When Fedex Almost Went Bust
Sep 07, 2016
The founder of FedEx, Frederick Smith once gambled his last $5000 on a blackjack table to keep the business alive. In 1971, Smith founded the company with $4million of inheritance and around $80 million in loans.
In their first two years, the company was on the brink of bankruptcy with just $5000 in the account and they couldn’t even afford fuel for their planes. So, what does a desperate business owner do in a time of need?
Fly to Vegas of course!
Smith gambled the last of the companies’ money on a game of Blackjack! Amazingly, he won $27,000 which was just enough to keep the planes flying for another week. After that, he managed to secure $11 million of funding using more conventional methods!
He then launched a direct mail campaign to increase exposure of the brand and the rest, as they say, is history. The FedEx Corporation is now worth over $44 BILLION, it is the world’s largest airline and they fly over 600 planes.
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