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"Position of Power" Featuring R. Donahue Peebles & Thomas A. Moorehead | Full Panel Discussion

Catalyst Network Foundation Inc. (CNF)・98 minutes read

The Minds Event features speakers like Don Peebles and Thomas Morehead discussing community topics, economic empowerment, philanthropy, and mentorship, emphasizing hard work, education, and giving back. The speakers share personal stories, highlight the challenges faced by minority-owned businesses, and stress the importance of financial literacy, networking, and diversity in business.

Insights

  • Don Peebles and Thomas Morehead, successful entrepreneurs, emphasize the importance of hard work, education, and giving back to empower others in achieving success.
  • The speakers share personal stories of overcoming challenges, highlighting the significance of mentorship, seizing opportunities, and building generational wealth through economic empowerment.
  • Warren Buffett stresses the value of performance, upward mobility, and propelling generational wealth, advocating for economic and educational discussions, and providing resources for personal and professional development.

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Recent questions

  • What topics are discussed at The Minds Event?

    The event covers generational wealth building, economic development, mentorship, and professional development.

  • Who are the notable speakers at The Minds Event?

    Don Peebles and Thomas Morehead are notable speakers at the event.

  • What organizations sponsor The Minds Event?

    City First Bank sponsors the event.

  • What is the significance of mentorship at The Minds Event?

    Mentorship is emphasized for personal and professional growth.

  • How does The Minds Event promote economic empowerment?

    The event focuses on transforming communities through economic empowerment.

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Summary

00:00

Empowering Communities: Minds Event with Peebles & Morehead

  • The Minds Event focuses on discussing important community topics with compelling speakers like Don Peebles and Thomas Morehead.
  • Don Peebles is the owner of the People's Corporation, the largest black real estate private equity firm globally.
  • Thomas Morehead owns hotels nationally and is the CEO of Sterling Motorcars, the only black-owned Rolls-Royce and Lamborghini dealership in the nation.
  • The event is sponsored by City First Bank, known for its legacy of economic empowerment in African-American communities.
  • Don Peebles emphasizes the importance of hard work, education, and luck in achieving success, especially for young people.
  • The speakers stress the significance of giving back and empowering others with the knowledge they've gained.
  • Don Peebles mentions making history with the first black-owned real estate crowdfund, raising over $10 million in one week.
  • The event covers topics like generational wealth building, economic development, mentorship, and professional development.
  • The focus is on transforming communities through economic empowerment, with partnerships between organizations like Catalyst Network and City First Bank.
  • Thomas Morehead and Don Peebles share their personal stories of starting in the car business and real estate, highlighting the importance of mentorship and hard work.

16:52

From Medicine to Real Estate Mogul

  • The speaker initially aspired to pursue a medical career inspired by an uncle but later switched to real estate due to impatience with the medical field's timeline.
  • After quitting medical school, the speaker began appraising low-income housing for HUD in Washington DC in 1983.
  • The speaker's first appraisal rate was $125 per appraisal, initially starting at $60 before HUD raised it.
  • At 23, the speaker was appointed to the property tax appeal board by the mayor, becoming chairman at 24.
  • The speaker aimed to establish a significant appraisal business, expanding to Georgetown and subletting space to real estate brokers.
  • A former tax appeal board member offered the speaker a property in Anacostia for $900,000, backed by a commitment letter from the DC mayor.
  • The speaker discovered the zoning allowed for a 100,000 square foot building, leading to the decision to purchase the property.
  • The speaker brought in three partners to fund the purchase, with the intention of leasing the building to the city at a reduced rate for economic empowerment.
  • The city signed a lease for the building at 2100 Martin Luther King Avenue, kickstarting the revitalization of Anacostia.
  • The speaker's success in real estate development led to a multimillion-dollar business, with ownership of the building continuing to date.

33:45

"Rich Americans discuss philanthropy and generational wealth"

  • Forbes 400 summit on philanthropy gathers richest Americans annually to discuss charitable giving
  • Warren Buffett, Bill Gates, Jeff Bezos, and others from older generations participate
  • Contrasting wealth and philanthropy between older and younger generations
  • Mention of successful African-American entrepreneurs like Robert Smith, Oprah, and Bob Johnson
  • Reflection on civil rights movement and its impact on economic empowerment
  • Examples of transformative leaders like Maynard Jackson and Marion Barry in Atlanta and Washington DC
  • Influence of Marion Barry on black business class development in Washington DC
  • Lack of similar political engagement and leadership in current times
  • Call for increased engagement and economic opportunities reflective of community diversity
  • Emphasis on access to capital, working together, and investing in hospitality business for financial success

52:15

Barry's Belief Sparks Speaker's Success

  • Barry, who had never built a building before, gave the speaker opportunities and emphasized not letting him down.
  • The speaker was finally given the chance to excel due to Barry's belief in his purpose.
  • The subsequent mayors were considered nice people but lacked a great purpose, unlike the speaker.
  • Politics was likened to a game with rules set by the Rules Committee and enforced by referees.
  • The absence of individuals with a greater purpose in politics was highlighted as a significant challenge.
  • Access to capital was emphasized as crucial for starting businesses, with private equity being a major funding source.
  • Minority-owned businesses faced challenges due to fear of failure and lack of opportunities.
  • The speaker's hotel development stemmed from an NAACP tourism boycott, leading to economic reciprocity programs.
  • Education was a key focus for the speaker, who built schools in every city of business operation.
  • The speaker stressed the importance of economic opportunity and entrepreneurship, particularly in the hospitality industry.

01:09:40

Empowering Minority Communities Through Business Education

  • The speaker emphasizes the importance of teaching children to be business-minded and think big, with pride in their accomplishments.
  • He shares his family background, highlighting the hardworking nature of his ancestors and the value of humility and encouragement.
  • The speaker stresses the significance of networking and building relationships in finding business deals, citing personal experiences with a friend turned business partner.
  • Raising capital is a major challenge, especially for minority-owned businesses, requiring persistence, ethical standards, and an unblemished career.
  • Collaboration with qualified vendors, regardless of race, is crucial for successful projects, promoting diversity and talent.
  • The speaker underscores the importance of financial literacy, advocating for open discussions about money and economic education, particularly for black and brown individuals.
  • He uses a metaphor of a race to illustrate the disparities faced by minority communities in wealth-building, emphasizing the need for long-term planning and education.
  • The speaker criticizes social agendas that overlook economic empowerment for minority communities, advocating for a focus on economic and educational discussions at home and in society.

01:28:21

Buffett's Wealth Building and Advocacy Insights

  • Warren Buffett's wife urged him to give away money, but he focused on building wealth to give away billions later.
  • Buffett emphasized the importance of propelling upward mobility and building generational wealth.
  • He shared a story about advocating for more opportunities for minorities in the automobile industry.
  • Buffett highlighted the significance of performance over ownership in business success.
  • He stressed the importance of making money and training for future opportunities.
  • Buffett recommended books like "The People's Principle" and "The People's Past: State Wealth."
  • He mentioned reading "40 Million Dollar Slave" about African American athletes' challenges.
  • Buffett discussed providing audiobooks to staff for personal and professional development.
  • A former real estate investor shared the lesson of not trying to do everything alone in business.
  • A lawyer raised the issue of lack of diversity in the legal industry and the need for engagement with black businesses.

01:47:10

Empowering African-American Women in Business

  • Hiring lawyers across various areas to acquire top talent and develop a niche within the company.
  • Encouraging businesses to work with the company and report on diversity progress annually.
  • Threatening companies with potential consumer backlash if they do not engage with the company.
  • Promoting the importance of mentorship for African-American women in industries like real estate, car dealerships, and hospitality.
  • Acknowledging the challenges faced by African-American women in these industries and the need for more representation.
  • Emphasizing the significance of hard work and skill set in achieving success in business.
  • Advocating for fair opportunities for African-American women in business and entrepreneurship.
  • Encouraging the creation of environments that support the advancement of African-American women in various industries.
  • Discussing the vision for the next generation of African-Americans and steps for young entrepreneurs to excel.
  • Highlighting the importance of perseverance, seizing opportunities, and advancing the economic empowerment agenda for African-Americans.

02:06:27

Catalyst Program: Skills and Networking Success

  • Learned skills for business and work life like resume writing, email formatting, and elevator pitches
  • Catalyst program aided in building a network with staff, instructors, and peers
  • Grateful to Catalyst for preparing for life after high school and for the support received
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