Conflict with a new employer
After finding accommodation in Stockholm, L.O. Smith’s next challenge was to find a job. He went to a Mr Åkerman on Stora Badstugatan (today’s Sveavägen road). After demonstrating his results from previous employments, he was offered a job with an annual salary of 500 SEK plus free meals and accommodation. He would receive a percentage of the company profit, but had to be prepared to run the store on his own. The job went well, and it seemed that Smith would be as fortunate in the capital as he had been in Karlshamn. After a while, he noticed that both Åkerman and his acquaintances helped themselves to goods in the shop without paying. Smith understood that it would affect the results and started to keep his own records.
After a couple of years, Smith fell sick and was asked to resign. Åkerman claimed that the store had lost money and wanted Smith to make up the difference. The young Smith showed him his own records and demanded that the company should be evaluated by a third, independent party who would compare the two bookkeeping accounts. In the end, L.O. Smith was given 400 SEK of the company profit.
L.O. Smith’s Swedish competitors
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L.O. Smith in the press
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Smith’s visionary idea: Champagne for the masses
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The vodka empire in the Swedish potato belt
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