In Memoriam (2006)

 

William Schultz, 80, chairman of Fender Musical Instruments, in Scottsdale, Arizona. Often cited as Fender's savior, Schultz led a leveraged buyout of the iconic Scottsdale-based guitar manufacturer in 1985. He revived the company by stressing research and development and quality manufacturing, securing a future for Fender's legendary Stratocaster, which was once the guitar of choice for musicians ranging from Buddy Holly and Jimi Hendrix to Eric Clapton and Buddy Guy. Schultz never learned how to play the guitar himself.

Eli Segal, 63, publishing entrepreneur, in Boston. Segal made a fortune running Games magazine and a number of related game, craft, and puzzle companies in Boston. In the early 1990s, he parlayed business success into a powerful political and civic career. He served as chief of staff for Bill Clinton's 1992 presidential campaign, providing the management backbone for a team that included James Carville and George Stephanopolis. After the election, rather than seeking a cabinet post, Segal took lower profile jobs, launching AmeriCorps, a federal volunteer organization, and later running Clinton's Welfare to Work Partnership. "He impressed upon me the notion of doing good and doing well," says Segal's son, Jonathan, who founded a magazine for high school athletes. "Companies can look out for the bottom line as well as looking out for what's good for the community and the world around it--these goals are not mutually exclusive."

Esther Snyder, 86, co-founder of In-N-Out Burger. In 1948, Snyder and her husband, Harry, launched the phenomenally popular West Coast chain--one of the first businesses to offer drive-through service. Harry managed day-to-day operations for the Irvine, California-based company, while she kept the company's books. Upon Harry's death in 1976, the couple's sons took over the chain. When both sons died tragically in the 1990s, Snyder reassumed control of the business at the age of 79. Even though a family fight over control of the company intensified this year, In-N-Out's reputation for quality and profitability remains unmatched in the industry.

Burt Kerr Todd, 81, founder of import-export business Kerr-Hays, in Ligonier, Pennsylvania. Whether it was selling Rolls-Royces to foreign royalty or trying to start his own country on a reef near New Zealand, Todd was always up to something extraordinary. During one phase, he marketed stamps made from silk, scratch-and-sniff stamps, even "talking stamps" that could be played on a record player. He also introduced postage to the Himalayan kingdom of Bhutan. Collectors took to the Bhutanese stamps and the revenue they produced was a windfall for the tiny nation, and a tidy sum for Todd (pictured with his wife, Susie, in Bhutan in 1951). "He caught the imagination and fancy of so many people, he made business fun," says Todd's daughter Frances Todd Stewart. "He defined the word 'entrepreneur."

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    • Kasey Wehrum

    Staff writer Kasey Wehrum has written for Inc. magazine on subjects ranging from the businesses behind professional bull riding to gadget inventor and father of the infomercial, Ron Popeil. His work has appeared in the New York Times, Worth, Budget Travel, and on MSNBC.com. He lives in New York City.


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