Merchandising: Johnson's Wash-'n'-Wax

A shining exception to the rule that family-owned companies no longer achieve great growth is S. C. Johnson & Son, the household-wax titan from Racine, Wis. In an industry where Pride is a product and Pledge outsells competing furniture polishes 2 to 1, Johnson has cleaned up millions. Yet it has never had to sell a share to the public, never made an acquisition in its progress to the top floor of the $200 million-a-year wax and polish business.

This week, in a tradition-breaking move, Johnson's Wax will announce that it has put...