Company’s new factory nears completion, Milton and his team work tirelessly to develop a recipe for mass-producing milk chocolate. But success is just a steppingstone to Milton’s greater goal - building a utopian town for his workers in the Pennsylvania countryside. In the idyllic town of Hershey, there will be no poverty, no illiteracy - and one man will be king.

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Transcript

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0:00.0

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0:23.0

It's August 1900 at Attorney John Snyder's office in Lancaster, Pennsylvania.

0:29.0

A seething Milton Hershey slams the door behind him as he and his attorney John enter a private room.

0:35.0

The two men have just excused themselves from a discussion with Daniel LaFine, owner of a rival candy firm.

0:41.0

LaFine has offered to buy Milton's highly successful Lancaster Caramel Company and initially offered $500,000, $18 million in today's money.

0:51.0

But Milton turned him down on the advice of his attorney John.

0:55.0

Daniel countered with an offer of $900,000 in cash and an extra $100,000 in stock.

1:02.0

But John refused that as well.

1:04.0

Daniel won't go any higher and Milton is worried that his attorney has pushed negotiations too far.

1:10.0

John, do you realize what you've done? You may have cost me $900,000.

1:15.0

Mr. Hershey trusts me he's bluffing. This isn't a game.

1:19.0

You've already managed to talk the fool into paying a premium and now you're just getting greedy.

1:23.0

If you undermine this deal, you can forget working for me again. You hear me?

1:27.0

I can find another attorney. There's plenty of you around.

1:30.0

This is just a negotiation tactic. I know LaFine well. He isn't walking away.

1:35.0

He wants Lancaster Caramel too much. I promise you. We can get more out of him and we can get it all in cash.

1:41.0

$900,000 is plenty and a million is more. Don't be soft.

1:47.0

Milton's face reddens at the accusation of being soft.

1:51.0

John realizes he may have gone too far and quickly tries to soothe his client.

1:56.0

Now, Mr. Hershey, why should we let him pay you anything in stock?

2:00.0

Caramel is a dying market, isn't that what you say?

2:03.0

You don't want those shares. We can get the million in cash.

...

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