Conrad Hilton

-learned the value of heard work
-his wife was the backbone of the family
-his wife was quiet and he was loud
-he had a winning attitude and a pride to succeed
-worked for his father at the general store
-the basic principles: the buyer should get a deal, the seller should get a profit - somewhere in between is a fair price
-1910, he was 22
-one of 8 children
-the general store had expanded
-his father became a wealthy, wellknown merchant
-his father expected his son to continue to work for him but they clashed to much... conrad was not treated as an equal partner
-with lifesavings of $5000, 1919, he was adament about pursueing his life as a banker.
-as he was about to buy a bank the seller changed the price. he was frustrated so he went to the hotel
-he noticed that the hotel was doing really well so he decided he was going to be a hotelman instead
-he bought his first hotel for $40,000
-his hotel was a success
-he began to buy more hotels in different locations
-he bought hotels that were fixer-uppers and were going downhill for cheap
-created the slogan to sum up his business psychology "minimax" meaning minimum price for maximum service
-had 3 sons with his wife
-age 40, the depression put him into ruins. he lost everything but 1 hotel
-he barely saved his last hotel. he made his $40,000 lease payment by promising a company that he would continue to buy from them as long as he was in business
-hilton emerged from the depression with a "rock-solid reputation"
-his hard work took a toll on his marriage, his wife filed for divorce
-great strategy: when people are fearful, they will take anything
-he took advantage of the fear of invasion by japenese on the west coast so he bought luxurious properties at great prices
-communism was against hilton
-he felt his hotels put him on the front lines on the battle of communism
-his son died at age 42 of a heart attack which hurt him
-at 87, he married Francis Kelly
-1978, at the age of 91 he died