year. Formulating the idea was next on Stemberg agenda, he sought information on manufacturers and wholesalers and ways he could capitalize on genuine discounts. Next he assembled a team of people he knew who was experienced in various areas of management and whom he convinced to give up secure jobs, high salaries and annual bonuses for a 2% share in the company. Refining the concept, the team secured a $4.5 million from Bain Venture Capital and other investors, the team also convinced manufacturers…
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