From One Dollar to Billions: The Stories of Four Great Businessmen Who Acquired Businesses for $1
While it is not common for businesses to be bought for just one dollar, there are a few examples of successful entrepreneurs who have acquired companies for a nominal amount.
Here are a few notable examples:
- Tony Fernandes
Tony bought an airline (Air Asia) for 26 cents and turned it into a billion-dollar company. From a company with only two jets, 250 employees, and millions of dollars in debt, he has flown AirAsia to new heights – today, it has 220 planes, employs 20,000 people, and carries 65 million passengers annually.
- Mark Pincus - Zynga
Mark Pincus, the founder of social gaming company Zynga, bought a majority stake in the company for just $1 in 2007. At the time, Zynga was a small start-up with only a handful of employees. However, Pincus saw the potential for social gaming and built the company into a massive success. Zynga went public in 2011, and at its peak, the company was valued at over $7 billion.
- Doug Tompkins - The North Face
In the 1960s, Doug Tompkins bought The North Face, a small mountaineering equipment store in San Francisco, for just $50. Tompkins saw the potential for the company to grow and expand, and he quickly transformed it into a successful outdoor clothing and equipment brand. Today, The North Face is one of the most recognizable outdoor brands in the world, with stores in over 50 countries.
- Robert Schuller - Crystal Cathedral
Robert Schuller, the founder of the Crystal Cathedral megachurch in California, bought the land for the church for just $1 in 1955. Schuller built the church into a massive religious institution, with a congregation of over 10,000 people. The Crystal Cathedral was also home to the Hour of Power, a popular religious television program that was broadcast around the world.
These examples show that while it is rare for businesses to be acquired for just one dollar, there are opportunities for savvy entrepreneurs to acquire undervalued assets and turn them into successful enterprises.
I personally bought a LED factory with 700+ employees, a Spanish Futbol Club in third division, the biggest indoor padel court in Spain, all of them for $1 USD and am currently analysing business opportunities in the UK, USA, Canada, Australia while mentoring several entrepreneurs and business owners on this exciting topic!
Sebastian H. Amieva
Mergers and Acquisitions Expert