Craig Karmazin, 29

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It's not often that a 2:30 a.m. epiphany leads to something worthwhile once the sun comes up. Yet for Craig Karmazin and a group of college friends, it turned into the creation of Wisconsin-based Good Karma Broadcasting.

Backed by the emotional support and advice of father and media mogul Mel Karmazin, Craig purchased his first radio station at the tender age of 22. Now 29, the Good Karma president-CEO recently closed the deal for its eighth station.

"It's all about integrity and honesty and treating people fairly both in business and out," Mr. Karmazin says.

Plus a lot of hard work. Co-workers say Mr. Karmazin has done everything from selling advertising for his stations to co-hosting "The Steve & Craig Show" on sports talker WTLX-FM in Madison, Wis.