In this issue
A marriage snags the Pritzkers
Flawless synergy at the office, but at home...
“What else matters if you're lucky in love?” went a song in the 1927 Broadway college musical Good News. Some CEOs these days must be asking the opposite question: What else matters if you're unlucky in love?
When Wally Bonesteele, the founder of Cascade Warehouse Company in Salem, Ore., died in his 60s in 1995, it came as a shock to his heirs and successors. The succession plan for this $15 million forest products transportation and warehousing concern was already mostly in place. But the family soon realized that estate taxes would make the transfer to the next generation much more expensive than they'd expected.
Reading Edwin Hoover's essay on the downside of growth reawakened a seminal memory of my childhood. In the early 1950s Phil's was a narrow lunch counter tucked into a hole-in-the-wall on Manhattan's Upper West Side. Phil, the owner, was a gentle soul who seemed content to pass his days dispensing hamburgers and milk shakes to ten-year-old twerps like me. But his wife, Rose, had bigger ideas.
A wife's hidden value
Meguiar's Inc., Irvine, Calif.
In the 1960s, third-generation owner Barry Meguiar pulled his surname off some of his company's packaging, to read “Mirror Bright,” instead of the original “Meguiar's Mirror Bright.” The company was launched in 1901 by his grandfather as a furniture polish maker. With the advent of automobiles, the company expanded to produce polishes and cleaning products for car makers, body shops, boats and aircraft.