Before big businesses had their share of success stories, they experienced failures at least at one point in their business careers. Even the smartest of entrepreneurs made bad calls and decisions that would later have damaging effects on the welfare of the company. Some businesses didn’t have much luck in making a comeback. Like how the old saying goes, either you make it or you break it. Fortunately, some businesses that reached the brink of desperation were able to rise from the dead and re-establish their business strategies and plans.
Here’s a rundown on 3 top global companies that failed but came back stronger.
- Apple. Twelve years after Steve Jobs was fired from the company and after a couple of product failures and bad moves, Apple came to within an inch of filing for bankruptcy. When Jobs came back, he managed to orchestrate a $150 million partnership with their competitor Microsoft. This move would eventually become the lifesaver of the business. They later invented game-changing devices like the iPhone and the iPad, and the rest is history.
- Marvel Comics. Before moviegoers saw the non-cartoon versions of The X-Men and Spider-Man, Marvel Comics found itself in a dire situation when the public was no longer into comic books. After years of continuous loss and vague company direction, they managed to find the vehicle that would salvage their content – Film. Although they were able to produce Blade, which was a hit franchise, they still didn’t earn enough because they weren’t the ones making the film themselves. Using the rights to their popular characters as collateral, they landed a deal with Merill Lynch. This was followed by Disney’s purchase of the company for $4.3 billion, and record-breaking box-office success worth billions with the Avengers, Captain America and other films.
- IBM. International Business Machines Corporation started bleeding billions of dollars in the year 1993 with the birth of client servers and personal computers. Their pricey machines couldn’t cope with the trend of cheap small devices. They came up with the resolution of hiring Louis V. Gerstner, Jr., who has had a record of business success. Gerstner managed to turn things around by listening to their customers and taking note of what they wanted and expected from the IBM.