Reginald F. Lewis--America's First Black Billion Dollar Businessman

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Hello everyone. How you guys doing? >> Good. >> Good. I'm gonna start with one word and I hope that you guys understand and embody the power of the word dream. All of us have been there. All of us have had a dream. So we understand that word. The next word act. Because whatever dream you have, you have to act upon that dream in order for it to come true. You guys all have a dream, right? You've heard the speech around this time of year, you all have one. You guys have taken at least one step in acting towards your dream by just coming and getting some free information from someone who has been around the world and was married to an unbelievable businessman. That unbelievable businessman, for me, was a part of my dream. I'm gonna give you guys a dream from a 40-year old, yeah me, 40-year old man in June that came true. I was working on as a part of a board member at an event and I look over and I see this woman and immediately know who she is. Now i'm sitting next to Roger Staubach who, you guys were a little young, might know who that is. He is a great quarter back NFL Super Bowl Champ. I'm sitting next to Roger Staubach and I can't take my eyes off this woman. And not for the reason that some of you guys might think. >> [LAUGH] >> But because I knew exactly who she was. She was married to the person that helped me form my dream. And she's sitting next to former Mayor Dinkins and everyone's coming up after the event going to meet Mayor Dinkins and I go right to her and said, hello, how are you? You wanna talk to Mayor Dinkins? I said no, I wanna talk to you. I read your husband's autobiography, and it set me on a path that changed my life. I'm a kid from meager beginnings from northwest Fort Lauderdale, Florida. I went on to take a football scholarship just like Mr. Reginald Lewis. I then decided to go and pursue law school, just like Mr. Reginald Lewis. I then decided at some point to go to the business side, just like Mr. Reginald Lewis. He became a billionaire, not yet, but it's gonna happen for me too. >> [LAUGH] >> I give you that, because that was my dream. I had to act in order to do all those things to be similar to Mr. Reginald Lewis. The fact that I've met her and she opened her arms to me and we became friends is because she realizes that I had a dream and she came here today because she realizes that each and every one of you have a dream. I want you to embrace the story of Mr. Reginald Lewis here. Let it set you on a path to act. You've taken the first step by coming here. Use the social media outlets that you guys use and be influential. Be comfortable with being uncomfortable. Tell your friends about it. Instead of talking about last nights show or about what girlfriend got on. Tell them about how you heard an amazing story of a businessman who because he was able to dream and act, he lived a life of a trailblazer and then tell them how you're gonna do the same thing. With that, I will allow you to hear an amazing, amazing, amazing story. I thank you guys all for coming. I hope you do become contagious. Tell your friends, tell your classmates. Watch the documentary. Because that's how getting information from someone that you consider an example is how your actions are going to connect you to your dream. With no further ado, it is with honor, absolute honor, that I get this opportunity to announce to you, there will be two people on the stage, and they'll be having a fireside chat, if you will. Mrs. Loida Lewis, who is the widow to the late great Mr. Reginald F Lewis. And there will be Marilyn Crawford. They will be having a conversation, learn from it, make sure you watch the document. Thank you for your time. >> [APPLAUSE]. >> And thank you very much to my good friend, Bobby Brown. Professor Bobby Brown, because it was his initiative that I am here. So before all of that, you know I thank you for taking time out from your lunch to be here to listen to this incredible story of Reginald Lewis. And they have mentioned it, the professor mentioned it, Bobby Brown has mentioned it. Yes although you know it's been out 20 years, 25 years, do read this book. Why should white guys have all the fun? He said that when he was six years old listening to his grandma and grandpa as he was taking a bath, about why jobs are always going, the good jobs are always going to white people and good homes, you know they seem to have all the fun. So when he was coming out, why should white guys have all the fun? And the sub title is how Reginald Lewis created a billion dollar business empire. It is a very important book for many people. So again, thank you very much being here. >> And go back and ask Dr. Tim Hall to give you extra credit for coming. >> [LAUGH] >> Reginald F Lewis definitely was a trail blazer and pioneer. But we have a special title for him. And if you look in Webster or Oxford Dictionary, he was a titan, but he was a philanthropist, he was a freedom fighter, he was a family man. He was an absolutely incredible friend to those in need. And in addition to that, he was very exceptional. There are a lot of firsts in his life. He created and helped found the first black law firm on Wall Street. He was also the first man to do a billion dollar deal for overseas leveraged buyout. He also was the first to, think about his next step, which was to purchase Paramount Pictures. He also was the first to be admitted into Harvard University without ever applying and may I add, the first and the last in its 148 year history. He was a bad motor scooter, that's what we say down south, bad motor scooter, okay. And I want you to feel free to just relax, engage with us. If you have a question, ask it, even if it's not a question, if it's a statement, ask it. Cuz this is your time to learn and what an important time it is because I see you as the future Reginald F Lewis'. Remember, from whence he came. Baltimore, Maryland. Whoever thought that this young black kid, who created a paper route, and Mrs. Lewis will tell you more about how he sold it at an early age, but whoever thought that he would come to New York City, the Apple, and create, plan, coordinate and execute a billion dollar leverage overseas buyout, that gorded him sixty four companies in thirty one countries. And then go on to pay down their debt and then within a short time period, do gross sales of $1.8 billion. Thirty years ago and today who do we have? We have P Diddy. We have Jay Z. We have Bethany Franklin. We have Dj Khalid. We have Rihanna. We have Beyonce. But he did this thirty years ago. Cross socioeconomic background, cross cultural background, cross racist, 30 years ago, can you imagine? 30 years ago, we were just getting out of the Martin Luther King era. 30 years ago. So much to be grateful and thankful for and to learn from today. And so I wanted you, as young students to be able to relate to Reginald F Lewis. So what we created is called the young entrepreneurs salute. A yes program and if you go on our social networks you'll see it. And we have all kinds of what they call assets and photos and et cetera. And what we did is we selected 30 of the top entrepreneurs of today and saluted them from the Reginald F Lewis Foundation. And those are some of the names that I just shared with you earlier, but you'll see Jay-Z coming off his private plane with his entourage. And you'll see Reginald F Lewis coming off his private plane with his entourage. You'll see Beyonce and Jay Z being greeted by the President of the United States. But you'll see Mrs. Lewis and Mr. Lewis being greeted by the President of the United States. You get me, you feel me. I don't think you do. >> Yes. >> [LAUGH] >> I'm very sad. Do you feel me? >> Yes. >> Okay, well tell me, talk to me. So the yes program is a way to get everyone to relate to 30 years ago. And you can do me a favor, you can yourself a favor. You can do everyone in America and across the world, if they would, by sharing this information, tagging it, sending it out to your friends, letting them know to watch the documentary coming up. Because that kind of subject matter is rarely in America and on TV. We see the MTV videos. We see them talking about what color Kim Kardashian changed her lipstick to. There's a naked picture of her in the bed, excuse Dr. Hall, but we see all of that, but this substance. This is something that's gonna grow your mind, your body, and your attitude, and bank account. So to you I say thank you again for allowing us to share this story. And I'll turn in over to the one who knows him better than anyone else, Mrs. Lee. >> [APPLAUSE] >> I think we'll have to start from the beginning when he was born in Baltimore. His mother and father separated when he was five. They could not get along. And so his mother brought him back home to her mother and father, his grandparents. And that night, when he was coming in, five years old, there was a whole emotion in the household. Why, because the grandpa and grandma, his grandfather and grandmother had already ten children. Mrs. Fuget was the first one who had a child at 17. At that time, she was 21. That sound right? 17 plus 5. 22. She was 22 and so everybody was what's this? And Mr. Lewis, then he was called Reggie, was going up the steps being brought to the bedroom, he heard his grandfather curse. Blip blip blip, you know what that means. What? Another mouth to feed? And as he was going up he heard his mother say, don't worry dad. We pay our way. And the next morning when he woke up. Where's Mommy? She was out working. So first lesson when he was five-years-old. You take care of yourself. We pay our way. Okay. Don't depend on handouts. Don't depend on somebody else. We depend on ourselves. And she was out working so that's the first lesson. Second, as you saw on parts of the television. Okay, those five years were under his grandmother and grandfather's household. His grandfather was a head waiter in a private club. A private Jewish club. His grandmother would clean white people's homes. And because no babies, she is the babysitter. She would bring him while she was going to clean. And at one time, maybe he was six years old not yet going to school. He heard his, the white woman whose house was being cleaned, why don't you ask your grandson to help you. And he heard his grandmother say no. He's special and so from the very start, he was given a sense of identity, that he's special that he's do something good. Okay, that's I think that formed him. And then when he was around seven or eight he asked one of his aunts, why did my mother leave my father? And he was told because he was not ambitious enough. And so in his mind when he was young, I'll be sure when I grow up no woman will leave me because I'm not ambitious enough. So those are little things as he was growing up was impressed in his mind. And the family, ten children, ten sons and daughters are all adults, all worked. They were not on welfare. They all worked. So, when he was ten years old his mother remarried. The father, his name is Gene Fugit, was very, very loving but not loving that he is forcing himself. He was the perfect stepfather. In fact, my husband never called him stepfather. He was a father to him and was encouraging always. He wanted to be a baseball player, okay? So his stepfather, well, Butch put a ball on a tree so that every afternoon after school he could hit that ball. Hit that ball, hit that ball. Always at it, setting a goal and going after it. At ten, he wanted to have his own income. And he would see, so he said I'm going to deliver the Afro American newspaper twice a week. Every Friday and Tuesday or Monday probably. So he would go after school, he would deliver the newspaper. At around 12 years old he was eligible to go to camp, YMCA. He said, I don't want to go, who will take care of delivering my papers. And his mother said, don't worry I'll take care of it. So, he was at camp for two weeks. He would be the baby, the first son or first brother of Reginald Lewis at the end of the week he came back and you saw the newspaper, you saw the video, he said where’s my money, the first thing she asked so what is that again? Very conscious of finances, all right. It’s not like I earned this, I owe it, therefore, where's my money? And the mother said, what do you mean your money? I delivered the paper, I get the money, what? I'm going to sue you. Even at 12, he already knew his rights. >> [LAUGH] >> And so, Butch heard this, and what's this quarrel? Well, I delivered the papers, I get the money and now he's asking for it. >> No give it to him. And so the mother said, Reg this is one lesson you should know, when you're making a contract, set the terms upfront, so at 12 he was already learning how do you transact business. You don't just assume that they will pay you, set it up front, 12 years old, all those lessons. And also, anything that he has set his mind to, he worked on it. During the summer, because his father, his grandfather was a head waiter in the private club, okay? He would go there to work. And what was his father's rule to him? Look. Anytime you want to eat something, let me know, I'll pay for it. No stealing. In other words, very high code of ethics. No lying, no stealing, no cheating. And do your work, you heard it also, do your work, you won't be in a bread line. So all of these values helped him move along, move along. He did not have enough money, his parents did not have enough money to send him to college. But he was a football player, what do you call it now, when you throw the ball? >> The quarterback. >> [LAUGH] He was the quarterback in Danbury High School, a public high school and again this was the first. He worked his team so well. Because they were going to fight for the first time in the greater game between polytechnic, which is all white, and Danbury High School, which is all black. And so he worked his team very well, and one of his teammates, I met him, Tiger Davidson, when Reggie looked at us, in our eyes, we know he means business, and we have to perform. And so he was already a leader. You will rise to the level of expectation. So for your professors, for your parents, or for you yourself, set your standard high because that's where you are supposed to go. And in that game, in that first game, they murdered the polytechnic. Why? Because they worked hard. Mr. Lewis worked them hard. So all of these lessons are lesson that enable him to move step by step. You always talk about the billion dollar deal, but he said, I'm not an overnight success. He worked these things. The most important is that he understood in order to be fighting in the arena of America, you've got to have credentials. And so in 1965 when the Rockefeller Foundation said, and Harvard Law School agreed, that if there are no African Americans in corporate America doing merger and acquisition. Then the economic gap between the white and the black community will be further away. And so in 1965 all African American colleges and universities, no historically black colleges and universities were asked, send us your top four or five students to a summer program at Harvard Law School for eight weeks. So that they will be exposed to corporate law. They will be exposed to merger and acquisition. And things that normally a black lawyer do not go. Which is, there are black lawyers, but they do domestic, nothing wrong with that. Divorce law, criminal law. But the real money is in corporate law. And so Mr. Lewis was not supposed to be accepted because he was already senior. It was open only to sophomore and junior, so that they could go back and talk about it. >> [COUGH] >> But he knew, he knew. [LAUGH] He knew that Harvard Law School was his key to this corporate world. And he hounded the professor everyday to say, look, this is what I have done, llok, my grades here have improved and everything. And so he was the last person, the fifth allowed by Virginia State University to enter. And so he was at Harvard Law School. He said that in this eight weeks I will stand on my head. What does that mean? I will just study the lesson well. I am going to really participate well. And be very, very alert in participating. That they will say, I'm good. And true enough, after eight weeks the professor, Frank Sanders, told him, Reg, if you want to enter the class of 68 at Harvard Law School, you’re in. And that’s why he’s the only person in the entire history of Harvard Law School who was accepted without applying, without laying LSAT and without paying the fee. >> Wow. >> Yes. >> [LAUGH] >> A big hand for Reginald Louis? [LAUGH] >> [APPLAUSE] >> So I’m just giving you that, as he always said, there was a point by a climbing crystal stairs, okay? The he was not something that jumped off, suddenly a billion dollar. He worked on it every day, he worked on it every year. He worked on it in every status in life. And so for you as students, okay, you don't know yet maybe where you're going to go. Or maybe you do, okay? Just plan it, dream it. As Bobby Brown said, you dream. Because when I got married to him, we were in an apartment that's called railroad, in New York. Railroad means the bedroom, the entrance, the little room, and the bathroom are all one. And so he would take a shower while I'm cooking. I could see the bathroom, where it is. And when he comes out after a long, long shower, he would shower maybe for an hour, he would come out and say, Loida, $1 million. And then, as we go on, maybe a third month, Loida, $3 million. When he comes out again, $5 million. It went all the way to $11 million. And then we change our apartment and I could not see him anymore. So what does that mean? Early on he was already dreaming how to earn $1 million, $3 million, $5 million, up to $11 million. And sure enough, 20 years later, he did. So for all of you, yes, continue dreaming, but put steps on that and don’t be afraid of failure. Failure should be another name for success if you learn from it, okay? And Mr. Lewis had several failures. In fact, he would always castigate himself, I should not have said it, this is what I said, or this is what I did. And my part, as his wife, was to just eliminate that doubt. Why? Because it happened already. Why, we like, that's so stupid, why would I say that? He was already so hard on himself. So I would say, no, that was the right thing to do. He deserved it. Don't worry about it. And so for you, women and men, okay? If you have a partner, be supportive, cherish him, cherish her. Lift her up when she's down, because you are a team together. And that's what I thought as his wife. We are a team, he's going for the stars. So I'll be behind him to help. Thank you. >> [APPLAUSE] >> I want Mrs. Lewis to share with you and I never get tired of hearing this story how they met. I mean we know the business side, listen to this. >> Well, as you can see from my accent, I was not born here. I was born in the Philippines. Yes, Filipino? Great, yes, yes, yes. Thank you, thank you. My father was a little bit like Mr. Lewis. He was all fun when he was 11 and he was living, or his mother said, go with the rich uncle, which is a customary when you go to your rich uncle so that you can continue your high school studies. And in his mind he was going to be a lawyer, but because he was poor, he didn't finish law. And so when he got married, he had five children. I was the first daughter and he was the one who selected that I will be the lawyer. I said, why? Maybe I guess he saw I'm a little bit more talkative, aggressive, daring. So okay, so when I passed the BAR in the Philippines he was so happy. He said, go around the world and then come back here, we'll start your career. What was history or me, again his dream, he wanted to be a lawyer, he wanted to go to politics, so I will be the one. In fact he already had it in his mind. So when I was seven years old he built up a movie house in our province name Loida Theater. So that when I run for public office, I already have name recognition. While I was in New York, so I arrive in September, my sister who was studying at Columbia University will graduate in May, so what will I do? Let me find a job, a village voice, civil right research council, civil rights, I like that. So I said I am a law student. Not the lawyer, because otherwise, you're overqualified. No, and my boss was a Harvard Law graduate African American. And so I said, well, I'll introduce my sister, Millie. My boss was fast. They were going out on a date that weekend. And so, on Friday, he said Loida, do you want a blind a double date your sister and me, and a classmate of mine and you. So I said, hmm blind date why not. He called up Reg Louis. Reg double date, blind date, and if you are, if you know any lawyer working as an associate in the big law firm. They work 12, 15, 16 hours a day because as you work so you are billed. They bill you per minute. No, I cannot go, sorry. And then Brade Glover said, that's too bad, Reg, you know she comes from the Philippines. Wait, I've never dated an oriental before, I'm coming. Again, for you don't be afraid of new things. And that first date you will say did you fall in love? No I'm not the kind. I don't fall in love easily. In fact in my mind I'm not getting married. I'm going to follow my father's ambition, go to politics. Go all the way maybe to Senator. But I must say that first meeting we talked non-stop. Okay, whatever I said, he had something to say. Whatever he said, I had something to say. But there was one thing that impressed me. When I was going to talk about race relations, he was African American, he brushed aside. I'm international. I'm International. In other words, don't deal with me as a black man. I am international. So in his mind, he's already out there. And sure enough, 20 years later, he was international. And that's how we met. On a blind date. >> [APPLAUSE] >> It's interesting, because I did a little research before we came here on Mercy. And Mercy was founded on a spiritual base. And I was looking at your mission statement about innovation and motivated students and transforming lives. And the wonderful thing about it, as you greeted us here, is that it's not even about color. It's not about socioeconomic level. It's about what's in here, and your tenaciousness, which is your sign over here. And what you drive for, what you strive for, how you drive. So if you take away even one thing from today, take away that you make the difference. You make the difference. You have an opportunity to learn, it's an exceptional opportunity. And what Mrs. Lewis can share with you on how he design the deal on his failures, and how he did a paradigm shift, in his thinking of how he needed to change somethings to make it work is just so important. And I would like for her to share a little bit of that with you now. >> When he was a lawyer, well, first he worked in a big law firm. But in the big law firm he worked so many hours. And if they do not think that you're going to be partner, they tell you immediately. So in his second year he was already told that they are, if he wants he would have a teaching job in Connecticut, that they have a contact with. So very low expectations for him. He said no thank you, he was going to establish his own law firm. And he was able to make an arrangement with the foundation to fund the law firm for one or two years as they build their business. And believe me, when the funding ended so he was on his own, we would have very difficult time. I was already working with immigration, so our division of labor is, he takes care of the big stuff, I'll take care of the household. And sometimes, I would write a check to pay for our pork chops, to pay for a chicken in a butcher shop. And then I would be called, Mrs. Lewis, your check bounced, insufficient funds. So I would go again and either pay cash, in other words there were hard times. Don't think that just because you reach the top, we did not have hard times. I had insufficient funds, checks, this thick, because I would issue it and I'd never balanced my checkbook. Don't follow me, balance your checkbook. My point is that there were hard times during the beginning. He was very successful as a lawyer. We had the brownstone in Manhattan, our own home. We have a summer house in East Hampton. He was driving in Mercedes Benz but in his mind this was not enough. He was going for merging an acquisition. And this is where I tell people, you thinking of the billion dollar deal. The first deal he wanted to buy 3 million of Park Sausages. He had the money in his bag to turn over to the lawyer and he was told sorry, sold already. They did not believe that he could do it. Second failure was a group of, I think it is TV station up in upstate northeast, around 50. He was trying to get the money together, sold, another failure. The third failure was a fleet of company in San Francisco. In California for $8 million. He was able to get the financing together, and then on the day of closing, the money was in the bank to be transferred to the owner, the owner said to everybody, I am not going to work for you. You want me to keep two books. One for IRS, and one for ourselves, which was a lie, and naturally, when Mr. Lewis heard it, curses. Bleep, what? You bleep, bleep, bleep, bleep, bleep, bleep, bleep, bleep, bleep. You can see, [LAUGH] each one cursing the other. The deal fell. 18 months of work down the drain, and he said when he came home. He didn't tell me, but he wrote about it. He was very close to a nervous breakdown, but did that stop him? No. Did he say, that fail because he was racist? It's true, for me. The white man who owned the furniture company didn't want to work for him, but he didn't say racism, inefficiency of the lawyers in his law firm. He didn't point finger to everyone, that's your fault. He point finger, three fingers to himself, it's my fault. Three times failure, I'm doing something wrong. And so how do you solve that? Look at all the successful people who have been doing leverage buy-out. Henry Kravis, Sir Jimmy Goldsmith, Ron Perelman, so he studied, he read all their books like a novel, and then he understood why he failed. He was doing everything himself. He was his own lawyer, his law firm was his own lawyer. He was his own investment banker to get the digits together. He was his own accountant looking at their books. He was doing everything himself, and nobody was in his corner. And so the next deal that came along, a coal pattern company for $22 million, he hired his old law firm, Paul Weiss, he hired Bart Bernstein as investment banker, and he hired, I think its Dewitt and Deutsch, so that they are invested in him. And so for all of you, if you are ambitious, always establish ties, network because you never know when you will need them, and that means you treat everybody with respect, whether they are janitors, whether they are high up there, you treat them with respect and with dignity, because you never know when you need them, and that's how he did his first leverage buy-out. 22 million, zero down payment. Well, not quite true. He had to give a down payment of $1 million. We are successful, but you don't accumulate $1 million. You may have a house in the Hamptons and all that, you have to sell it all to get one million, and how did he do it, he went to his banker J.P. Morgan, and he said, I need this much money as down payment, and Bob Winters said, all right, Reg, you have been coming here for the past ten years. Each year, you would show me your business plan, and every year you come back, you exceed your business plan. The first year, second year, third year, ten years, because, you have a track record of honesty, capability, integrity, earned result. I'll lend it to you. But how will you pay me? Of course, he knew how to pay, because if you are the sponsor, you put the deal together, and you have a contract, you get the sponsor fee, and too sure enough, the deal closed, in 21 days he paid back J.P. Morgan. What. So again, lesson for you, if you're in business, your contacts, you never know when you will need them, and have them, their calling cards, have a notebook, write down where you met them, because again, you cannot do it by yourself. You'll always need people around you. You'll always need those who will help you along the way if you want to be successful. >> To whom much is given, much is expected. Why don't you share with them the wonderful accomplishments and philanthrope that you've already given. >> Okay, when we got married, on our first Christmas, I saw him write a check. Just $10 for a church, St. Edwards. So he had a habit, already, of giving, and that came, again, from his family. His mother, his grandparents, they would always be expected to be helping other people. So when he was able to afford it, he gave Harvard Law School the largest donation of anyone in Harvard Law Schools history, $3 million. They were very happy, they named Reginald F Lewis International Law Center after him. Okay, so that's one. Second, before he died he said, I want $5 million for an African American museum of history and culture. He died in 1993. In 2002, there was a newspaper item in Baltimore saying that the Legislature of Maryland allocated $22 million, no, sorry, $32 million to build the Museum of African American History and Culture, same name that he wrote down. So, Beverly Cooper, his aunt who was running the foundation, Reginald Lewis Foundation asked them, well, Mr. Lewis allocated 5 million for that. What do we get? Well, for 5 million we will name the museum after him. Even in death, a leverage buyout. For 5 million, a 32 million building was named after him. So, we have continued this gift giving. We have giving also to Virginia State University from his foundation 1.5 million, and they named the college of business after him. So what am I saying? For you, whether you say, I'll wait until I'm successful, no, give the habit of giving, because God is never outdone in generosity. In fact, according to Templeton, of Templeton Funds, the best investment is tithing. What does that mean? 10% of your income is not yours. It belongs to God. I have tried that, myself. So I'm sharing that with you, don't be afraid to give, even if you have have little, just 10%. Write it to your church, write to your pastor, write it to something that you are interested in, because whatever we have, 10%is not ours belongs to God. >> I have a question for you myself, which is, he was in this world of firsts. He had the largest African American owned company. He did the largest buy-out. Did he feel the weight of history? Did he understand himself as a pioneer? And did that, was he ever frightened about that? Was he excited about it? I'm just sort of interested in whatever he may have shared with you. >> He always says performance and I'm not going to do this so that I will have my name on the paper. I have to do this because I have to do it. This is my goal. But, what I am happy about is that in the last days of his life, when he was stricken with brain cancer, and we were watching the inauguration of President Clinton 1993. And he said, I could have been a politician and I said, no darling. Bill Clinton had planned to be a politician from the start. You have planned to be in business. You have planned to be on the top of your game in corporate law so you’ve got there and he told me, he nodded his head and said yes, it’s been quite a ride and I disproved a lie. For me, what does that mean? That at the back of his mind he wanted to disprove the lie that a person of color, a black man cannot go to the very top of corporate America. And so, your question was he thinking of this and that, it wasn't really to put a name to be first here first there. But at the back of his mind it is to fight against racism and to show the whole world that if you are given opportunity, if you have a dream, you can accomplish it in America. I said he was a quarterback, so he received a full scholarship at Virginia State University in Petersburg, Virginia. But on the first year, somebody hit him on the shoulder and, he could not play football anymore, and so he said okay, no more scholarship, I'm going to shift to academics. And I will work full time. Full time meaning to say, he studied Monday, Wednesday, Friday. Tuesday Thursday Saturday and Sunday, he is out working. He became a manager of a bowling alley. In another year he was a manager, he was helping photographer go get the contract in elementary school, high school where the photographer will take pictures, the parents will pay and so he was the salesman. He was so good that the photographer offered him partnership, but he said no, I have other dreams for myself. So he was able to finish, liberal arts major in political science and in economics in four years because he was very careful that every year he passed and that every year his tuition is paid. He always was a family man, but it didn't mean that he did not go out and hustle. As a lawyer, you have to hustle. So he was out many times. He was out going to meetings, going to parties, going to a bar. Hustling but at the same time he also knew that family is important. And so when he lost the deal of the furniture company, because he was told that he was going, that's really defamation. So his lawyer the next day called him up Reg we should sue him for defamation. All right, sue him. And therefore, they settled. The money we got, that's how we bought our East Hampton home. So every Friday, Saturday, Sunday, we would be in East Hampton, okay? And that's where he recuperated, that's the balance that we had. Monday through Thursday, out working. Friday, Saturday, Sunday we were together. We had family time. And so that's how he recuperated. Because you do need time to smell the roses. And that's how we managed. He did not only enjoy the academic life in his second year. Okay, first year was all football. And then when he lost his scholarship, he went into academics, so that at the end he was already on the Dean's list. So in other words, you fail here, you move another way. So he was in the frat. His fraternity, he became the head of that fraternity council of all fraternities. He was also, he's a player if you know what that means, okay? So he dated, he would have a party for the fraternity, he would see to it that there were more women than the fraternity brothers, so they have their pick. So yes he had fun at Virginia State. But he never lost his goal to finish in four years. You cannot afford fifth year, that means more money, finish in four years. So every semester I think or ever, he would be on the finance office to see how much they owe. So again for you, no finances. Even when we got married, he would always have assets and liabilities written down on yellow pad. How much money he has in the bank, how much he's saving. How much he's investing, how much is assets and liabilities, income and expenses? Always, from the time I knew him, he was already doing that. And of course, as times goes by, the assets and liabilities became bigger, but it was a habit that he had even before. You never know whom you will need. When he was still a practicing lawyer, okay and he was trying to but business, he was introduced by one of his friends to Mike Milken. At that time Mike Milkin was a big Investment banker at Drexel Bernham Lambert. And, in 1980s, the leveraged buyout was rampant. What does that mean? You borrow almost all the money to buy a company, and Mike Milein was doing that. He was the investment banker, he doesn't buy it, he's the investment banker raising the money to buy Nabisco. Okay. To buy almost all companies were being bought by people who are not in the business, but who have contact with Mike Milken. And he would raise the money from savings and loan to buy businesses. That was the 1980s. With very little money you can buy it. And so, your question was, how did he, what was the question? How did he go from? >> Yeah, what was your reaction to the people who >> My reaction. As I said, it's very daunting, okay, for me, because he just sold a $65 million, he just sold a business for $65 million and therefore, he started buying art and all that. And he wanted to buy this big house in the Hampton's. It's so big! We didn't have maids, but in that big house, you need a chef. You need somebody to clean the house and the. So for me it was a little daunting. But I went along, that was his dream, I went along. Okay, so adjusting to new circumstances, you go along. If you know both of you have the same dream go along. Okay, adjust. >> Okay. I have another question. The dean of our business school is fond of telling all of our students to begin with the end in mind. And I'm sure when you hear his story, there are many dreams in this room of following the path he took and becoming a billion dollar entrepreneur. And yet in the world today, for instance, many startups fail. So there's this certain tension between what you might want and how you get there. I wonder if you have any advice for our students about how you plot the path forward when you do have the end in mind? >> All right, he said don't start a business. Buy one. Why, because 90% of start-ups fail. So why are you going to put yourself in the 10%? How sure are you that you will not be part of the 90% that fail? You buy a business. And whatever business it is, you must have a plan to make it better. His first business that he succeeded was McCall Pattern Company. Do women still sow? No. The same McCall Pattern Company was going down. But in his mind, he knew how to make it efficient and more successful and indeed he asked, McCall Pattern is paper. What do you do with paper? Greeting cards? So he started a greeting card segment and very successful because paper is one set one and you sent us a greeting card for $3. What else? It's paper. What do you do it paper? Print something. And sewing is dresses, how about knitting? So they started another line of business where you print how to knit or knitting patterns. And McCall Pattern Company had the most successful profitable year in its 113 years of history. So what do I tell you? It starts small, it starts on something that's already there. If you're going to start a business, look at other businesses that is out there that you're interested in, and maybe be employed there to learn the business. And who knows, after maybe five years, the owner is 65-years-old he might sell you the business. On credit. So I'm saying don't start a business. If you want to, do that, but 10% fail so why will you go there? Look for a business that you like, and that's where you start. And then learn from your banker how to borrow money. They say there are five Cs. Character, capacity, culpability. I don't know the other two. But when you have a bank get to know who it is. Get to know the business section of that bank because it's your credibility, when you're ready to go into business. When they lend you money, that's the hardest thing how to raise money to buy your business. >> Did I answer your question? >> Yes, you did, thank you. So the times are up there. We have a precious few more minutes of Mrs. Lewis' time and some food for everybody in the back of the room. Marilyn, thank you, thank you, thank you. Loita thank you so much. >> May I just say the three things the secret of success. >> Okay I'm always asked so this is my own. Mr. Lewis I have told you keep going and all that. But I tell the young people, there are three secrets of success. First is goal setting. Bobby had already said it, Professor Brown had said it. Dream, goal, set your goal, for this year. What's your goal from February to December, what's your goal? And that's your goal personally, your goal physically, your health. Your goal financially. How much money do you want to earn and your goal spiritually. Your connection to God. Set your goal. The second one is obedience, the code of ethics. Do what's right. Don't do what's wrong because within you, you know what's right and what's wrong. Why? Because if you do a shortcut because it's convenient or you break some rules nobody knows. Eventually it will catch up on you. And what was so easy will become hard. And what was so hard because you're following the rules, you're following the law, you're paying your income tax it will eventually become easy. So obey. Obey a code of ethics. And the last one is determination. Determination to get there where you have planned. You may not always get there this way or that way, okay, so you may have to veer. Get the opportunity, but be determined that you are going to succeed. And so what's that? Goal is G. Obedience is O. Determination is the D. That spells G-O-D, God. Why? Because I believe with God everything is possible, with God nothing is impossible, and I have my own life to prove that. Thank you. >> [APPLAUSE]
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Channel: Mercy College
Views: 79,948
Rating: 4.8966789 out of 5
Keywords: Mercy college, Mercy Bronx, Westchester, Dobbs Ferry, New York, Graduate, Undergraduate, Online Education, Alumni, New York Colleges, Westchester Colleges, Yorktown Heights, Students, Mentoring, Diversity, School, Faculty, School of Business, School of Health and Natural Science, School of Social and Behavioral Science, School of Education, School of Liberal Arts, Reginald Lewis, Loida Lewis, Beatrice Foods, African Americans, Harvard Law School, Lawyers, Buying, Business
Id: OhRjjAUufpE
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Length: 53min 49sec (3229 seconds)
Published: Tue Mar 06 2018
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