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.
I presented them with a comprehensive business plan and asked for £10,000, but the bank manager didn’t seem to take me seriously at all
“I had no money to buy a desk or a chair, so I spent four months on the floor,” writes Adam on his Instagram.
“I’ve always firmly believed that if you work hard enough to achieve your dream, then anything is possible.
“I quit my job as a salesman aged 21 because I knew I had it in me to create a successful business, but I didn’t have a penny to my name, so I needed a bank loan.
“I presented them with a comprehensive business plan and asked for £10,000, but the bank manager didn’t seem to take me seriously at all.
“I’d put my heart and soul into the business plan, and I remember having my fingers crossed under the table as I nervously waited for the manager to go through it.
“Before entering the bank I prayed because I had no cash and had no idea how I would fulfil 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.
“I was devastated when she told me I was too young and inexperienced, and there was no way they could take a risk on me.”
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.
Buying the bank building in his hometown of Urmston carries a degree of emotional significance, but Adam has exciting plans to turn it into a mixed retail and residential scheme
With resilience, this entrepreneur managed to grow his debt management company, and in 2014 he sold it for five 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.
He uses his rags to riches background to inspire others as a motivational speaker, while he also holds a property portfolio worth millions of pounds.
Buying the bank building in his hometown of Urmston carries a degree of emotional significance, but Adam has exciting plans to turn it into a mixed retail and residential scheme.
Having spent £450,000 to purchase the premises, he will spend another £500,000 to develop eight apartments and one retail unit.
He added: “Building a business from scratch certainly isn’t easy and there are always times when you wonder if it is going to work out.
“The key is to stay true to your vision and keep going; there will always be hurdles to overcome.
“When I was turned down for the loan, it was tough, but because I had a dream and I was so focused on achieving it, I made it happen anyway.
“To me, buying the bank building brings things back full circle, and it shows that I was right to keep believing in myself.”