Carl H. Lindner Jr
Known for having the Midas touch, Carl H. Lindner Jr. has produced substantial turnarounds and strong shareholder gains in the companies he acquires.
He is on the Forbes 400 list of richest people, ranking 133rd with a net worth of $2.3 billion. His company, meanwhile, has accumulated assets worth around $17 billion.
Carl H. Lindner Jr. – Ice Cream, Sports, and Finance
The Lindner family owned a dairy business. The first evidence of Carl’s Midas touch was when he helped transform the small ice cream enterprise into a successful convenience store chain all across Cincinnati. His first acquisition happened in the late-1950s when he bought an insurance firm. And Lindner did not stop there.
Each new acquisition proved that he could turn a company around and consistently generate strong gains.
Today, he and his sons control the majority stake in his insurance conglomerate, the American Financial Group. Lindner’s firm is one of the biggest and most successful financial establishments in America today.
His profit-making touch has even extended into professional baseball. As co-owner and CEO of the Cincinnati Reds, he boosted his company’s 2006 gains by selling its majority stake in the baseball franchise.
Lindner had acquired the franchise only in 1999 and made it pay off in just five years. The sale gave the company after-tax gains worth $15.3 million for just the first quarter of 2006.
As a result, the company’s net earnings for the quarter hit $101.5 million compared to $62.9 million during the same quarter of the previous year.
The Lindner family patriarch is also a philanthropist, supporting various charities and educational institutions. The Lindner family also founded the Cincinnati Hills Christian Academy. Lindner also supports the College of Business of the University of Cincinnati via the Carl H. Lindner Honors-PLUS program.
Lindner has also been known to make substantial contributions to political causes, most notably conservative ones, which he believes in.
The Carl H. Lindner Jr. Quick Bio
Full Name: Carl H. Lindner Jr.
Birthdate: 1919 (1920?)
Birthplace: Dayton, Ohio
Company: American Financial Group
Key Success Traits: Great timing, knowing just when to buy and sell; willingness to back the causes he believes in with hard-earned money.
In the Reds deal, Carl Lindner had to choose among three potential buyers. He went with the buyer with local ties because he wanted to keep ownership of Cincinnati. Lindner was 86 when he closed the Cincinnati Reds sale.
He has clearly kept his Midas touch – a fact not lost on the current shareholders of the Reds who have retained Lindner as an active partner.