Category: Family Business

1990s/Business school case study/Dementia/Family/Family Business/Father-Son/History of Patent Annuities

PAIR OF DEUCES, PART 4

3 Comments

Nine months after the botched installations at Mark Chapman’s Trade Mark Office and Molecules R Us, Inc., it was a chilly late February morning in 1995. I was sitting at my desk on the second floor back at the Weehawken office. During this period, I was responsible for marketing with no, as in zero, authority to actually get much done.

Suddenly, I had developed a new-found interest in curing our software defects large and small.

Behind me, Steve was tapping away on his keyboard, probably writing code for the Olcott Intellectual Property Management Software (“OIPMS”). Peggy was around the corner, attending to some marketing follow-up. Yoshi was downstairs in the Computer Center, which was a large room featuring several PCs, a mini-computer, various computer parts like mother boards, dead mice, shells, and, bizarrely, in one corner, a portion of Palisades’ basalt protruding through the cement slab floor.

With no warning, Dad rolled into the room and announced, loudly, “Steven!” This was his way of saying that he wanted to meet and review OIMPS. Occasionally, this included major design changes. Which presented, at times, some very tough engineering challenges.

These review sessions were typically dreadful and sorry affairs. Frequently, they started by Dad walking in and offering “on-the-spot guidance” only to end by shouting insults to the computer department staff for errors mostly (but not always) provoked by him.

Read More “PAIR OF DEUCES, PART 4”

1990s/Family/Family Business/Foreign Adventure/Investment Schemes

IN DEMAND, AND THEN NOT, PART 2

5 Comments

Off the north shore of Nassau, capital city of the island nation of the Bahamas, sits an island formerly known as Hog Island. Up until 1959, it was a private estate belonging to a Swedish entrepreneur named Axel Wenner-Gren.

Wennergren

Axel.  By http://www.ericssonhistory.com/templates/Ericsson/Article.aspx?id=2068&ArticleID=1336&CatID=366&epslanguage=SV, Public Domain, https://commons.wikimedia.org/w/index.php?curid=4105629Axel’s may not be a recognizable name today, but in his time, he was one of the world’s wealthiest men. Born into humble means in 1881, he was one of six children, of which three had died in childhood. After spinning his wheels as a salesman of agricultural machinery in fin de siecle Germany, he wandered past a storefront in Vienna in 1908 to marvel at a new device called a “vacuum cleaner.”

The sucking machine obviously intrigued him.  Clearly, in this case, he was thinking “outside of the box,” especially when you consider that his past business experiences was in the spice trade or the aforementioned farm equipment. When his attempts to become a distributor were rebuffed, somehow he managed to purchase a 20% stake in the company. A few years later, he made his coup when he persuaded Electrolux to buy the underlying patent in return for shares of the Swedish company’s stock.

That was the winning ticket!

Read More “IN DEMAND, AND THEN NOT, PART 2”

1990s/Dementia/Family Business/Father-Son

ONE KEEPS THE BOOKS, ANOTHER WRITES THE CHECKS

Leave a comment

Hopefully, neither one grabs the cash and runs!

This story is a continuation of THE TROUBLE WITH CHERRY.

Mike dropped the forged checks back into a folder.  “We’ll confront Cherry later this morning,” he said to me softly, so no else could hear. “I’ll come get you.”

Shocked to learn of this episode of check forgery, I walked slowly back to my desk and tried to lose myself in the work of international renewals. As I wrote in my last story, I wasn’t sure why this discovery affected me so much. But it had. I could barely think of anything else. I pushed my papers around mindlessly and listlessly. Maybe I got off an order of renewals to Brazil or France when Mike popped his head downstairs, looked at me, and motioned with his head that it was showtime.

On the second floor, I joined Mike and my Dad. On the way over to Cherry’s office, Dad tapped Bob Gerhardt to join us. Seemed to me that Bob had been tipped off as well as to what was about to go down.

Read More “ONE KEEPS THE BOOKS, ANOTHER WRITES THE CHECKS”

1990s/Business school case study/Family/Family Business/Father-Son

CRASHES NEXT TO ROOM 31

3 Comments

Today, on tap for you is a repeat, my number one post from last year.  Please do continue to look under those motel mattresses, if you are a road warrior.

Crashes were not always relegated to software programs. Sometimes I experienced other kinds.  And they often happened close to the office.  Or next to scary places nearby.

In late spring 1994, Dad and I made a marketing call to a potential client without Bob. It was a major telecom company based in northern New Jersey, about an hour’s drive from Weehawken. The prospect was already running one of our competitor’s patent management systems, and wasn’t looking for a change. Rather, this was going to be a straight-up discussion about annuity payment services, right down Dad’s alley.

After some preparation, we plunked down inside my Dad’s lobotomized Mercedes Benz and traced our way to the company via the Garden State’s ribbon of expressways as guided by a crusty folded highway map.  As mentioned in my post “HIS NAME WAS BOB GERHARDT,” Dad had a method of increasing gasoline efficiency in automobile engines. It involved disabling multiple cylinders within the engine based on the simple premise that each cylinder is a source of fuel consumption and combustion. If you can shut them off, you will consume less fuel.

What could be simpler?

Read More “CRASHES NEXT TO ROOM 31”

1960s/Business school case study/Family Business/Father-Son/Real wife

LIKE FATHER, LIKE SON

2 Comments

Around 5 PM on an early summer’s day in the mid-1960s, Dad finished up his workday in his small suite in the Pan Am Building, towering above 42nd Street in mid-town Manhattan.  I stared at him. It was the end of the day, and Lenny, Dad’s Pall Mall chain-smoking secretary, was long out the door.

I was hungry and ready for my supper. But, typically, Dad had just one more thing to do before Miller time (for him, not me). It was always a letter that had to be mailed, a thick fat one. Stuffed full of papers, the envelope sat on Lenny’s desk, already addressed to a foreign patent office. The zip code was an indecipherable jumble of numbers and letters. Festooned with large denomination stamps, the likes of which I had never seen before, this package of computer print-outs and a foreign currency bank draft was destined for the post office. And then some foreign patent office out in the big, wide world beyond!

Read More “LIKE FATHER, LIKE SON”

1960s/Business school case study/Family Business/Father-Son/History of Patent Annuities/Nostalgic New York

THE BIGGER IDEA (AND ME AS WINGBOY)

7 Comments

Everyone has a shining moment. My Dad’s bears repeating. He really slayed it!

So Dad got the idea for a fantastic business related to patent filings and infringements, kind of an amalgam between legal and IT but not a legal practice, strictly speaking. As I am able to remember it, he had become friendly with Ed Greer, who was head patent counsel for the Union Carbide Corporation. Union Carbide was one of the biggest chemical corporations of the day and was headquartered in their own magnificent skyscraper two blocks up Park Avenue from the Pan Am Building.

It was a probably a simple matter for Dad to put it together that large corporate patent owners could benefit from some form of computer calendaring.
Keep in mind that a large company like Union Carbide owned a large portfolio of patents. They would initially file patent applications in the home country, USA for Union Carbide. And as they were a large multinational corporation selling their wares everywhere, once the patent applications were accepted here at home, they would then engage in an international filing program elsewhere, typically the largest 15 countries in Western Europe and then Canada, Japan, Australia, New Zealand, and maybe Brazil and South Africa to boot.

Read More “THE BIGGER IDEA (AND ME AS WINGBOY)”

1990s/Family Business/Father-Son/Investment Schemes

HOW TO EXPLAIN THAT YOUR PARENT IS STRANGE

8 Comments

In a midtown Manhattan lawyer’s office in early 1995, I found myself sitting opposite from one of New York City’s sharpest legal minds. I had called Kord Lagemann a week or two earlier and asked for an appointment.  I had some important questions for him.  He had represented my Dad in his legal action (arbitration, actually) against Herby Wellington, the churning stock broker from “Slaminger” brokerage.  Kord had won a million dollar settlement in Dad’s favor, proving that he not only talked the talk but walked the walk.

Kord studied me intently as he lit his pipe. Although dressed professionally, he looked like he had stepped off a ferry at the Aker brygge ferry terminal in central Oslo.  Opening the meeting, I thanked him for his efforts on behalf of my Dad and the family.  After a serene pause, Kord responded that Slaminger’s actions and those of its broker had been clearly abusive and excessive.  He had been happy to help.

Pressing on, I explained to him the reason for my visit. My Dad had recently received a “present” consisting of a brand new red BMW from Herby. And, as a result, Dad had now reopened a stockbroking account with the aforementioned broker, the one that Kord had successfully sued.  Kord showed no reaction as he puffed on his pipe and listened to my concerns attentively.

“You’re right,” he told me, “There is reason for concern.” But there was nothing he or I could do.  Meeting over.  I was stunned.

Read More “HOW TO EXPLAIN THAT YOUR PARENT IS STRANGE”

1960s/Business school case study/Family Business/Father-Son/History of Patent Annuities/Horatio Alger/Real wife

DAD’S REAL WIFE

27 Comments

This week, another repeat.  This is the second most popular post on my site (after “WHAT’S IN A BORDER“) and I have to say it’s really gratifying. 

Because this one is all about my Dad in his prime, at the top of his game.  When he could do no wrong.  It’s me in kvell-mode.  Well, all right, three failed marriages by this time already.  Nobody’s perfect, even critics.

But in a certain sense, he was really only married once.

I’ll have a new, fresh story from this time period shortly.  And I’ll be back to those wretched investments in the mid-1990s before too long.

This week we go into why my Dad is famous, at least in the patent profession. The next three posts are about his greatest number one hit in the charts. And it’s big!

As you know by now, dear reader, Dad was married five times to five different women. But in a certain way, Dad was really only married once. It was not to a lady wearing a dress and lipstick (though there were more than a few of those around) but to a business soon to be called “Olcott International & Co.” It was his life, and his masterpiece, just as the Mona Lisa was to Leonardo da Vinci. (He greatly admired Leonardo and thought of himself easily as da Vinci’s equal). He could share this one true wife with no one and he guarded her with a jealous Latin-blooded fury. (As I and others would haplessly come to learn.)

Read More “DAD’S REAL WIFE”

1980s/1990s/Dementia/Family/Family Business/Father-Son/Finance/Investment Schemes

BRAND NEW RED CAR

6 Comments

The events recounted in my post last week, “PANOPLY OF SWAGGER, PART 2,” took place in the mid-to-late 1980s. It was a tumultuous time for me. I had finally taken my place in the family business — the one I had grown up in — only to discover that the business that bears my name turned out to be a toxic place for me personally.

Specifically, it wasn’t the business per se.  The work and the employees were cool.  Even Yoshi!

It was my Dad, the founder and CEO, the man I looked up to, who had sadly become erratic and “eccentric.” So much so that, with great reservations, I decided to leave the company and go back to school to earn my MBA.  One market crash later, I found that, much to my shock and chagrin, I was back at the very same company in the mid-1990s. Things had not improved.

Last time, I introduced a character named Herby Wellington, a world famous stockbroker and financial genius of the storied Wall Street firm, “Slaminger.¹”

I suspect that Herby persistently cold-called my Dad until he somehow got through. As a matter of course, Dad dodged such calls, occasionally yelling into the receiver and slamming it down in front of the staff at Olcott International.  Everybody was entertained.  Except, perhaps, for the cold caller broker.

Read More “BRAND NEW RED CAR”

1980s/Family Business/Father-Son/Finance/Investment Schemes/World Equity Markets

PANOPLY OF SWAGGER, PART 2

3 Comments

This story elaborates on my post, “SCRATCH ON THE POOL TABLE OF LIFE,” and goes on from there.

People who marched to Dad’s doorstep with investment ideas, at first, were either extraordinarily interesting or entertaining.

Take Huntington Hartford, for instance. Though unknown to me, he was the storied scion of A&P. When I met him, I wasn’t aware of this, I thought he was just another eccentric inventor. Apparently, the world is full of them.  Huntington’s investment idea was a tennis-type game he had invented called “tennet.” As recounted in my post, “IN DEMAND, AND THEN NOT,” Dad and I drove to his apartment at the River House on Manhattan’s East Side. I played a game with Hartford (set in a squash court); he apparently made a pitch to my Dad to invest in his game. Dad said no. I forgot about this meeting until many years later, when I started writing this blog.

Ever heard of tennet?

I didn’t think so. Good thing my Dad passed on it.

Read More “PANOPLY OF SWAGGER, PART 2”