Just months after the company started operating, CEO, Michael Rappaport, was unsure if he would have enough funds for payroll or rent.
“We’d just got into the business,” said Rappaport in an interview with Philadelphia Inquirer. “We were so overwhelmed with work.”
The company got its first big contract in its first week. However, the client, Rosenbluth International, wanted more people than Chariot had at the time. That started a period of growth that intensified over the following months, creating a financial strain.
On the verge of running out of money, he turned to his mentor, Vincent G. “Buck” Bell, for guidance. He pointed Rappaport to LORE, Loosely Organized Retired Executives in Philadelphia. The organization, which has since changed its name, consists of retirees that have money to invest independently. Soon, Rappaport held a presentation in front of the group that was chaired by Bell.
“When it was done, he said he had never seen so many people sign up,” said Rappaport. “So, at least I didn’t have to worry anymore.”
Read the entire interview at Philly.com by clicking here.