From Rags-to-Riches: Business Magnate Went From Being Refused a Bank Loan to Buying The Bank
Business magnate, Adam Deering placed a large gamble on himself in 2002, which eventually paid off. The issue was that the individuals he needed to help him make his vision happen — Royal Bank of Scotland in Urmston, Greater Manchester — didn't have faith in him.
Deering, the epitome of believing in oneself, quitted his job as a salesman aged 21 as he always knew he could create a successful business. However, Deering needed a bank loan to bring his dreams to life.
"I presented them with a comprehensive business plan and asked for £10,000 ($13,250) however the bank manager didn't seem to take me seriously at all," Deering says. "I'd put my heart and soul into the business plan and I remember having my fingers crossed under the table as I nervously waited for the manager to go through it."
"I was devastated when she told me I was too young and inexperienced and there
was no way they could take a risk on me," he added.
Deering used his last pounds to hire office space in Stretford, England, just outside of Manchester. However, as he couldn't afford a desk or a chair, he was forced to make cold calls while sitting on the office floor.
The first several months of his new company were difficult, and he had no idea if he would be successful. "There were lots of times where I thought it was the end, but I refused to give up and it paid off," he said.
His company eventually thrived. He sold his debt management company for £5 million ($6,620,000) seven years ago and currently controls five multimillion-pound businesses, including debt management agency Hanover Insolvency and funeral planning provider Pride Planning.
In an Instagram story, Deering said: “Today’s quite a nostalgic moment for me. I went into this bank when I was 21 and asked for a £10k business loan and the bank manager was really nasty, a bit funny with me. So what I’ve done is I’ve gone back and bought the bank building. It’s a bit of irony, bittersweet, they said I wasn’t experienced enough in business and didn’t know what I was doing. So here I am, 15 years later, and I’ve gone and bought the building.”
His real estate holdings are now worth millions of pounds.
He purchased the bank building that turned him down 19 years ago for £500,000 ($662,000) transforming the building into flats and retail space.
Moral of the story: don't let anything or anyone hold you back!
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