Entrepreneur buys a bank building that denied him credit for his business – Entrepreneur

October 1, 2020 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.

See this post on Instagram

Big thanks to @ladbible for writing this story. . . So last week I bought the bank building where I got knocked back for a loan at 21 years old! . . So when I was a broke ass 21 year old I had a dream to work for myself and setup my own business! . . I created a business plan, made an appointment with the bank manager to speak about setting up and account and getting a business loan, before I went into the bank I prayed as I had zero cash and had no idea how I would realize my dream without Item. . . I sat down with my fingers and toes crossed and the woman who was the bank manager took my business plan went through it quickly and in a really patronizingly tone said the problem is Adam you are a bit young and you have no business experience. This isn’t something we can do at this stage. . . My heart sank, I felt humiliated, frustrated and sad. I had no plan B.. . I had already quit my job and had managed to scrape enough money together to pay the first quarters rent and I got a phone-line off BT which was on 30 days credit terms. . . I didn’t have any money to buy a desk or chair so as a result I spent 4 months on the floor with the phone off BT and the Thompson Local. . . No marketing budget, no Google or Social media to even advertise in, just a burning desire to succeed! . . So I bought the bank building where they declined me for the £ 10K business loan! . . For me this was a great day! . . Remember your current situation is never your final destination! . . #findtheaction

A post shared by Adam Deering (@adam_deering) on Sep 29, 2020 at 11:25 am PDT

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.