Invent, Reinvent, Thrive: The Keys to Success for Any Start-Up, Entrepreneur, or Family Business

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Reinventing Family Business So Successors’ Skills Shine Through

CARLSON COMPANY, OWNERS OF THE RADISSON HOTEL CHAIN, TGI Fridays, and other well-known businesses, is an interesting example of the need to reinvent both the business and the family in order to breed a successful succession to the third generation.

In 1938, Curtis L. Carlson borrowed $55 from his landlord to create Gold Bond Stamps, one of the first customer loyalty programs. This was after he’d noticed another company’s stamps in the drawer of a local store in his hometown of Minneapolis. Today, Carlson Company is still family owned. In 2008, the most recent year chronicled, revenues were over $37 billion. Today, the business of Carlson Company is clear for all to see, a far ...