According to Marcus Lemonis, president and CEO of Camping World Inc. and Good Sam Enterprises LLC, every struggling company can be saved.
The Associated Press reported that as star the CNBC program “The Profit,” Lemonis invests in troubled businesses and works with his new co-owners to fix every aspect of the companies.
That could mean changing every product and service. And it also may require that the owner set aside a little pride.
“The business is bigger than you, and while you’re an important part of it, you are not the business,” says Lemonis. “That includes telling the owners all the mistakes they’ve made. It’s a blow to their egos, but it has to be done to save the company, Lemonis says.
Businesses on the show have included food manufacturers, restaurants, a beauty salon and a used car company. Some have been close to collapse.
“Taking something and fixing it is enjoyable, but more important, it’s equally enjoyable to fix the people,” Lemonis says.
One of Lemonis’ favorite turnarounds on “The Profit” was his first, New York-based Car Cash, which bought used cars and sold them to wholesale car dealers. The company was owned by two brothers who inherited it from their father but because of their personalities, they didn’t work well together. They were also working with wholesalers who were paying too little for the cars. Lemonis restructured the company to give the brothers separate roles so they had fewer conflicts, and he eliminated the wholesalers. Car Cash, which was on the verge of closing, now has more than 70 locations across the country.
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