Wednesday, January 27, 2010
Minorities and wealth
There is a problem within the minority business world. Minorities being African American and Hispanics. And the problem is when minorities have a little success with their business and someone comes around flashing a couple million dollars we sell the business they worked so hard in developing and making successful just for a the quick buck. We never keep it in the family and let it grow and be even more successful so it can generate even more money then what the buyer is offering. For instance look at Sam Walton he created one of the biggest retail store chains in the world called Wal-Mart. Once he started to have some success with his store chain some business men offered for purchase his company but he declined knowing eventually he would make more money then they were offering. When Mr. Walton finally died in 1992 he had over 1,960 stores and had $1.9 billion in sales. He left the company do his wife and children. They didnt sell either they kept running it like the way there father would of and in 2005 all five members of the family were in the top ten of richest people in the United States. Now lets look over another case in which Juan Francisco Ochoa the man who started El Pollo Loco in Guasave, Mexico in 1966. By 1981 he had restaurants all over Mexico and just opened the first one in the United States in Los Angeles. But In 1983 Denny's offered him money to sell its name and all for only $11.3 million. In 2007 El Pollo Loco report they had a PROFIT not counting there expenses a profit of 541.6 million. The point im trying to make is Minorities never keep it in the family so our kids, kids have the wealth as well not just you. Us as minorities need to not be fascinated with the quick dollar and have patience so we can have our foot in the door to become not rich but wealthy.