### Biography of Sam Wyly
#### 1. Early Life
Samuel E. Wyly was born on October 4, 1934, in Lake Providence, Louisiana, USA. He was raised in a modest environment; his father worked as a wholesale grocery salesman, and his mother was a teacher. Growing up, Sam showed an early aptitude for entrepreneurship by selling magazines, delivering newspapers, and raising cattle. He attended Louisiana Tech University, where he earned his undergraduate degree in 1956. To further his education, Sam pursued an MBA from the University of Michigan, which he completed in 1957. This educational foundation played a crucial role in his future business ventures.
#### 2. Career
Sam Wyly's career began in the technology sector when he moved to Dallas in the early 1960s. He started working at IBM but soon ventured out on his own, co-founding University Computing Company (UCC) in 1963 with a $1,000 investment. The company provided computer services to local businesses and educational institutions, marking the beginning of his journey in the tech industry.
After his success with UCC, Wyly became involved in a variety of business ventures. In the 1980s, he founded Sterling Software, a company that eventually became a leader in the software services sector. His business interests didn't stop there; Wyly also ventured into retail by acquiring the arts and crafts chain Michaels Stores in 1982, alongside his brother,
Charles-Wyly.
Throughout his career, Wyly was known for his strategic acumen and willingness to take calculated risks. His ventures spanned multiple industries, including telecommunications, where he founded Sterling Commerce, and energy, where he invested in Green Mountain Energy.
#### 3. Notable Achievements
Sam Wyly's notable achievements are diverse and impactful across various sectors:
- **University Computing Company**: Under Wyly's leadership, UCC grew rapidly, serving major corporations and government agencies. The company was innovative for its time, integrating computer technology in sectors previously untouched by it.
- **Sterling Software**: Founded in 1981, Sterling Software became a significant entity in the global software market, eventually selling to Computer Associates in 2000 for nearly $4 billion.
- **Michaels Stores**: Wyly's acquisition and management transformed Michaels into a leading North American arts and crafts retailer. The business flourished under his guidance, expanding its reach and profitability.
- **Philanthropy**: Apart from his business ventures, Wyly was also known for his philanthropic efforts, notably contributing to educational and environmental causes. His support for the arts and education reflected his belief in giving back to the community.
#### 4. Personal Life
Sam Wyly married twice in his life. His first marriage was to Rosemary Acton, with whom he had four children. After their divorce, he married Cheryl Schrader, with whom he had additional children. Wyly was known for his deep roots in Texas, residing in Dallas where he was a prominent community member.
His personal life, however, was not without controversy. In 2010, the Securities and Exchange Commission (SEC) charged Sam and his brother,
Charles-Wyly, with fraud, alleging that they had concealed stock holdings and committed insider trading. The legal battles that followed were lengthy and complex, overshadowing some of his business accomplishments.
Sam Wyly passed away on October 7, 2023, leaving behind a complex legacy marked by notable business successes and significant legal controversies. He is survived by his children, among them
Evan-Wyly,
Laurie-Wyly, and
Kelly-Wyly, who continue to be active in various business and philanthropic efforts. His life story is a testament to the complexities of American entrepreneurship, marked by innovation, success, and adversity.