ankrupt. Small. 6 hours away.

These are a few of the characteristics of the business that today's guest Jens Grudno bought.

Those were the bad. But there were also the good:

• 117 years old
• Strong brand
• Differentiated, high-quality product
• And cheap — Jens didn't pay much for the business

This is the story of how Jens worked his way through finance and startups, and arrived as the owner of DOVO, an old business manufacturing an old product: straight razors.

This is a turnaround story, and Jens acknowledges that he chose for himself a very difficult task for someone who'd never bought a business before.

But as you'll hear, he is drawn to outsized challenges, to proving the haters wrong.

But it wasn't just an emotional decision. This is a guy who read Benjamin Graham's The Intelligent Investor as a teenager, so he thinks like an investor, always seeking value, risk-reward asymmetries.

And he thought the downside here was limited, while the potential to restore this centenarian to its former glory represented big upside.

Now of course, there's theory... then there's reality.

This has ended up being extremely difficult, and everything has taken longer than predicted.

But Jens has survived and stabilized DOVO, and he's gearing up for the launch of a new product that he's optimistic will dominate its category and catapult its revenue.

Enjoy this rollercoaster ride with Jens Grudno, owner of DOVO.