Bishop T.D. Jakes on his Faith & Finances
Tuesday, September 02, 2008SUSIE GHARIB: Bishop T.D. Jakes is the head of a 30,000 member mega-church in Dallas. He's also an entrepreneur and philanthropist. As Shon Gables reports from Black Enterprise Business Report, Bishop Jakes leads a multi- million dollar empire, divided into two parts. One is for profit, the other is not.
SHON GABLES, BLACK ENTERPRISE BUSINESS REPORT CORRESPONDENT: Thomas D. Jakes is head of a multi-million-dollar empire divided into two kingdoms, one for profit, the other not.
BISHOP T.D. JAKES, THE POTTER'S HOUSE, CEO, TDJ ENTERPRISES: I am careful to separate who I am as a pastor from who I am as a businessperson. Separate location, separate staff, separate accounting systems, two different COOs. One of them is a not-for-profit, the other one is a for- profit.
GABLES: The 50-year-old bishop says he didn't start with much, but business is in his blood.
JAKES: My father was am entrepreneur, OK? My grandmother was an entrepreneur. My great-great-grandfather was an entrepreneur. So I grew up in a house that talked about business and marketing and investments and annuities all of my life.
GABLES: With that knowledge, Jakes set audacious goals and stopped at nothing to accomplish them. He took a storefront, non-denominational church with just 10 members and transformed it into what is now known as The Potter's House, a 191,000 square foot, 8000-seat worship center overlooking 400 acres of church-owned land in Dallas, Texas. The cost, $45 million.
JAKES: And I went after it aggressively. And we paid it off in a few short years just challenging people, everybody, everything we could to raise money. But we saved $25 million worth of interest by paying it off. This is my year of change!
GABLES: Today, 30,000 members strong, The Potter's House has created jobs for nearly 400 people with 50-plus active ministries, each falling under their own non-profit umbrella.
JAKES: We do our community development, our outreaches, and are able to do some of the things that we do as it relates to education initiatives, as it relates to community service, as it relates to the building of homes.
GABLES: Case in point, Capella Park, the $150 million residential development minutes from the church, featuring 1,500 single family homes. And in the center of the community, Clay Academy. Let's talk about the for-profit company, T.D. Jakes Enterprises, the type of revenue that you draw in.
JAKES: I couldn't give you an accurate figure right off the top of my head, but it would be in the millions.
GABLES: It reportedly tops $15 million, and includes mega conferences, plays, a TV studio, record label, and over 30 books he has written, several of which are New York Times bestsellers. Jakes just signed a multi-million dollar deal with Sony Pictures to produce nine movies. While these high- profile business dealings are what drives Jakes, being a high roller also puts him under tight scrutiny. But Jakes fears not, because he says he has nothing to hide.
JAKES: You don't have a credibility issue if you just do what you say. I mean, it's not rocket science here.
GABLES: And neither is Jakes' desire to give back. While he was recently appointed to the board of the National Underground Railroad Museum in Cincinnati, much of his money helps people suffering around the world, with a special focus on Africa. And yes, he practice what's he preaches.
JAKES: It's tenacity. It's guts. It's reading. It's studying. It's surrounding yourself with bright people. It's never giving up on your dreams.
