Manage episode 268614850 series 2630836
Compassionate Capitalism with Reggie Larry-Cole
Today, we have a man talking to us about capitalism. But not just any capitalism – compassionate capitalism. There’s a real story behind the book. We hope Reginald’s story will inspire you!
What’s your day job?
What’s genius is simple ideas. And it’s hard to come up with a simple, effective idea. So well done Reggie, and also well done for the 9 year anniversary of the business!
Reggie runs a peer to peer investor operation. Investor’s effectively pay for cars for essential/key workers. The story behind this idea and getting funding is one of endurance, perseverance and disappointing starts.
Reggie’s story to compassionate capitalism
Reggie has been working since he was 16 and bought his first home when he was 18. He comes from a wealthy family in terms of achievement. His foundation was strong.
Moving to America, Reggie married his teenage lover. However, unfortunately it didn’t work out, so he came back to the UK. And, he started to build a business based on fairness. April 15th 2008 came with a credit crunch though. He lost everything – his kids, his business, his home, his family.
So, he ended up at a job where he worked for free. Worked for free! He knew the importance of his job when his co-director, Martin, said he didn’t work for free. Despite this, Reggie worked diligently to deliver what his managers expected delivering. From there, he and Scott started building a business which is now delivering return.
At its heart Buy2LetCars comes out of a frustration at banks who made it hard for key workers to get a car.
How I turned 150 no’s into one yes and built a multi-million empire…
The end situation of this situation is that Reggie is sat in his office, calling Chris – the one yes! Reggie thanked him, talked to his wife, talked to the dog (naturally), etc. He has a strong relationship with this guy.
In April 2008, the company Reggie called was a motor company, because he had the idea of buy-to-let. The manager said it wouldn’t work, but he took the letter to his manager. Despite the turmoil of the market, Reggie got what he asked for, because his idea was brilliant.
As a result that’s how he got started.
Let’s be honest, that’s a lot of hearing no! These were all kinds of people saying no and charlatans trying to steal Reggie’s idea too!
If you want to start a restaurant, buy the food and sell the food is capitalism. Society has got to the stage where we say give the money and I won’t do anything. That’s abuse. We do a lot of things for nothing. Hopefully the turmoil we are experiencing now brings certain things to light and changes how capitalism is working.
This business is a win-win business. Why? Well those leasing the cars love it because they don’t break down – they’re new! And for those investing, 4% is the lowest amount of dissatisfaction that investors have declared.
If you want an alternative investment stream, then this could be for you.
The fact that we can borrow from banks but must pay 40% interest, and banks can borrow our money for 1% is not fair. Absolutely not fair. And compassionate capitalism works against this discrepancy.
In fairness, the fact that society works like this at the moment means there is an opportunity – which Reggie has taken. But still, it’s not fair.
Ultimately, what Reggie stands for is you can make money and have a career, and help people. If passion delivers, Reggie wouldn’t have had to get past the first investor. Because he’s so passionate about what he does and it’s inspiring to see.
Racism and business
We have to realise that skills, attitude and attributes should define the ways we live. We’ve gone through life we’re doing this, that and everything between but we don’t look at skills, attitude and attributes. It doesn’t matter your colour. We are people. So well said Reggie. Absolutely spot on.
Capitalism as it is is costing us our futures. And people high up on the capitalism ladder are the first to get paid during crises such as the one we’re in now, they’re the first to live luxurious lives but they contribute nothing to social sectors and to the social wellbeing of their country. That’s wrong.
Reggie is right and what a wonderful guest he has been, offering inspiration and hope for a more compassionate form of capitalism. If you’re interested in Buy 2 Let Cars, click here for more information.
If Graham and what he does interests you, follow to finelyfettled.co.uk.
If you want to know more about Kevin, find him here.