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.
The moral of the story is that small business is known only by small business people. And because of the way the economic momentum curve goes, often people in big business are overseeing, or managing, or calling the shots for the people who run small business but yet they may not understand the sen...(Full transcript available to logged in subscribers.).
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Frank Farwell Discusses Starting Out As An Entrepreneur and Importance of Real Life Experience
Frank Farwell Discusses Product, Ads, and Sales Figures in the Early Stage of the Business
Frank Farwell Discusses Difficulty of Being Emotionally Separated from the Company Post Sale
