Advice for the Bosses -- DeWese

It prospered and he bought two "dog" general commercial companies out of bankruptcy back around 1990. He merged the companies, worked hard, grew the sales and EBITDA and, in 1994, my firm valued those companies at $27.5 million. My pal ended up selling them for $28.5 million just to prove me wrong. He sold to a private equity firm and said, "I'll keep running the company and I want to buy back in for 20 percent of the equity."