The Bronfman family changed the face of the booze business in America. Old Mr. Sam, regardless of what he did or did not do during prohibition, was smart enough when it ended to hold off shipping goods until they aged, had great taste and would command a premium price.
In his grandson’s office – that would be Edgar Bronfman Jr. – there was a photo of Mr. Sam with the caption, “shirtsleeves to shirtsleeves in three generations.” That was his way of saying from nothing to nothing. In a biography on A&E, Edgar Jr. looked into the camera and earnestly said, “not on my watch.”
Not long after, at the turn of the century, the “genius,” as he was referred to, sold the birthright for a song.
No worries…the family holdings must have gone from $8 Billion to $3 Billion, I suppose. But, still a boatload of money.
Not quite shirtsleeves but prophetic nonetheless.
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Recently Edgar Jr’s father Edgar was faced with a problem with his daughter Sarah who was going through her trust fund as if it was water. One of Edgars options to control his daughters out-of-control spending was to declare her financially incompetent. If only he had made that declaration about Edgar Jr in the late 1990’s Seagram would have still been power house alchol beverage company.