Filing for bankruptcy can be a very painful hit to your ego. While it may be the most sensible decision to make financially, depending upon your circumstances, that does not make it any easier.
However, perhaps the decision may not seem so bad, if you realize that some of the most famous and successful figures in history have been in your very position. Believe it or not, given hard work and drive, you can bounce back from this setback just like they did.
Abraham Lincoln has been in your shoes before. Abraham Lincoln himself was so behind in debt, selling his assets still did not pay off half his debts.
Everyone knows that he was an amazing leader during a tumultuous time in the United States history. He was one of the greatest presidents of our American history.
However, as a business owner, he was not able to keep his business on the right footing. He bought a general store as a young man, and then continued to buy out other stores inventories on credit even though his store was gaining enough profit to stay afloat.
He eventually sold his share of the stores, but this was not enough. His former business partner died, leaving all of the back taxes to Lincoln alone.
He had to sell his surveying gear and his horse, two of his last possessions, and continued to pay off debts well into the 1840’s. He was not the only former president to be in this position: Ulysses S. Grant, Thomas Jefferson, and William McLinley all filed for bankruptcy at once point as well.
Henry Ford is another of history’s most famous businessmen and inventors. Henry Ford started the Detroit Automobile Company in 1899, with the help of three politicians.
Over the next two years, the engineer only made about twenty cars, which led to bankruptcy. He bounced back though, reorganizing his company, and turning it into the incredibly successful Ford Motor company.
Ford had his fair share of opportunities, and left a very rich man. It certainly should make you feel better to know someone as brilliant and successful as him was once at rock bottom, financially.
In 1922, Walt Disney and a partner started a film company in Kansas City, Kansas. After buying a used camera, Disney shot and produced short advertising films and cartoons.
He even signed on with a New York company to distribute his films for the newly created Laugh-O-Gram studios. However, things took a turn for the worse, and he was greatly taken advantage of, probably due to his youth and naivety.
By the year 1923, he was forced to file. It was a hard hit for him, but he came back to be another one of the most creative and successful men in our country’s history. One door closed to him, but he worked to make ten more open.
The key to his success was determination, and drive. You can apply these same principles to come back, just as he did.
Milton Hershey, the candy mogul, also filed for bankruptcy. Hershey knew how to make candy, but was not a successful businessperson.
Instead of schooling, he learned the old-fashioned way by apprenticing at a candy shop for four years. After his adventures there, he started his own business in Philadelphia, in 1876.
Just six years later, his business went bankrupt. He also failed at selling sweets on the streets of New York City.
After returning home, he worked hard to create another business that would be successful. He started the Lancaster Caramel company, which he later sold for one million dollars.
He was then able to focus on his greatest passion, chocolate. It seems things turned out pretty well for him in the long run!
Another mogul in the food company was in a similar position at a point in his life. While H.J. Heinz may have been ten billion dollars in condiment revenue last year alone, he was not always in such an amazing financial position.
Heinz started a company, with two others, to make horseradish. Even though it is one of the famous 57 varieties, it did not agree with everyone’s pallet, and eventually hit Heinz’s wallet.
In 1827, the business went bankrupt, and Heinz reorganized with his family in Pittsburgh, Pennsylvania. Somewhere between fries and scrambled eggs, ketchup was created, and a billionaire was born.
Like these amazing figures in history, and many more, you can bounce back from a financial setback. Talk to an attorney today about where to begin.
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