2min chapter

Founders cover image

#91 Jim Clayton (Sold to Warren Buffett)

Founders

CHAPTER

The Mobile Home Business

The bankruptcy fiasco made it clear that there were some huge gaps in my knowledge. He said, certainly I was getting a lesson in what can happen to a small business if the owner does not have adequate legal experience. Two years after the bankruptcy, this is a new dealership, our cash flow credit and credibility were again satisfactory. Now they were making enough money. They could have bought big houses and luxury cars or became jet-setters with frequent jaunts to Europe or Hawaii. But we didn't. Our lifestyles were so modest that I wouldn't even drive a clean car off the lot for the drive home from work. So I drive the latest dirty trade-in, even one that was

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