Home Depot’s founder, Bernie Marcus, was so desperate for a customer back in 1979 that he had his kids pay people $1 to come shop at his store. Today, his net worth is $4.3 billion.
Bernard ‘Bernie’ Marcus is an American businessman and philanthropist. Bernie co-founded Home Depot along with Arthur Blank in 1978. The duo possessed an entrepreneurial streak while they were both officers in a Southern California home-center chain called Handy Dan. In the late 1970’s they began experimenting with discounting in one Handy Dan outlet and observed that when they marked down items, volume increased and costs as a percentage of sales decreased. They planned to expand this experiment to other Handy Dan outlets, but due to unpleasant turn of events, Marcus and Blank were fired. This did not deter them, infact they decided to use that plan to strike out on their own.
‘Bernie Marcus and Arthur Blank dreamed up The Home Depot from a coffee shop in Los Angeles in 1978.’