Jim Clayton (Clayton Homes)
Encyclopedia
James L. "Jim" Clayton, Sr. (born 1934) is an American entrepreneur
who founded Clayton Homes
in 1966 and built it into the United States
' largest producer and seller of manufactured housing
, a publicly traded company that was sold to Berkshire Hathaway
in 2003 for $1.7 billion. He lives in Knoxville, Tennessee
.
Clayton was born in Finger, Tennessee
, the son of a sharecropper. As a child, he aspired to become a country music
singer. After high school
he went to Memphis
to attend college
and perform in honky tonk
s. After becoming ill at the end of the first year, he transferred to the University of Tennessee
in Knoxville, where he was a member of the Sigma Phi Epsilon
fraternity and received an engineering
degree
in 1957. He received a law degree
from the University of Tennessee College of Law
in 1964. While a student, he started an informal business of fixing and reselling used cars, establishing a used-car business in 1956. That business grew into a group of Knoxville-area automobile dealerships operated by Jim Clayton and his brother Joe; Jim Clayton sold his interest in the business to Joe in 1981.
Clayton branched into the mobile home
business in 1966.
Clayton published an autobiography
, First a Dream (FSB Press, ISBN 978-0972638906), in 2002, cowritten with Bill Retherford. Reportedly, the book motivated Warren Buffett
to buy Clayton's company, but a 2004 article in Fast Company magazine
suggested that the story was not as simple as was widely reported.
Clayton has made many charitable contribution
s in the Knoxville area, including a $3.25 million donation for construction of the Knoxville Museum of Art
; a $1 million donation to the University of Tennessee College of Law
for its Center for Entrepreneurial Law; and a $1 million donation to East Tennessee Baptist Hospital to establish the Clayton Birthing Center. He and his wife, Kay Clayton, also made two $1 million donations to Freed-Hardeman University
in Henderson, Tennessee
, which is near his home town.
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...
who founded Clayton Homes
Clayton Homes
Clayton Homes, a component company of Berkshire Hathaway, is the United States' largest manufacturer of manufactured housing. The company is vertically integrated; it builds, sells, finances, leases, and insures manufactured and modular homes....
in 1966 and built it into the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
' largest producer and seller of manufactured housing
Manufactured housing
Manufactured housing is a type of prefabricated housing that is largely assembled in factories and then transported to sites of use...
, a publicly traded company that was sold to Berkshire Hathaway
Berkshire Hathaway
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States, that oversees and manages a number of subsidiary companies. The company averaged an annual growth in book value of 20.3% to its shareholders for the last 44 years,...
in 2003 for $1.7 billion. He lives in Knoxville, Tennessee
Knoxville, Tennessee
Founded in 1786, Knoxville is the third-largest city in the U.S. state of Tennessee, U.S.A., behind Memphis and Nashville, and is the county seat of Knox County. It is the largest city in East Tennessee, and the second-largest city in the Appalachia region...
.
Clayton was born in Finger, Tennessee
Finger, Tennessee
Finger is a city in McNairy County, Tennessee, United States. The population was 350 at the 2000 census.-Geography:Finger is located at .According to the United States Census Bureau, the city has a total area of , all of it land....
, the son of a sharecropper. As a child, he aspired to become a country music
Country music
Country music is a popular American musical style that began in the rural Southern United States in the 1920s. It takes its roots from Western cowboy and folk music...
singer. After high school
High school
High school is a term used in parts of the English speaking world to describe institutions which provide all or part of secondary education. The term is often incorporated into the name of such institutions....
he went to Memphis
Memphis, Tennessee
Memphis is a city in the southwestern corner of the U.S. state of Tennessee, and the county seat of Shelby County. The city is located on the 4th Chickasaw Bluff, south of the confluence of the Wolf and Mississippi rivers....
to attend college
College
A college is an educational institution or a constituent part of an educational institution. Usage varies in English-speaking nations...
and perform in honky tonk
Honky tonk
A honky-tonk is a type of bar that provides musical entertainment to its patrons...
s. After becoming ill at the end of the first year, he transferred to the University of Tennessee
University of Tennessee
The University of Tennessee is a public land-grant university headquartered at Knoxville, Tennessee, United States...
in Knoxville, where he was a member of the Sigma Phi Epsilon
Sigma Phi Epsilon
Sigma Phi Epsilon , commonly nicknamed SigEp or SPE, is a social college fraternity for male college students in the United States. It was founded on November 1, 1901, at Richmond College , and its national headquarters remains in Richmond, Virginia. It was founded on three principles: Virtue,...
fraternity and received an engineering
Engineering
Engineering is the discipline, art, skill and profession of acquiring and applying scientific, mathematical, economic, social, and practical knowledge, in order to design and build structures, machines, devices, systems, materials and processes that safely realize improvements to the lives of...
degree
Academic degree
An academic degree is a position and title within a college or university that is usually awarded in recognition of the recipient having either satisfactorily completed a prescribed course of study or having conducted a scholarly endeavour deemed worthy of his or her admission to the degree...
in 1957. He received a law degree
Law degree
A Law degree is an academic degree conferred for studies in law. Such degrees are generally preparation for legal careers; but while their curricula may be reviewed by legal authority, they do not themselves confer a license...
from the University of Tennessee College of Law
University of Tennessee College of Law
The University of Tennessee College of Law is the law school of the University of Tennessee located in Knoxville, Tennessee. Founded in 1890, the school is fully accredited by the American Bar Association and is a charter member of the Association of American Law Schools.-The Law Center and the...
in 1964. While a student, he started an informal business of fixing and reselling used cars, establishing a used-car business in 1956. That business grew into a group of Knoxville-area automobile dealerships operated by Jim Clayton and his brother Joe; Jim Clayton sold his interest in the business to Joe in 1981.
Clayton branched into the mobile home
Mobile home
Mobile homes or static caravans are prefabricated homes built in factories, rather than on site, and then taken to the place where they will be occupied...
business in 1966.
Clayton published an autobiography
Autobiography
An autobiography is a book about the life of a person, written by that person.-Origin of the term:...
, First a Dream (FSB Press, ISBN 978-0972638906), in 2002, cowritten with Bill Retherford. Reportedly, the book motivated Warren Buffett
Warren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
to buy Clayton's company, but a 2004 article in Fast Company magazine
Fast Company (magazine)
Fast Company is a full-color business magazine that releases 10 issues per year and reports on topics including innovation, digital media, technology, change management, leadership, design, and social responsibility...
suggested that the story was not as simple as was widely reported.
Clayton has made many charitable contribution
Philanthropy
Philanthropy etymologically means "the love of humanity"—love in the sense of caring for, nourishing, developing, or enhancing; humanity in the sense of "what it is to be human," or "human potential." In modern practical terms, it is "private initiatives for public good, focusing on quality of...
s in the Knoxville area, including a $3.25 million donation for construction of the Knoxville Museum of Art
Knoxville Museum of Art
The Knoxville Museum of Art is a contemporary art museum located at 1050 World's Fair Park in Knoxville, Tennessee. The KMA is committed to developing exhibitions by emerging artists of national and international reputation.- History :...
; a $1 million donation to the University of Tennessee College of Law
University of Tennessee College of Law
The University of Tennessee College of Law is the law school of the University of Tennessee located in Knoxville, Tennessee. Founded in 1890, the school is fully accredited by the American Bar Association and is a charter member of the Association of American Law Schools.-The Law Center and the...
for its Center for Entrepreneurial Law; and a $1 million donation to East Tennessee Baptist Hospital to establish the Clayton Birthing Center. He and his wife, Kay Clayton, also made two $1 million donations to Freed-Hardeman University
Freed-Hardeman University
Freed-Hardeman University is a primarily undergraduate university in Henderson, Tennessee. The university is located within a short distance of the town's central area. The university traces its heritage to the members of the Churches of Christ who helped build it...
in Henderson, Tennessee
Henderson, Tennessee
Henderson is an incorporated city in Chester County, Tennessee, United States. The population was 5,670 at the 2000 census. It is the county seat of Chester County...
, which is near his home town.
External links
- http://jimclayton.com/