by Nancy E Williams
January 25, 2025
The Worldwide Franchise Affiliation’s Black Franchise Management Council works to empower Black entrepreneurs by franchising.
The Worldwide Franchise Affiliation (IFA) is the world’s largest membership group for franchisors, franchisees, and franchise suppliers. It offers industry-leading occasions, advocacy, training, and progress alternatives to the franchise neighborhood. Inside the IFA, groups of execs advocate for veterans, alternatives to construct generational wealth, and minority enterprise house owners.
The Black Franchise Management Council (BFLC), based in 2021 and at the moment led by Carolyn Thurston, founder and CEO of Knowledge Senior Care, is devoted to empowering Black entrepreneurs by franchising. The Council’s mission is to extend consciousness, foster understanding, and increase entry to franchise alternatives for Black enterprise house owners. It strives to domesticate a tradition of inclusion, range, and innovation inside the franchising {industry}. Moreover, the BFLC goals to coach members of the Worldwide Franchise Affiliation (IFA), providing contemporary views and facilitating significant discussions about Black illustration in franchising. The Council additionally offers common alternatives for info alternate amongst its members and, the place acceptable, collaborates with different IFA councils and exterior organizations.
To shut out the 12 months, the Black Franchise Management Council hosted a digital vacation celebration on Dec. 11, titled “Generational Wealth Via Franchising: A Blueprint for Success.” Highlights from the occasion had been the passionate keynote deal with given by Dr. Willie Jolley, Ph.D., syndicated SiriusXM radio host of “The Willie Jolley Rich Methods Present” and president and CEO of William Jolley Productions, Inc. Jolley shared nuggets of knowledge from his 30-plus years as a profitable entrepreneur on the significance of constructing generational wealth, by growing robust groups inside your franchise system to create a successful working infrastructure. Dr. Jolley additionally highlighted excerpts from his upcoming e book Wealthy Is Good however Rich Is Higher.
The keynote deal with was adopted by a formidable panel of profitable franchise house owners sharing their ideas 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 proprietor of Tropical Smoothie Cafe, Hand & Stone, V/O Med Spa; Lauren Williamson, multi-unit/multi-brand franchise proprietor of Tropical Smoothie Cafe, Hand & Stone, V/O Med Spa; and Richard Snow, VP Nationwide Franchise & Specialty Lending Relationship Supervisor at Bremer Financial institution and multi-unit franchisee Brooklyn Robotic Foundry.
Key takeaways included the important function of persistence in enterprise to attain each wants and targets, the continuing challenges Black franchise house owners face in securing funding, and the significance of franchisors like Brooklyn Robotic Foundry and Ben & Jerry’s, which supply packages and incentives to pave the best way for possession. Moreover, constructing generational wealth by franchising usually hinges on adopting a multi-unit possession technique.
The occasion concluded with David Smith, director of Variety Packages, IFA Basis, sharing highlights from the second annual IFA Variety Institute Impression Report, launched on Dec. 16, 2024. The report covers the programming highlights of Variety Institute’s work throughout 2024, together with the launch of the inaugural class of the Franchise Ascension Initiative, a six-month accelerator program aimed toward getting ready certified people from underrepresented teams and economically deprived communities with the training, mentorship, sources, and help to launch a profession in franchise possession efficiently.
To view the recorded webinar, go to https://www.youtube.com/watch?v=KoF1dzPaOKI. To study extra about BFLC, together with how you can become involved, contact David Smith at dsmith@franchise.org.
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