Francis Farwell, founder of WinterSilks Inc., a Middleton, Wis., mail-order apparel company, planned to sell his business from the start. Based on that decision, he built the business accordingly. Instead of plowing all his earnings into growth, he made sure the company maintained a sizable free cash flow, making it more attractive to potential buyers. In 1990, Farwell sold out, pocketing several million dollars.
There was a woman who was the accounting clerk one year who was replacing a very, very bright young student who had been with me two or three years and finally graduated from UW and went on to a fancier job. And I thought I had a stable 45-year-old professional who had had a lot of seasoning and th...(Full transcript available to logged in subscribers.).
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