The Black Business Association of Memphis (BBA) was founded in 1974 and is one of the oldest and largest trade associations of its kind in the Mid-South. BBA members all unite behind the goal of empowerment through entrepreneurship and improvement of business and growth opportunities for minority and women-owned businesses.
The BBA partners with multiple organizations throughout the community supporting the goals of economic equality. We endeavor to be single-minded insomuch as we recognize the success of Black owned businesses within the City of Memphis directly reflects positively or negatively on our community’s overall health, happiness and quality of life.
GENERATIONAL WEALTH
Where does wealth come from? How is wealth created? Oftentimes, it’s generational, it’s inheritance. … But, the other place that wealth comes from is business.
We don’t have the luxury of waiting 20 years to start a business, and grow that business, in order to narrow the wealth gap. Instead, we can add acquisitions as one of the tools in the toolkit.
For instance, 95% of manufacturing companies are owned by baby boomers. If those owners retire — or, as we all will, expire — without a succession plan, the companies go away.
The tax base goes away, the employment base will go away. … So, we’ve created succession solutions where we’ll target those baby boomer-owned businesses. … We’ll have conversations with them … and match those opportunities with Black minority business owners and entrepreneurs who are looking to acquire those businesses.
Essentially, we’ve created an exit strategy for the owner, who has a succession challenge. And, we’ve created an expanding wealth opportunity for business owners who are trying to grow their businesses.
