Good Day, Bad Day
Family fortunes, the long view
OOD DAY FOR: Family fortunes, as the Zagat Survey populist restaurant-guide empire is putting itself up for sale. Family-owned Zagat sold 5.5 million guides in more than 100 countries last year, and could fetch more than $200 million. “It’s a fabulous brand, but they need the kind of resources that organic growth cannot sustain,” said family friend Peter Georgescu. (The New York Times, free registration)
BAD DAY FOR: The long view, after a flood of baby boomers is expected to file for Social Security at age 62, potentially costing each of them almost $150,000 in benefits, according to actuaries. Some won’t wait until 66 because of expected benefit cuts. But “the bottom line is, people would still prefer to retire than work,” said David Certner at AARP. “People can’t wait to get to age 62 and get out.” (USA Today)
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