The Ultimate Guide to Drayton McLane Jr. Net Worth: From Humble Beginnings to Massive Wealth in 2021
Introduction
Net worth is one of the most talked-about topics in the world. And when it comes to wealthy people, Drayton McLane Jr. is a name that’s hard to ignore. McLane may not be a household name, but his life story is an inspiration to many people. He is a man who started with nothing but worked hard to establish a diversified business empire. Today, Drayton McLane Jr.’s net worth is estimated at over $2 billion. In this blog post, we’ll take a look at how McLane built his fortune and what we can learn from his story.
Section 1: The Early Life of Drayton McLane Jr.
Drayton McLane Jr. was born on July 22, 1936, in Cameron, Texas. He grew up with his parents and four siblings. His father, Drayton McLane Sr., ran a successful wholesale grocery business, which had a significant influence on Drayton Jr.’s future career. After high school, McLane attended Baylor University, where he earned a degree in business administration.
Section 2: His Early Career
After completing his degree, Drayton McLane Jr. worked for his father’s wholesale grocery business. His father’s company merged with another company in 1965, and McLane became the Vice President of Marketing. It was here that McLane learned the importance of a diversified business and how to expand a business.
Section 3: The Birth of McLane Company
In 1968, McLane left his father’s business to start his own company, McLane Company. McLane Company started as a grocery store supplier, and within a few years, expanded into other areas such as convenience stores and drugstores. The company became one of the largest grocery store supply companies in the United States.
Section 4: McLane Company sold to Berkshire Hathaway
In 1990, Drayton McLane Jr. sold McLane Company to Warren Buffett’s Berkshire Hathaway for $1.2 billion. McLane continued to run the company until 1994 when he decided to retire.
Section 5: The Houston Astros
In 1993, Drayton McLane Jr. became the owner of the Houston Astros baseball team. He purchased the team for $117 million, and during his tenure, the team made the playoffs six times and reached the World Series in 2005.
Section 6: Other Ventures and Business Interests
Drayton McLane Jr. hasn’t limited himself to just owning a baseball team. He has also invested in several other businesses, including private equity firms, real estate, and other sports franchises.
Section 7: Drayton McLane Jr.’s Philanthropy
Drayton McLane Jr. is also a renowned philanthropist. He has donated millions of dollars to various causes, including education and healthcare. He has also established the McLane Endowed Chair in Entrepreneurship at Baylor University.
Section 8: Drayton McLane Jr.’s Net Worth
According to Forbes, Drayton McLane Jr.’s net worth as of 2021 is estimated to be $2.1 billion. Most of his wealth comes from the sale of McLane Company to Berkshire Hathaway.
Conclusion
Drayton McLane Jr. is a self-made billionaire who started with humble beginnings and worked hard to establish a diversified business and grow his wealth. McLane’s story is an inspiration to many people who aspire to achieve success through hard work and determination. Throughout his career, McLane has shown that with the right mindset and effort, anyone can succeed.
FAQs
1. What is Drayton McLane Jr.’s net worth as of 2021?
As of 2021, Drayton McLane Jr.’s net worth is estimated to be $2.1 billion according to Forbes.
2. How did Drayton McLane Jr. become wealthy?
Drayton McLane Jr. became wealthy through his company, McLane Company, which he sold for $1.2 billion in 1990 to Warren Buffett’s Berkshire Hathaway.
3. What other businesses has Drayton McLane Jr. invested in?
Drayton McLane Jr. has invested in private equity firms, real estate, and other sports franchises.
4. What philanthropic contributions has Drayton McLane Jr. made?
Drayton McLane Jr. has donated millions of dollars to various causes, including education and healthcare. He has also established the McLane Endowed Chair in Entrepreneurship at Baylor University.
5. What is Drayton McLane Jr.’s early career?
Drayton McLane Jr.’s early career was working for his father’s wholesale grocery business. After the merger of his father’s company, McLane became the Vice President of Marketing.