Reginald F. Lewis Before TLC Beatrice: The Young Man Before The Billion-Dollar Empire

By Lin Hart

REVISED EDITION: Decades after his death, the pioneering vision and spirit of enterprise that made Reginald F. Lewis one of the leading figures in the American business community continue to resonate and capture the imaginations of entrepreneurs and corporate leaders across the country. As the man responsible for the unprecedented 1987 leveraged buyout of Beatrice Foods, Reginald F. Lewis established himself as a titan of Wall Street, with the mere mention of his initials, RFL, signaling to investors, executives, and colleagues that it was no longer time for “business as usual.” The fact that RFL enjoyed this level of success and reputation, heading a billion dollar conglomerate while only in his mid-forties, might seem astonishing given his middle-class roots in Baltimore, Maryland. The reality that he had built a personal fortune worth four hundred million dollars and ranked among the richest Americans on the annual Forbes 400 list, all without the traditional advantages of inherited wealth or family connections, only serves to amplify the truly remarkable achievement of this iconic and groundbreaking African-American business leader.

What prepared this young man for the unimaginable rise to the top he would experience in later life, and what can be learned from the formative years that helped to shape and mold Reginald F. Lewis into a genuine American success story? Lin Hart’s informative and inspirational new book, "Reginald F. Lewis Before TLC Beatrice: The Young Man Before the Billion-Dollar Empire," sets out to explore and shed valuable insight on these precise topics, drawing on his own personal friendship with Reginald F. Lewis and their shared experiences dating back to their Baltimore teenage days and their college years at Virginia State.

Reginald F. Lewis Before TLC Beatrice is a revelatory look back, focusing on a ten year period from roughly 1956 through 1966, when Lin Hart and Reginald F. Lewis, or “Reg” as he was known at the time, were particularly close, first while attending local Baltimore high schools and then as college classmates. In the course of sharing these highly personal and entertaining stories, Lin Hart underscores the qualities and traits that began to emerge during this period of Lewis’s life, many of which would come to play a role in his future successes. Throughout what is clear is Lewis’s will to succeed, his supreme confidence, and his unrelenting pursuit to move beyond the ordinary to become extraordinary.

While some of these stories and reflections point up Lewis’s work ethic, respect for planning, and attention to detail, others demonstrate his capacity for dealing with adversity and challenges, whether that be responding to the loss of a football scholarship, or subjecting himself to the rituals of hazing as a Kappa Alpha Psi pledge. Equally considered is the fact that while he recognized the societal restrictions that limited options for African-Americans based simply on race, young Reginald refused to yield to them or to accept them as valid. It is a remarkable story that is in many ways encapsulated in Reginald F. Lewis’s favorite saying – "Keep going, no matter what."

Richly layered with motivational insight and lovingly told with honest integrity, Lin Hart’s "Reginald F. Lewis Before TLC Beatrice," is an extraordinary work of non-fiction that combines the best attributes of a personal memoir with the direct imperative of a self-help book. Drawing together good-spirited humor, a touch of nostalgia, and truly inspirational storytelling, this compelling new book holds up the exceptional life of Reginald F. Lewis as a model for young people everywhere and for anyone with ambition who seeks to achieve success at any level.

• Language: English
• Publisher: Lin Hart
• Release date: Jan 3, 2013
• ISBN: 9780985347949

Lin Hart

In 1995, having been an employee of AT&T for three decades, I retired from my position as Network Systems Engineering Director to start my own company, Lin Hart & Associates, specializing in professional speaker services and leadership coaching. I am a native of Baltimore, Maryland, and my friendship with Reginald F. Lewis began, in 1956, when we were both teenagers, living in the same West Baltimore neighborhood. In the 10 years that followed, we became friends, college roommates, and football teammates at Virginia State University. While we remained friends until Mr. Lewis's death in 1993, it is this books focus on this critical 10-year period of Reginald F. Lewis's life that distinguishes it from his autobiography. I am a graduate of Virginia State University and I presently reside in Chesterfield, Missouri with my wife, Frances. We are the parents of two children, Lin Hart, Jr. and the late Gail Hart Stanfield

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Copyright © 2012 Lin Hart

Published by LHA Publishing Company

All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law. For permission requests, contact the publisher, addressed Attention: Permissions Coordinator, at the address below.

ISBN-10: 0985347929

EAN-13: 9780985347925

Library of Congress Control Number: 2012947962 LHA Publishing Company, St. Louis, MO

DEDICATIONS

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This book is dedicated to the memory of my parents, Alice and Willie Hart, and my daughter, Gail Lynn Hart Stanfield. My parents dedicated their entire lives to making certain that my four brothers and I maintained a lifetime grip on all things right, fair, and decent. Since her passing at the age of 27, Gail’s memory and her joyous spirit mark every day I live and everything I do.

It is also in memory of my high school coach and lifetime mentor, Julian Dyke. Coach Dyke offered an able assist to my parents. It was his wish that I become something more than just an athlete.

Reginald’s life was testimony to the fact that, though not easy, in our lifetime it was possible to go as far as our dreams could take us. I hope that will also be true in your future. It is in that spirit that I also dedicate this book to my grandchildren—Rana Boyd, Brianna Stanfield, and Cameron James Hart.

PREFACE

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Following my retirement from AT&T Network Systems in 1995, I traveled the country extensively as a businessman and professional speaker. During that time, I was frequently reminded, by audience responses and casual conversation, that more needed to be said about Reginald F. Lewis. After all, he was by then a historically significant person. Prior to his death, in 1993, he had undertaken the task of writing his autobiography, Why Should White Guys Have All the Fun? which brought a unique focus to the successes of his adult life. It has been a best seller for years. It occurred to me that someone needed to write a book that focused on the years before Harvard and Wall Street. There needed to be a book about Reginald as a young man; his formative years as a young man growing up in Baltimore and later attending Virginia State College. Because I had known Reginald as a neighborhood acquaintance, college roommate, and lifelong friend, I felt this was a story I could and should write. Our close association throughout that period of his life had provided me with a front-row seat from which I could witness the early stages of his remarkable and historic journey.

The pages of this book can only provide a brief glimpse into this remarkable man’s life, but this glimpse highlights a very important part of it. Most of what is included takes place when Lewis was first beginning to probe and test his theories about life and success. He was challenged to transform failure and disappointment into valuable lessons for life. The stories in this book will reveal that long before Harvard or Wall Street, young Reginald F. Lewis had accepted this challenge of regarding obstacles as opportunities. These were the early days of building his pathway to success. Once started, he never looked back.

As a reader of this book, I would like Reginald’s experience to serve as a beacon of hope for you. You, too, can build your own pathway to success and never look back. As Reginald would often say, Be inspired to keep going, no matter what!

ACKNOWLEDGEMENTS

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I would like to acknowledge my wife, Frances, for her time spent reading passages from this book’s manuscript and providing her unvarnished opinion.

I would also like to acknowledge the role played by Loida Lewis, Reginald’s wife, and by Reginald’s mother, Mrs. Carolyn Fugett. They both offered encouragement and valid reasons why I should undertake this project. The late Dr. Purificacion Valera Quisumbing, former Director of the United Nations Centre for Human Rights, in a single evening of wise counsel, helped me see the need for this book. Dr. Quisumbing passed away in December 2011.

Finally, I would like to acknowledge the special contributions of my nephew Roderick (Rick) Hart III, my son Lin Hart Jr., my brothers Roderick, Clarence, Gary, Willie Hart Jr., and friends Albert Banks, Herman Bell, and Dewayne Jeter for their valuable reflections.

TABLE OF CONTENTS

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PROLOGUE

CHAPTER 1: WHY THIS BOOK?

CHAPTER 2: MY FIRST RFL SIGHTING

CHAPTER 3: THE MAKEUP OF THE YOUNG MAN

CHAPTER 4: THE SUMMER OF 60 SETS UP THE SUMMER OF 61

CHAPTER 5: THE ROAD TO VIRGINIA STATE

CHAPTER 6: ROOMMATES, CONVERSATION, AND MOM’S COOKING

CHAPTER 7: THE HARD KNOCKS OF MAKING THE TEAM

CHAPTER 8: BALTIMORE GUYS—BREAKUPS & BRAGGING RIGHTS

CHAPTER 9: ACCEPTANCE, MAX & JUGGERNAUT

CHAPTER 10: THE HILLMAN—TRIBUTE AND TRIUMPH

CHAPTER 11: A FALLEN STAR AND THE AFTERMATH OF INJURY

CHAPTER 12: PRINCIPLES, HABITS, AND BELIEFS

CHAPTER 13: GOTTA KEEP GOING

CHAPTER 14: FAMILY AND FRATERNITY

CHAPTER 15: HAVING THE MENTAL TOUGHNESS TO THINK BIG

CHAPTER 16: THE CAMPAIGN OF 1964

CHAPTER 17: THE FINAL DASH TO THE FINISH LINE

CHAPTER 18: THE FINAL CHAPTER AND THE LAST NOTE

PROLOGUE

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In the spring of 2004, I was at the Lord Baltimore Hotel, speaking before a group of Verizon Telecom employees. I had been looking forward to having the opportunity to give a speech in my hometown. It was a bit like attending my own homecoming party and being paid to be there. For years, I had always made it my practice to slip in the name Reginald F. Lewis when speaking before an audience. Now that I was speaking in Baltimore, it seemed like the perfect time and place to acknowledge the accomplishments of one of the city’s most successful native sons. So, I went right into a five-minute narrative on Reginald. While transitioning to my keynote topic, I noticed a buzz in the room. It was clear they wanted me to say more, but I purposely kept the comments short. Verizon had acquired my services to discuss the changes their employees would have to undergo, in dealing with a rapidly evolving telecommunications industry. They had not brought me in to speak about Reginald Lewis. I proceeded to give my keynote talk, as planned. I was not too concerned. This was a situation I had encountered many times before. I knew there would be time for questions and answers following the formal part of the program. I always looked forward to having the opportunity to interact with the audience at the end of each program.

At the close, I found myself being peppered by a volley of questions, covering a variety of issues. It came as no surprise to me that many of the questions were about Reginald. One of the last people to speak up was a young African-American man, who had seemed particularly anxious to get my attention. By the time he got an opportunity to ask his question, time constraints had forced us to end the session. I was walking away when he caught up to me. He was short in stature and seemed to be standing on his tiptoes in an effort to establish eye contact. After I answered his first question, which had to do with the telecom industry, he quickly threw out a second. This one I had not anticipated. With a big, broad smile on his face he said, If Reginald Lewis grew up in East Baltimore and the west side, he must have been one tough dude. It caught me off guard, and for a moment I had to think about his observation. Considering the subject of my talk, I was not expecting a question having to do with Reginald Lewis’s toughness.

I smiled, asking him, Do you mean tough as in street tough?

Yes, he replied.

I laughed and said, I would have no way of knowing if he was or wasn’t street tough. In all the years that I had known him, I never saw him in a street fight. Now, if you had asked me if he was a fierce competitor, my answer would have been yes. Reginald Lewis’s competitive spirit was his most effective weapon. He was going to win, but it was never going to be because of his fist. His victories were because of his mind and his desire to win. Inside his head, he would have been 100 percent certain that whatever the stakes, his chances of winning were always going to be better than yours. The young man seemed pleased with my answer. He thanked me and walked away.

My brother Rod, a retired Verizon employee, had accompanied me during the speech. He had volunteered to serve as my camera operator for the morning, and we were busy collecting our equipment. I kept thinking how odd it was that I had not gotten the one question I had always heard when audiences became aware of my association with Reginald. Maybe it was because this was Baltimore, Reginald’s hometown. For whatever reason, the question had not come up that morning.

As I was checking out of the hotel, I noticed a small group of people walking towards us. I quickly recognized them as part of the Verizon audience. The missing question may have been late in coming, but it was about to arrive. The first thing they said was, What was Reginald Lewis like before he became so rich? The answer to that question is what this book seeks to provide.

While this book does not promise the complete and definitive answer, I sincerely believe that a significant response to that question lies within these pages. I believe the years I focus on in this book will go a long way toward bringing a better understanding of Reginald F. Lewis, the young man. These are the years that reveal the making of the man, before the making of the money.

CHAPTER 1:

WHY THIS BOOK?

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What was he like? Jack Kennedy said the reason people read biographies

is to answer that basic question.

One evening, while writing this book, I found myself sitting at my desk staring out at the pictures mounted on the wall behind my computer monitor. The wall seemed like a deep, vast sea of emptiness. I was having one of my rare moments of writer’s block. Just at that moment, the phone rang. It was my nephew, Roddy, on the end of the line. He was calling to see if I had a minute to speak with his 12-year-old son, Rick. I saw this as the much-needed rescue I was longing for. I always enjoy talking with Rick. He is an impressive kid for his age. Rick is blessed with a light-bulb personality, which, when combined with his inquisitive nature, can cause a room to light up the minute he walks in. His insatiable appetite for information means you never know just where you’ll end up with Rick. He took the phone and told me he was working on his black history project. He and his classmates had drawn their subjects’ names randomly, and he had picked Reginald F. Lewis. He said, When I saw I had drawn Reginald Lewis’s name, I went ‘Oh, wow! My uncle Linwood knew this guy. He’ll be able to help me write this report.’

He asked if I had a few minutes to answer some questions. I said, Sure, fire away.

I found myself engaged in a fascinating discussion with this exuberant and inquisitive 12-year-old. Rick was like a sponge for information, and he was hanging on to my every word. His questions were thought provoking. The two of us were enjoying our own walk back in time. I thought it was great, having this opportunity to share my experiences with Rick. As we were winding down our conversation, I promised to send him a copy of a photo I had kept around for years. It was a photo of Reginald and me standing together in front of an aluminum Christmas tree. My wife, Frances, had taken the picture in our small apartment in 1966, when Reginald was home on Christmas break from Harvard.

For a moment, I felt like I needed to explain the sight of that glimmering, aluminum Christmas tree in the background, but I figured Rick would likely corner me on that one during my next visit back home to Baltimore. Rick was ecstatic. Not only did he have the benefit of my firsthand accounts, but he would also have this photo as part of his presentation. I told him I was sending the photograph because I wanted him to get an A on his project. He promised me he would deliver that A.

As we were hanging up, he thanked me repeatedly. Twelve-year-old Rick was off to continue working on his project, but thanks to his probing questions I had been inspired. My writer’s block had vanished as if it had been a mere puff of smoke. I was excited at the prospect of this book finding its way into the hands of some young reader like Rick. Maybe it would inspire him to seek more knowledge and a greater understanding of events going on around him. Who knows? He might even choose to begin his own journey along the path that ends up in a significant accomplishment, just as a young Reginald F. Lewis had done many years before. There was pure magic in that thought. After I hung up the phone, I paused for a second, thinking, Now I know why I have to write this book.

Who Was Reginald F. Lewis?

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Reginald F. Lewis was born and raised in Baltimore, Maryland. He was a product of Baltimore city’s Catholic and public-school systems. Upon graduation from Dunbar High School in 1961, he was awarded a football scholarship and attended Virginia State University in Petersburg, Virginia. Reginald graduated from Virginia State in 1965 and enrolled in Harvard University, graduating in 1968. His entry into Harvard Law School has taken on almost mythical significance, because he is believed to have been the only student to gain admission into Harvard without ever formally applying. After graduating from Harvard, Reginald began his career as a lawyer with the New York firm of Paul, Weiss, Rifkind, Wharton & Garrison. He would later open his own firm in 1970, Lewis & Clarkson, specializing in venture capital projects.

During his lifetime, Reginald achieved an extraordinary record of success as a lawyer, businessman, and entrepreneur. His knack for finding business opportunities resulted in two prominently heralded acquisitions, the first being his $22.5 million deal to buy McCall’s Patterns in 1984. He would later sell McCall’s in 1987 for $65 million, making a 90 to 1 return on his investment. His next deal was his stunningly successful leveraged buyout of Beatrice Foods’ international business operations in 1987 for $985 million. When Reginald made the acquisition, Beatrice was a company with annual sales in excess of $2 billion, making him the successful bidder in the largest international leveraged buyout ever executed in the United States. Beatrice had 64 companies in 31 countries. When you make that kind of deal, people start referring to you by your initials. Thus, RFL had arrived.

Notably, RFL had arrived on Wall Street with a pretty big bang. He would later rename the recently acquired Beatrice Foods company TLC Beatrice, with offices and plants located throughout Europe and the Far East. Reginald surprised many who had underestimated his intentions. Prior to his deal, the typical leveraged buyout was destined for the auction block. The acquiring party would proceed to break up the company and sell off the various parts. This prevailing belief stemmed from the idea that, once broken up, the pieces of the company would be worth more than the whole. Many before Reginald’s successful buyout of Beatrice had worked this idea to perfection. However, in his typical, Don’t try to figure me out style, he chose to go against conventional thinking after acquiring the assets of Beatrice. Following the initial sell-off of a portion of the assets, he set out to run the company for profit. Not everyone was happy with this strategy, but as its CEO and chairman, he navigated TLC into a period of improved financial and operational success until his sudden death in 1993. At the time of his death, his personal fortune was estimated to have been in excess of $400 million. This was serious wealth not just for an African-American: it was serious wealth for anyone.

Considering the magnitude of Reginald’s financial success, it would be reasonable to ask, Why this book? Why write a book about young Reginald F. Lewis? Wouldn’t it be a more interesting and noteworthy book if it focused on the behind-the-scene details of how this stealthy African-American businessman muscled his way into the backrooms of Wall Street’s dealmakers? Wouldn’t it be great copy to reveal how he pulled off one of the biggest international leveraged buyouts in history? The answers to both questions are quite simple.

Such a book, is not a book I could have written, even if had wanted to write it. I was never behind the closed doors when those dealings were going on. Moreover, the definitive book covering