Adam Deering felt humiliated when the manager of the financial institution said that “he was very young and inexperienced.”
5 min read
- Today Adam is a respected businessman who has developed companies such as Hanover Insolvency and Pride Planning.
‘Revenge is sweet’. Adam Deering , 39, bought the bank building that denied him credit to start as an entrepreneur, the financial institution alleged at that time that the entrepreneur “was very young and inexperienced.”
“So last week I bought the bank building where I was turned down for a loan at age 21!” The British businessman wrote on his Instagram account.
Nearly two decades ago Adam, a resident of the city of Urmston (England, UK), created a business plan and made an appointment with the bank manager to discuss how to open an account and obtain a business loan.
“Before entering the bank I prayed because I had no cash and had no idea how I would fulfill my dream without it,” explains Adam. However, after a slight glance at the entrepreneur’s business plan, the woman who was the manager at the time denied him the loan.
“In a very condescending tone he said the problem is that Adam is a bit young and you have no business experience. This is not something we can do at this stage ”, says the entrepreneur.
At that moment Adam felt “humiliated, frustrated and sad” and worst of all, he did not have a plan B. The businessman had already quit his job and with savings he had paid the first quarter of rent for an office, he also got a loaned phone line to call potential customers.
“I had no money to buy a desk or a chair, so I spent 4 months on the floor,” writes Adam on his Instagram.
With resilience, this entrepreneur managed to grow his debt management company and in 2014 he sold it for 5 million pounds (6.4 million dollars). According to the Ladbible outlet , Adam is now a respected businessman who has built million-pound businesses such as the debt management company Hanover Insolvency and the funeral home Pride Planning.