Word: sanford
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...that trip will no longer be necessary, thanks to the new Auto-Train. Modeled on the excellent auto-bearing passenger trains of Europe and Canada, the Auto-Train will begin running daily from the Washington suburb of Alexandria, Va., to Sanford, Fla., on Dec. 6. The train will carry 90 to 104 vehicles in several enclosed carrier cars for a flat fee of $190 per car and group of four passengers. It will leave the new Alexandria station at 8 p.m., stop only for brief crew changes, and arrive at 11 o'clock the following morning in Sanford...
...reason to worry about the decreasing number of firms eager to employ their talents. But at least one young man has parlayed his business administration studies into a $120 million-a-year business. When he wrote his master's thesis at New York University four years ago, Steven Sanford Fink compiled a formidable catalogue of the virtues of acquiring a number of related companies and rolling them into one. He also attempted to put together a master plan for making just such a group of acquisitions himself. Then he followed his own advice. Today, at 28, he is chairman...
...went public in March, and Sanford's share is worth more than $4,000,000; the original investors' $2,350,000 stake has multiplied to $33 million in stock. Sanford is already thinking about other acquisitions. "Europe is 20 years behind the U.S. in this industry," he says. "We'll be looking in that direction, too, some...
...Idea and $1,000. While he was still at N.Y.U., Sanford singled out the food-service industry as ripe for consolidation. He noted that restaurants, hotels, hospitals and other institutions that serve food often have to buy their supplies from a number of sources-meat from one distributor, fish and seafood from another, produce from still another. Sanford sensed the need for an all-in-one service that would provide a complete line of foods-from goose to mousse. To get a grasp of the gossip and personalities in the industry that he had chosen, he bought three years...
With only his idea and $1,000 as assets, Sanford spent a frustrating six months seeking capital. Finally, in 1968, Wall Street's Allen & Co. and the Value Line Development Capital Corp. anted up $2,350,000, and Sanford founded IPS. With his new bankroll, he bought three meat, grocery and restaurant-equipment companies in Puerto Rico and the Virgin Islands and put them together to serve the Caribbean market. They prospered, and Sanford continued to follow his college plan precisely. He bought other companies in exchange for IPS stock. In all, he acquired 13 companies-in New York...