Sidney Frank made $2.3 billion when he sold Grey Goose vodka, and in his later years he bought Travel Savvy Magazine for $4 million.
When he died in 2006, his family told staffers they would keep it going. But, as it happened, the plug was pulled months later.
"It is practical vs. the emotional," said Jill Brooke, who served as the editor-in-chief of the travel magazine and has authored the self-help book "The Need to Say No."
"When the entrepreneur dies, the family wants to honor the memory of their loved one and keep his beloved media property alive in his memory," Brooke further explained the situation. "But as time moves on, they recognize the cost of running a media enterprise and often make a different decision."
One of the few instances of successfully carrying on after the death of a benefactor was when Bruce Wasserstein's family trust continued to keep New York magazine going through good times and bad times.
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