Filed under: Small business

A friend of mine recently started a business and she’s joined by her sister. So far, things are going fairly well. But, my friend realizes there are several potential problems when mixing family with business.

Well, this week, the founder of one of the most famous family businesses — Robert Mondavi — died this week. He was 94.

Mondavi launched his winery in 1966 and turned it into a global powerhouse. While he was innovative (by adding new computer technologies), he also realized there were some key European techniques that would be key for his success (such as stainless-steel fermentation tanks). He was also a marketing genius (hey, establishing a winery in California was certainly gutsy).

Actually, in 1943, Robert wanted his dad to buy the Charles Krug Winery. He concurred - so long as Robert would run it with his brother, Peter. The operation was in bad shape. But the brothers worked swiftly to improve things (for example, they had the smart idea of having a tasting room for visitors).

Yet, there was also sibling rivalry. In some cases, the fights got scary. By 1965, the differences were irreconcilable and Robert punched Peter’s face (because of a buy of a fur coat for Robert’s wife). It was the end of the partnership and, as a result, there was extensive litigation (although, after about 20 years, the brothers started to talk to each other again).

Running his own show, Robert had the freedom to try his ideas. For example, Robert teamed up with Baron Philippe de Rothschild SA to create Opus One. It turned out to be a massive success.

However, by the early 1990s, the wine industry was under much pressure. So, Robert took his company public, so as to bolster the capital base. Then by 2004, he sold the operation to Constellation Brands (NYSE: STZ) for roughly $1.35 billion.

And, if you want to learn more about the story, you can check out Robert’s autobiography, Harvests of Joy: How the Good Life Became Great Business.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar On the internet Guide to Decoding Financial Statements. He also operates MergerBook.com.

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Filed under: Estates

One thing I noticed when I was in Austin in March is just how much condo construction is going on.One of the most attractive condo building that’s already finished is the 5 Fifty Five, a building of 99 residences ranging from approximately eight hundred to over five thousand square feet. There are just five residences left for sale in the building. This one is a two-bedroom, the last one available on the 31st floor.

The 5FiftyFive is above the Hilton Hotel but there’s a private, secured entrance and elevators for residents as well as separate parking from hotel guests, access to hotel room service and 24-hour lobby attendant and 24-hour room service available. Residents can also join the Tower health club which includes the eighth floor rooftop pool and hot tub as well as a fitness center and spa treatments available.

This unit also has a private rooftop cabana. Details include granite counters, travertine tile, bamboo flooring and floor-to-ceiling windows to take in the view. The unit is two stories and includes a huge living room with a wall of bookshelves and a dramatic staircase. It is listed at $1.795 million.

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Continue reading 5 FiftyFive Condo, Estate of the Day

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Filed under: Estates, Real Estate Developments

Larger-than-life artist/auteur Julian Schnabel has slashed the price on a duplex in his controversial Pepto-Bismol-pink Palazzo Chupi by more than $2 million. The apartment in question, one of several luxe spreads in the building, was originally listed at $27 million earlier this year, then quickly increased to $32 million, but Schnabel just lowered the asking price to $29.5 million, the Wall Street Journal reports. Richard Gere bought one of the lower-floor apartments for $12 million last year and recently put it back on the market for $18 million.

The apartment’s Old World features include 14-ft. tall plaster walls, massive hand carved fireplaces, handmade bronze railings, solid stone and tile floors, and wood ceilings, all hand-selected by Schnabel — as do those in the rest of the building, which is featured in Vanity Fair’s Might issue. The price cut is probably indicative of the slightly slumping Manhattan real estate market, which many feel to be mostly recession-proof. You can view the listing here.

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PimpYourWork.com

In the previous PYW Asks, I asked readers if they still used a fax machine. This question was actually inspired by an article I wrote entitled “The Fax Machine: Reports of its Death Have Been Greatly Exaggerated“. Here’s what readers answered:

Anne Wayman of The Golden Pencil came out with a strong “Heck no”, saying that she has only one client who requests that she fax a contract rather than email it.

Rob Mitchell had the same sentiments, saying that he’d rather not deal with faxes from other people.  He also added that “Fax is a technology whose time has gone. Put the fax machine with your rotary dial phone and your cassette recorder”.

Sandie Law from Geekedoff stated that she can receive faxes through email, so she occasionally receives a fax. However, she pointed out that “The fax is mostly used by people who don’t comprehend how to use the printers to scan things at work.”

I mostly concur with what Sandie said, although there are some industries that require a paper trail, hence the necessary faxing. These industries include finance, health, and pharmaceutical companies. Which is why, as Ian Furst from Wait Times pointed out, he frequently sends and receives medical reports through fax.

As for me, I have to send or receive faxes roughly once a year. Some of my clients don’t have scanners, so they can’t send back signed contracts that way. I’m thinking I might try out an efax account, just so my potential and current clients have other ways to contact me.

How about you? How often do you use a fax machine? Do you think it’s obsolete?

Photo Credit: Image by Joanna Kopik from sxc.hu

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