Reginald Lewis. The most important man you've never heard of. First Black billionaire.
by Seth Whitted
Nov 12, 2020 l 8pm
WHY SHOULD WHITE
GUYS HAVE ALL THE FUN?
Seth Whitted and Myke Wells sit down in this 4 part series.In part 1they discuss the habits and Mindsets of Reginald Lewis that will change your life and help you achieve anything no matter your circumstances.
Episode 1 Takeaways
There's no such thing as impossible. There's just the question of how much planning are you ready to do.?
Reginald lewis's steps for planning:
Desire - knowing what the long term goal is. What does the win look like? Reginald always chose impossible goals. in 1968 he wanted to go to Harvard. in 1983 he wanted to purchase a 25 million dollar company and he had no where near that amount of money. in 1987 he set a goal to purchase a billion dollar company and he had no where near that much money either. He succeeded at all three of these goals.
Steps - what is needed to execute the plan. money? Resources? Lawyer? Loan? Doesn't matter just figure out what and who you need and create individual plans to obtain everything that you need. For getting too Harvard, 1. master the application process 2. convince the dean to send the application although he didn't qualify. 3. become the most exceptional student to make Harvard need him. 4. get professors to vouch for him. 5. get a meeting with the dean of Harvard. 6. plead his case to the dean.
Focus & Discipline - The success of the plan will be the result of your level of focus and discipline. Remove anything for your daily life that doesn't keep you locked into this plan. Make time for God, Family, and your day job (if you're working while building your business) but every other second should be locked into executing every step that you put together in #2.
Time Management - one of Reginald's tools for remaining focused was to keep a schedule to maximize his 24 hours. Create a weekly/daily schedule to make sure that your 24 hours are being maximized.
Processing Issues - Another weapon of Reginald lewis's was his ability to process issues. He didn't let anything stand in his way no matter what the set back was. He would take the lesson from the set back and add another plan. The average person sees their circumstances and setbacks as a reason the job cant get done but Reginald sees it as a learning tool.
Accountability - All successful individuals understand that taking responsibility for everything in their life is a key ingredient to success. No, This doesn't mean that a Victum of abuse should believe that the abuse is their fault. This means that the victum's level of success will be determined by their determination to get to the bottom of the trauma caused by the abuser. I pray that the victum chooses therapy, chooses to surround themselves with positive people, chooses to fight for other victums because the alternative is to blame to abuser for all of their problems.Although blaming the abuser is justified and understood, it would be the greatest revenge and motivation for others if the victum chooses to overcome the negatives that come with being abused.
REGINALD LEWIS'S ACCOMPLISHMENTS
At 10 years old. Reginald started a paper route selling black news papers. He had a 10 person route. In two years Reginald expanded to selling the white news paper as well and now have more than a 100 customer route. Reginald sold the route to a friend.
Reginald made it into Harvard Law school without even applying. He was the first to do it and possibly the last.
1983. Reginald lewis purchased a dying pattern company called McCall Pattern company for 24 million. He only put up $1million that he raised between himself, friends, and family. the rest was purchased with Debt. He turned the company around and in 1987 he sold the company for $95 million and kept all of the companies real estate.
Shortly after the success of the McCall deal, Reginald purchased TLC Beatrice international. The company held 64 companies in 31 countries. Reginald purchased the company for $985 million and only put up roughly $13 million of his own money. This was the largest leveraged buyout by any American company at that time.