Martha Inc.: The Incredible Story of Martha Stewart Living Omnimedia

Martha Inc.: The Incredible Story of Martha Stewart Living Omnimedia

by Christopher M. Byron

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Overview

Martha Inc.: The Incredible Story of Martha Stewart Living Omnimedia by Christopher M. Byron

Martha Stewart has generated an enormous following by establishing herself as the leading authority for all things domestic and in the process created a multimillion-dollar enterprise and a personal net worth of nearly $2 billion. As one of the most successful self-made female business owners in American history, Martha Stewart is a topic of interest for fans, business professionals and would-be entrepreneurs alike.
Martha Inc. tells the compelling story of how this complex woman created an empire on domesticity and examines her business inside and out. Through an engaging narrative by popular columnist Christopher Byron, this book chronicles how the business was built, what it took to take it public, and the personal and professional transformation Martha has undergone to make it all work. To get a true portrait of the woman whose work ethic is her personal life, Byron delves into the underreported facets of Martha's past, such as the effects her challenging childhood and years on Wall Street have had on her uncompromising business acumen. From Martha Stewart Living magazine and marthastewart.com to a K-Mart line of houseware products, a line of house paints, and a television show, this book details how a former caterer from Connecticut has created a media and merchandising empire, pulling off what large media corporations with vast resources struggle to accomplish.
Martha Stewart has sold America on good taste and now readers can learn exactly how she did it and what drives her to keep conquering new vistas. A corporate biography as well as a success story worthy of Horatio Alger, Martha Inc. also delves into how a cult of personality is created and how Martha Stewart capitalized on the zeitgeist that characterized the last half of the twentieth century. This book is a must read for anyone who has been touched by Martha's marketing savvy or who dreams of making it big.

Product Details

ISBN-13: 9780471429586
Publisher: Wiley
Publication date: 04/08/2003
Edition description: Updated
Pages: 464
Product dimensions: 6.00(w) x 8.98(h) x 1.22(d)

About the Author

CHRISTOPHER BYRON has been writing about business and finance for over thirty years. He writes a weekly column for the New York Post and a monthly column for Red Herring, is the host of a syndicated daily radio show, "Wall Street Wakeup with Chris Byron," and appears frequently on CNBC, Fox News Network, MSNBC, and CBS Evening News, among other places. Byron graduated from Yale College and the Columbia University School of Law. He is a veteran of the U.S. Navy and lives in Connecticut with his family.

Read an Excerpt

It was the autumn of 1999, few days before Martha Stewart Living Omnimedia, Inc. sold stock to the public in one of the most talked about IPOs of the year, and I was sitting at my desk working when, out of the blue, the telephone rang and it was Martha Stewart on the other end. She had phoned to thank me, in so many words, for setting her up to become a billionaire. It was, as you might imagine, a rather dislocating moment, for I had really done nothing very much at all. In fact, my sole contribution had been to have read her company's offering prospectus, which had been filed with the Securities & Exchange Commission several weeks earlier, and to have declared thereafter in print how well put together the company's financials looked to be.

And now here was Martha herself, on the phone, saying, "Wow? that was some column?!" and launching into all the reasons why she thought it was the best thing that had been written about herself and her company in years. By the time the conversation ended, we had agreed to have breakfast the following Sunday morning at a local Westport, Connecticut restaurant. I arrived a few minutes early, sat down, glanced at the menu, and began to imagine how the breakfast would go. Would she turn out to be arrogant and snooty, like everyone in town said she was? Or would Westport's wealthiest resident turn out to be a nice down to earth babe? I picked up a roll of bread, and squeezed to see if it was fresh. Crisp on the outside, nice and soft on the inside. Like Martha, I fantasized. I stared at the wall and imagined her sweeping elegantly into the restaurant, like Loretta Young in the movies, "Chris, my darling, it's been so long." as we hurried to the limo for the night flight to Saint Tropez.

And then suddenly there she was, in the doorway, dressed in jeans and a tee-shirt, and looking half my age, and I was younger than she. It was too much the perfect entrance. Martha Stewart Everyday. She was grand. It was a virtuoso performance. I'd heard all these stories about how busy she was, how every waking minute of her day was booked and committed to something. Yet in the middle of all that she'd found time to have breakfast with me and with no ulterior motive at all. Who could not be impressed by that?

Toward the end of the conversation she turned to me and volunteered a piece of information. It wasn't about her dogs, or her housekeeper, or anything like the world of a woman in a tee-shirt and jeans on a Westport Sunday morning. It was news from another world altogether, of mansions bought from the estate of Edsel Ford, and chartered jets and autumn hikes up the slopes of Kilimanjaro and boat rides up the Amazon. She said, "I'm leaving tomorrow for bird-watching in Tierra del Fuego, you know?"

Only later, when the puzzle of her life began to snap into place, when I learned, for instance, that 20 years earlier her husband Andy had left her alone over Christmas, and had himself gone to Tierra del Fuego, in search of whatever lost parts of his soul he may have hoped to find there, only then did I realize the question I should have asked at that moment -- not about Andy or any of that, but about the emptiness she too seemed to be trying to fill by journeying to the ends of the earth. I should have responded, "Sounds like fun, Martha, are you going alone?"

When I began this book, I had no idea of the two worlds of Martha Stewart -- of the genteel and charming public person, and the lonely, complex and tortured private individual. Nor did I realize what an extraordinary -- and extraordinarily lucky -- businesswoman Martha Stewart really is, a woman who had the brains to recognize opportunities when they dropped in her lap . . . and who had the drive, energy, and determination to turn them into unprecedented success in business and on Wall Street, not least by gathering around her -- and often ruthlessly exploiting -- the talents, and sometimes even the loyalty, of many people.

The less visible story is the "how" and ultimately, the "why" all this happened, the secret world of Martha Stewart and her dreams. That is our story here, the story of a little girl who never got over what life never gave her, and wound up inventing for herself a past she had never known, a hologram of life so powerful that it not only convinced her personally but mesmerized the world. In this way, the quiet little girl from the house on Elm Place became, in time, the richest self-made businesswoman in America by selling the world all her missing parts. This is the story of what was missing, why it was missing, and how she turned it into a billion dollars.

Table of Contents

PROLOGUE.

1 NANCY DREW AND THE CASE OF THE HIDDEN CHILDHOOD.

2 A MODEL LIFE.

3 TO WALL STREET.

4 THE PAGE TURNS.

5 A NASCENT EMPIRE: THE MARTHA MOMENT IS BORN.

6 WHO’S AFRAID OF VIRGINIA WOOLF?

7 MAKING THE BEST-SELLER LIST.

8 KMART CALLS.

9 HOW TO NEGOTIATE A CONTRACT.

10 STRATEGY: GET OTHERS TO PAY.

11 CONTROLLING THE STRESS LINES.

12 NO GOOD DEED GOES UNPUNISHED.

13 TIME TAKES MARTHA.

14 MARTHA TAKES TV.

15 IN THE COMPANY OF WOMEN.

16 SCHEMING TIMES.

17 A TAXING SITUATION.

18 TIME TAKES A LICKING.

19 LABOR RELATIONS.

20 WHEN BEING IN THE PUBLIC EYE IS NOT A GOOD THING.

21 FROM WALL STREET TO MAIN STREET.

22 TO THE ENDS OF THE EARTH.

EPILOGUE.

ACKNOWLEDGMENTS.

SOURCE NOTES.

INDEX.

What People are Saying About This

David McClintick

In this spectacular book, Christopher Byron gets all the way to the heart of Martha Stewart. (David McClintick, author,Indecent Exposure)

Interviews

Author Essay
I began writing Martha, Inc. for two reasons: My publisher, John Wiley & Sons, asked me to write the book, and Martha Stewart said she would cooperate. But I continued writing it even after Martha changed her mind, for a single reason that outweighed all other considerations: I had come by that time to regard Martha Stewart as the most important, compelling, and complex woman in American public life today, and easily the most worthwhile and encompassing subject for a biography to be found anywhere.

Martha Stewart's story has been told in many ways and at many times -- most often, in fact, by Martha herself. But the versions of her life that she has authorized others to write, or has written herself, have basically been chapters in a kind of mythological "Martha Stewart story" that Martha has marketed to the world, and upon which she has built her business.

Underpinning that myth is the compelling -- and altogether different -- reality of a child born into a dysfunctional, financially stressed home, who grew into adulthood driven by the dream of the life she had never known in her youth. As an adult, Martha Stewart conjured up that dream so vividly in her writing that it resonated deeply and profoundly with women everywhere. It was that vision that Martha marketed to the world, by claiming that she herself was its living embodiment.

The untold story of Martha Stewart is the reason that vision had such a powerful hold on her, and the key to why she pursued it so relentlessly and obsessively, year after year, decade after decade, until it found expression in every major media channel on earth.

Martha's story is thus more than the biography of her life; it's also the epic of the post–World War II era, when women came into their own in American life. It is the story of the challenges, triumphs, frustrations, and disappointments of the American family itself, as women struggled to find fulfillment when, for the first time in history, millions upon millions of them could define for themselves what they wanted their lives to be.

That is the story I discovered in Martha Stewart, the reality behind the myth of her life, and the price that she had to pay in the struggle to market that myth to the people of America and, ultimately, the world. For me at least, it has been a compelling odyssey, and I hope you enjoy the end result. (Christopher Byron)

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