Failing T-Shirt Company Becomes a $40 Million Business

Fresh Prints (New York) is a custom apparel powerhouse, but just 10 years ago, it was on the verge of failure.

The comeback started soon after Josh Arbit and Jacob Goodman, two college students from Washington University in St. Louis, acquired the struggling outfit for $16,000, Entrepreneur magazine writes.

They were immediately scammed by a customer for $8000, the article says, and also owed $25,000 for licensing royalties that Fresh Prints’ founders didn’t tell them about. “We didn’t know what due diligence was. And we were like, ‘Oh, are we going to have to shut this thing down right away?'” Goodman says.

They solved those issues, however, and today the company has 290 full-time employees with annual revenue of $40 million. In their interview with the outlet, Arbit and Goodman shared their five keys to achieving the turnaround.

Read more at Entrepreneur.