William Dunavant
Encyclopedia
William Dunavant, better known as Billy Dunavant is one of the leaders in the cotton
industry.
, and finally received his bachelor’s degree in Business Administration from Memphis State University. His maternal grandfather, T.J. White, was a cotton farmer from Tunica, Mississippi
. His paternal grandfather, Colonel William P. Dunavant was in the railroad business and created one of the main cotton transporting railroads of the time. Billy’s father began working for T.J. White and Company at the age of 21. After T.J. retired, the company was passed to Billy’s father; however, because of the death of his father, Billy took over the company at the young age of 29.
list of largest private companies and according to the Memphis Business Journal, it is the largest private company in Memphis.
One reason for Dunavant’s great success is his innovative business techniques. In a 1976 article in the Memphis Commercial Appeal, his great business strategy is discussed: “Dunavant’s company was one of the first to go into ‘future contracting,’ whereby a farmer agrees to a price before he plants. It’s a risky venture speculating on future cotton prices but Dunavant prospered while others floundered.” On March 13, 2007 Billy Dunavant was inducted into the Futures Industry Association’s Hall of Fame for his work in the cotton futures business.
After a successful career in the cotton industry, Dunavant stepped down as chief executive officer in 2005 to pursue his interests in tennis, fishing, hunting and golf. Before his retirement Dunavant completed the second-largest cotton sale in history. The sale was to China and it was a gross sale of $225 million. Although Dunavant is no longer the CEO, he says that he will remain chairman of the board forever. Dunavant Enterprises and the cotton industry have been such vital and integral parts of his life that he is not willing to let it go altogether.
Dunavant has always been involved in the Memphis community working with institutions such as Rhodes College
, Memphis University School
, and Boy Scouts of America
. Dunavant’s love of tennis inspired him to build the Memphis Racquet Club in 1972. His aspirations for a professional football team resulted in him selling the Racquet Club in 1992.
Cotton
Cotton is a soft, fluffy staple fiber that grows in a boll, or protective capsule, around the seeds of cotton plants of the genus Gossypium. The fiber is almost pure cellulose. The botanical purpose of cotton fiber is to aid in seed dispersal....
industry.
Early life
Billy Dunavant was born on December 19, 1932 to William and Dorothy Dunavant. He was educated first at the McCallie School in Chattanooga, then at Vanderbilt UniversityVanderbilt University
Vanderbilt University is a private research university located in Nashville, Tennessee, United States. Founded in 1873, the university is named for shipping and rail magnate "Commodore" Cornelius Vanderbilt, who provided Vanderbilt its initial $1 million endowment despite having never been to the...
, and finally received his bachelor’s degree in Business Administration from Memphis State University. His maternal grandfather, T.J. White, was a cotton farmer from Tunica, Mississippi
Tunica, Mississippi
Tunica is a town in Tunica County, Mississippi, United States, located near the Mississippi River. Until the early 1990s the town was one of the most impoverished places in the United States, semi-famous for the particularly deprived neighbourhood known as "Sugar Ditch Alley", named for the open...
. His paternal grandfather, Colonel William P. Dunavant was in the railroad business and created one of the main cotton transporting railroads of the time. Billy’s father began working for T.J. White and Company at the age of 21. After T.J. retired, the company was passed to Billy’s father; however, because of the death of his father, Billy took over the company at the young age of 29.
Career
When Dunavant took over the company in 1961 they handled around 100,000 bales of cotton a year, and ninety percent of their sales were in the United States. Dunavant “partly attributes his success to a ‘God-given’ talent for proper timing.” With good timing he was able to expand the cotton industry out of the country. Today, the company sells over 4 million bales of cotton to more than 80 countries around the world. Dunavant Enterprises is on the Forbes 400Forbes 400
The Forbes 400 or 400 Richest Americans is a list published by Forbes Magazine magazine of the wealthiest 400 Americans, ranked by net worth. The list is published annually in September, and 2010 marks the 29th issue. The 400 was started by Malcom Forbes in 1982 and treats those in the list like...
list of largest private companies and according to the Memphis Business Journal, it is the largest private company in Memphis.
One reason for Dunavant’s great success is his innovative business techniques. In a 1976 article in the Memphis Commercial Appeal, his great business strategy is discussed: “Dunavant’s company was one of the first to go into ‘future contracting,’ whereby a farmer agrees to a price before he plants. It’s a risky venture speculating on future cotton prices but Dunavant prospered while others floundered.” On March 13, 2007 Billy Dunavant was inducted into the Futures Industry Association’s Hall of Fame for his work in the cotton futures business.
After a successful career in the cotton industry, Dunavant stepped down as chief executive officer in 2005 to pursue his interests in tennis, fishing, hunting and golf. Before his retirement Dunavant completed the second-largest cotton sale in history. The sale was to China and it was a gross sale of $225 million. Although Dunavant is no longer the CEO, he says that he will remain chairman of the board forever. Dunavant Enterprises and the cotton industry have been such vital and integral parts of his life that he is not willing to let it go altogether.
Dunavant has always been involved in the Memphis community working with institutions such as Rhodes College
Rhodes College
Rhodes College is a private, predominantly undergraduate, liberal arts college located in Memphis, Tennessee, USA. Originally founded by freemasons in 1848, Rhodes became affiliated with the Presbyterian Church in 1855. Rhodes enrolls approximately 1,700 students pursuing bachelor's and master's...
, Memphis University School
Memphis University School
Memphis University School is an all-male private school for grades 7–12, located in Memphis, Tennessee.-History:MUS was founded in 1893 by Edwin Sidney Werts and James White Sheffey Rhea. MUS is a college-preparatory school. The school's colors, red and blue, were chosen by the founders to...
, and Boy Scouts of America
Boy Scouts of America
The Boy Scouts of America is one of the largest youth organizations in the United States, with over 4.5 million youth members in its age-related divisions...
. Dunavant’s love of tennis inspired him to build the Memphis Racquet Club in 1972. His aspirations for a professional football team resulted in him selling the Racquet Club in 1992.