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Biggest challenges and how he had the strength and wisdom to navigate through them. he's the chief executive of h m hammitt, a thriving bag company in california. but eight weeks ago his story was anything but a success. tony was homeless, in a financial crisis, and trying to save the business that meant everything to him. >> i ran out of all of my money, i lost the house. i couldn't make the payments. >> hammitt was his third major investment. tony was determine thad this time he was going to do things right. this ohio native made his first fortune in the 1990s when he and a few friends found...

Back on track by cutting major expenses in two key areas. one on the sales front. he stopped using pricey showrooms opting instead for one inroom salesperson besiesd himself and in the design dmtd, he had a few instead of high priced freelance artists. he's become a brand. >> if you know hammitt, you wear it, you think the energy of the bag is what attracts you do it. >> he values his employees and believes in the power of mentorship. >> three or four interns are now in leading positions in my company. they're smart and they're inspired. >> and so this time around you've dub so much thinking a...

And sales are not. i ran out of all of my money in a couple of years. >> the situation was bad. he lost his home and spent nearly two years sleeping on friends' couches. >> does it feel shameless? >> well, yeah. there was a lot of shamefulness wasted earlier in life, but also don't look backward. i still had some great things every day that i could focus on. that's what keeps he going. as a lead over a company even in the worst of times, you have to make sure everybody knows you're still going forward. >> was it easy to talk about it? >> not in the beginning. all of a sudden the light bulb wen...

Stay? >> knowtony's changes have not been at work. >> when somebody walks up to me and says, the new hammitt, i love it. it's the new shiny boat. >> what do you do with the money you take home? >> it goes back in. i love this business. it's an amazing opportunity to build something that will last way beyond my lifetime. >> no matter what kind of business you're in, i can promise you one thing. you're going deal with tough times, and a lot of times it might be something that's completely out of your control. he oversees the company's partnership of real estate and home related brands and one f ...