Reginald F. Lewis, Other People’s Money, and African-Americans.
Learning history is nice, learning history with purpose is better; and getting rich is a great purpose. Every African-American aspiring to make money must read about Reginald F. Lewis, an African-American attorney, in the 1980s.
Other People’s Money (OPM) can change the trajectory of succeeding in the business world. Few African-Americans attempt to fully facilitate this route of financing. No need to discuss the reason. That energy can be used to discuss how to facilitate it and the benefits. The past cannot be changed. The future can be molded into a destiny.
Let’s talk about Mr. Lewis.
In 1983, Lewis purchased the McCall Sewing Pattern Company for 22.5 million. Other than one Million in cash, the purchase price was financed. Actually, the one million was borrowed. https://alchemy.substack.com/p/reginald-lewis-bootstrapping-buyouts
Just for numbers sake, it was his third attempt to purchase a company. “Why Should White Guys Have all The Fun”, https://www.google.com/books/edition/Why_Should_White_Guys_Have_All_the_Fun/syKbZgxyDT0C?hl=en&gbpv=1&printsec=frontcover
The success of McCall allowed Mr. Lewis to make the first International Leverage Buy Out (LBO) of a Billion Dollar company: Beatrice Foods. https://www.blackenterprise.com/inside-reginald-lewis-wall-street-billion-dollar-acquisition-beatrice-international/
Thus, Mr. Lewis owned and led the first Black-Owned company to gross over 1 Billion; in fact, 1,8 Billion.
Mr. Lewis wrote the perfectly titled book: Why Should White Guys Have All The Fun: https://www.amazon.com/Should-White-Guys-Have-Billion-Dollar-ebook/dp/B00AQ3WV62
While celebrating Mr. Lewis’s success, we must imagine our success. Yes, one “Great Idea” can make the difference. Imagine being on Shark Tank, on a different level.
Keep this in mind, over ninety (90) percent of the brands you know are funded with Other People’s Money. Nearly every company on the New York Stock Exchange and Nasdaq are financed with Other People’s Money.
What was done then, can be done now.
Black Man Teaches SEO.
