LOCATED DOWNTOWN BALTIMORE, MD
/iTriumphMag /iTriumphmag
FOUNDER & EDITOR-IN-CHIEF
Angela Hendrix Bell
CHIEF OPERATING OFFICER
Dr. C. Fitzgerald Bell
EDITORIAL & CREATIVE DIRECTOR
Chae Carriere Young
ART DIRECTOR
Tiffany Mason
COPY EDITORS
Jacob Hendrix, Jr. | Vilinda McCann | Maria Clark
RESEARCHER
Alacia Hendrix Turner
MEDIA PRODUCTION DIRECTOR
Courtney S. Bell
SMALL BUSINESS & ENTREPRENEUR CONSULTANTS
Felicia Brown | Peggy Morris
PHOTOGRAPHY DIRECTOR
Cipriana Thompson
CONFERENCE MANAGEMENT DIRECTOR
Monica Chestnut
EVENTS & LOGISTICS DIRECTOR
Rasheena Wilson
CONTRIBUTING WRITERS
Roselyn Aker-Black | Chereace Richards | L. Denise Jackson | Kaneisha Matthews | Jasmond L. Gray
Welcome to
iTRIUMPH®
PATHWAYS TO EXCELLENCE
We are excited to introduce iTRIUMPH® Magazine! This publication is dedicated to representing the victorious men and virtuous women who are black businessowners, enterpreneurs and those who aspire to be. We highlight those establishments who are always excellent and professiona and their contributions to the economics of our society despite the misrepresentation and stigmas of black-owned businesses. iTRIUMPH®Magazine is part of a wealth building movement created by a black-owned businessowner for the growth in entrepreneurial and the financial development for all black and brown business owners.
As the world embraces and recognizes “Black Girl Magic” and “Black Excellence,” in this Special Divine Excellence Edition we will highlight a few business owners of the North Atlantic Region of Alpha Kappa Alpha Sorority, Incorporated®. The time is now to promote the excellence among us. In addition, iTRIUMPH® features Historically Black Colleges and Universities (HBCU) developing the future entrepreneurs and businessowners. This issue is proud to feature Bowie State University! Now more than ever, emphasis on black ownership and entrepreneurship is being brough to the forefront. Therefore, we need to be equipped and connected with the right tools that will support successful business practices that will yield favorable revenue.
We are establishing the iTRIUMPH® B2B Network to encourage the purchase of goods and services for the operations of our daily lives as well as to encourage someone’s journey as entrepreneurs and business owners. The iTRIUMPH® B2B will help to develop successful businesses to create generational wealth for their families. Let iTRIUMPH® Magazine provide the tools, resources and opportunities to increase revenues that can grow and sustain businesses within our community.
Although we must support businesses owned by our community and all those who do business with us, we also must learn from everyone. Therefore, never miss the opportunity to enrich our minds by educating ourselves diversely, adding value to others and practing self-care.
Join the iTRIUMPH® experience and promote excellence in our community to raise awareness for why, where and how to support the value of the black dollar. Take a moment to connect, explore, be encouraged and most of all ENJOY!
Editor-In-Chief
Angela Hendrix Bell Founder & Publisher
— Alberto Giacometti
Do You Know... Mary Bentley LaMar
Founder
and
Executive Director of The Sickle Cell Association of New Jersey
Mary Bentley LaMar is a Community Relations Specialist, award winning leader and critically acclaimed vocalist with a reputation for successfully making it happen. Her style is inspiring, creative and motivational.
She is the Founder and Executive Director of the Sickle Cell Association of New Jersey, Inc., a nonprofit organization dedicated to improving conditions for individuals with sickle cell disease. Under Mary’s leadership they have initiated programs such as A Sickle Cellabration and The Statewide Sickle Cell Symposium. “Mary is an organizational powerhouse that delivers on every commitment and project that she takes on.”
Recognizing the need, Mary founded the Sickle Cell Association of New Jersey, a 501c3 non-profit community based agency on September 1, 2009 to assist the sickle cell community, especially adults, with non - medical needs such as, support groups, transition, education, access to research, resource sharing, family follow up and other programs that improve their quality of life.
Recognized as an award winning servant leader with a reputation for successfully “making it happen,” Mary has travelled extensively throughout the country implementing a national campaign on sickle cell disease. She brings that same commitment to New Jersey through SCANJ.
Under Mary’s leadership SCANJ has been able to:
• Implement the New Jersey Sickle Cell Poster Child and Teen Spokesperson Program
• Advocate with the Sickle Cell Disease Association of America on Capitol Hill to support efforts to increase resources for people with sickle cell disease
• Offer Chronic Disease Self Management Workshops to the community for free
• Conduct and support Dr. Charles Drew sickle cell blood drives to increase blood donations from the minority community
• Present at national SCDAA Conventions on the SCANJ programs
• Educate the community affected by sickle cell disease through special events such as A Sickle Cellabration, The Thanks For Giving Concert, The 24 Seven Line Dance Marathon and the December Holiday Party
• Raise awareness through newsletters, brochures, calling posts, email list serves, teleconferences, health fairs and our website www.sicklecellnewjersey.org
• Honor individuals and organizations with the Dr. Charles F. Whitten Awards for outstanding service
• Host Road Trips for families to attend regional and national conferences.
Mary has worked in the health care industry for over ten years and is trained in respiratory, diabetic and infectious disease pharmaceuticals. She is experienced in promoting awareness on reproductive endocrinology and she has worked with community-based sickle cell agencies nationwide to educate about sickle cell disease and related conditions. This graduate of Indiana University in Bloomington Indiana, with a degree in Broadcast Journalism, is dedicated to enhancing the quality of life in the community. She is described by sickle cell advocacy groups as a “skilled and effective communicator who greatly advanced our visibility in the community.”
Mary’s unique constellation of skills and experiences makes her an especially successful advocate. She honed her communication skills for over 20 years in the highly competitive entertainment industry where she received critical acclaim as a musical theatre artist.
Mary seizes every opportunity to enlist and leverage support from key influencers nationwide including health care professionals, political leaders, advocacy groups, churches, local media, community leaders, and civic organizations. Together with her husband, Dr. Ansley W. LaMar, she conducts research, implements strategies, coordinates related programs, arranges public relations events, and develops initiatives that make a positive impact in the community. They are the proud parents of Hunter LaMar, a musically talented and civic minded teenager.
To Donate: https://www.mygiving.net/donate/TheSickle-Cell-Association-of-New-Jersey
~Glenn Jenkins, Embrace Kids Foundation Consultant of LaMar Educational Enterprises LLC
North Atlantic Regional Director of Alpha Kappa Alpha Sorority, Incorporated®
Growing Entrepreneurs of Tomorrow
By: Jasmond L. Gray
Growing a business
is a lot like gardening. A lot of time, energy, and care must go into it before you may see any growth. The fundamental groundwork towards the beginning stages of any project can determine its success in the long run. This groundwork lays the structure and can become a full-time endeavor. There is a need in the world for growing future leaders and to water those seeds. Bowie State University (BSU) aims to meet that need.
BSU is always striving to exceed the expected. Having been the first college in Maryland to focus solely on educating young Black Americans, it is a historically black college and university (HBCU). Now, having a major animation house (LAIKA) open a stop motion studio for the school, BSU continues this tradition. It also aims to incorporate civic engagement, social justice, and entrepreneurship into its mission. BSU is providing groundbreaking opportunities that extend community outreach beyond the classroom walls. BSU is enriching communities by cultivating the young minds of tomorrow.
Bowie State launched its plan to infuse entrepreneurial thinking and behavior into the young minds of tomorrow by starting an Entrepreneurship Academy. The Academy’s mission is to partner with local and regional organizations and individuals to provide programming that engages young people in developing the skills that lead to success in education and their future careers. Johnetta Hardy, Executive Director of the Entrepreneurship Academy, understands the importance of this new path. “The program is a campus-wide initiative. Our president, Dr. Breaux, wants every student that matriculates through BSU to be exposed to the entrepreneurial ecosystem.” The students can blossom in this ecosystem by participating in the Entrepreneurship Academy. BSU can ensure that no student falls through the cracks. According to Director Hardy, “We, the Entrepreneurship Academy, are in the classrooms, starting with freshman orientation, and are present in the development of our students, to create innovative thinkers.” The Academy is designed to grow students into innovative thinkers by teaching students that rather than trying to find a job that fits them, they can create one for themselves.
BSU has been planting more seeds that lead to better chances of their student’s success and growth after graduation. The Entrepreneurship Academy hosts think tanks, pop-up shops, business pitch competitions, summer intensives, paid internships, and the HBCU Entrepreneurship Conference (scheduled for September 2022)! The Academy also offers internship opportunities through the Career Development Center. An Entrepreneurship Innovation Center offers students a centralized area to work in and provides 3D printers, button makers, and sewing machines. “If you want to learn how to start a business, we have workshops for that. We also have resident entrepreneurs to mentor and coach the future CEOs,”, Director Hardy explains.
BSU’s community is looking to cultivate young minds as they entrust the university with their education. The opportunities and strides made within the Entrepreneurship Academy have allowed for a new
crop of budding, business-minded, and driven young people to start something that the world has not yet seen. Moving forward, opportunities are available for those who are willing to sow into BSU’s goals. The University welcomes and encourages businesses and individuals through internships, donations, counseling, and mentorship. The next generation to benefit from BSU’s endeavor needs our help to blossom into a future full of possibilities and achieved ambitions.
For more information on the Entrepreneurship Program, go to https://www.bowiestate.edu/academics/ entrepreneurship/
Understanding Black Business
theempire strikes
BLACK AGAIN!
The Significance in Branding Black-Owned Unapologetically
By Kaneisha Matthews
African-Americans’ minds and capabilities to authentically create, design, and produce have reigned luminary for centuries. Madame CJ Walker’s hair business. Gilbert A. Morgan’s traffic-signal contribution. Charles Drew’s significant development of the blood bank and the list goes on. Although it is not a secret that Black People possess gifted hands, earnest talent, and innovative ideas that continuously flood business markets and streets. One question remains to boggle the minds of some Black Entrepreneurs, what is the significance in branding their business as Black Owned and what are the troubles that swarm around it?
In the 20th century, during the rise of Black Wall Street in Tulsa, Oklahoma, African Americans flourished and thrived in that era by engineering and sustaining a Black-Owned business district through self-sufficient
employment and commerce. While the preservation of Black People, Black Power, and Black Innovation served as intentional and necessary, the white counterparts differed. According to Fain (2017), who wrote The Devastation of Black Wall Street, the whites could not fathom the uprise and increase in Black business or population. As a result, they burned Tulsa’s very own Black Wall Street down to the ground. The flames and ashes were considered a warning and threat to Blacks, ultimately suggesting that they stay in their lane, which the opposition perceived to be far from capitalism and success.
The burning and destruction of Black Wall Street was not the only time whites have targeted and attempted to thwart Blacks’ road to success. Umoh and Garrett (2020) suggested this notion in the article, Black In Business: Celebrating The Legacy Of Black Entrepreneurship. The report mentioned the rise and fall of Black Businesses and empires over the centuries, specifically recalling The Reconstruction Era, a time after the Civil War, when Black Businesses were on the up and up again. The number of Black-Owned Businesses worldwide drastically increased in an attempt for Blacks to revolutionize the inequities of slavery. Unfortunately, shortly after experiencing a taste of accomplishment and triumph as Black Business Owners, the white counterparts decided to implement a resurgence of Jim Crow laws. The rebirth of segregation laws combined with the Great Depression sent Black-Owned businesses into another downward spiral.
While the traveled road ahead seemed daunting and relentless, the decline of Black Entrepreneurship did not diminish or deplete Black People’s desire to become successful business owners. Instead, it strengthened their manpower, increased their urge, and propelled their pursuit of excellence. It sparked a new light, a fiery passion, and a fresh hunger to rise above the opposition. It encouraged Black Entrepreneurs to continue to create their own seats at their own table regardless of how many efforts it took to succeed because, in the end, they always did. The old saying utters that history repeats itself. The expression remains true; history and present times reveal that no matter how many times Blacks are greeted with and undertaken by adversity, they still rise to the occasion and complete the deed they sought to accomplish. They show up and show out as worthy, capable, intelligent, and resilient individuals who constantly beat odds by creating and sustaining befitting identities as business owners---Black-Owned Business Owners.
While African-Americans run this race with their minds ahead of their feet, they must remember that the adversary will try to keep them far behind and out of the race. This metaphor visually represents the opposition-driven desire to withhold or prevent access to resources such as capital and mere opportunity. Without admittance to most of these specific aides, Blacks’ groundbreaking ideas and talents can begin to lay dormant and become idle. Thus, they need to remember to always stay the course, and most importantly, their gifts are natural and from within. Therefore, they cannot be taken away or destroyed by anyone or anything, despite the diligent attempt.
Danielle Sykes, a Clinton, MD resident and BlackOwned Business Owner of Cary Berry Graphic Designs, agreed. When asked the importance of branding as Black Owned, Sykes immediately proclaimed that she had never imagined stamping her brand with any other identity or trademark. She believed that women, especially African-Americans should recognize themselves as future business owners and proprietors as an adolescent. Furthermore, Sykes desired to beat the odds and rise against typical stereotypes such as Blacks are not professional and financially astute to operate a business. As a result, Sykes decided to establish a BlackOwned Business that positively influences and shapes Black children’s perceptions concerning Black people’s ability, competence, and intelligence to manage businesses successfully in corporate America.
Moreover, Sykes discussed the downsides of pursuing trading and marketing Black products and services within White America. She amplified the counterpart’s ability and longing to keep financial means and professional development opportunities at bay. Black Owned Business owners of Next Generation Studios, an event space in Temple Hills, MD, James Peteet and Pria Carter, acquiesced. The young African-American couple turned an empty office space into a marketable venue to hold celebrations, conferences, work meetings, study groups, and more. Peteet and Carter believed, like Sykes, that it was essential to not only show but prove to AfricanAmerican youth that they too could participate in the Fortune 500 company race.
Furthermore, they emphasized the criticality of circulating the Black dollar within the Black community infinitely. After focusing on the positive aspects of branding as Black-Owned, the couple also discussed the negative prospects African-Americans tend to face. For example, people expect Black Business Owners to deliver benchmark services and products one hundred
continue on page 21
Do You Know... Dr. Roselyn Aker-Black
TV One’s “For my Woman” Series Psychologist, TEDX Speaker, Relationship Expert, Fiskite, an AKA, Wife, Author, seen in Huffington Post, Fox5DC, NBC4, WHURFM
Dr. Roselyn Aker-Black is an award-winning Relationship Expert, Clinical Psychologist, Non Profit Executive, Series Psychologist on TVONE’s limited series “For my Woman,” author and TEDx Speaker. She has a passion for helping people develop healthy relationships in their lives by saving families, one relationship at a time!
So You Want to Be An Entrepreneur 5 Keys of a Successful Business Relationship
By: Roselyn Aker-Black, Psy.D
Building a successful business relationship mirrors any other healthy relationship in your life. It requires, trust, reciprocity, open communication and continual maintenance. People may be cordial with you, but it does not mean that they desire to do business with you. It is important to understand that companies have options and if you truly desire to build a successful business relationship, you must position yourself as the best option!
You are a Brand!
First and foremost, you must understand that you are a brand! The character that you introduce to others is how they will describe you. Your behaviors matter! It is human nature to make a judgement about a person in 1.5 seconds so it’s imperative for you to control the narrative of who you are! You must show up in such a way that others promote you simply because they trust your character. If you are deemed as arrogant, incompetent, lazy, horrible customer service, not dependable, desperate, or impulsive, businesses are less likely to refer you to others as everyone is in the game of “protecting their great name”. Decision makers are never willing to be questioned about their integrity due to referring someone with questionable character and your behaviors should never put them in that type of position! So rule number one in terms of building a healthy business relationship starts with you! It is imperative to craft your brand in the most positive light in efforts to build meaningful relationships.
Networking Determines your Net Worth!
Your net worth will be determined by how efficiently you network! Most people abhor networking, but if decision makers do not know that you exist, they can not pay you or make referrals to you, thus reducing your chances
of being able to create a repeat customer journey. The goal of networking is to increase your influence and to develop brand awareness, so you must expand past your industry or profession to inform other industries on why your skills and expertise can be an asset for their business. Networking simply just in your industry means that you are marketing to someone with the same skills as you. You are no benefit to anyone that can do what you do! For example, if you are a graphic artist, another graphic artist is not going to pay you top dollar to complete a project, but a non profit executive will because they do not have the skill set that you have nor do they have the time to try to train themselves on the acquired skill set. Do not leave money on the table because you are afraid to network in different industries. Always strive to ultimately increase your net worth!
Volunteering!
Volunteering is an important strategy to develop successful business relationships whether you are entry level or an executive. Volunteer work allows you to display your character, provides a reference for people to describe your humanity, and it allows others the opportunity to assess your work ethic. Even when volunteering, it is important to put your best foot forward as your work ethic will provide others with the opportunity to gage whether you are dependable enough to trust you with their money. The goal of any business is to make money and if you do an amazing job without pay, then others are more apt to refer you to paid positions because they can trust that you will do an extraordinary job with pay!
Be a Giver!
The golden rule in building a business relationship is to offer help before you ask for help! This may not sound ideal, but once you master offering help and expecting
nothing in return, your value increases in the relationship! Relationships are reciprocal and if you want to gain someone’s trust, it is important to show them that you are a giver first. Giving first sets the tone on why having a relationship with you is important. Being known as the resource gives you leverage to then be able to ask for what you may need, as people will give you more because they know that you are “the plug” and they want to be just as valuable to you. Be the giver and not the taker so that your brand is always valued.
Communication!
Communication as in all relationships is extremely important in a business relationship as well. Become proficient at articulating yourself and recognize that the burden of clarification will always be on you to express what you may need. Learn to become an active listener as it shows that you care. When others feel that you care enough to listen to their need, they are more willing to refer other business to you. Your social media platforms and email lists should be informational and reflect your brand, as your customers want to know that you are knowledgeable. There must be proof of your expertise before you or your product is deemed valuable enough to purchase! Asking for feedback allows your customer to know that you value their experience with you which will in turn increase loyalty to your brand.
Building a meaningful business relationship truly does not have to be hard, but it does require consistency and
maintenance. I challenge you to do an honest assessment over your business to acknowledge your strengths and weaknesses. It is never too late to get back on track!
Develop a course of action to hold you accountable by simply thinking of your customer experience in your everyday life. What is it about that experience that you trust them enough to spend your money with them. Model your accountability plan on those brands that you personally enjoy as your starting point and do not be afraid to do focus groups with your customer base to see what you do well and where you need to improve. Always remember that it is important to still exhibit the values that you introduced your customer to in order to maintain their trust. Continue to be solution oriented as it will increase your value and market you as an asset while steadily solidifying your brand. Good Luck! ~iT
Roselyn Aker-Black Contributing Writer
The documentary When They Speak: Stories of Black Men in America is a conversation with 13 men about their views of and their experiences in an America that’s both ever-changing and unchanging. Director and Producer, Cipriana D. Thompson of Cipriana Thompson Photography, and Director of Photography and Editor, John Ledbetter of Sunchase Media, engaged with these men of varied backgrounds and lives as they shared honestly about racism, policing, what troubles them, scares them and brings them hope. If you’ve ever wanted this kind of insight, welcome to the conversation.
The Empire Strikes Black ... con’t from pg 17
percent of the time as if mistakes or mishaps cannot occur. In addition to the complete opposite transpiring, individuals doubt that product or quality of service is suitable because it is associated with Black People. In the end, Peteet and Carter explained that these specific stereotypes and negative associations can cause societal members to dissociate themselves from any BlackOwned trade; therefore, they aspire to set the standard and tone as Black leaders and managers in corporate America. In a world full of naysayers to Black-Owned Businesses, they strive to be why people say YES to the BEST (Black Entrepreneurship Takeover) OR (Black Entrepreneur Strategic Takeover).
Black-Owned businesses are on the rise again in the 21st century, and they cannot be immobilized. Umoh (2020) stated that “if history is any indication, black entrepreneurship will continue to grow and thrive in the coming years--- an economic boon for Americans of all colors.” Therefore, Black Business Owners must continue to identify their companies as Black-Owned. It not only pays homage to the ancestor who has fought well and triumphed in past corporate America. Nevertheless, it also remains a constant reminder that though the road to success is extensive, narrow, and sometimes demoralizing, African-Americans’ ability to travel that road and conquer it is much grander than any obstacles faced. Consequently, the empire continues to strike Black again in corporate America.
References
Fain, K. (2017 July 5). The devastation of black wall street. https:// daily.jstor.org/the-devastation-of-black-wall-street/ Umoh, R., & Garrett, B. (2020, February 3). Black in business: Celebrating the legacy of black entrepreneurship. https://www.forbes. com/sites/ruthumoh/2020/02/03/celebrating-black-history-month2020/?sh=32a76d0e2b45
(D. Sykes, personal communication, April 30, 2021)
(J. Peteet and Pria Carter, personal communication, May 3, 2021)~iT
Kaneisha Matthews
Contributing Writer
HBCU Alumni
Government Contracts: Are You Ready?
By L. Denise Jackson
Every couple of years there seems to be this renewed interest in government contracting from small businesses that never knew government contracting existed as a revenue stream. Government contracting is a 5 trillion dollar industry and has been around for ages and there is big money in it. While new businesses are interested in entering into and securing government contracts, not everyone is ready for the opportunity, or the challenges that await. Depending on what level of contracting you are attempting to succeed in, there are different levels of requirements that allow you the opportunity to bid on a contract.
In 2019, there were $597B+ worth of unrestricted government contract opportunities. In 2020, there were $500B+ of Top 20 unrestricted opportunities. In 2021, there is an expected amount of $307B+ for the Top 20 unrestricted opportunities. Unrestricted opportunities are full and open without small business set-asides or other restrictions to meet underrepresented allowances.
While these numbers sound really big, quite frankly, the revenue opportunity is probably
higher, given there are performance bonuses and additional revenue opportunities within each contract even if you are saving money. For such large numbers, you need to ask yourself if you are ready for such a large undertaking. It’s a perfect question to ask before you jump into the government contracting space. Because you need to know what it takes to do business with the government.
I’m going to give you ten easy questions for you to answer to determine if you are ready to do business with the government. Actually, these steps are a great gauge for any potential government contractor, whether it be Federal, state, regional or local.
1. What product or service does your business provide and is the government looking to use your type of business? What do you have to offer the government and which level? True indeed government entities use everything from toilet paper to pens to freeze-dried foods to water to bullets to computers to airplanes to ships. So, what product do you have that you can provide the government. There are also opportunities in non-product services like cleaning training, construction, transportation, food services, event planning, and more.
2. What company do I know that can do what I cannot do? You need to be very resourceful because you may offer something, but you don’t offer an intricacy that the government may need. In that case, you will have to see if you know other businesses that can complement your business or fill the gaps that you may have. It’s always great to know other companies that can do what your business cannot.
3. Do I have all of my business paperwork organized? Is your company, organized? Is your paperwork correct? Can you easily pull the information together the agency may request? It may be capability statements, financial records to show you have cashflow or creditworthiness, past performance, legal documents, or staff resumes. You don’t want to make rookie mistakes that may cause you to lose money. This brings us to the next question.
4. Do you know your annual revenue breakdowns, profit margins, and needed cashflow for a contract you may be looking to acquire?
Knowing your numbers is one of the most critical factors in bidding on a government contract. You need to know more than your revenue. Budgeting is one of the biggest killers of small business when they enter into government contracting. Once you bid and win, you cannot
go back to the agency for more money if you overspend the revenue that your company was awarded. Most small businesses I talk to want to make $1M on their first contract. If you know your budget you would know that you may need $5-10M to net $1M and even then, that is not all for you because you need to have a good cashflow history for the next contract.
5. Do you have any government certifications and all your business documentation? Depending on your strategy for working with the government, you may need certain small business, minority certifications, female, or other certifications that your company can use to gain access to set-aside efforts, and can meet the underrepresented percentages that may be required on some contracts. Having a team that is detail-oriented helps greatly.
After these items that no one talks about when they are trying to sell you on government contracting or sell you their course to “show you how to make $1M” there are some of the more common items everyone must have.
Your business must be a business and be registered with the government that you will be interacting with for the contract. The business must have a Federal EIN (if you are bidding on Federal contracts), DUNS, and D&B, know what classification code it will bid under, register on SAM (Systems for Award Management System), understand the Small Business Set-Aside opportunities, know how to market to the government and subcontract with prime contractors, have a CPA to take care of your business finances, and understand contract management.
The government contracting process requires that you are detailed and meticulous and is not for the faint at heart. This process is not a quick pay-out but can be lucrative with diligence and patience. ~iT
L.Denise Jackson Contributing Writer Founder of LDJ & Associates
clear that we wanted to keep more than we spent. He introduced us to a financial world we had never heard of. We learned the financial strategies and vehicles that the wealthy had been taking advantage of for years.
The Importance of Building Wealth Among Us
By Chereace Richards
Why is it important for us as a community to build wealth among us?
Wealth building is important because it will:
• empower the next generation,
• educate on how money works, and
• create opportunities for our people to prosper in a new economy.
If we are going to build wealth, we are going to have to work together. The truth is, we need each other. We are better together and can make significant impact when we are united. As the saying goes, divided we fall. Our collective ideas, resources, talents, and support will open the door to building wealth and passing it on to the next generation.
For starters, building wealth will require us to be more intentional in many areas. We must begin by taking personal accountability for our lack of knowledge and/ or miseducation around money. The reality is that our parents and grandparents did the best they could with what they had; however, money was not a topic of discussion in many households of color.
I grew up in a middle-class home where we had plenty of what we needed and some of what we wanted. When my mom and dad divorced when I was five, my mom raised my sister and me as a single parent. As a government employee, she provided a roof over our head, clothes on our back, food on our table, and reliable transportation. I can recall shopping sprees via catalogs such as Spiegel and retail stores like Morton’s. Mom splurged where she could and always provided, but we never talked about money, credit, savings or investing.
As a result, I had a money blueprint that reflected patterns of excessive spending, little concern for my mounting credit card debt, minimal savings, and the bare minimum contribution to my retirement savings plan.
My money blueprint led me down a reckless path with my finances and by my late twenties, I found myself burdened with debt, bad credit, and was living paycheck to paycheck. It would take five to seven years to unravel the financial mess I had created. By this time, I was well into my thirties, married with two children.
Wealth building requires exposure to new people and new information. But exposure is just the first step. We have to have a willingness to be open to disrupt, dispute and distract our past experiences and stories we adopted about money from the adults who influenced us growing up.
When my husband and I were introduced to a wealthbuilding strategist, we were ready. Our business had begun to generate significant income and we were
They say when the student is ready the teacher will come. Call us students because we were ready! We embraced new information and demonstrated our trust in him by taking action. We saved more than we spent and invested in vehicles that allowed us to earn interest while paying off our debt, access our cash without penalty, have tax favored growth and distribution, and lastly create generational wealth for our family. I am so glad we did not allow fear, doubt, and skepticism hold us back.
If we are going to build wealth, we have to be open and trust when someone introduces us to new concepts. Just because we don’t know about something, doesn’t mean that it’s not true or doesn’t work. It just means we don’t know. I realized quickly that many people who looked like me did not know about these strategies and concepts. We were not having these types of conversations in our homes or our personal and professional circles.
That had to change, and I decided to be an agent of change. I began a crusade empowering our community by educating them on the importance of protecting, preserving, and expanding our wealth. Start where you are with what you have, I would encourage. These are crucial components to creating our wealth, building our wealth, and then creating generational wealth.
Protecting our wealth.
It is our responsibility to secure our assets. This includes our physical assets, but also our income and earning potential. Protecting our wealth means we have to protect our property through home ownership and secure it through estate planning. Most of us don’t understand the importance of protecting our income, setting up wills, and creating estate plans. What happens if you get sick, are unable to work due to an injury or disability, or are diagnosed with a terminal illness? This step also includes setting up disability, life, and long-term care insurance. These plans are a must if we are going to protect our wealth. The reality is that many of us are under-insured or un-insured. Sadly, we rely too much on GoFundMe when tragedy hits, and it has to stop. It’s true, people don’t plan to fail, they just fail to plan.
Preserving our wealth.
Breaking bad habits and replacing the poverty mindsets around saving, investing, and spending are critical if we are going to preserve the wealth we accumulate. In
addition, we have to eliminate debt. We are transferring our wealth from our household to the banks and lending institutions with the staggering amount of interest they charge. Implementing effective strategies to eliminate debt quickly will save you thousands of dollars in interest. With the proper guidance and education, that money saved can be redirected into vehicles that leverage the power of uninterrupted compounding interest and tax-free accumulation, allowing families to create and preserve their wealth.
Expanding our wealth.
Leverage is key to expanding wealth. It allows you to grow your money as you use your money however you choose; thereby, giving every dollar you earn two jobs! The banks, media and the government are all working together to keep people broke. If you have significant amounts of money sitting in the bank, you are losing money to inflation. Expanding wealth means investing your money so it works as hard for you as you work for it. And while real estate is good, it can restrict liquidity, use and control of your money. Therefore, a wellbalanced financial portfolio should consist of vehicles that minimize taxes, takes advantage of uninterrupted compounding interest, and that provides access to your cash when you need it – whether it is to invest in a business opportunity, take care of an emergency, and/or self-finance a major capital purchase. It’s time for us to create our own family bank!
What I have shared here is a starting point to understanding the importance of building wealth. As we unite to learn and grow in our financial literacy, I believe that we will not only create opportunities to build wealth but also empower the next generation to be better with their money. ~iT
Chereace Richards Contributing Writer
Notable
Women Owned Businesses of the North Atlantic Region
Brenda Silvils
BLS Consulting LLC
Industry: Finance/Information Technology
Contact: brenda@blsconsultingllc.com
Brenda Silvils is Founder of BLS Consulting LLC, www.blsconsultingllc.com with 20 plus years of financial/information technology experience. She gained experience as Assistant Controller, Cost Accounting Manager, Project Controller, and ERP Project Accounting Consultant providing financial and functional implementation services to commercial and government industries. Brenda also launched Free2Rise Educational Foundation, www. inspiregirls2rise.com a nonprofit created to inspire teen girls. Brenda is a graduate of George Washington University, MBA; Montgomery College, AA; and Delaware State University, BS.
Beverly Edge and Wendy Edge Edge School of the Arts Dance Legacy
Industry: Performing Arts
Contact: info@edgeschoolofthearts.com
Edge School of the Arts Dance Legacy has dedicated itself to bringing the art of African-American dance to aspiring artists and community and international audiences. Through our repertoire, virtual and in-person performances tell the story of the Civil Rights Movement through dance, film, and music.
Cipriana D. Thompson
Cipriana Thompson Photography, LLC
Industry: Photography/Film
Contact: info@ciprianathompsonphotography.com
Cipriana Thompson Photography, LLC (CTP) is a full-service photography company, based in the Washington, DC area. The CTP team provides photography services for corporate events, conferences and real estate needs. Founded in 2011, originally as Soulfully Speaking Productions/Photography, CTP takes pride in providing consistent, uncompromising service, while capturing the uniqueness of every photographic opportunity with professionalism and expertise. We value building quality relationships with our clients and strive not only to meet, but to exceed the ever-evolving needs of our diverse clientele.
Cipriana is the director & producer of When They Speak: Stories of Black Men in America. More information on the trailer, sponsorship, donation opportunities and upcoming events can be found on WhenTheySpeak.com.
Kristen D. Barr
Versatility
Industry: IT and Management Consulting
Contact: kbarr@versatilityllc.com
Versatility provides Information Technology (IT) and Management Consulting services that transform businesses to reach exceptional performance and maximize return on investments. Having expertise in large to small enterprises, we implement effectively to meet business needs and produce innovative solutions to eradicate business problems. Core services include Business Process Re-engineering, IT Program/ Project Management & Delivery, Agile Coaching & Transformation, and Business Consulting. While notable experience of our Subject Matter Experts spans across the Technology, Healthcare, Financial Services, Government and Non-Profit sectors, our offerings can be applied to virtually any industry.
Angela Kelly A Kelly Kreations
Industry: Beauty
Contact: akellykreations@gmail.com
Angela “AK” is no ordinary makeup artist. Rather, she’s a skilled artisan who knows how to “make it happen” in the arena of beauty. Boosted by over 30 years of professional experience, AK consistently takes makeup artistry and personal enhancement to the next level by empowering heat-seeking urbanistas to tap into their own radiant inner beauty by always looking and feeling their absolute best. Her mission, be it for A-list celebrities or everyday woman, is to craft flawless and elegant looks that bring out the inner diva that lurks within.
AK has established herself as a talented and professional artist whose work consistently keeps her services in high demand. Yet, despite her high-profile bookings. She continues to actualize her mission to remain connected and accessible to her original fan base-those non-celebrity women leading regular lives who want to look their best for a special event or as a way of life. “Every time I transform a woman sitting in my chair, there is a breakthrough moment for me!” AK says. In keeping with the spirit of her mantra, “ A journey of a thousand miles begins with one step,” AK continues to push her clients, and herself to think beyond the ordinary and to reach for the extraordinary.
Brenda Lawson
Keller Williams Preferred Properties
Industry: Real Estate
Contact: brenda.lawson@kw.com
Brenda Lawson is a Realtor® servicing the Maryland and Washington, DC areas specializing in working with sellers and buyers in all price ranges. As a real estate agent for 27 years, she is a Seniors Real Estate Specialist, Certified New Homes Specialist and Military Relocation Professional. She can be reached at 240-737-5000 or 301-385-4853.
Regina Fleming
Regina Fleming Photography
Industry: Photography
Contact: regina@reginaflemingphotography.com
Regina Fleming Photography is an 8-time international award winning photography studio based in New York City specializing in weddings, events, corporate photography and interiors.
RFWoman (photography) is a fabulous division of Regina Fleming
Photography that specializes in the photography of portraits, headshots and personal branding of women. It is a transformational experience that helps women to both look good and feel fabulous.
Please join our VIP Club or make an appointment at www.rfwoman.
Angela Yancey
Angela Yancey State Farm Insurance Agency
Insurance & Financial Services
ayancey425@gmail.com
My agency provides a whole portfolio of insurance products to help with preparing for the unexpected and planning for the future.
Gina Scott
The Spice Factory, LLC
Industry: Marketing
Contact: thespicefactoryllc@gmail.com
The Spice Factory is a full service branding and marketing mill, focusing on design, creating a brand look or consulting on general branding packages.
Angelia Garner
Law Office of Angelia Rowe Garner
Industry: Legal
Contact: argarner@comcast.net
With more than 29 years in private practice, I ensure that the service that I provide upholds a standard of honor and dignity.
Elizabeth Nolley Tillman
Purpose Filled Coaching, LLC
Industry:
Professional Development Coaching and Consulting
Contact: liz@liznolleytillman.com
Elizabeth “Liz” Nolley Tillman is a two-time Amazon bestselling author and purpose driven leadership development coach. She helps achievement-oriented corporate professionals enhance their brands in a manner that lets them be themselves and win in business. Liz accomplishes this through her books, interactive workshops, coaching and consulting.
Cynthia Eaton Cantrix Media LLC
Industry: Audiobook Narrator / Voice Actor
Contact: Cynthia@cantrixmedia.com
Cantrix Media provides voice over solutions for audiobook narration, commercial and industrial projects. We specialize in supporting companies focused on education, communication, organizational development, small business and partnering strategies, Federal government, or Women’s historical stories.
At Cantrix we bring information to life through the art of storytelling.
Imani Johnson-Holland Brmani Marketing
Communications
Industry: Marketing Advertising
Contact: info@my-brmani.com
The most critical aspect of successful marketing is marketing to the right people. Brmani Marketing Communications works closely with your organization to determine whom you want to be and whom you should aim to serve. With our strategic business marketing experience, we develop a detailed plan that stimulates your specific target demographic and niche market. Whether you want to explore social networking, digital marketing, media buying, or a different strategy, we help you figure out the best method to achieve your business goals.
Delacey Crump
Pretty Girl Probs
Industry: Women’s Boutique
Contact: delaceycrump@gmail.com
Pretty Girl Probs is a women’s boutique that obtains the latest fashion apparel & accessories. We reside in Maryland but ship throughout the country.
LaVonda Hudson
T&T Naturals
Industry: Beauty
Contact: info@tandt-naturals.com
Established in 2019, T&T Naturals is a natural skin care & aromatherapy business based in Wilmington, Delaware. Our products focus on healing, moisturization, and relaxation. All products are non-GMO, cruelty-free, chemical, water, and paraben free; each product is made with the utmost love and care.
Janelle Clarke-Holley JCHolley, LLC.
Industry: Consulting
Contact: clarkeholley@gmail.com
The mission of JC Holley, LLC is to empower people to radiate their brilliance and achieve their highest levels of success. They work with clients ready to develop and/or implement a strategic plan and support them to achieve their mission by realizing their vision when they exceed outcomes.
Johnine Clark, Esquire Law Offices of Johnine Clark, P.A.
Industry: Legal
Contact: info@jnclarklaw.com
The Law Offices of Johnine Clark, P.A., is located in Greenbelt, Maryland. The law firm’s primary practice areas are family law and estate planning. As an attorney with over thirty years of experience, Johnine has represented clients in both federal and state courts.
Kym Taylor
Family Choice Healthcare
Industry: Home Healthcare
Contact: ktaylor@familychoicehealthcare.com
Family Choice Healthcare provides in home care for the elderly and disabled in Maryland, Pennsylvania, New Jersey and the District of Columbia.
Jennifer Jones
KyJour International Strategic Business Solutions
Industry: Business Development Coaching & Consulting
Contact: jenniferjoneskji@gmail.com
Jennifer B. Jones, is a transformational leader and President & CEO of KyJour International. She leverages more than 15 years of experience as a biomedical, biotechnological and biopharmaceutical scientist to deliver strategic planning, commercial finance and business development solutions to her clients. As a noted philanthropist, community servant, strategist, executive coach and gifted communicator, she champions the needs of women, girls and families nationally and internationally. She is an effective legislative advocate supporting health, economics, education, domestic violence, human trafficking, criminal justice and sexual assault policy issues. Her eclectic mix of thoughts, views and opinion are shared with audiences throughout the country. She also convenes a host of conferences, meetings and symposia and is the former cohost of her weekly broadcast show, Truth 360. Jennifer is now hosting her new platform, Rooftop Conversation.
Shelby Rodgers Mobley Mobley &Associates Financial Group, Inc.
Industry: Insurance & Finance
Contact: shelbymobley@allstate.com
Our agency helps people protect what matters most, the tangible, such as auto, home, their business; and the intangible such as their life and retirement. We specialize in life transformation, using financial tools to help our clients live the life they always wanted... only sooner.
