Master P on building generational wealth

Listen on Apple Podcasts, Spotify, Overcast, Stitcher, or watch the video on YouTube.

Hey! My latest podcast interview is with the mogul and hip-hop legend Percy Miller. P has been a business inspiration for decades. No Limit's 1998 run is one for the ages. He's since launched ventures in media production, consumer-packaged goods, and is an active philanthropist. In this conversation, we talked about his plan to acquire Reebok, why ownership matters, and lessons learned from the first Black billionaire, the late Reginald Lewis.

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Acquiring Reebok

Master P believes that the brand got shelved once it was acquired by Adidas. He's willing to put in the work because it's Black folks that made Reebok what it was. Allen Iverson was once the company's flagship star, but he shouldn't have to wait for ten years to acquire his trust from Reebok. P says the only way to revive the brand is through Black ownership. He wants the brand to be at least 51% Black-owned, and is in talks with ex-NBA star Baron Davis and others to make it happen.

But he's not willing to pay Adidas' asking price of $2.4 billion! He told CNBC he thinks the company is worth $500 million. That's a huge gap, but it's a long process. Adidas plans to finalize the deal in mid-March 2021.

Master P Reviews channel

P launched a new YouTube channel where he rates and reviews the products from small companies. It's one of the projects he's most passionate about and sees it as a way to provide a platform for aspiring entrepreneurs. He intentionally put in on YouTube so he could be more in control of the narrative and topics covered.

Why ownership matters

He pushes on ownership because he doesn't feel that Black folks get their fair share from their partnerships. He referenced Jay-Z's ownership stake in the Brooklyn Nets. Jay Z put in a lot of work to reshape that entire franchise, but he only had one-fifteenth of one-percent ownership. He also talked about how Walmart's Great Value brand earns more than $27 billion annually by selling to largely Black customers but would like to see Black folks be the owners of brands like that.

Lessons from Reginald Lewis

When I asked P who his mentors were, he said that he's been studying the late Reginald Lewis. He became the richest Black man in America through private equity. He acquired Beatrice Foods for $985 million and beat out companies like Citigroup in the process. Lewis' acquisition of Beatrice reminds me of P's goals to acquire Reebok. The moves still have to make sense from a business perspective, but when they're done right, they can inspire a generation of leaders who will remember it.

Hope you enjoy the episode! Here's a link to the episode's webpage. You can also share on Twitter, LinkedIn, or Facebook.

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