Sunday, March 25, 2018

Money from a Humble Business

We should tell our children not to turn their backs on a humble business.  Educated middle class parents want their children to go to a good college in order to be hired by a good company.  But sometimes the people who start businesses do not graduate from college.  The most famous college drop outs are Bill Gates (Microsoft), Michael Dell (Dell Computer), Mark Zuckerberg (Facebook), and Larry Ellison (Oracle).

We can add Wayne Huizenga to the list of successful businessmen who dropped out of college.  His obituary is "Wayne Huizenga, Entrepreneur Behind Blockbuster and AutoNation, Dies at 80" by James R. Hagerty, Wall Street Journal, 3-24-2018 pages B1 - B2 in the print edition.

Mr. Hagerty (1937 to 2018) dropped out of Calvin College in Grand Rapids, Michigan.  His grandfather ran a garbage hauling business in Chicago.  Mr. Hagerty joined the Army reserves and after that he got a job managing a trash-hauling business in Florida.  Soon, he started his own trash-hauling business, expanding to 40 trucks by 1968.  Eventually he merged his trash-hauling business with his grandfather's business and went public as Waste Management.

To cut to the chase, Mr. Hagerty started Blockbuster, selling it for $8.4 Billion to Viacom. Then he started AutoNation and Extended Stay America.  He had other businesses and you can read about them in his obituary.

Wayne Huizenga became a wealthy man because he was willing to work in the humble business of hauling trash.

I think everyone should experience some college, but graduating from college is not necessary for success.


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