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James Cash Penny - JC Penny Surviving the stock market crash James Cash Penney began working in 1898 for a small chain of retail goods. The owners, who recognized his potential and work ethic, offered him a one third partnership in a new store opening. By 1907 the other two owners had dissolved their partnership and Penney had bought full interest in the stores.... Under Penney’s ownership, the company exploded and the stores grew to a substantial size under the new incorporation, the J.C. Penney Company. Until the stock market crash of 1929, there were 1,400 stores across the United States. At this time, J.C. Penney lost nearly all of his personal wealth, and used the cash value of his life insurance policy to keep his business afloat. From there, he was able to grow the business to become one of the most successful department store chains in the United

Ray Kroc - McDonalds Growing a global brand Ray Kroc, American entrepreneur and philanthropist, began his career in a partnership with the McDonald brothers in San Bernardino, California. The two brothers owned a stand-alone drive-in restaurant, with the goal of achieving nationwide franchising.... Ray opened the first franchise in Des Plaines, Illinois in 1955 and despite McDonald ‘s now being one of the most recognizable restaurants in the world, it was not always profitable. When the economy was poor, Ray used the cash value of his life insurance policy to pay employee salaries, keeping day-to-day business operations running. By utilizing his life insurance, Ray built one of the most powerful brands in the world, eventually buying out the McDonald brothers in 1961.

Doris Christopher-Pampered Chef From the kitchen to a big acquisition Inspired by the success of the Tupperware brand, home economist Doris Christopher developed her own line of quality kitchen tools in 1980. Doris funded the venture by borrowing $3,000 from her life insurance policy and building the business from her suburban Chicago home.... By 2002, the company had become a $700 million entity, and was acquired by Warren Buffett’s Berkshire Hathaway Corporation for $1.5 billion. Today, Pampered Chef is one of the most well recognized home economics organizations, reaching over 12 million customers. The organization has grown beyond cookware manufacturing, and has expanded to all corners of the industry, from hosting cooking classes to publishing bestselling recipe books.