Self-made New York billionaire John Catsimatidis explains how he started his grocery empire.
The summer after completing high school his mother got him a job at a local supermarket where he continued working while attending NYU. After a few short years, one of the owners, Tony, sold John his stake in the store. The financing was simple. As John describes it, “He sold me half the business for ten thousand dollars in notes and said, ‘pay me whenever you have it.'”
Within four years Catsimatidis had opened up ten more stores, paid off Tony, and made his first million. Which just goes to show that a dynamic ambitious person can take the smallest and sleepiest of businesses and turn them into something substantial over time.