Threshold, by David Palmer, published 1985.
The Isi are humanoid and come from a very hostile planet.
Rich industrialist on Earth, check: Peter Cory.
Magic, transformations, crash landing, dragonoid form, friendly large flying creature, setup, all check. Your description is remarkably accurate for a book you read so long ago!
There were indeed supposed to be sequels, but unfortunately they have yet to be published.
This would appear to be the cover you're remembering.
This would appear to be the cover you're remembering: