Houston is one of the largest cities in the USA and many wealthy people live here. A considerable number of them are engaged in charitable activities, providing financial assistance to medical centers, educational institutions, etc. Therefore, they receive not only envy but also gratitude from local residents.
In 2021, Janice McNair was listed by Forbes as one of the richest Houstonians in the world. Moreover, in the city, she also leads in terms of financial status.
What is McNair’s job? How did she manage to achieve a high financial position and become so famous? Houstonski tells you about this woman.
The McNair family
This story begins around 1955, when Janice, a student at Columbia College, met a boy named Bob McNair. He graduated from the University of South Carolina in Columbia.
Janice McNair was born in 1936 in South Carolina. Bob was from Florida and only one year younger.
The couple got married after graduating. In 1960, they moved to Houston, Texas. Janice said that Bob was looking for a job and considering this city for their future life. The couple arrived in Houston and checked into a hotel to get to know the place better. It was February and, as far as you know, the annual city festival Livestock Show and Rodeo is taking place at this time. Bob and Janice were so impressed by the horses they saw on the streets that they could not forget this story for a long time. It brought back the most pleasant memories.
After moving, Bob spent a long time trying to improve the family’s financial situation, working as a salesman and later as an entrepreneur. Attempts proved to be successful only in 1984, when he founded the company Cogen Technologies. Janice was his assistant. In 1999, the company was sold because Bob invested in a new enterprise. It was The McNair Group, a financial and real estate firm headquartered in Houston.
In 1998, the couple formed Houston NFL Holdings to bring a National Football League team to the city. In 2002, the local team Houston Texans began to play football and even win.
The couple created two foundations together, namely the Robert and Janice McNair Educational Foundation (since 1989) and the Robert and Janice McNair Foundation (since 2015). The purpose of the former was to provide financial assistance to students who could not afford an education at Rutherford County. Bob believed that getting an education made a big difference in one’s future. In total, the foundation donated about $2.6 million.
The second organization funded entrepreneurship centers at universities across the United States. Such centers have been established at many universities, including Columbia College, where Janice once studied.
On fragile shoulders
In 1994, Bob McNair was diagnosed with skin cancer. He underwent treatment for a long time. However, during the last year of his life, he completely refused all kinds of medicines and operations. He died in 2018, leaving behind a wife and four children.
Janice was forced to continue running the business on her own and she was now the sole owner of the Texans.
Undoubtedly, many thought that a woman would not be able to manage business and funds. However, Janice not only preserved the family capital but also managed to increase it. According to Forbes, in 2021 McNair’s financial status was equal to $4.2 billion. In 2022, it increased to $5 billion.
Cal McNair, one of the family’s sons, also helps run the business. He assumed the role of the chairman and chief executive officer and is responsible for the day-to-day operations of the franchise.
Janice did not forget about the donations, which she launched with her husband. In 2019, she donated $5 million for the construction of one of the Houston districts. During the difficult times of the pandemic (2020), a woman donated $1 million to the Houston Rent Relief fund. The money was intended for Houston residents who could not pay rent due to the quarantine.