{"id":1479,"date":"2019-09-20T10:09:18","date_gmt":"2019-09-20T14:09:18","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=1479"},"modified":"2021-11-12T15:38:40","modified_gmt":"2021-11-12T19:38:40","slug":"nissho-iwai-nike-history","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/nissho-iwai-nike-history\/","title":{"rendered":"Nissho Iwai: Nike’s Financial Savior"},"content":{"rendered":"\n

Nike is a juggernaut company today, but early in its history, it ran into constant financial problems. It was so aggressive in expanding that it always had issues paying back its bank.<\/p>\n\n\n\n

At one point, its bank said enough was enough. It would no longer extend Nike credit to grow. Phil Knight is devastated. Until he gets a new partner: Nissho Iwai.<\/p>\n\n\n\n

From his memoir Shoe Dog<\/em>, here are the key details about Nike and Nissho.<\/p>\n\n\n\n\n\n\n\n

1970<\/strong><\/h2>\n\n\n\n

As always, the bank has problems with Blue Ribbon\u2019s perennially low cash reserves. Bigger sales has meant bigger loans, which would be harder to pay off and higher risk if the company collapsed. As always, Phil is frustrated that the banks don\u2019t see the bigger picture<\/a> \u2013 a company doubling every year!<\/p>\n\n\n\n

With $600,000 in sales this year, Phil asks for a $1.2 million loan. This sounds crazy to the bank. Stretched to the limit, they give him an unsavory ultimatum \u2013 his credit line is now maxed. Blue Ribbon can have no more money until they put more cash in their account. They\u2019re also now imposing sales quotas \u2013 miss one deadline and they\u2019ll break the relationship.<\/p>\n\n\n\n

So money\u2019s now a problem. First, they need $20k for a shipment from Onitsuka. They don\u2019t have it. Blue Ribbon tries a public offering, hoping to get some interest from investors by selling 30% at 300k. Almost no one bites \u2013 they raise just $300.<\/p>\n\n\n\n

He eventually scrapes together the $20k from receivables, but they need more cash to operate. He has to do what he vowed never to do \u2013 ask everyone he knows for money: former teammates, family, friends. Woodell\u2019s family comes to the rescue. They\u2019re not well off, but they give him their entire life savings – $8,000.<\/p>\n\n\n\n

Phil reads about Japanese trading companies that are rising in international prominence and seem to do just about everything \u2013 import, export, and extend easy credit to all kinds of companies. He goes to the Bank of Tokyo branch in Portland and asks for help. They direct him to Nissho Iwai, Japan\u2019s 6<\/strong>th<\/strong><\/sup> largest trading company with $100 billion in sales.<\/strong> After just a short conversation, Nissho Iwai offers him a deal on the spot.<\/p>\n\n\n\n

1971: The Start of Nike<\/strong><\/h2>\n\n\n\n

Phil Knight is certain he needs to build Nike to stop being dependent on Onitsuka.<\/p>\n\n\n\n

To compound problems, First National has reached the end of its line. They will issue no more letters of credit. When they pay off the remaining bills, Blue Ribbon\u2019s account will be terminated. After getting rejected a few times, Phil gets a small line of credit from Bank of California.<\/p>\n\n\n\n

But he needs more money, from a partner that understands growth.<\/strong> They now have $1.3 million in sales (continuing to double each year) and he\u2019s still having trouble keeping his company afloat. <\/p>\n\n\n\n

Nissho Iwai, the Japanese trading company, comes to the rescue through its representative Tom Sumeragi. He says that Nissho is willing to make loans to Blue Ribbon. Nissho Iwai itself had gone to Onitsuka to convince them to allow the deal, but Onitsuka had refused. Nissho was embarrassed by the rejection, a $100 billion company being rejected by a $25 million company, <\/strong>and that spurred their help.<\/p>\n\n\n\n

They seal a 4% revenue share agreement, and Nissho introduces Blue Ribbon to shoe manufacturers and genuine \u201cshoe dogs,\u201d people who devote themselves wholly to the making and selling of shoes. Sound crazy to care so much about shoes? Shoe dogs see crafting shoes as connecting to humanity, being the connection between a person and the earth.<\/strong>
<\/p>\n\n\n\n

1975<\/strong><\/h2>\n\n\n\n

Financially, Phil Knight constantly pushes the pedal to the metal. He knows there is huge demand for Nike shoes, and he can\u2019t sell them quickly enough. So why limit factory orders to go in the black, when you know the demand is out there? He doesn\u2019t see this as reckless \u2013 the demand is there.<\/p>\n\n\n\n

This means Blue Ribbon lives check to check, barely making their monthly payments to the Bank of California and Nissho. Just one late payment to Blue Ribbon, and the whole tower might crumble.<\/p>\n\n\n\n

And one day, that one check from a retailer is late. They\u2019re $75,000 short, out of a total $1 million, to pay Nissho. <\/strong>To make it work, they deplete the bank accounts of all their retail stores and factories.<\/p>\n\n\n\n

Then the factory workers\u2019 paychecks bounce. And their creditors\u2019 checks bounce.<\/p>\n\n\n\n

Then Bank of California tells them they no longer want Blue Ribbon\u2019s business, they\u2019re freezing their funds, and they\u2019ve contacted the FBI, since it looks like fraud to them.<\/p>\n\n\n\n

Phil Knight takes all this to Nissho Iwai. <\/strong>They\u2019re sympathetic, knowing that businesses run on float, but they insist on looking at Blue Ribbon\u2019s books. Sumeragi and Ito, a senior manager, park in Blue Ribbon\u2019s office to audit their finances.
<\/p>\n\n\n\n

Through all of this, Phil Knight finds it hard to sleep, thinking about his life and questioning his decisions up to that point. If only he\u2019d been a good encyclopedia salesman, he wouldn\u2019t be in this mess.
<\/p>\n\n\n\n

Near the end of the audit, Sumeragi admits the situation is even worse than it first appeared. He\u2019d delayed sending invoices to Blue Ribbon until he knew they could pay them back. In reality, Blue Ribbon was never paying Nissho on time. Ito questions Sumeragi on why he would do this, and Sumeragi replies that he thinks Blue Ribbon could be a great success. He likes Phil and the Blue Ribbon folks.
<\/p>\n\n\n\n

Having completed the accounting, Ito is satisfied. \u201cThere are worse things than ambition,\u201d he says. Ito travels with Phil Knight and Hayes to Bank of California. There Ito lays down the law: they will pay off Blue Ribbon\u2019s debt in full.<\/strong> And wasn\u2019t Bank of California trying to win Nissho\u2019s business? Consider that before bullying one of their companies. Phil is eternally grateful for this support.
<\/p>\n","protected":false},"excerpt":{"rendered":"

Nike is a juggernaut company today, but early in its history, it ran into constant financial problems. It was so aggressive in expanding that it always had issues paying back its bank. At one point, its bank said enough was enough. It would no longer extend Nike credit to grow. Phil Knight is devastated. Until he gets a new partner: Nissho Iwai. From his memoir Shoe Dog, here are the key details about Nike and Nissho.<\/p>\n","protected":false},"author":2,"featured_media":1415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45,31],"tags":[44],"class_list":["post-1479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-money","tag-shoe-dog","","tg-column-two"],"yoast_head":"\nNissho Iwai: Nike's Financial Savior - Shortform Books<\/title>\n<meta name=\"description\" content=\"In Nike's early history, it ran into constant financial problems paying bills on time. 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