MMC Nation delves into the life and times of Reginald Francis Lewis, one of the most historic figures in the Black-American society, detailing his background and exploits in education, law, business, philanthropy and his over-all legacy.
Who is Reginald F. Lewis ?
Reginald F. Lewis was an American businessman, one of the richest Black American men in the 1980s, and the first African-American to build a billion-dollar company: TLC Beatrice International Holdings Inc.
In 1993, Forbes estimated his wealth at about $400 million, make him one of the richest Americans at time, by virtue of his leadership and management of 64 companies in 31 countries. He lived on 5th Avenue when black people weren’t allowed to do so.
Early life
Born on December 7, 1942, he grew up in East Baltimore in a neighbourhood he described as semi-tough; he was rejected by white Catholic high schools in 1954 because of the colour of his skin. He had no inherited wealth, no family connections and no blueprint.
By age 10, he ventured into business, setting up his own newspaper delivery route, he built it from 10 customers to over 100, then sold it at a profit. This was a child who already understood the difference between having a job and owning a business.
Reginald attended Dunbar High School where he excelled at football, basketball and base ball, captaining all three teams, a mark of youth leadership. For his higher education, he secured admission to Virginia State University on a football scholarship, graduating with a degree in Political science in 1965.
After graduating from VSU, he took part in a summer program at Harvard set up by the Rockerfeller Foundation that introduced African Americans to the study of law. While there, he made such an impression that Harvard invited him to attend school that fall – a rare recognition at the time. He was the only person in the 148 year history of Harvard Law School to be admitted before applying. On arrival at Harvard, he had only $50 to his name.
The boy the white Catholic schools rejected, manifested early greatness, walking into the most prestigious law school in America with $50 and a plan.
Law Career
After attaining his Juris Doctor degree in 1968, Reginald set up Wall Street’s first African-American law firm.
Having practiced law for 15 years as a corporate lawyer, he decided that he was done advising rich men on how to make more money, convincing himself that it was time for him to become the rich one.Â
Business Career
In 1983, he bought them McCall Pattern company, a home sewing pattern business, for $22.5 million. Every other investor saw a dying business, Reginald saw a prospect for turnaround.
Upon acquisition, he streamlined operations, increased marketing and led the company to two of its most profitable years in the 130 years of its existence, then sold it for $90 million with his share amounting to $65 million – 81.7 percent of the deal, a 90 to 1 return on investment.
With this move, he gained the attention, recognition and acceptance of Wall Street.
In 1987, Reginald led a leveraged buy out of Beatrice Foods – a snack food, beverage, and grocery store conglomerate for $985 million, the largest leveraged buy out of overseas assets by an American company at the time, with a team of two people only. The firms they outbid included Citicorp.
Financial Success
TLC Beatrice International became the first black-owned company to generate over $1 billion in annual sales, operating in 64 companies across 31 countries.
Reginald was the first black-American to attempt to list his company on the New York’s Stock Exchange.
He was also the first black-American to live on Fifth Avenue because until he moved in, black people were not allowed to do so
Reginald owned private jets, a Bentley, homes in Paris, and everything that was unfathomable for a black-American at the time, he was a turning point in the creation of Black Wealth in America.
Philanthropy
Reginald donated $3 million to his Alma mater, Harvard’s Law School, the largest individual contribution in the school’s history.
As a result, Harvard renamed their International Law Centre after him, making it the first major facility at Harvard to be named in honour of an African-American.
Other philanthropic gestures include an unsolicited $1 million to Harvard University and the funding of Jesse Jackson’s 1988 presidential campaign.
Marital Life
Reginald’s wife, Lioda Nicola Lewis, was a Filipino lawyer and the first Asian woman to pass a New York bar without studying U.S. law. They marriage produced two children, Leslie and Christina.
Legacy
Upon Reginald’s death in January 19, 1993 – from Brain Cancer, Lioda took over the $1 billion empire and ran it, before selling it in 1999. During her stewardship of the company and at its peak in 1996, TLC Beatrice International Holdings Inc. had sales of $2.2 billion and was number 512 on Fortune magazine’s list of 1,000 largest companies.
This remarkable story is one of two outsiders chasing the American dream, which both of them achieved, creating the path for their future generations to strive, thrive and leverage legacy.
Their two children are now Harvard graduates and entrepreneurs, producing a biopic of Reginald’s life.
In 2005, the Reginald F. Lewis Museum of Maryland African American History & Culture opened in Baltimore with the support of a $5 million grant from his foundation. The Museum is the East Coast’s largest African-American Museum, occupying an 82,000 square-foot facility.
The legacy is still being built!
Conclusion
This story is a remarkable lesson in hard work, persistence, resilience, excellence and sheer determination to build wealth from ground zero to the upper most layers.Â
If you’re interested in knowing more about Reginald F. Lewis, you may purchase his autobiography – “Why should White guys have all the fun?” which documents his full journey from East Baltimore to Wall Street.