A WEALTH OF KNOWLEDGE FOR LONGTERM IMPACT
Marc Davenport on creating a foundation for wealth-making.
One of the biggest failings of the typical MBA curriculum today is students being taught how to make money but not how to create wealth. If only there was someone who could teach us how to build real wealth.
Enter Marc Davenport, aka The Wealth Strategist. “…This is a person with a high financial acumen,” Davenport explains. “They improve their client’s operational efficiencies and financial performance resulting in increased shareholder value.” Davenport, CEO OF RMI Capital in Houston, Texas, understands the difference between money and wealth. And he is on a mission to make sure you know it too.
The third of three sets of twins and the eighth of ten children, he grew up in the Farragut Houses, a non-affluent part of Brooklyn, New York. Even in those unlikely surroundings, Davenport was a natural when it came to numbers and money, “I remember putting a friend of mine on a savings plan when we were in Public School 307 so he could save up to buy a bicycle,” Davenport recalls.
His earliest mentor was his oldest brother who he credits as being “the most interesting man in my life.” Davenport’s brother was a successful commodities trader on Wall Street and that gave him a taste of deal-making at an early age. After college, Davenport followed his brother to Wall Street and went to work at a big board firm where he focused on selling municipal bonds (muni’s) because his brother told him “wealthy people buy muni’s.” He learned a lot about managing money. He learned even more about the people who had money and how important relationships are.
“My clients had significant equity portfolios that were being managed by people who had been advising their families for years,” Davenport notes. It was a sharp education in how broad the chasm is between the have and have-nots and why you cannot draw a line in the sand and say it will be equal going forward.
Although successful Davenport was restless. Than one night at a party, he met a celebrity who need to source private capital for a number of ventures. It was Lee Daniels, producer of movies such as “Monsters Ball” and Lee Daniel’s “The Butler” amongst others. Davenport left Wall Street, formed his first business, Davenport Consulting, Inc., and went to work driving capital to ventures he could get behind. It was satisfying but he kept dreaming of something more. Something that would have a long-term impact. From that dream came RMI Capital LLC.
Davenport leveraged his skills in four areas: managing money, sourcing capital, creating operating efficiencies, and cash-flow improvements. He has created a pipeline of companies that we works with. The pipeline business owners can than source the capital they need to scale their business, acquire market share, and perhaps, go public.
As with most impactful ideas, it sounds simple on the surface but there are a lot of layers to the process. You can get a sense of this by taking a tour of the RMI website to see the topics Davenport covers-sales and margins, public relations, investing fundamentals, writing a bankable business plan, and on and on.
And always at the foundation is creating wealth that allows us all to pay it forward. That is one of the strongest ways change is enabled.
In support of the layers, Davenport launched a show on Facebook, “Straight To The Top,” where he talks to some of the best and brightest in business. At press time he was announcing his new role as a consultant with Brown Venture Group LLC, a venture studio venture capital firm exclusively for Black, Latino and Native American technology startups. Brown’s target audience is Black, Latino, & Native American Tech Inventors looking to create Startups in emerging technologies. Brown Venture Group is the YCombinator exclusively for Black & Brown Tech Startups.
Building a solid business strategy means addressing all of the tentacles that can affect and promote it. And always at the foundation is creating wealth that allows us all to pay it forward. That is one of the strongest ways change is enabled. Marc Davenport is helping to build a bridge across the chasm to get us one step closer to the level playing field we seek.
We invite you to become an RMI client today. Join the movement, get connected, and take your business Straight To The Top!