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No One Warned Him About Self-Sabotage. Methods of Prosperity newsletter no.54: Sir Richard Branson (cont.) TL;DR Richard Branson dropped out of school at age 16. Back then, the headmaster of his school made a prediction. Either Richard would go to prison or become a millionaire. At age 20, the first part of that prediction came true. Richard Branson’s journey with Virgin Records took a significant turn. British customs arrested him for violating the Customs Excise Act of 1952. Branson chose to avoid further legal trouble. His mother bailed him out with £30,000, using their family home as security. To avoid a criminal record, he negotiated an out-of-court settlement. It amounted to three times Virgin's illegal profit. This incident drove him to focus on making Virgin Records successful. He reinvested earnings from the record shops to open more outlets and repay his debt and family. In 1972, Branson bought and converted a manor house. He turned it into The Manor Studio, making it the ideal recording...
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