AFRO Black Business Matters Expo: support for Black businesses key in building generational wealth

By Megan Sayles AFRO Business Writer msayles@afro.com

The AFRO is set to host its third annual Black Business Matters Expo on April 27. The virtual event is free and will run under the theme: “The Great Divide: Work, Wages and Wealth.”

“The more we can articulate the importance of Black businesses, the better our community is going to be,” said Broderick Young, co-founder of Reveal Wealth and guest speaker for the Expo.

“If you drop by my session, you’ll hear me talk about the most important Black business of all Black businesses out there– and that’s the business of you. You are the CEO of you and the chairperson of your life whether you like it or not.”

Young co-founded Reveal Wealth in Columbia, Md. with Al Johnson in 2020. The pair have more than 30 years of experience in the financial services and insurance industry between the two of them.

Reveal Wealth was established because Young and Johnson felt that Black families were being overcharged and underserved when it came to wealth management services.

Young said it was important for budding entrepreneurs to understand that it takes time to grow a business. They can’t expect to find success in the short-term.

He also said it’s important for entrepreneurs to be familiar with the business cycle, or fluctuations in economic activity. The knowledge will allow them to set money aside as reserves during economic upswings, so that they can avoid serious financial distress during economic downswings.

“Business owners and entrepreneurs have to ensure that they are sewing back into the business to grow and build capital today, but they also have to diversify to ensure that they have some assets that aren’t correlated to their core business. [Then,] if the core business slows up, they have a place to go to get it back on track,” said Young.

For Young, supporting Black businesses is key to significantly increasing Black employment because Black businesses, more times than not, hire Black people.

In addition to hearing from elected officials, like Baltimore Mayor Brandon Scott and Maryland Comptroller Brooke Lierman, attendees will have the opportunity to learn from a myriad of Black business leaders, wealth consultants and executive coaches.

The speakers will share their journeys, from triumphs to pitfalls, and provide guidance for strengthening a business and overcoming barriers to growth.

“We are an ‘and’ organization not an ‘or’ organization. We found that often people come into our communities and say you need to do this or that, but wealthy people do this and that,” said Young.

“They have real estate, they own a business, they have investments and they might even have a W-2 income within the house. It’s not either or.”

Aside from working with families, Reveal Wealth also consults with entrepreneurs, helping them design a business plan, create marketing campaigns, improve cash flow and devise succession plans.

He said African Americans were brought to this country to make other groups rich, so it’s critical for them to shop intentionally and patronize Black businesses for the products and services they need. By supporting Black businesses, African Americans can feel confident that their money will be used to pour back into the larger Black community.

“If we’re going to create generational wealth, we have to support our Black business owners because they are the economic engines that are going to be able to provide better wages, help communities that have needs, put money back into our schools and talk to our kids about business,” said Young.