Peter Raimondi was just 17 years old the day the earth stood still.
It happened when his father returned home from work, much as usual, but this time he was not inquiring about the evening’s dinner entrée. Rather, he announced to his family of six that he did not have a job anymore, after having worked his whole professional life running a business of his own creation. Everything the elder Raimondi had spent his life building had been wrested away, the loss of which was now endangering the solvency of his family.
Until that day, the elder Peter Raimondi had been a successful owner of a home security and alarm business that he founded and built with some partners. In an effort to expand the business, he went in search of private equity investors. He and his partners sold a partial interest in the firm in exchange for the capital. Within two years, though, the investors had taken control of the business and Peter Raimondi Jr., at age 47, was ousted.