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When the late Robert Pritzker ran Marmon Group LLC, his family’s conglomerate, he gave the managers of its major units his phone number.

“He said, ‘If anything happens to imperil life, you call me, and you tell them to find me wherever I am,’” said Jim Schrager, a professor of entrepreneurship and strategy at the University of Chicago’s Booth School of Business, who worked at Marmon in the 1980s and dialed the number himself once, in the middle of the night.