James T. White
Encyclopedia
James Timothy White is a self-made millionaire
, entrepreneur
, author
and was president and CEO of J & W Corporate, a multimillion dollar corporate structure
that encompasses 5 businesses. In 2006, at the age of 21, and only 4 years after its official
inception, White made an estimated $4 million in net earnings
and was employing over 280 employees. In 2010, as CEO of Eurotex Finanz Inc. (KFE.DE) at the age of only 25, he became the world's youngest CEO ever to be listed on the Frankfurt Stock Exchange
and in December 2010, White also founded Eurotex Global Savings & Trust SA
; but still not satisfied with his seasonal business
, he decided to tap into the lawn mowing business too. One thing led to another and by the time he reached his teens, he had established a successful business, J & W Lawn Care & Snow Removal, and made his first million when he was just 16.
In 2006, the company made $4 million in net returns
. However, later that year, James sold the business to his father, Timothy White, who renamed the business to J & W Mechanical Inc. With the proceeds from the sale, White started Canam Credit Company.
, first and second mortgages, car loans, commission
advances and short-term loans. The company, which engaged in mainly payday loans in the United States, managed to raise $10 million in investor's equity
and in April 2007, purchased Canada Debt Assistance for $1.5 million from Rogers Associate Financial Partners a company
that was listed on the TSX Venture Exchange
, and later attempted to merge
the two companies.
In November 2007, Canam Credit Company terminated their agreement with Rogers Associate Financial Partners.
On March 7, 2008 James White left the company as President & CEO and on April 8, 2008, he left the company as director. The company become insolvent eight months later on December 29, 2008 amidst the global recession
.
Due to the termination of the merger, Rogers Associate Financial Partners Inc. was delisted from the TSX Venture Exchange
in 2008.
Canada Debt Assistance later had its license revoked by Service Alberta on Devember 31, 2008.
services to small businesses. The company was listed on the Frankfurt Stock Exchange
(KFE.F) in January 2010, making White, at 25, the youngest CEO ever to be listed on the Frankfurt Stock Exchange, snatching the title from PUMA
CEO, Jochen Zeitz
, who was 30 at the time he became youngest CEO in the Frankfurt Stock Exchange
in 1993. In May 2011, Eurotex Finanz Inc. announced it's plans to take the company private after it completed it's move to the British Virgin Islands.
-based private financial institution
caters to high net-worth clients
and businesses that are looking to form non-discretionary grantor trust accounts
. The company opened over 9 million Euros worth of new businesses in its first week and currently holds over 210 million Euros in assets. In January 2011, the company incorporated its affiliate Eurotex Global Savings & Trust Inc. in New Zealand
.
-based private financial institution
is primarily engaged in providing loans and funding services for commercial enterprises and individuals with little to no credit history.
Millionaire
A millionaire is an individual whose net worth or wealth is equal to or exceeds one million units of currency. It can also be a person who owns one million units of currency in a bank account or savings account...
, entrepreneur
Entrepreneur
An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...
, author
Author
An author is broadly defined as "the person who originates or gives existence to anything" and that authorship determines responsibility for what is created. Narrowly defined, an author is the originator of any written work.-Legal significance:...
and was president and CEO of J & W Corporate, a multimillion dollar corporate structure
Corporate structure
Corporate structure consists of various departments that contribute to the company's overall mission and goals. The Marketing Department is considered by some business professionals as the most important entity in the corporate structure. Without this department, sales or new customers can not be...
that encompasses 5 businesses. In 2006, at the age of 21, and only 4 years after its official
Official
An official is someone who holds an office in an organization or government and participates in the exercise of authority .A government official or functionary is an official who is involved in public...
inception, White made an estimated $4 million in net earnings
Net (economics)
In economics, net means after deductions. A related concept is gross, meaning before deductions.Nett is an alternative spelling used in British English.-Usage:...
and was employing over 280 employees. In 2010, as CEO of Eurotex Finanz Inc. (KFE.DE) at the age of only 25, he became the world's youngest CEO ever to be listed on the Frankfurt Stock Exchange
Frankfurt Stock Exchange
The Frankfurt Stock Exchange is the world's 12th largest stock exchange by market capitalization. Located in Frankfurt am Main, Germany, the Frankfurt Stock Exchange is owned and operated by Deutsche Börse, which also owns the European futures exchange Eurex and the clearing company...
and in December 2010, White also founded Eurotex Global Savings & Trust SA
Beginnings
White began venturing into the business world at the young age of 11 when he watched some kids across the street shoveling snow, immediately recognizing the endless possibilities and opportunities such a task could bring him. After buying a $20 shovel, he began clearing driveways and gathering a long client-base. By the time he turned 13, White had saved enough to buy a snow blowerSnow blower
A snow blower or snow thrower is a machine for removing snow from an area where it is not wanted, such as a driveway, sidewalk, roadway, railroad track, rink, runway, or houses...
; but still not satisfied with his seasonal business
Business
A business is an organization engaged in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit...
, he decided to tap into the lawn mowing business too. One thing led to another and by the time he reached his teens, he had established a successful business, J & W Lawn Care & Snow Removal, and made his first million when he was just 16.
J & W Group of Companies
- J & W Lawn Care & Snow Removal (1998–2006): Landscape constructionLandscape architectureLandscape architecture is the design of outdoor and public spaces to achieve environmental, socio-behavioral, or aesthetic outcomes. It involves the systematic investigation of existing social, ecological, and geological conditions and processes in the landscape, and the design of interventions...
, lawn care and snow removalSnow removalSnow removal is the job of removing snow after a snowfall to make travel easier and safer. This is done by both individual households and by governments and institutions.-De-icing and anti-icing:...
. - J & W Tire Trax (2002–2008): Tires repair, importImportThe term import is derived from the conceptual meaning as to bring in the goods and services into the port of a country. The buyer of such goods and services is referred to an "importer" who is based in the country of import whereas the overseas based seller is referred to as an "exporter". Thus...
ing, and salesSalesA sale is the act of selling a product or service in return for money or other compensation. It is an act of completion of a commercial activity....
. - J & W Asset Management (2004–2006): Commercial property managementProperty managementProperty management is the operation, control of ususally on behalf of an owner, and oversight of commercial, industrial or residential real estate as used in its most broad terms. Management indicates a need to be cared for, monitored and accountability given for its usable life and condition...
. - J & W Courier Service (2005–2006): Collaborated with FedEx GroundFedEx GroundFedEx Ground is a shipping company which is a subsidiary of the FedEx corporation. It is headquartered in Moon Township, Pennsylvania, a suburb of Pittsburgh. Originally conceived as a lower cost competitor to UPS, Roadway Package System was created to take advantage of new barcode, material...
in delivering packages. - J & W Waste Management (2006-2006): Delivered bins, picked up trash and took it to the dumpLandfillA landfill site , is a site for the disposal of waste materials by burial and is the oldest form of waste treatment...
. - J & W Property Management (2001–2006): Retail property managementProperty managementProperty management is the operation, control of ususally on behalf of an owner, and oversight of commercial, industrial or residential real estate as used in its most broad terms. Management indicates a need to be cared for, monitored and accountability given for its usable life and condition...
.
In 2006, the company made $4 million in net returns
GMROII
Gross Margin Return on Inventory Investment is a ratio in microeconomics that describes a seller's income on every dollar spent on inventory. It is one way to determine how valuable the seller's inventory is, and describes the relationship between total sales, total profit from total sales, and...
. However, later that year, James sold the business to his father, Timothy White, who renamed the business to J & W Mechanical Inc. With the proceeds from the sale, White started Canam Credit Company.
Canam Credit Company
Founded with his long-time friend, Amy Tan, in 2006, the business covered almost every facet of the private financing industry, providing multiple services to clients including business factoringFactoring (finance)
Factoring is a financial transaction whereby a business job sells its accounts receivable to a third party at a discount...
, first and second mortgages, car loans, commission
Commission (remuneration)
The payment of commission as remuneration for services rendered or products sold is a common way to reward sales people. Payments often will be calculated on the basis of a percentage of the goods sold...
advances and short-term loans. The company, which engaged in mainly payday loans in the United States, managed to raise $10 million in investor's equity
Equity (finance)
In accounting and finance, equity is the residual claim or interest of the most junior class of investors in assets, after all liabilities are paid. If liability exceeds assets, negative equity exists...
and in April 2007, purchased Canada Debt Assistance for $1.5 million from Rogers Associate Financial Partners a company
Company
A company is a form of business organization. It is an association or collection of individual real persons and/or other companies, who each provide some form of capital. This group has a common purpose or focus and an aim of gaining profits. This collection, group or association of persons can be...
that was listed on the TSX Venture Exchange
TSX Venture Exchange
The TSX Venture Exchange is a stock exchange in Canada. It is headquartered in Calgary, Alberta and has offices in Toronto, Vancouver, and Montreal. All trading through the Exchange is done electronically, so the Exchange does not have a "trading floor"...
, and later attempted to merge
Mergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
the two companies.
Controversy and Insolvency
In November 2007, Service Alberta initiated an investigation into Canada Debt Assistance which was later settled on March 10, 2008.In November 2007, Canam Credit Company terminated their agreement with Rogers Associate Financial Partners.
On March 7, 2008 James White left the company as President & CEO and on April 8, 2008, he left the company as director. The company become insolvent eight months later on December 29, 2008 amidst the global recession
Global recession
A global recession is a period of global economic slowdown. The International Monetary Fund takes many factors into account when defining a global recession, but it states that global economic growth of 3 percent or less is "equivalent to a global recession".By this measure, four periods since...
.
Due to the termination of the merger, Rogers Associate Financial Partners Inc. was delisted from the TSX Venture Exchange
TSX Venture Exchange
The TSX Venture Exchange is a stock exchange in Canada. It is headquartered in Calgary, Alberta and has offices in Toronto, Vancouver, and Montreal. All trading through the Exchange is done electronically, so the Exchange does not have a "trading floor"...
in 2008.
Canada Debt Assistance later had its license revoked by Service Alberta on Devember 31, 2008.
Eurotex Finanz Inc. (Main Holding Company)
Founded in November 2009, Eurotex Finanz Inc. is a company that offers financialFINANCIAL
FINANCIAL is the weekly English-language newspaper with offices in Tbilisi, Georgia and Kiev, Ukraine. Published by Intelligence Group LLC, FINANCIAL is focused on opinion leaders and top business decision-makers; It's about world’s largest companies, investing, careers, and small business. It is...
services to small businesses. The company was listed on the Frankfurt Stock Exchange
Frankfurt Stock Exchange
The Frankfurt Stock Exchange is the world's 12th largest stock exchange by market capitalization. Located in Frankfurt am Main, Germany, the Frankfurt Stock Exchange is owned and operated by Deutsche Börse, which also owns the European futures exchange Eurex and the clearing company...
(KFE.F) in January 2010, making White, at 25, the youngest CEO ever to be listed on the Frankfurt Stock Exchange, snatching the title from PUMA
PUMA AG
Puma SE, officially branded as PUMA, is a major German multinational company that produces high-end athletic shoes, lifestyle footwear and other sportswear. Formed in 1924 as Gebrüder Dassler Schuhfabrik by Adolf and Rudolf Dassler, relationships between the two brothers deteriorated until the two...
CEO, Jochen Zeitz
Jochen Zeitz
Born on April 6, 1963 in Mannheim, Germany, Jochen Zeitz is the CEO of the Sport & Lifestyle Group of PPR and Executive Chairman of PUMA SE after serving 18 years as Chairman and CEO at PUMA....
, who was 30 at the time he became youngest CEO in the Frankfurt Stock Exchange
Frankfurt Stock Exchange
The Frankfurt Stock Exchange is the world's 12th largest stock exchange by market capitalization. Located in Frankfurt am Main, Germany, the Frankfurt Stock Exchange is owned and operated by Deutsche Börse, which also owns the European futures exchange Eurex and the clearing company...
in 1993. In May 2011, Eurotex Finanz Inc. announced it's plans to take the company private after it completed it's move to the British Virgin Islands.
Eurotex Global Savings & Trust SA
Launched in December 2010, the LuxembourgLuxembourg
Luxembourg , officially the Grand Duchy of Luxembourg , is a landlocked country in western Europe, bordered by Belgium, France, and Germany. It has two principal regions: the Oesling in the North as part of the Ardennes massif, and the Gutland in the south...
-based private financial institution
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
caters to high net-worth clients
High net worth individual
A high-net-worth individual is a person with a high net worth. In the private banking business, these individuals typically are defined as having investable assets in excess of US$1 million. As explained below, the U.S...
and businesses that are looking to form non-discretionary grantor trust accounts
Grantor Retained Annuity Trust
A grantor retained annuity trust , is a financial instrument commonly used in the United States to make large financial gifts to family members without paying a U.S. gift tax.-Basic Mechanism:...
. The company opened over 9 million Euros worth of new businesses in its first week and currently holds over 210 million Euros in assets. In January 2011, the company incorporated its affiliate Eurotex Global Savings & Trust Inc. in New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
.
Eurotex Finanz (US) Inc.
Launched in May 2011, the United StatesUnited States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
-based private financial institution
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
is primarily engaged in providing loans and funding services for commercial enterprises and individuals with little to no credit history.
James Timothy White Better Life Foundation
The James Timothy White Better Life Foundation was incorporated on March 12, 2009 and under the Alberta Societies Act as non-profit society to help provide families and Alberta's through mentorship, entrepreneurship and education.Personal Bankruptcy
On February 9, 2010 James filed for personal bankruptcy in the City of Calgary, Alberta, Canada, citing total proven liabilities of $595,426 and assets of $0. On November 12, 2010 he was successfully discharged.Media Attention
- Featured in the Calgary HeraldCalgary HeraldThe Calgary Herald is a daily newspaper published in the Canadian city of Calgary, Alberta.- History :The paper was first published on August 31, 1883 by Andrew Armour and Thomas Braden as The Calgary Herald, Mining and Ranche Advocate and General Advertiser. It started as a weekly paper with only...
. - Featured in Calgary Business Magazine.
- Featured in the Calgary SunCalgary SunThe Calgary Sun is a daily newspaper published in Calgary, Alberta, Canada. It is a division of Sun Media, a Quebecor company.First published in 1980, the tabloid-format daily replaced the long-running broadsheet newspaper, The Albertan soon after it was acquired by the publishers of the Toronto...
– Profiles of Business Excellence (2007). - Received the JCI Outstanding Person of Calgary Award (2008).
- Featured in Maribeth Kuzmeski's book, The Connectors: How the World's Most Successful Businesspeople Build Relationships and Win Clients for Life.
- Featured in Justin Sachs' book, The Power of Persistence: Real Life Stories of People Creating Extraordinary Results.
- Interviewed in Justin Sachs' feature film: Achieve Your Ultimate Success.
- Interviewed in Steve Brewster's 'Q: Where have all the leaders gone?'
- Interviewed on The Smith & Riley Show
- Interviewed on June 7, 2011 on The Dresser After Dark Show
- Featured on the Hollis Chapman radio show