Loida Lewis, the esteemed Chair and CEO of TLC Beatrice, LLC, a family investment firm, boasts an impressive professional journey. A licensed attorney in both the Philippines and New York, Mrs. Lewis accomplished a groundbreaking feat by becoming the first Asian and Filipino woman to conquer the New York bar examination without pursuing legal studies in the United States.
Before assuming her current leadership role, Mrs. Lewis dedicated a decade of service as a General Attorney in the US Immigration and Naturalization Service, presently known as the U.S. Citizenship & Immigration Services. During her tenure, she triumphed in a discrimination case against the INS in 1979. Leveraging her profound expertise, Mrs. Lewis co-authored the highly regarded publication “How to Get A Green Card,” which has garnered immense popularity and is now in its 14th edition. Additionally, she penned the book “Why Should Guys Have All The Fun?”
Mrs. Lewis currently resides in New York City. We had an opportunity to interview Mrs. Lewis, this is what she shared with us.
What inspired you to pursue a career in business and entrepreneurship?
When Mr. Lewis died suddenly at age 50, his ambition to create wealth for his family and, by influence, the Black community was left unfinished. Instead of depending on a white man as CEO who may or may not succeed, I decided to take responsibility for the Lewis Family to create the wealth Mr. Lewis worked for. He came from humble beginnings, and I did not want to depend on anybody for its success or its failure but myself.
In your book, you discuss the challenges faced by minority entrepreneurs. What are some of the main obstacles you highlight, and what strategies or insights do you offer to overcome them?
Minority entrepreneurs’ main problem is access to capital. Banks have been reluctant to loan money to minority entrepreneurs. The solution has been partly helped by private equity firms whose goal is to finance capable and competent minority businesses. I encourage minority businesses to develop a track record of profitability.
Can you share any personal anecdotes or stories from your own journey that are featured in the book and illustrate the themes or lessons you wanted to convey?
One lesson I learned was to always rely on common sense. When I took over TLC Béatrice, we had a liquidity crisis. Our expenses were high, and our income was down because, in 1994, Europe was in the worst recession since World War II. That summer, it rained in Spain, and all over Europe where TLC Béatrice sold ice cream, and of course, a strong leader died suddenly. The solution was to reduce expenses and increase income. We did that. And in the next year, being in the red the previous year, we were in the black -$1 million net profit. The income graphs were going up until seven years later in 2002. I liquidated the company and received $1 billion.
You have been involved in various philanthropic activities. Could you tell us about some of the causes you’re passionate about and the impact you aim to make through your philanthropy?
The main purpose of the RFL Foundation is education because it is the sole guarantee of lifting someone out of poverty into the middle class, not only that person but his entire family.
What advice would you give to young aspiring entrepreneurs, particularly women, who are starting their own?
Find a mentor or mentors and ask questions, learn from them, and when applicable, and it makes sense, follow their advice.
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