Here is a business most companies would call insane.
Sell someone a pair of boots for several hundred dollars.
Then, years later, when the soles wear out, offer to rebuild them for a fraction of that price so the customer does not need to buy new ones.
You are actively preventing your own sale.
Danner does it, and has for decades, out of a factory in Portland while nearly every competitor moved production overseas.
That combination looks like nostalgia. It is not.
It is a specific business model that only works if you understand who the customer actually is, and it contains one of the best financial lessons in this entire series.
Let me explain.