BUSINESSMAN Can't Take It with You the Art of Making and Giving
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ffirs.qxd 2/25/04 9:36 AM Page i Praise for Can’t Take It with You “Lewis Cullman is one of this nation’s major and most generous philanthro- pists. Here he combines a fascinating autobiography of a life in finance with a powerful exposé of how the business of giving works, including some tips for all of us on how to leverage our money to enlarge our largess.” —Walter Cronkite “Lewis Cullman has woven a rich and seamless fabric from the varied strands of his business, philanthropic, and personal life. Every chapter is filled with wonderful insights and amusing anecdotes that illuminate a life that has been very well lived. This book has been written with an honesty and candor that should serve as a model for others.” —David Rockefeller “An extraordinary look at the accomplishments of a pioneer in finance. Cullman has approached his role as a philanthropist with vigor and presents a powerful argument for reform among private foundations.” —George Soros Chairman, Soros Fund Management “I was so enjoyably exhausted after reading the book—I can only imagine liv- ing the life! It seems there is no good cause that Lewis has not supported, no good business opportunity that Lewis has missed, and no fun that Lewis has not had.” —Agnes Gund President Emerita, The Museum of Modern Art “Now I know that venture capitalism and horse trading are almost as much fun as looking for new species in the Amazon. This book is exceptionally well written. The prose is evocative, vibrant, and inspirational.” —Edward O. Wilson Professor Emeritus, Harvard University Honorary Curator in Entomology, Harvard’s Museum of Comparative Zoology “A fun read . an insider’s story.” —John S. Reed Interim Chairman and CEO, New York Stock Exchange ffirs.qxd 2/25/04 9:36 AM Page ii “This engaging memoir of a remarkable businessman and philanthropist brims over with energy, generosity of spirit, and informed optimism. Cullman shows how leverage can be valuably applied not only in the making of money but also in giving it away. His generosity has been directed toward the life of the mind—from Chess-in-the-Schools for the young to the sup- port of great institutions of research and learning. In this account of a life well-lived, Lewis Cullman emerges as the large figure I know him to be: lively, imaginative, and full of human concern.” —Dr. Gerald Edelman Director, The Neurosciences Institute winner of the Nobel Prize “Lewis Cullman’s memoir made me feel good. A vibrant, thoughtful, and gra- cious man has written a wonderful tale about living a full life and giving back a lot to society.” —Arthur Levitt Former Chairman, Securities and Exchange Commission “A wonderful memoir that vividly chronicles Lewis’s innovative business career and extensive charitable interests, including The New York Public Library and The New York Botanical Garden. This is a great adventure story of a man with a marvelous mission—who has mastered the art of giving back.” —Brooke Astor philanthropist “This is more than a personal story of business success and creative charita- ble giving. It serves as an inspiration for all of the endless business opportu- nities that abound and the good work that can be accomplished with the results of success. Lewis is a giant in both business and philanthropy, and his book is a must read.” —Robert B. Menschel Senior Director, Goldman Sachs Group author of Markets, Mobs, & Mayhem “Lewis Cullman’s book is a joyous and informative memoir by a man with a superb brain figuring out what to do when you are a great business success and determined to leave the world a better place than you found it. He has reversed, ‘those who do good, should do well’ to ‘those who do well, should do good!’” —Robert L. Bernstein Former Chairman and President, Random House Founding Chair, Human Rights Watch ffirs.qxd 2/25/04 9:36 AM Page iii CAN’T TAKE IT WITH YOU ffirs.qxd 2/25/04 9:36 AM Page iv ffirs.qxd 2/25/04 9:36 AM Page v CAN’T TAKE IT WITH YOU The Art of Making and Giving Money LEWIS B. CULLMAN JOHN WILEY & SONS, INC. ffirs.qxd 2/25/04 9:36 AM Page vi Copyright © 2004 by Lewis B. Cullman. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-646-8600, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, 201-748-6011, fax 201-748-6008. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies con- tained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages. For general information on our other products and services, or technical support, please contact our Customer Care Department within the United States at 800-762-2974, outside the United States at 317-572-3993 or fax 317-572-4002. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. For more information about Wiley products, visit our web site at www.wiley.com. Library of Congress Cataloging-in-Publication Data Cullman, Lewis B., 1919– Can’t take it with you : the art of making and giving money / Lewis B. Cullman. p. cm. ISBN 0-471-65763-8 (cloth : alk. paper) 1. Cullman, Lewis B., 1919– 2. Businessmen—United States—Biography. 3. Philanthropists—United States—Biography. I. Title: Can’t take it with you. II. Title. HC102.5.C85 A3 2004 332.63′27′092—dc22 2003023866 Printed in the United States of America 10987654321 ffirs.qxd 2/25/04 9:36 AM Page vii To Dorothy ffirs.qxd 2/25/04 9:36 AM Page viii toc.qxd 2/25/04 9:39 AM Page ix CONTENTS FOREWORD xi PREFACE xiii ACKNOWLEDGMENTS xv CHAPTER ONE Deal Me In 1 CHAPTER TWO Marching to New Haven 23 CHAPTER THREE Weathering the War 47 CHAPTER FOUR “You Just Might Meet Someone” 73 CHAPTER FIVE From Investor to Owner 99 CHAPTER SIX Building a Business 127 CHAPTER SEVEN Giving as Good as I Got 157 CHAPTER EIGHT Letting Go 191 INDEX 217 • ix • toc.qxd 2/25/04 9:39 AM Page x flast.qxd 2/25/04 9:37 AM Page xi FOREWORD Readers of Lewis Cullman’s wonderfully engaging memoirs will find themselves in the company of a master storyteller who weaves at least five different themes into the narrative of his life. There is, to begin with, the bildingsroman-like tale of the young Lewis breaking free from the seemingly preordained fate of a life in the family tobacco business prescribed for him by his father. Next, there is the story of a pioneering entrepreneur who, through a combination of superb analytical ability and exquisite bargaining skills, helps to create the leveraged buyout. Lewis’s first success in this area validated his ability to be a substantial player in business inde- pendently of his father. It also created the network of friends and busi- ness associates who were to help him string together a series of deals that, when described by Lewis, make for compelling reading. A third tale is the deep satisfaction Lewis Cullman finally found not just in buying and selling off companies but, rather, in taking one from a small-scale operation grossing $15 million a year and building it into the dominant force in the U.S. calendar market, with annual revenues of $500 million. This, of course, is the story of Keith Clark, later known as the At-A-Glance Group, through which Lewis helped transform the economic landscape of Western New York State by providing employment for some 1,400 people and giving the At-A- Glance workforce, not to mention the community of Sidney, New York, the best childcare facility that I have ever seen. The wealth that At-A-Glance produced put Lewis and his wife, Dorothy, in a position to follow the dictates of his mother, who taught him the value of philanthropy. She stressed the pleasure of giving • xi • flast.qxd 2/25/04 9:37 AM Page xii Foreword money away during one’s lifetime, rather than simply bequeathing it after death. The story of how Lewis and Dorothy set out to give, to date, $100 million to organizations that they care about is one of the most fascinating aspects of this book.