How FedEx Founder Gambled to Keep Company Alive in the Early Days
On Tuesday, January 26th, we got some great news in the Southern Tier. We found that a FedEx Ground distribution facility is coming to Kirkwood and it could bring 300 jobs to our area. You can read all about it here.
Here's something that you may not know. FedEx almost didn't make it off the ground. Desperate times called for desperate measures and that is exactly what FedEx founder Fred Smith did.
Back in the '70s, FedEx almost went under, they only had $5,000 in the bank and they needed to pay off a $24,000 fuel bill. They were denied a much-needed business loan, so what Smith did next changed everything for the company and the world.
Unbeknownst to anyone else, Fred took the $5,000, hopped on a plane to Las Vegas, and was able to win $27,000 by playing blackjack. It was enough to keep the business open for another week.
Fast forward to today with FedEx earning around $17 billion in 2020 and is hoping to go over the $19 billion mark in 2021. Just think how our world would look now if the dealer had dealt a couple of blackjacks for himself and Smith's bets had gone awry.
Today, FedEx is one of the most successful businesses and recognizable names around the world, and with more people staying home because of the coronavirus pandemic, they continue to expand including in our own backyard.