Dunn was loaded now, but his circle was still mostly Hollywood. He had some ties to Wall Street and Silicon Valley through a few investments, but those connections weren't deep.
This birthday party for Sumner Redstone? It was a whole different crowd—mostly business elites. Totally different from the people Dunn usually hung out with.
There were maybe twenty-something guests at the event, and with their plus-ones, about fifty people total. Dunn recognized fewer than five of them!
He could tell the older guy walking over, the one getting Tosca Musk so excited she was practically losing it, had to be some kind of business legend. But Dunn had no clue who he was!
Someone as big as Bill Gates?
The first name that popped into Dunn's head was Warren Buffett.
But he knew Buffett. Maybe not in person in this life, but he'd seen plenty of photos online in his past life.
This guy, though? Dunn was drawing a complete blank.
"Who the heck is he?" Dunn muttered, starting to get annoyed. It felt like Tosca was messing with him.
Tosca, half-laughing, half-exasperated, gritted her teeth and said, "He's Jack Welch, the chairman and CEO of General Electric!"
"Oh! That guy!"
It finally clicked for Dunn.
He'd never met Jack Welch, and in his past life, he hadn't heard of him either. But in this life, he'd rubbed shoulders with some heavy hitters—Steve Jobs, Sumner Redstone, Michael Ovitz, Eric Schmidt, Elon Musk. And in conversations with them, Jack Welch's name kept coming up!
Tosca saying he was on par with Bill Gates? That was underselling it. The guy was in a league of his own!
Sure, Bill Gates was famous for his wealth—world's richest guy and all that. But when it came to influence and standing in the business world, Gates didn't hold a candle to Jack Welch.
Jack Welch was the world's greatest manager.
Pretty much every manager out there had a copy of Welch's autobiography on their shelf, treating it like gospel. Even Dunn had one in his office.
Last year, Dunn read an article in Fortune magazine that blew his mind. Every year, Fortune ranks the top 500 companies in the world. And get this: over 30 of those companies had CEOs who came out of General Electric under Jack Welch's leadership!
Half of them had worked directly or indirectly under Welch himself.
In other words, more than 15 of the world's most powerful companies were run by Welch's protégés. Talk about a legacy!
Even in Hollywood, Disney's big boss, Michael Eisner, had publicly said more than once that his management philosophy came from Welch. Though, let's be real—Eisner was probably just hyping himself up. His heavy-handed style was the exact opposite of what Welch preached.
Worried Dunn still wasn't getting it, Tosca quickly added, "Mr. Welch ran GE for 20 years. The company's value skyrocketed over 40 times. Right now, GE's worth over $460 billion, second only to Microsoft. Number two in the world."
Dunn nodded slightly, took a deep breath, and put on his most respectful face. He practically jogged over to meet Welch. "Mr. Welch, I can't believe I'm meeting you here! Your management ideas have been such an inspiration to me."
Welch smiled and shook his hand. "My ideas are for running big, diverse companies. I haven't done much in the financial markets."
Everyone knew most of Dunn's wealth came from playing the stock market.
Dunn replied earnestly, "The financial market's just a gamble. At the end of the day, I want to build and run my own company."
Welch nodded approvingly. "That's the mindset of a real businessman! Some people think finance is the top of the business world. To me, that's a joke. Guys like Soros wreak havoc on half the globe, and it's people like us—company builders—who have to clean up the mess."
Dunn, keeping it humble, said, "I'm just a small-time director. I can handle my little corner of Hollywood, but saving the world economy? That's way above my pay grade. That's a job for a powerhouse like GE, under your leadership."
Welch chuckled, then shook his head. "I'm old. Don't have the energy anymore."
Dunn wasn't having it. "Mr. Welch, you're too modest. Mr. Redstone's 78 and still running Viacom like an empire. Compared to him, you're practically a kid!"
Welch gave Dunn a long look, a slight smirk tugging at his lips. He lowered his voice and said, "Do you really think Viacom's future is as bright as it seems? Business models don't bend. Great companies need sharp leaders, and people have to accept when it's time to step back."
Dunn froze, caught off guard.
It wasn't Welch's take on Viacom's future that threw him—it was that he'd said it at all. This was sensitive stuff. Why spill it?
And earlier, Conrad Black from Hollinger International had been just as blunt, throwing around comments with no filter.
"Aren't they worried I'll blab? Even if it doesn't shake up their companies, it's gotta mess with their personal relationships, right?"
A big question mark popped into Dunn's head.
Welch didn't give him time to dwell on it. With a small smile, he waved it off. "I've stepped down as GE's chairman and CEO. I'm just a board member now, taking a back seat."
"What?"
Dunn and Tosca gasped at the same time.
Jack Welch was only 66! Sure, that's not young, but he still had the chops to run GE. Look at Redstone and Murdoch—78 and over 80, and neither of them would let go of the reins!
Welch stepping back like that? It was admirable, but also kind of a shame.
"GE without you? That's a loss for the country—heck, the global economy. It's as bad as this financial crisis," Dunn said, laying on the flattery.
Welch shook his head. "Young man, here's a tip: when you're with the best, just be honest. Business isn't politics. We're all smart enough to see through the fluff."
Dunn grinned. "This isn't business talk—it's just a chat. Keeping things light and fun matters too, right?"
Welch paused, then burst out laughing. He pointed at Dunn, like he wanted to say something but couldn't find the words. Shaking his head, he sighed, "I'm getting old. Can't keep up with you young folks' thinking anymore."
Dunn, with a knowing look, said, "And yet News Corp and Viacom are still in the hands of two even older guys."
Welch's face shifted. He stared at Dunn, his cloudy eyes sharp, like he could see right through him. After a long pause, he said quietly, "The old guard fought their way up through storms you youngsters can't even imagine. Don't underestimate them."
Their conversation seemed casual, but Tosca, standing nearby, was sweating bullets. This was Redstone's birthday party! Was this really the place for this kind of talk?
She quickly stepped in. "Mr. Welch, Dunn's a huge fan of yours. Since you're retired now, how about this? Maybe you could spare some time, and we could visit you to pick your brain?"
Some things were better discussed in private, not here.
Dunn might be a rising star and a mega-rich guy, but next to Jack Welch, he was a rookie—especially when it came to running a company.
If Dunn could get guidance from someone like Welch, Dunn Films' management and strategy would be unstoppable.
Dunn nodded, agreeing with Tosca, and introduced her. "This is my assistant, the VP of Dunn Films."
Welch gave her an appreciative look. "When I was 33, I was running a big division at GE. But you—you're even younger and already doing big things."
Before Tosca could respond, he switched gears. "I'm not fully retired. I've got plans to start a business forum at MIT's Sloan School, open to entrepreneurs worldwide."
Dunn jumped in. "I'm signing up first!"
Welch laughed and shook his head. "You're a director. You've got a movie to shoot every year, plus a company to run. You got time for that?"
"Well…"
"Look, if this was just about signing up, I wouldn't have come over to talk."
"Oh?"
Dunn's eyes lit up. Could Jack Welch actually need something from him? That'd be a real honor.
Welch continued, "Last year, I started thinking about stepping back. Around that time, you were making waves across the country—controversial, sure, but a big deal. I had an agency pull some info on your company. Let's just say… I got curious."
Dunn's heart skipped a beat.
Was there something wrong with how Dunn Films was run?
With Welch's experience and razor-sharp insight, if he saw a problem, there was definitely a problem.
"Don't worry," Welch said, easing Dunn's nerves. "From what I've seen, Dunn Films is solid. No major red flags. And letting go of the small stuff to focus on the big picture? That's how a good leader thinks."
Dunn let out a quiet sigh of relief and smiled. "I'm still young. I'm bound to miss things when it comes to running a company. I could use advice from someone like you."
Welch shook his head. "That's not what I meant. It's not about your management—it's about the way Dunn Films is structured. It shows something about you."
"What's that?"
Welch looked him dead in the eye and said one word: "Ambition."
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