Harland Stonecipher Internet Value | Celeb Internet Value

What was Harland Stonecipher’s Internet Value?

Harland Stonecipher was an American businessman who had a web value of $50 million on the time of his loss of life. Harland Stonecipher was finest often known as the founding father of LegalShield, an organization that pioneered the idea of inexpensive pay as you go authorized companies. Over the course of a number of many years, Stonecipher remodeled a private expertise with the excessive value of authorized illustration right into a nationwide enterprise serving hundreds of thousands of members. His work launched the concept that authorized safety might be supplied like an insurance coverage plan, making attorneys accessible to extraordinary households and small companies at a fraction of conventional prices. Underneath his management, LegalShield (initially referred to as Pre-Paid Authorized Companies, Inc.) grew from a small startup in Ada, Oklahoma, right into a publicly traded firm with operations throughout North America. Stonecipher’s imaginative and prescient and persistence not solely created a brand new business mannequin but in addition supplied peace of thoughts to hundreds of thousands who in any other case would have been priced out of the authorized system.

The thought for LegalShield was born after Harland was concerned in a motorcar accident and was hospitalized on July 11, 1969. Though the opposite celebration was cited at fault, they filed a go well with towards Stonecipher for the accident. He employed a lawyer to defend him in courtroom, however in doing so, he depleted his life financial savings. After researching the business of European authorized expense plans, Stonecipher created Pre-Paid Authorized’s predecessor, The Sportsman’s Motor Membership, on August 8, 1972. The membership provided authorized expense reimbursement to its members. Pre-Paid Authorized started using “community advertising” (multi-level advertising or MLM) in 1983, then went public on the NASDAQ Nationwide Market System in 1984. In 1987, Pre-Paid Authorized purchased The Folks’s Community (TPN), a satellite tv for pc tv community devoted to non-public growth. On Might 13, 1999, Pre-Paid Authorized was listed on the New York Inventory Trade. On September 10, 2011, the corporate introduced that it will change its title to LegalShield when it was acquired by a personal fairness agency for $650 million. Harland’s minimize of the sale was $54 million. Harland died on November 10, 2014, on the age of 76.

Early Life

Harland C. Stonecipher was born in 1938 in rural Oklahoma. Raised beneath modest circumstances, he grew up with a powerful work ethic and a willpower to make a greater life. He earned a level in training from East Central College in 1966 and initially labored as a schoolteacher. Later, he moved into the insurance coverage enterprise, the place he honed his gross sales and communication abilities. These early roles gave him each the individuals abilities and the sensible information that might develop into important when he later based his personal firm.

The Accident That Sparked an Thought

The thought for Pre-Paid Authorized was born on July 11, 1969, when Stonecipher was concerned in a motorcar accident that left him hospitalized. Though the opposite driver was cited at fault, they filed a lawsuit towards him. Stonecipher employed an lawyer to defend himself, however in doing so he depleted his life financial savings. The expertise was devastating but in addition illuminating. He realized that whereas most Individuals had insurance coverage for well being, life, and auto, virtually nobody had a monetary security web for authorized bills.

Stonecipher researched European authorized expense plans, which have been already being provided overseas, and determined to deliver the idea to america. On August 8, 1972, he launched The Sportsman’s Motor Membership, an organization that provided authorized expense reimbursement to its members. This enterprise finally grew into what grew to become Pre-Paid Authorized Companies, Inc.

Constructing Pre-Paid Authorized

In its early years, Pre-Paid Authorized gained traction slowly, because the pay as you go authorized idea was unfamiliar to most Individuals. Stonecipher persevered, refining the mannequin and broadening companies past easy reimbursement. In 1983, the corporate adopted a community advertising (multi-level advertising) system, permitting impartial associates to promote memberships and recruit others, which fueled speedy development.

Pre-Paid Authorized went public in 1984 on the NASDAQ Nationwide Market System, giving it entry to capital and nationwide visibility. In 1987, the corporate bought The Folks’s Community (TPN), a satellite tv for pc tv channel centered on private growth, additional increasing its attain. On Might 13, 1999, Pre-Paid Authorized achieved a milestone when it was listed on the New York Inventory Trade.

Growth and Sale

By way of the Nineteen Nineties and 2000s, Pre-Paid Authorized grew to become a frontrunner within the pay as you go authorized business, finally serving hundreds of thousands of members throughout america and Canada. The corporate provided inexpensive authorized plans protecting session, doc evaluate, trial protection, and different companies, partnering with a community of regulation corporations to satisfy its guarantees.

On September 10, 2011, Pre-Paid Authorized introduced it had been acquired by the personal fairness agency MidOcean Companions for $650 million. At the moment, the corporate was rebranded as LegalShield, reflecting a modernized picture for its services and products. Harland Stonecipher’s share of the sale amounted to $54 million, the monetary fruits of his decades-long imaginative and prescient.

Later Life and Legacy

Stonecipher stepped down as CEO in 2010 because of well being issues however remained an inspirational determine throughout the firm. He handed away on November 10, 2014, on the age of 76.

Harland Stonecipher’s legacy rests on his potential to show private adversity right into a groundbreaking enterprise mannequin. What started with a automotive accident in 1969 grew right into a multimillion-dollar firm that made authorized safety inexpensive and accessible for extraordinary Individuals. At present, LegalShield stays one of many largest suppliers of pay as you go authorized companies in North America, standing as a long-lasting testomony to his imaginative and prescient, willpower, and entrepreneurial spirit.