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Bankruptcy but Successful
 

Bankruptcy but Successful

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How each of these successful men, Walt Disney, Donald Trump, and Henry Ford, have gone bankrupt and came back stronger.

How each of these successful men, Walt Disney, Donald Trump, and Henry Ford, have gone bankrupt and came back stronger.

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    Bankruptcy but Successful Bankruptcy but Successful Presentation Transcript

    • Bankruptcy The good. The bad. The ugly. by Jessica NortheyTuesday, July 26, 2011 1
    • Donald Trump (“Trump network shield,” 2011) Trump wanted to make his father proud and carry “The Donald struck a deal with the banks to hand on the family name. His father was a developer in over half his ownership, and half of the equity, in New York. Donald Trump was his father’s the casino in exchange for a lower interest rate and apprentice. This made Trump have a combination more time to pay off his debt. He sold off his of ego and drive to do anything to become a beloved Trump Princess yacht and the Trump developer like his father. His decisions were based Shuttle airplane to make his payments, and his on the emotion of wanting to win at any cost to creditors put him on a budget, putting a cap on his make his daddy proud. Trump also used the media personal spending.” to his advantage to build value for his companies. “In 2004 Trump Hotels and Casino Resorts Inc. “In 1991, 1992, 2004, and again in 2009, Trump filed for voluntary bankruptcy after accumulating branded companies or properties have sought $1.8 billion in debt. The Donald agreed to reduce Chapter 11 protection.” his share in the company from 47 percent to 25 percent, meaning he no longer had control over the “‘I’ve used the laws of this country to pare debt. ... company. The deal also included lower interest We’ll have the company. We’ll throw it into a rates and a $500 million loan to make chapter. We’ll negotiate with the banks. We’ll make improvements.” a fantastic deal. You know, it’s like on ‘The Apprentice.’ It’s not personal. It’s just business,’ “In 2004 is where he lost control of his name. One Trump told ABC’s George Stephanopoulos last rule when you have a name like Trump is you never Thursday.” let anyone own it and control it. He got into such a bad spot here that he ended up with others owning “The Taj Mahal carried a $1 billion price tag and and controlling his name.” (Bingham , 2011) was financed by junk bonds carrying a staggering 14 percent interest rate. As construction What Trump has learned from his experience with completed, the economy slumped, as did the bankruptcy is that is just another business deal. Atlantic City gambling scene, soon plunging Trump The banks are depending on him to succeed. into $3.4 billion of debt.”Tuesday, July 26, 2011 2
    • Henry Ford (“Car factory,” 2011) There was not much emotion in the “Henry Ford shipped every car and part he calculated decisions Henry Ford made. had in his plant to his dealers and They were simply strategic business demanded immediate cash payment. Let decisions based on giving other people the the other fellow do the borrowing had burden to take care of his problems. always been a cardinal principle. He shut down production and canceled all orders “In 1918 [Ford] had borrowed on notes to from the supply firms. Many dealers were buy out his minority stockholders for the ruined, many supply firms failed, but when picayune sum of seventy-five million he reopened his plant, he owned it dollars.” absolutely, the way a man owns an unmortgaged farm with the taxes paid up.” “In February, 1920, he needed cash to pay off some of those notes that were coming “In 1922 Henry Ford had sold one million due. A banker is supposed to have called three hundred and thirty-two thousand two him and offered him every facility if the hundred and nine tin lizzies; he was the bankers’ representative could be made a richest man in the world.” (Buce, 2007) member of the board of directors. Henry Ford handed the banker his hat, and went Henry Ford learned how to use the system about raising money his own way.” to his advantage so that he could continue his work and Ford Motor Company is still in business today.Tuesday, July 26, 2011 3
    • Walt Disney (Disney, 2010) Emotions of determination “This rocky start did not deter ignited within Walt Disney Walt Disney from producing after his bankruptcy. He did Oscar winning films and learn from the experience by pioneering theme parks. continuing to believe in Rather, filing bankruptcy himself. Soon afterwards, he provided Walt Disney the ideal created Micky Mouse. opportunity he needed to make a fresh start and prove “Walt Disney began making himself as a great American his own cartoons in the success story.” (Celebrity 1920’s. When his main client Bankruptcies, 2011) went into bankruptcy, Disney could not pay his staff or his Now Walt Disney has rent. He had no choice but to expanded across the world. declare a personal Walt certainly has learned bankruptcy.” from his failures. Mickey Mouse is a timeless icon for generations to come.Tuesday, July 26, 2011 4
    • Similarities and Differences Similarities: File for bankruptcy Individual is still in business today Created an icon Passion and Confidence Differences: Disney and Ford started in 1920s and Trump in 1990sTuesday, July 26, 2011 5
    • References Bingham, Amy. (2011, April 21). Donald trump’s companies filed for bankruptcy 4 times. Retrieved from http://abcnews.go.com/Politics/donald-trump-filed-bankruptcy-times/story? id=13419250 Trump network shield logo on black. (2011). [Web]. Retrieved from http:// www.brandsoftheworld.com/logo/trump-network Buce, . (2007, January 11). How henry made it somebody elses problem [Web log message]. Retrieved from http://www.creditslips.org/creditslips/2007/01/ how_henry_made_.html Car factory. (2011). [Web]. Retrieved from http://www.brandsoftheworld.com/logo/ford-7 Celebrity bankruptcies [Web log message]. Retrieved from http://www.totalbankruptcy.com/ news/articles/celebrity/notables.aspx Disney, . (Artist). (2010). 2010 ad for walt disney world - wdw what will you celebrate. [Web]. Retrieved from http://www.brandsoftheworld.com/logo/disney-3Tuesday, July 26, 2011 6