Search This Blog

Sunday, August 15, 2010

Bankrupt CEOs

Ever wonder if the most successful people out there every have financial problems?  Think they were born making money?  Well this list of well know CEO's had their fair share of financial problems before they became stable.  Check it out...

William C. Durant - William C. Durant founded General Motors, Chevrolet and Durant Motors. Durant Motors was established in 1921 but unfortunately failed in 1933 after the Great Depression. Durant filed for bankruptcy in 1936 being $914,231 in debt and lived out the rest of his life managing a bowling alley in Flint, Michigan.

Milton Hershey - Milton Snavely Hershey founded Hershey’s Foods Corporation in 1903 but didn’t find success immediately in life. Hershey dropped out of school after 4th grade, because his family moved around a lot, and got an apprenticeship as a printer. He wasn’t keen on the business and tried his hand at candy. His first four attempts failed and forced him to file for bankruptcy but his fifth resulted in a major corporation that’s doing pretty darn good to this day.

Donald Trump - Donald Trump found himself $900 million in debt in 1990 and lost a lot of his business ventures but somehow restructured his debt to be back on top running a billion-dollar empire.

Henry Ford, 1863-1947, automobile manufacturer, first two automobile manufacturing companies failed. The first company filed for bankruptcy and the second ended because of a disagreement with his business partner. In June 1903, at the age of 40, he created a third company, the Ford Motor Company with a cash investment of $28,000.00. By July of 1903 the bank balance had dwindled to $223.65, but then Ford sold its first car, and as they say the rest is history.

William Fox – Co-founder of 20th Century Fox Film Corporation

Charles Goodyear – Founder of Goodyear Tire Co.

Henry John Heinz – Henry John Heinz, 1844-1919, condiment manufacturer, started his company in 1869 selling horseradish, pickles, sauerkraut and vinegar. In 1875 the company filed for bankruptcy due to an unexpected bumper harvest which the company could not keep up with and could not meet its payroll obligations. He immediately started a new company and introduced a new condiment, tomato ketchup to the market. This company was, and continues to be, very prosperous.

No comments:

Post a Comment

Related Posts with Thumbnails

Popular Posts

FTC Required Disclosure

The Federal Trade Commission requires that I disclose any relationship I may have between a product manufacturer or service provider when I write about a product or service.

My intention for this blog is to provide consumers with the knowledge to improve their current personal credit situation. It is the readers responsibility to do additional research and to make responsible decisions based on their own personal financial situations.

My promise to my readers is as follows:

  • I am never paid to do a review of a product or service. I do not accept money to review credit cards, credit repair companies etc... When reviewing a product or service, I invest my own time and money to review and test credit products and credit services listed on this site.
  • No advertiser will ever influence the content, topics or posts made in this blog. Just because there is an advertisement for a particular product or service on this site, it does not necessarily mean it has been endorsed by the author of this blog.
  • If I create a link to a product or service on this site, sometimes I may get paid a commission if you purchase the advertised product or service. These links are included after posts are written, and posts are never composed for the purpose of including advertising.

I feel the rules and practices listed above are just good business in today’s digital world. It is important for you the reader to understand the relationship between the person reviewing a product and the manufacturer or service provider.

If you don’t see a disclosure policy on a blog, that reviewer may be violating the law or at the very least the Code of Ethics.