We live in a world of dichotomies. There are 2,043 billionaires in the world, a number that increased 13 percent from 2016 to 2017, while more than 3 billion of the global population lives on the equivalent of $2.50 per day. Today we have affluence and prosperity on a level unprecedented in human history, and yet children go to bed at night hungry, even in the United States, a country that is known to be a prosperous global powerhouse.
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With these facts in mind, it’s interesting to note that a documentary was released about the life of John Paul DeJoria, the billionaire responsible for the success of Paul Mitchell and Patron tequila brands. It is his backstory that is captivating.
Just 24 years ago, John Paul DeJoria was homeless, living in his car, and struggling to make ends meet. Today, worth over $3 billion, he is the subject of the documentary titled Good Fortune. Covering his unusual journey from homeless young man, to biker gang, to billionaire, to philanthropist, the documentary reveals the circumstances and heart of a man dedicated to having a positive impact on the world by giving back. DeJoria is one of the billionaires who signed the “Giving Pledge,” a commitment made by the world’s wealthiest individuals and families to commit more than half their wealth to philanthropy or charitable causes during their lifetime or in their will.
As a Conscious Capitalist and philanthropist, Patrick Johnson, founder of Synthesis Life Insurance, feels the commitment DeJoria and others have made is admirable.
“I have enormous respect for anyone desiring to make our world a better place by helping others in need. Offering a leg-up while avoiding overt hand-outs empowers many to move past their current situation and into a position of positive contribution to their own lives and ultimately to society,” said Johnson. “I believe this is the point behind the Giving Pledge, many of our non-profits, and my motivation for choosing to build Synthesis with a model of compassionate capitalism.”
With the increase in population globally, billionaires giving away their fortunes is noble, but is it enough to make a lasting impact?
“Yes, it is an important move in the right direction and the impact will be significant considering the size of the estates involved,” said Johnson. “There have always been and always will be charitable individuals and businesses and their impact is impossible to overlook. The issue as I see it is that we need a complete revision of the system as on a percentage basis, there will always only be a certain number of charitably inclined individuals – billionaires, or otherwise – so the giving community is a relatively small pool compared to the broader population.”
“The documentary mentions that DeJoria did well first, and then did good. In following the footsteps of leaders like him, I believe in a slightly different vision,” said Johnson. “I believe we can do better as a society by doing good every day. How? With the simplicity of aligning purchases for our needs, like life insurance, with a model of giving back. In the process, we create a sustainable model based on the compassion of people.”
Johnson believes that giving meaningfully is good business; therefore, he is willing to make the gamble on society as a whole, if the majority want to provide that leg up. Synthesis provides the model to do so through the purchase of life insurance, something that almost everyone needs to care for their own.
“By ‘synthesizing’ a giving spirit with good business practices, the American economic system can remove the perception of greed and can be perceived as a force for good,” said Johnson. “Whether it’s a small company, Coca-Cola or Patagonia, giving meaningfully from a percentage of gross revenue makes a huge difference. I believe it proves that profitable growth works better because of charitable giving. Consumers who need to make purchases anyway will choose companies like ours over the competition.”
The Big Picture
DeJoria did not live his life with the idea of having a documentary made about him. Along the same line, Johnson did not start Synthesis Life Insurance to garner personal attention. Rather, his belief in the compassion of people combined with the idea that we can lift others through purchasing items and services we need and are already committed to purchasing is the driving force.
“First and foremost, I’m a father, husband and friend. Additionally, I’m motivated to positively impact my community in an intentional way,” said Johnson.
When asked what he would want to be remembered for, Johnson had this to say:
“I have a big vision, which is that Synthesis will become a multi-million-dollar enterprise, allowing me and my team to live comfortably while lifting those through the charitable foundations we’ve selected. There is nothing wrong with making a good living, being profitable, and crafting a sustainable business. In fact, it’s necessary for the economic good.”
“The Synthesis model could become an inspiration for all businesses that recognize the ability to be profitable while aligning with charities. As more companies successfully adopt this model, capitalism will be positively changed. This reformation of capitalism changes lives, and when people look back they say, ‘they changed the landscape of business and positively impacted a lot of lives in the process’.”
Reforming Capitalism
Conscious capitalism is not a new concept. Choosing to make purchases from an organization that believes in being consistently charitable is a well-known model for success and DeJoria’s company is no exception. Paul Mitchell has helped many with their charitable work.
“Every organization, CEO, and individual can decide what their needs are, as well as the good they can do to lift our society and choose accordingly,” said Johnson. “If I can do something to lift the emotional angst from someone, whether through charitable giving or providing a comprehensive plan for the care of family after death, then I’ve positively impacted many people, simply through providing a service.”
It is human nature to be concerned with caring for yourself and your family first. The Synthesis business model focuses on providing a service that aligns with caring for family first, and allows for giving along the way. Johnson would like to see the way companies compete and are evaluated change.
“It would be great if one day organizations are competing on how much they give, rather than whether they give. Rather than Synthesis being one of the few options to purchase life insurance that supports charities, it would be consumers choosing a life insurance company based on the charitable foundations supported,” said Johnson.
Johnson believes his version of “compassionate capitalism” has the potential to revolutionize our current economic system, once it really catches on.
“I hope that one day every widget we purchase will lift someone up,” said Johnson. “Not only can people purchase life insurance under this model, but ideally their groceries, their clothes, their cars, and any other necessity needed to live comfortably.”