The creator of Famous Amos Cookie Co. opened his first cookie shop in 1975. A decade later, the once-growing company faced severe financial trouble, forcing him to sell the company in pieces to outside investors.
A competitor’s tastier cookie didn’t cause the trouble. He did.
"I thought that I knew more than anybody else," he says. "I thought I was the main attraction, and I wasn’t listening to other people."
When he later tried to use his name and image for a new product line, he was sued by the new owner of Famous Amos.
Now 73, he’s trying to use the lessons learned with two new firms, Uncle Wally’s, specializing in muffins, and Chip & Cookie, a gourmet cookie producer.
"Teamwork — that is the greatest lesson I learned from losing Famous Amos," he says. "It’s not about me, Wally Amos. It’s about respecting the rest of my team members … giving them access to make suggestions."
His blunders weren’t, and aren’t, unique. Big-name producers of makeup, yogurt, eco-friendly cleaning products and hip sportswear all have had their shares of big-time gaffes.
USA TODAY reached out to successful business people to hear about their financial foibles, their best business decisions and their lessons learned.
