Irwin L. Jacobs Bio
Irwin L Jacobs (July 15, 1941 – April 10, 2019) was an entrepreneur and the CEO of several large corporations, formerly including the now-bankrupt Genmar Holdings, which at one time was billed as the world’s largest boat-building company.
Irwin L. Jacobs Biography
He earned the nickname “Irv the Liquidator” for his aggressive business practices in the 1970s and early 1980s. In 1973, Jacobs founded COMB (“Close-out Merchandise Buyers”), a catalog-based mail-order retailer. In 1986, COMB and several cable television operators created the Cable Value Network (CVN), a pioneering television shopping channel which was later purchased by Joseph Segel’s QVC. Jacobs, based in Minneapolis, became wealthy by taking big stakes in Fortune 500 conglomerates, usually with the goal of unlocking value by breaking them up.
Irwin L. Jacobs Trivia and Quick info
Irwin L. Jacobs wiki/bio
|Born||July 15, 1941|
|Died||April 10, 2019 (aged 77)
Orono, Minnesota, U.S.
|Known for||CEO of Genmar Holdings; Founder of Cable Value Network|
Irwin L. JacobsEarly life
Jacobs was born to a Jewish family. He started his career working with his father at his business, the Northwestern Bag Company. He attended college at University of Minnesota.
Irwin L. Jacobs Business career
At the age of 33, Jacobs purchased the ailing Grain Belt in 1975 for $4.1 million with his company I.J. Enterprises. He tried unsuccessfully for eight months to turn around the company, which was losing nearly $200,000 per month at the time. He then liquidated the company, selling the brand to G. Heileman Brewing Company, and profited $4 million (The Wall Street Journal July 30, 1980). He later sold the property that accompanied the brewery to the City of Minneapolis in 1989 for $4.85 million (Star Tribune 18 February 1989).
Jacobs’ next deal netted him even more money. He read about W. T. Grant filing for bankruptcy in the Wall Street Journal and decided to purchase their consumer accounts receivable. He soon thereafter negotiated a deal where he purchased the $276.3 million account for $44 million and 5% of first years sales (The Wall Street Journal July 30, 1980).
Irwin L. Jacobs Shares
Jacobs also owned a minority share of the Minnesota Vikings, which he sold to Mike Lynn in 1991.
In August 2001 Irwin held an open house at his Little Falls, MN, factory to show off a compact, enclosed computer-controlled manufacturing system that can be remotely operated over the Internet. Visitors saw an 18-foot hull (which used to take eight hours to produce), pop out every 35 minutes. Pollution, waste, and labor were to be sharply reduced, while quality would be higher. Genmar also offered a lifetime guarantee instead of the industry standard of five years.
Irwin L. Jacobs Death
At the time of his death Irwin Jacobs owned many businesses including Watkins Incorporated, Jacobs Management Corp., Jacobs Industries, Inc., J.Y.J. Corp., C.O.M.B. Co., Federal Financial Corporation, FFC Realty, Watkins, Inc., Northwestern Bag Corporation, Nationwide Collection Service, Inc., 1. Jacobs Enterprises, Kodicor, Inc., Brown-Minneapolis Tank and Fabricating Co., Regional Accounts Corporation, Nationwide Accounts, Corporation, Jacobs Bag Corporation, Lawndale Industries Inc., EQC of Indiana, Inc., Touch Corporation, JMSL Acquiring Corporation, S.J. Industries, Inc., JII Air Service, Inc., P.S.T. Acquiring Corporation, Jacobs Trading, and J&D Acquisitions LLC.
Jacobs founded FLW, the parent organization of the Wal-Mart FLW Tour, a series of sportfishing tours best known for its bass fishing tournaments, which were developed with an eye toward media coverage in general and television coverage in particular.
In the 18 months preceding Genmar’s Chapter 11 bankruptcy filing in June 2009, Jacobs’ Genmar businesses eliminated the jobs of about 3,000 of its 4,500 workers.
Irwin L. Jacobs Personal life
Jacobs lived on a 32-acre estate between Lake Minnetonka and Tanager Lake in the Twin Cities suburb of Orono. The house was originally built in 1939 the the son of James Ford Bell, founder of General Mills, and appeared in a few scenes of the 1972 film, The Heartbreak Kid not long before he bought it at age 30 for $340,000. Together with his wife, artist Alexandra Jacobs, they raised five children in the home. The couple collected eclectic artwork, including a vast African ivory art purchased from a trader’s collection. The Jacobs put the estate on the market in 2014 for $22 million, but it had niy changed hands at the time he died in 2019.
Jacobs’ daughter Sheila has cerebral palsy, and he was a major supporters of the Special Olympics, for which he once served as chairman after donating $8 million in 1991.
Irwin L. Jacobs Death and cause
Jacobs and his wife were found dead in their Orono home on the morning of April 10, 2019. It was released that Irwin Jacobs shot and killed his wife Alexandra Jacobs before taking his own life in what was thought to be a murder-suicide.
Jese Bal born Nov 9, 1982, is a novelist and poet. He has published novels, volumes of poetry, short stories, and drawings. His works are distinguished by the use of a spare style and have been compared to those of Jorge Luis Borges and Italo Calvino.