John Paul DeJoria Net Worth
John Paul DeJoria has an estimated net worth of $3 billion. John Paul DeJoria is an American entrepreneur who is the founder of The Patrón Spirits Company, and a co-founder of the Paul Mitchell line of hair products.
The self-made billionaire has been through a lot – twice homeless, living out of his car, and selling shampoo and encyclopedias door-to-door to make ends meet. He finally found what he was looking for when he teamed up with Paul Mitchell in 1980 and turned a $700 investment into John Paul Mitchell Systems, which today generates $1 billion in annual sales.
As the company blossomed, Mitchell died of cancer, and DeJoria took over. He is the founder of more than a dozen other companies – from Patrón Spirits to House of Blues to DeJoria Diamonds. He has interests in a range of industries, including life sciences, telecommunications, and yachts.
As a philanthropist, DeJoria has signed a “Giving Pledge” along with 150 billionaires to donate 50% of his earnings to better the world. He supports over 160 charities worldwide. An avid animal lover, he has vowed never to test his products on animals, but instead on himself.
Today, he lives in a $50 million mansion in Malibu, California, equipped with every luxury imaginable. Although he is already over 70, he still works hard and gives back as much as he can. All of his business decisions are always in line with philanthropic aspects. He believes that “everything will be good in the end, and if it’s not good, it’s not the end.”
To calculate the net worth of John Paul DeJoria, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as personal loans and mortgages, are included in total liabilities.
Here’s the breakdown of his net worth:
|Name:||John Paul DeJoria|
|Net Worth:||$3 Billion|
|Monthly Salary:||$1 Million|
|Annual Income:||$30 Million|
|Source of Wealth:||Entrepreneur, Film Producer, Actor|
John Paul Dejoria was born on the 13th of April, 1944, in the Echo Park neighbourhood of California to immigrant parents. His father was an Italian immigrant while his mother was a Greek immigrant. When he was two years old, his parents divorced, leaving his mother to cater for John and his elder brother.
To support the family, when he was nine, John and his elder brother began selling Christmas cards door to door. His early business experience would assist in the growth of his later businesses. Next, they started delivering early morning newspapers.
They would wake up as early as 4 am, fold the papers and began to deliver house by house before they got ready for school. John attended Atwater Elementary and John Marshall High School.
When his single mother proved unable to support both children, they were sent to an East Los Angeles foster home. As a child John’s dream was pretty simple; “When I was a kid, my dream was to be able to get a job where one day I could make $150 a week – enough for a small house payment, and a good used car.”
He said in an interview. While in high school John got involved with a street gang, and for a while, he looked destined to end his life in prison until his math teacher told him he would never succeed in anything in life.
This statement got him thinking and made him repent, so immediately after graduation in 1962, he joined the Navy and served for two years.
He had dreams of attending college after his discharge from the US Navy, but a brief marriage immediately after his time with the Navy left him alone with a son.
Things had become difficult; rent was due and their financial life was in shambles. His wife took what money they had left and bailed out, leaving him with their son.
In an interview with Entrepreneur.com John explained his travail; “My wife decided she didn’t want to be a mother anymore. What money was there she just took and split and left me with our son. Rent was overdue.
And you know, a couple of weeks later I was out there hustling, getting a job, picking up Coke bottles along the way, cashing them in, two cents for a little one, five cents for big one. And we ended up on the street for a few days there. Then, I ended up bunking up with a biker friend of mine.”
This was the first time he became homeless, but it was not the last. He took a variety of jobs, from filling gas tanks and repairing bicycles to selling encyclopedias door-to-door. Selling encyclopedias was one of the most difficult jobs he had taken.
The price of an encyclopedia set was $369, paid in 10 monthly installments. Adjusted for inflation, this meant that each salesman had to convince someone to spend today’s equivalent of about $2,700 for a comprehensive set of books.
The average salesperson quit after only three days of training. Instead of quitting after the third day, DeJoria persevered for three and a half years and became Collier’s top salesman in 1966. He made “pretty good money,” he says, but more important was what he learned from the experience. He went on to sell copy machines and later insurance.
In 1971, John joined Redken Laboratories, then the leading manufacturer of professional hairdressing products in the United States. Within 18 months, he was promoted to national manager in charge of schools and salon chains, and eagerly learned everything there was to know about the business.
But he was soon fired from the company over disagreements about business policies. In 1978, he started a consulting business, but times were tough and he was not getting anywhere. He knew he had to find his niche, and he longed to create or produce something physical.
That’s how the idea for John Paul Mitchell Systems was born. Paul Mitchell was a longtime friend of John’s and an excellent hairdresser. The duo came up with the idea of making hair care products. Paul Mitchell would take care of the hair shows, while John would handle sales, marketing, administration and everything else.
To fund their idea, they found a business angel willing to back the company with half a million dollars. But unfortunately, the money did not arrive, which disappointed them a lot. In the end, they had to scrape together $700 ($350 per person) to start the company.
John had borrowed the $350 from his mother, who did not know how bad her son’s financial problems were. For the next two weeks after starting John Paul Mitchell Systems, John slept in his car.
This was the second time he had been homeless. John’s childhood business experience and his experience selling encyclopedias door-to-door helped the sales and growth of John Paul Mitchell Systems.
John marketed products from store to store and salon to salon. When asked what his biggest business hurdle was, John replies that it was rejection.
He explains that he practically had to put up with people slamming doors in his face. But the idea was to be as enthusiastic at the 11th door as you were at the very first door, even if all you experienced was rejection.
In 1989, nine years after the John Paul Mitchell System was founded, a friend of John’s brought back from Mexico the best tequila available in the country. John felt it was the best tequila he had ever tasted, but his friend (Martin Crowley) suggested it could be made to taste even better.
John agreed to go into business with him, and so the Patrón company was formed. The same hand-blown bottles that Martin brought the first tequila in are still used today. The process of making the finest tequila made Patrón Company spirits very expensive.
The average club tequila cost about $4 to $5, but Patrón was going to sell for $37.95, which was a big challenge for the new company.
To overcome this challenge, John made it his mission to visit franchise restaurants and bars, hand out the product for free to sample and ask them if they could sell it to their celebrity guests.
The secret to Patrón’s success was quality: the spirit was so good that people kept coming back for more, and in no time The Patron Company had become a major player in the market.
When asked when he knew he had it made with John Paul Mitchell Systems, John explained that after two years in business, he and his partner realized they could finally pay all their bills on time and still had about $4,000 in the bank.
At that point, he knew they had made it. The first thing he did after that was to go to an expensive restaurant and place an order without paying attention to the price. The Patrón company, in which John has a 70% stake, sold about 2,450,000 cases in 2011 alone.
The John Paul Mitchell system has annual retail sales of well over $800 million and offers more than 90 products sold in 105,000 hair salons in the U.S. and in 75 countries abroad. John’s golden rule is “Undivided success is failure.” This statement is reflected throughout his company, as his employees enjoy a favorable work environment and a paycheck that is well above industry standards.
In addition to John Paul Mitchell Systems and The Patron Spirit Company, John has several other companies in his portfolio; he is a founding partner of the House of Blues nightclub chain and has investments in Pyrat Rum, Smokey Mountain Bison Farm, LLC, Ultimat Vodka, Solar Utility, Sun King Solar, Touchstone Natural Gas, Three Star Energy, Diamond Audio, a Harley-Davidson dealership, a diamond company (DeJoria), a mobile technology developer ROK AMERICAS and the John Paul Pet company.
When asked if his wealth has changed him, John replies, “Wealth has changed me in a big way, because I no longer go to bed at night and struggle to fall asleep, wondering if I have bills to pay. Second of all, I can do a lot for people all around the world because of the wealth, and that makes me very, very happy.”
Personal Life & Wife
DeJoria is married. With his wife, Eloise (née Broady), he has donated over $4,000 to the campaigns of Senator Ted Cruz and Texas Governor Rick Perry, among others, as well as to the DNC and many Democratic political candidates.
DeJoria’s supporters include Mobile Loaves & Fishes, Food4Africa, Mineseeker, and Blazer House. In 2008, DeJoria accompanied Nelson Mandela to sub-Saharan Africa to help feed more than 17,000 orphans through the Food4Africa organization.
More than 400,000 life-saving meals were provided by his company, Paul Mitchell, that year. As co-founder of Grow Appalachia, Dejoria helps her organization promote healthy eating and teach agricultural skills.
In 2017, a documentary titled Good Fortune was released, showcasing Dejoria’s struggle and philanthropic work, and later won the Sundance Audience Award for Best Documentary.
He supported Captain Paul Watson of the Sea Shepherd Conservation Society with a video in 2012 when Watson was imprisoned in Germany for interfering with shark finning operations.
In 2019, he purchased the former McDonald’s global headquarters site, which is 80 acres (32 ha). In addition to the Hamburg College training facility, this acquisition also includes The Hyatt Lodge hotel, which operates under the Hyatt brand.
DeJoira signed The Giving Pledge in 2011, in which he joined other super-rich people – most notably Bill Gates and Warren Buffett – in pledging to donate much of his wealth to charity. That same year, he founded JP’s Peace, Love & Happiness Foundation , which invests in charitable projects that share his beliefs – sustainability, social responsibility and animal welfare.
In 1989, his company, John Paul Mitchell Systems, was the first hair care company in the world to sign the PeTA USA statement on no animal testing. He also announced in 2015 that he would plant more than 1,000,000 trees by the end of 2022 as part of a partnership between the Reforest organization and the Action Tea Tree brand.
DeJoira not only acts as a sponsor, but also actively oversees many projects. His commitment has already been recognized with many awards, such as the Horatio Alger Heroes Award. He himself says about his commitment: “I have only one motto: success that is not shared is failure.”
2 Success Lessons from John Paul DeJoria
1. There is no ‘best’ time to start a business:
In an interview DeJoria explained,
“In 1980, when we started our company, everything was worse than it is today: Inflation was 12.5%, interest rates were 18% or more, unemployment was 10.5%, our hostages were still held in Iran, and you had to wait in line around the block to get gasoline. People need to realize that regardless of the economy, if you believe in yourself, your service and your product — and tell enough people about it — it will get picked up.
I was unfortunately homeless on two occasions, so when I started John Paul Mitchell systems in 1980, I lived in my car for the first two weeks. At that time I knew things were difficult, but I did believe that what we had was unique and different. A lot of people say 10% to 15% of the economy is off, but what about the 80% to 85% that isn’t?”
There is no better time to start a business, the economy will never improve so much to allow you start, the capital will never always be available, the location will never be perfect; nothing will be in shape, you just need to start with what you have, where you are.
2. Be prepared for rejection
As a salesman who went from house to house, making cold calls one of what he had to deal with was rejection. He said, “If you knock on 100 doors and they all say “no,” on door 101, be just as enthusiastic.
“The difference between successful people and unsuccessful people is that successful people do all the things that unsuccessful people don’t want to do.”
John Paul DeJoria Quotes
“The biggest hurdle is rejection. Any business you start, be ready for it.”
“Most people would rather sit on a plane for two hours than spend two days on a train, but there’s nothing comparable to taking a relaxing rail journey with your family or good friends.”
“Why pour shampoo into a rabbit’s eyes to see how much shampoo you can put in an adult’s eyes before they go blind?”
“You’d be safe to hold 5% of your assets and savings in gold and silver. Insurance for the future.”
“Vidal Sassoon was the most famous hairstylist in the history of the world.”
“Good hairstylists never die. Vidal Sassoon and Paul Mitchell will always live on.”
“I like to live well and I feel good about it because I know how much we give back. There’s plenty for my family, now let’s take care of the rest.”
“Being able to communicate with a loved one that you haven’t talked to in a while because of some communication break makes their life and your life in a much better place.”
“I wanted to do my part to help preserve that golden age of travel… I step aboard The Patron Tequila Express railcar, and I go back in time to the days when a long journey was something fun and very special.”
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