Dick's Sporting Goods

“Mike Rich from Woolridge would quote 40 dollars for closeouts, and Ed would counter with 15, and Mike would usually say yes, not because he had to, but because he wanted to help this kid succeed.”

“Once a year, every July, they'd do inventory, count everything in the store, add it all up. And that's when Dick would finally learn that he'd made money that year or not. He had no idea up until that moment. He'd use the line of credit to buy merchandise and …”

“Ed went back to GE Capital and borrowed sixty million to buy out 60% of the venture capital stakes.”

“He'd sell the business to his five kids for 1.25 million, but on his terms. They'd pay him over 20 years at 12% interest and couldn't pay it off early, even if they wanted to. He'd keep the buildings and lease them back at above market rates for 25 years.”

“Larry Shore, the young lawyer structuring the deal, suggested a two-class stock arrangement. Ed would get 51% of the voting shares. Ed would have control. His siblings would get equal equity stakes, but not have control over operations.”

“Instead of cashing out like most executives, Ed bought in. He purchased 80,000 additional shares in the IPO with his own money.”

“He bought the lot next door, built an Acme supermarket and use the rent to cover his mortgage. If the sporting goods store struggled, he'd have income.”

“In 1996, Mike Hines told Ed They'd be out of money next month. They owed thirteen million dollars they didn't have. The banks wouldn't restructure the debt, and the venture capitalists wouldn't put in more money until the banks restructured.”

“Dick would open at nine, close at nine, and some days take in only five dollars, maybe seven on a good day. His margins were non-existent. He couldn't afford wholesale prices. So here's what he did do. Close the shop, drive 60 miles to Scranton, buy inventory …”

“After Parkland in 2018, where the shooter had bought a shotgun at Dix, Ed made a decision that would cost at least two hundred and fifty million dollars annually. No more assault rifles. No firearms to anyone under 21. They destroyed five million dollars in ex…”

“I will always be a little paranoid and insist that we finance all we do from our own earnings. It seems to me that's the only way to control your own destiny. The banks can't take away your business if you don't owe them any money. So we carry no long-term deb…”

“Marty filled an entire shopping cart with shotgun slugs, case after case, buying Kmart's entire inventory at their last liter price, cheaper than Dix could buy them from Remington or Winchester.”

“So Dick's ran their inserts on Wednesdays, which gave them 24 hours to read Herman's Sunday ads for the following week and adjust their prices to beat them.”

“Dick's became one of Under Armour's first major retail partners. When other stores wouldn't give the unknown brand any shelf space, Ed gave them prominent placement.”

“Instead, he sold everything he owned. The house, the car, anything worth a dollar, and he paid back every creditor in full.”