Growing up in the Great Depression, Walter Lipsett learned resiliency like it was arithmetic.

A native of blue collar city Everett, MA, he and his friends couldn’t play sports because nobody owned a baseball or basketball. His wardrobe consisted of hand-me-downs, and his pockets were always empty. His father, a World War I veteran, struggled to provide for his family. His mother passed away from colon cancer when he was just 18 years old.

Lipsett’s only hope came through the radio during President Franklin D. Roosevelt’s fireside chats. “When you heard him speak, you thought there was going to be a good future,” he says.

Three generations of Charles River Apparel: (left to right) Jason, Walter and Barry Lipsett

Graduating high school early, Lipsett went to the University of Massachusetts in Amherst before transferring to Massachusetts Maritime Academy. When he was 16, he got a summer job as an “office boy” at the U.S. Army Transportation Corps. In a bit of foreshadowing, he worked closely with Major Jerome Grossman, whose father, Maxwell, founded what would become Somerville, MA-based Grossman Marketing Group (asi/215205).

In 1948, Lipsett bought Central Steel Supply from his uncles and brother, who all knew the business was on the brink of bankruptcy. With only $1,500 in personal savings, he convinced the corporate loan department at the Middlesex Bank in Everett that he could make a profit. The bank took a gamble on his company with a $100,000 line of credit and an expectation for increased sales.

“I became a one-man business,” Lipsett says. “Shipping, receiving, selling, buying, credit control, book keeping. I worked day and night. I also learned a good lesson: Don’t gamble on receivables, and don’t gamble on inventory. If you don’t control them, you’re not going to last.”

Sales soared over the next few years until Lipsett was called to service in the Korean War. He had only 30 days to find someone to run the business while he served in the U.S. Navy for two years. The manager he found and entrusted ended up bringing the company back to the verge of bankruptcy. Once again, Lipsett had to turn things around, but this time the bank readily provided its full support because of his track record.

[From left to right]: Walter growing up in Everett, MA; Walter and his first wife Eleanore "Ellie" Katz in 1958; Walter in his teenage years.

“If you’re going to be in business, you’d better have a good work ethic,” he says. “You can’t wait for anything. You have to make it come to you.”

Fast forward 30 years – Lipsett was thumbing through the pages of Delta Airlines’ magazine, eager for a momentary distraction. Central Steel Supply was thriving, but his second business, Charles River Apparel (asi/44620), was floundering. A couple of managers had failed to grow sales over the past seven years, leaving Lipsett frustrated with the status quo. He noticed an article in the magazine describing the promo products industry, and wondered if his company’s rain jackets would adapt to the market. He called ASI for more information, learned that there was a local trade show planned for the next day, and sent his son Barry to scope out the scene.

“I didn’t know whether Barry would be a good businessman or not, but he took to it like a duck takes to water,” Walter says.

The jacket was a hit, and Charles River Apparel entered the promo products industry. Walter sold the business to Barry in 1993, and the CEO has since led the supplier to incredible growth. Serving more than 13,000 distributors nationwide, the company’s lines have penetrated into retail, sporting goods, college bookstores and resort stores. In 2016, the company broke into the Top 40 with $48 million in 2015 sales, up 9% from the prior year.

Barry’s sister Susan was part of the reason his dad started Charles River Apparel. “She was graduating from college and had interest in fashion and clothing and sales,” Barry says. “He thought this would be great for her.” While Barry handled the promotional division of the company, Susan headed the retail portion until leaving the company in the early 1990s. Sadly, in 2006, she passed away after a five-year battle with breast cancer.

In honor of Susan, the company has focused on philanthropic efforts as part of the Charles River Cares initiative. The company donates to cancer-related charities, environmental causes and Christmas in the City, an annual toy-filled party for homeless and poverty-stricken Boston-area families. Barry also participates in the Pan-Mass Challenge, a fundraiser for cancer research. In 2016, the company was recognized by NEPPA as a humanitarian of the year.

“My dad taught me that one of the values of having a business is the ability to give back,” Barry says. “I also learned the importance of getting to know your customers. In the steel business, my dad was selling a commodity, so he had to build his business on relationships and service. I try to hire salespeople around the country who understand that.”

Lipsett blood continues to flow at Charles River. Barry’s youngest sister, Julie, worked at the company for almost twenty years, his wife, Deb, oversees Charles River Cares, and his younger son, Jason, is the director of marketing operations. Considering his grandfather a huge inspiration, Jason says he speaks with him at least a few times every week.

“He’s a great storyteller and can always relate something happening today to something that happened to him in the past,” Jason says. “It’s important to him to set things up so everyone has the opportunity to succeed. He believes in the business-management mindset of hiring good people who care and do their job, and then getting out of their way.”

Spending the winter in Boca Raton, FL, and the summer in Quechee, VT, the 92-year-old Lipsett (he’ll turn 93 on Dec. 2) absolutely loves retirement. As a Boston Red Sox season ticket holder since the 1940s, he ventures to Fenway Park every so often – not bad for a kid who couldn’t afford a baseball. An avid golfer, bridge player and reader, he keeps his mind sharp and his finger on the pulse of his businesses. He also takes great pride in his legacy, having passed on Central Steel Supply to his son-in-law and Charles River Apparel – which was named Counselor’s Supplier Family Business of the Year in 2017 – to his son and maybe someday, his grandson.

“It’s great to be recognized for the success of the efforts of my children,” Walter says. “There could be jealousy or animosity; I’ve seen it happen over the years with my customers who had great businesses. But we’ve been fortunate to stay together. What could be more satisfying?”