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Playing For Keeps

Buying a bankrupt business was only the first step. Here's how two entrepreneurs turned a failing company into a multimillion dollar success story

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This story appears in the August 1998 issue of Entrepreneur. Subscribe »

Even under the best of circumstances, taking the entrepreneurial plunge requires courage. But for a first-time business owner to willingly take on the challenge of rebuilding a business from the roots up takes true grit.

After a leveraged buyout from its founders in 1991, the once-successful Raleigh, North Carolina, residential playset manufacturing company Woodplay had plunged into bankruptcy and receivership. By late 1993, the company was up for grabs to the highest bidder.

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