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work for the rest of his life. We bought back his stock.
Donald's stepson, Tony Wimpfheimer, got some of the stock;
but Don and I kept almost complete control.
What did you pay for it at that point?
I don't remember.
To all intents and purposes, Don and I owned the entire
business. One of the things that we were worried about was--
what was going to happen to the survivor. In a private business
the inheritance tax situation is often very difficult. The
government can come in and evaluate your business if you haven't
got some kind of stock on the market that will establish that
price. You have to wait for the government to evaluate that
business, and heaven knows what price they may put on it. We
had always put virtually everything that we had made back into
this business and took very low salaries right from the start.
Years after we started we were still taking less than some of
our editors and salesmen were making because we were happy to
put all of the money back into a business that we loved and
that was growing. Random House is really ours and we were
doing everything--all of the publishing, selling, advertising,
publicity. Oh, those were the great days. That's when I knew
Random House inside out. Nobody could tell me anything that
was going on at Random House.
Those days are over. You start getting bigger and you
sacrifice many of these joys. I question sometimes the value
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