CNBC has published a new interview with former WWE CEO and the head of President Donald Trump’s Small Business Administration, Linda McMahon, and during the interview, McMahon spoke about her early start in growing a business.
“My experience as a CEO started with my experience of building a business, sharing a desk with my husband, and we grew it just from the ground up,” explained McMahon.
McMahon also revealed her and her husband, current Chairman and CEO of WWE Vince McMahon, had to file for bankruptcy early in their careers. “We had to file for bankruptcy,”, said McMahon.
“The bankruptcy came as a result of our taking some few dollars that we had saved early on and investing in a couple of businesses that we didn’t know anything about,” she says, explaining that she and Vince dabbled in the construction business instead of “sticking to what we knew [and]growing that company.”
“We didn’t really know the safeguards to really look for. We were relying on someone else whose opinion we respected at the time for those kinds of investments, and they just didn’t work,” says McMahon. “We partnered with some folks who weren’t quite the business partners we expected them to be.”
“Our home was auctioned off. My car was repossessed in the driveway. I was pregnant with our second child at that time,” she remembers.
The interview also features McMahon offering advice to young people looking to grow a business, and who might be experiencing similar struggles she had.