David Kahn, once owner of Blockbuster and Subway franchises, not to mention a mansion and a Hummer, watched his profit assumptions go down the tubes.
Goodbye, mansion and Hummer. Kahn used credit card points to buy gift cards for pizza so his family could eat out.
But he never cashed in his dreams: “You don’t say, ‘This is where I’ll always be.’ You say, ‘This is where I am now.’”
He flew to Los Angeles to see what the trendsetters were up to. There, he was struck by a yogurt place, and filled out a franchise application. Hearing nothing, he decided to go it alone.
That was 2008. Nine banks turned him down for a loan, so he went the home equity route, with marketing consisting of a “Now Open” banner and a Facebook page run by his kids.
Yogurt Mountain opened in 2009 with lines out the door.
Kahn’s advice: “You’ve got to go into survivor mode, and you’ve got to reprogram yourself. What’s your alternative?”
— Adapted from “Once Block-busted, now yogurt king,” Fortune.