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.
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”
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”