The Comeback Kid

Sometimes the job of founding a company and building it into an industry giant is the easy part. The real challenge is letting go. Returning CBS Chairman William S. Paley, who turns 85 this month, has long been revered as the nation's most influential broadcast pioneer. But last week's events marked yet another odd, and somehow poignant, twist in the saga of Paley's long, long goodbye.

The story is hardly unique in American industry. Either through a surplus of energy or ego -- and very possibly both -- founding entrepreneurs frequently find it hard to turn over the reins of "their"...

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