Black Franchise Leadership Council Closed Out 2024 With ‘Generational Wealth Through Franchising’ Webinar

The International Franchise Association's Black Franchise Leadership Council works to empower Black entrepreneurs through franchising.

The International Franchise Association (IFA) is the world’s largest membership organization for franchisors, franchisees, and franchise suppliers, providing industry-leading events, advocacy, education, and growth opportunities to the franchise community. Within the IFA, there are teams of professionals advocating for veterans, opportunities to build generational wealth and minority business owners.

The Black Franchise Leadership Council (BFLC), founded in 2021 and currently led by Carolyn Thurston, founder and CEO of Wisdom Senior Care, is dedicated to empowering Black entrepreneurs through franchising. The Council’s mission is to increase awareness, foster understanding, and expand access to franchise opportunities for Black business owners. It strives to cultivate a culture of inclusion, diversity, and innovation within the franchising industry. Additionally, the BFLC aims to educate members of the International Franchise Association (IFA), offering fresh perspectives and facilitating meaningful discussions about Black representation in franchising. The Council also provides regular opportunities for information exchange among its members and, where appropriate, collaborates with other IFA councils and external organizations.

To close out the year, the Black Franchise Leadership Council hosted a virtual holiday celebration on Dec. 11th, with the theme of “Generational Wealth Through Franchising: A Blueprint for Success.” Highlights from the event were the passionate keynote address given by Dr. Willie Jolley, Ph.D., syndicated SiriusXM radio host of “The Willie Jolley Wealthy Ways Show” and president and CEO of William Jolley Productions, Inc. Jolley shared nuggets of wisdom from his 30-plus years as a successful entrepreneur on the importance of building generational wealth, by developing strong teams within your franchise system to create a winning operating infrastructure. Dr. Jolley also highlighted excerpts from his upcoming book Rich Is Good but Wealthy Is Better.

The keynote address was followed by an impressive panel of successful franchise owners sharing their thoughts on Sustaining Success: Franchising as a Path to Generational Wealth, which I had the pleasure of moderating. Panelists included Toya L. Evans, multi-unit/multi-brand franchise owner of Tropical Smoothie Cafe, Hand & Stone, V/O Med Spa; Lauren Williamson, multi-unit/multi-brand franchise owner of Tropical Smoothie Cafe, Hand & Stone, V/O Med Spa; and Richard Snow, VP National Franchise & Specialty Lending Relationship Manager at Bremer Bank and multi-unit franchisee Brooklyn Robot Foundry.

Key takeaways included the critical role of persistence in business to achieve both needs and goals, the ongoing challenges Black franchise owners face in securing funding, and the importance of franchisors like Brooklyn Robot Foundry and Ben & Jerry’s, which offer programs and incentives to pave the way for ownership. Additionally, building generational wealth through franchising often hinges on adopting a multi-unit ownership strategy.

The event concluded with David Smith, director of Diversity Programs, IFA Foundation, sharing highlights from the second annual IFA Diversity Institute Impact Report, released on Dec. 16, 2024. The report covers the programming highlights of Diversity Institute’s work during 2024, including the launch of the inaugural class of the Franchise Ascension Initiative, a six-month accelerator program aimed at preparing qualified individuals from underrepresented groups and economically disadvantaged communities with the education, mentorship, resources, and support to launch a career in franchise ownership successfully.

To view the recorded webinar go to https://www.youtube.com/watch?v=KoF1dzPaOKI and to learn more about BFLC, including how to get involved, contact David Smith at dsmith@franchise.org.