Would you pay $10MM for a Hanger?

April 1, 2009 · 2 comments

Have you ever heard anyone say “There is no reason to reinvent the wheel.” or”If it’s not broken, don’t fix it”? Well if so go tell that person they owe you $10 million. I did a little google millionaire research and came across Devon Rifkin, a self made millionaire. I’ll give the gist of the article, but if you want the whole story or to look at other millionaires go here

Devon Rifkin,33
The Great American Hanger Company/Hangers.com, Miami
Projected 2007 Sales: $10 million-plus
Description: Manufacturer, wholesaler and retailer of clothes hangers

Frame of Reference: The fact that Devon Rifkin never attended college is just a tiny footnote in his success story. The fact that he has made millions selling hangers is slightly more unique. But for Rifkin, defying the standards means nothing if his business isn’t successful–or if his team isn’t sharing in the success. Says Rifkin, “To me, people have made the biggest difference because they’re the face of the business.”…

Essentially, homeboy was like “I don’t want to work for my dad so I guess I’m gonna make hangers and call my business The Great American Hanger Company. Oh and I’ll make millions doing it to.” That right their is ballerrific (combination of baller and terrific). It’s not like there was a world shortage of hangers and someone desperately needed to step up to the plate and provide, unless I missed something? But seriously, this guy took a simple, ordinary, everyday household item and reinvented the wheel. This got me thinking “What everyday necessity could I reinvent that will lead to my success?” I came up with two ideas….

…if I put “The Great American” before my product it will make me a millionaire right? Seriously though, it’s cool to see an average joe take a normal product and make it something that companies and people want. It should also serve as encouragement and remind us if 33 year old Hanger Guy can do it, so can we. You don’t have to invent something great, you just have to take something and make it better. Get out there and go reinvent the wheel.

1 Anonymous

Hi! I work for a drycleaner & you wouldn't believe how expensive hangers are. Most of them are imported from China (imagine that) but there is a huge tax on importing them because American hanger-makers weren't getting any business.

2 Jesse

This isnt the first time this one done either, I mean the wheel being reinvented, so whever said “don’t reinvent the wheel” shame on you. There are thousands of products that completely suck and need reinventing, so my advice, dont think since its already been done, it cant be done again and better, and make you filthy rich.
Nice post Ninja

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