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Sam Walton – Before They Were Billionaires

you know him as the international mobile
who redefined the big-box retail
industry you know him as the largest
employer in the world but do you know
who Sam Walton was before he was a
billionaire for value teaming media
I’m Gerard heron and this is before they
were billionaires Samuel Moore Walton
was born on March 29th 1918 in
Kingfisher Oklahoma to Thomas Gibson
Walton and Nancy Lee he had one younger
brother James and his father was a
farmer who later introduced a farm
mortgaging as Dust Bowl took over and
farmland dried up though the family
moved frequently during Sam’s early
childhood he was still a good student
and became the youngest Eagle Scout in
Missouri’s history while studying the
eighth grade and shall be in a Missouri
though the Walton family finally settled
in Columbia Missouri the Great
Depression took hold and Sam was forced
to take up numerous small jobs in order
to help his family make ends meet among
other chores he sold magazine
subscriptions and delivered newspapers
he milked the family cow bottled surplus
and sold it to customers he was the
original Amazon drop shipper you could
say hi mac co-founder of the amazing
selling machine program that is taught
and mentored thousands of students on
how to run a successful business selling
on Amazon like that only like way less
he attended david H Hickman High School
in Columbia where he was voted most
versatile boy at the time of his
graduation in 1936 after graduation he
went on to the University of Missouri as
an ROTC cadet he also joined the Zeta
Phi chapter of the Beta Theta Pi
fraternity and served as president of
Burrill Bible class a large class of
students from the University of Missouri
and Stevens College during his
university days he became a member of
the Q ebh the well known secret society
on campus he graduated in 1940 with a
bachelor’s degree in economics and
within days of graduation Walton joined
JC Penney as a management trainee in Des
Moines Iowa he resigned for the job in
1942 in order to serve his country in
World War two Walton joined the US Army
Intelligence Corps and supervised
security at aircraft plants and prisoner
of war camps he eventually reached the
rank of captain once the war was over
Walton returned home now married and
borrowed some money from his
father-in-law to purchase a Ben Franklin
variety store Newport
the store was a franchise of the
bustling brothers changing he found
considerable success in retail
management with his pioneering concepts
by the early 1960s Walton along with his
brother James owned 15 Ben Franklin
franchises and one independent storage
vault and now planned opened bigger
stores in rural areas with discounted
prices in order to attract more
customers and achieve a higher sales
model however the Ben Franklin
executives were not in favor of this
concept and turned down the plan
undaunted Sam Walton went on to open the
first Walmart store July 2nd 1962 in
Rogers Arkansas it was around this time
the Walton brothers teamed up with
Stephan DOSBox whom they collaborated
with in order to grow their business
keeping the price of products low was
one of the major driving forces behind
the successes of Walmart stores Walton
focused his efforts on sourcing products
from American manufacturers who could
supply merchandise for the entire
Walmart chain at very low prices in
order to meet the foreign competition
over the next few years Walmart stores
sprung up all over the nation and by
1967 the Walton family owned 24 stores
registering up to 12 point 7 million in
sales within a couple years of Walton
officially incorporating his company as
Walmart stores incorporated the company
went public in 1970 in the first stock
was sold at $16.50 a share by 1972
Walmart was listed on the New York Stock
Exchange by 1980 the company had reached
1 billion in annual sales making Sam
Walton officially a billionaire never
the innovator Sam Walton launched the
first Sam’s Club in 1980s to serve small
businesses and individuals during the
same decade the first Walmart
Supercenter was also open combining a
supermarket with general merchandise to
provide one-stop shopping convenience
walmart enjoyed continued success
throughout the years to come by the
early 1990s the company’s market share
had surged past forty five billion
dollars Walmart became the nation’s
largest retailer in 1991 surpassing even
Sears Roebuck and Company
Walton stepped down a CEO in 1988 but
remained active in the company until his
death from cancer in 1992 today Walmart
has 11,000 stores in 28 countries and is
the largest company by revenue
the world as well as the largest private
employers in the world from 1982 to 1988
Forbes magazine named Walton the
wealthiest man in the United States and
in 1992 Sam Walton was awarded the
president Medal of Freedom the honor of
the nation’s highest civilian honor by
President George HW Bush as if that’s
not enough another way to measure Sam
Walton success is that after his death
his four children divided up his empire
and all four of them on the Forbes 100
list today as the 100 richest people in
the world that’s how they became
billionaires since you enjoyed this look
into the life of a self-made billionaire
you will absolutely love this interview
Patrick that David did with another
self-made billionaire and a retail giant
and chip Wilson the founder of Lululemon
and you can find all the rest of the
before they were billionaires here in
the playlists for value team and media
i’m gerard heron and i will see you next week
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