But it wasn’t long before he developed the desire to open a store of his own. Partnering with this cousin, Michael Bloomberg, the two each put up $5,000 to open a store near the Boston University campus. At the time it was called New England Audio. He was only 20 years old. “I was part of the second generation, meaning us and guys like Bryn Mawr [Stereo] and most of the founding PRO Group members—we all started in the early ’70s,” he says.
Bloomberg admits that, in that era, it was easier to get into the business. “Back in the early ’70s ‘Japan, Inc.’, I’m going to call it, really funded the growth of the audio industry in this country by giving very long extended terms,” he explains. “I didn’t know what the word cash flow meant when I started. But all I knew was: you could buy stuff, pay for it in 120 days, sell it in 30 days and have extra cash to open up new stores. There was explosive growth in the hi-fi industry then.”
Indeed, about a year and a half later, he opened up his second store, this time on Harvard Square—his Alma Mater, so to speak.