by Nahlah Abdur-Rahman

December 1, 2023

Kings Crowning Redefines Haircare For And By Black Men

Kings Crowning, created by Darrell Spencer, is redefining haircare for Black men while also uplifting Black male entrepreneurs.

Kings Crowning is the latest haircare brand that caters to and uplifts the Black community by tailoring its products to an underserved group in the beauty industry. The company is for and by African American men, with Darrell Spencer as the CEO and founder.

A native of Chicago, Spencer has taken his Windy City roots to the hair and beauty industry, emerging as a cultural force in his own right by cultivating these “conscious grooming products” fit for kings. Wanting to remedy a historic and systemic issue found within companies that catered to textured hair, Spencer built Kings Crowning to formulate protective accessories that are truly made with diverse Black men in mind.

While traditional bonnet use is widespread within the Black community, they are ultimately harmful to one’s hair health through friction, causing tangling and breaking. Kings Crowning provides a luxurious feel with growth benefits by incorporating satin to protect Black hair textures and styles, such as locs, braids, or curls. With his flagship product, “The Crown,” Spencer’s company has expanded into satin-lined essentials to ensure one’s hair is safe and nourished with accompanying shampoos, conditioners, and serums.

His innovative product line of satin brimless hats has also evolved how Black men take care of their hair every day, but Spencer’s greater mission also entails building a system of Black male entrepreneurs to uplift as he succeeds. Through his journey, he hopes to empower others with an idea and a plan to conquer these goals and shed new light on Black businessmen.

Spencer, a graduate of Connecticut College with a bachelor’s degree in Economics, is changing the hair game with his dedication to providing protection and encouragement to his community,

“Many things can be stopped; one thing that can’t is an educated Black man with a strong support system… I intend to provide both.”

liability, llc, leap, assets, protect your assets, entrepreneur

by Alfred Edmond, Jr.

December 1, 2023

Protect Your Assets: Advice For Entrepreneurs

When operating any kind of business, it is critical to protect your assets from liability associated with your entrepreneurial activities.

Originally Published Sep. 14, 2016

When we think about wealth, most of us are focused on two things: How to acquire it and how to grow it.

However, long-term financial stability and success relies on your ability to protect your wealth. Unfortunately, most people fail to think of wealth protection until it’s too late—when assets are in peril or after they’re lost. In nearly all cases, the money saved by not taking steps to protect your assets is easily dwarfed by the financial damage incurred when what can go wrong does.

This is often the case with new entrepreneurs, whether they are operating a business as a full-time startup or a side hustle (or side hustles) to create multiple income streams. When operating any kind of business, it is critical to consider steps to shield your personal assets from liability associated with your entrepreneurial activities. In short, building long-term wealth requires you to protect your assets, not just increase your income.

BLACK ENTERPRISE spoke with Nic Cober, Esq. (www.niccober.com), principal managing partner of Cober Johnson & Romney. Cober, a Black Enterprise contributor and the author of CEO of My Soul: The Self-Love Journey of A Small Business Owner, specializes in legal issues facing entrepreneurs. She stresses the importance of establishing even a fledgling startup as a legal business entity to protect your assets.

“I mentored a SCORE client recently who was very reluctant about registering as an L.L.C. because of the expensive fees, says Cober, who teaches a class called Legal Entrepreneurship Advanced Principles (LEAP) in collaboration with the D.C. Small Business Development Corp. “I asked her did she and her husband have assets. They did. I quickly told her that if they were ever sued for a defective product he created, those assets could be at risk. Simply put, if you are creating a product or providing a service that in any way causes injury or harm, you may be financially liable.

“A Limited Liability Company serves as the first line of defense for owners because it limits your personal liability for business debts, says Cober. “As an aside, like sole proprietors, the owner still receives the tax benefits of reporting profits and losses on his or her personal tax returns. In sum, even in the early stages of your business, registering as an L.L.C. is the first of many important decisions you will make as an owner.

You register your L.L.C. in the state in which you do business, and the fees vary. In the D.C.-Maryland-Virginia area, for instance, the initial fees to register range from $100 to more than $300, according to Cober. Most states do not have ongoing annual registering L.L.C. fees. However, some states have annual reports they require you to file.

For example, says Cober, “In the District, you have to file a report called the BRA-25 every two years to update the District on where your office is located and who the primary officers are.

Check with your state’s business registration office to see the specific requirements.

The bottom line: It makes no sense to put your personal assets at risk to avoid spending a few hundred dollars to establish your small business—even if it’s a side hustle—as a separate business entity by registering it as an L.L.C. Any wealth you gain with the success of your enterprise can quickly and easily be wiped out if you fail to protect your assets.

Aretha Franklin, Prince, Estate Planning, Will, Assets, passing

by Stacey Tisdale

December 1, 2023

They Died Without Wills: What Aretha Franklin And Prince Taught Us About Estate Planning

It's critical that African Americans make estate planning a priority. Here are the tools to do so.

Originally Published Aug. 22, 2018

Aretha Franklin, Prince—both among the most influential artists of all time. And they had something else in common: Both died without leaving a will.

Under local state laws, Franklin’s assets would be divided up among her children. However, as The Detroit Free Press reported, because of copyrights, published songs, and other intellectual property, Franklin’s estate could end up becoming a hotly contested court battle waged by many parties and one that could be litigated for years.

One has to wonder what Prince would think about the public spectacle that surrounded his estate, which was estimated to be worth about $300 million.

The music icon worked so hard during his life to protect his privacy, and now the details of his assets, and more importantly the possibility that he did not create a plan for them after his passing, have cast his financial life into a spotlight that he tried so desperately to avoid.

“I think Prince simply thought he had time,” said Lori Anne Douglass, an estate-planning attorney at Moses & Singer in New York.

“For someone who worked so hard to be private and maintain control of his own music, it doesn’t make sense that he gave up his power in this way. The most important thing we learned from Prince is that you simply never know when you’re going to die,” she added.

Douglass pointed out that while so much discussion centered around the fact that Prince didn’t have a will, a trust would have allowed him to protect his privacy. That information is private, whereas the content of wills is public.

The fact is, Prince and Franklin, like the rest of us, were human. We are not wired to focus on estate planning. According to Legalzoom.com, nearly 70% of blacks in the United States die without a will.

When you consider, however, that a significant portion of wealth is passed through generations, you begin to understand the significance of creating a plan for your assets when you move on, and some of the challenges our community has had when it comes to building wealth.

That lack of planning is a crisis, wrote Earl G. Graves Sr., founder and publisher of BLACK ENTERPRISE.

“Not only does this put our ability to transfer wealth to future generations at risk, it also comes at a tremendous cost,” he wrote. “Without an estate plan, your assets fall subject to probate. According to one estate planning firm, probate costs surviving families a collective $2 billion annually – including more than $1.5 billion in attorney fees. Dying intestate (passing away without a valid will) not only blocks the transfer of wealth; it can leave a crippling financial burden to your heirs.”

“What’s at stake? How about more than $1 trillion in black spending power? How much of that are we willing to lose to probate, estate taxes, and other costs we need to plan for? What about the homes and other real estate we’ve acquired, and our investment portfolios, including retirement plans and other savings? What about the nearly 2 million businesses owned by African Americans? How can we say we are doing our very best for future generations while leaving all of this, and more, unprotected and at risk?”

For many of us, the hardest part of estate planning is figuring out how to begin. Douglass said the first step is to think about what happens as people die, and to consider the fact that we are all living longer, and likely to become incapacitated in some way at some point in our lives.

“The first step is getting your disability documents in order through a healthcare proxy and power of attorney. You can get statutory forms on your state’s website,” said Douglass.

The person you appoint to make healthcare decisions is called “the agent.” You are “the principal.” Unless you limit your agent’s authority, in most cases, they have the power to make any medical decisions you would make on your behalf.

“When beginning your estate planning, it’s also important to make sure that you have the correct beneficiary designations on things like employer benefits–401 (k)’s and insurance,” said Douglass.

In addition, when you start the estate planning process, you should consult an attorney so that you understand how the different aspects of your plan should come together. Douglass suggested seeking out a free consultation, which can at least result in guidance and affordable recommendations.

business credit report, score, build, building business credit, FICO, KEEP BALANCES LOW

by John Tucker

December 1, 2023

4 Steps For Black Entrepreneurs To Build Their First Business Credit Report

While every business owner has a personal credit report, not every business has a business credit report. A business credit report is created, here's how.

Originally Published Dec. 21, 2017

While every business owner has a personal credit report, not every business has a business credit report. A personal credit report is created the moment an individual with a Social Security number accepts their first job or applies for their first form of financing. However, a business credit report is not automatically created and there are a variety of steps that must be followed in order to establish this very important business financing tool. Here are the preliminary steps you must take to build business credit:

Properly Establish Your Entity

Operating as a sole proprietor would make it very difficult to establish and build a quality business credit profile. So the first thing that you want to do is plan to incorporate your business as either a C-Corp, S-Corp, or Limited Liability Company (LLC).

This will also involve obtaining an Employer Identification Number (EIN), opening a dedicated bank account for the business, setting up the business telephone line, setting up the business website, setting up the business location, and making sure to have a clear separation of personal and business affairs. Other aspects associated with properly establishing your entity include having proper levels of insurance, developing a quality business plan, and making sure your legal advisers are in place.

Register The Entity With The Major Business Credit Bureaus

To make sure your payment history from vendors, suppliers, and creditors that report to business credit bureaus is recorded, you have to make sure to set up a business entity profile with the two major business credit bureaus. This will include both Experian Business and Dun & Bradstreet (D&B). With D&B you will receive a D-U-N-S number and a D&B PAYDEX Score; with Experian you will receive an Intelliscore Plus. Both are measured mainly using a scale of 1–100, with a score over 80 considered the best tier. It’s best that once you establish your profile, that you also set up some sort of credit monitoring; that way you can verify each month that everything is being reported properly and efficiently.

Begin Building The Business Credit Profile

This process could be a bit difficult, as not every creditor reports their information to business credit bureaus. So your research here would be to find those creditors that, in fact, would report your on-time payment information, so you could build your report history. Some vendors to look at to begin include the following:

Shared Secured Loans and Secured Credit Cards

These can be provided by your local credit union. With both, you will deposit money into a bank account and then with the shared secured loan, you will take out a loan on the money deposited, using the deposit balance as security. As you pay back the loan, that amount of the secured balance becomes “available.” This product is great because it’s reported to the business credit bureaus as a regular loan from the credit union. The same would work with the secured credit cards, where you establish a line of credit using money from your deposit account, with the reporting showing up as a regular credit card on the business credit report from the credit union. A business would find that using one of these products would prove to be much easier to establish a business credit history than using one of the various companies below.

Various Companies

These can include companies such as Grainger, Uline, Quill, OnDeck, and a variety of other companies that would report the on-time payments to the bureaus.

Continue Building Your Business Credit Profile

After a solid six to 12 months of using the above beginning basics of building, you could now try to apply to the variety of business credit card companies to add additional trade lines. In addition, seek to reach out to various vendors, suppliers, and consultants for your business, as many times they will offer trade credit, which could also be reported on your business credit report for building aspects. Note that as you go forward, you want to make sure to continue making all payments on time and never miss a payment. It’s also best to make payments much earlier than scheduled.

After a solid 12 to 24 months of utilizing the above strategies, your options for business lines of credit, leasing, term loans, asset-based lending, lower APR business credit cards, more attractive trade credit structuring, etc., open up as your business maintains its well-structured business credit report.

building rapport, agenda, follow up, share mission, raise a question, follow up, networking, relationships, business

by L Michelle Smith

December 1, 2023

5 Tips For Power Rapport-Building For Networking

It's time to rethink classic networking. Re-frame it as rapport building and take these five power tips with you to any networking event and succeed.

Originally Published Oct. 13, 2018

Networking is all the rage, but if you’re introverted, the idea of meeting someone cold is not appealing. So how do you optimize a brief meeting with a prospect, an industry colleague, or potential employer? In these popular speed-networking events, 5 minutes may be all the face time you get to establish a rapport –– which, let’s face it, is the very beginnings of a relationship. However, it is the very foundation of strong ones.

In many ways, networking is like dating — the relationship will only take off if there is mutual interest: #swiperight

How do you spark that interest? Here are five ways to establish a solid rapport, and they can even help a die-hard extrovert:

Set Your Agenda

As with anything, you need to have an agenda — sounds cynical, but you should know exactly what your goal is for your meeting. Ask yourself, “What do I want to get out of making this new contact?” Answer that, and crystalize it in your mind. You need no more than 2-3 items on your agenda.

Keep reading. I provide 3 proven agenda items for effective communications below.

Raise A Question

Consider a leading question that will show your new contact that you are familiar with and have an interest in what they do. But that question should also lead you down a path that makes your next step seem natural.

Example: “I read your last thought leadership piece on XYZ. I loved that you took a position on ZYX. What do you think about [insert something organic to the topic that will tee up your mission/interests/value]?”

A Harvard study has found that there is a link between asking a question and likability. Be sure to genuinely listen to the answer and ask a follow up question or engage with the answer in some way.

Share Mission

Some of you have been coached on how to deliver a great elevator pitch. Think of this as your mission. This is the one or two sentences that sum up who you are and the value you bring. For instance, mine is:

“I help businesses and people make money and thrive at the intersection of business, culture, and technology.”

That is bigger than a title or a job description, and it allows your contact to see your potential. When you share this value proposition, be certain to project confidence.

Call To Action

Invite them to visit your website, your LinkedIn page, or to look over your resume. This is your time to lead them on a path to get to know you after your brief meeting ends.

Follow Up!

Your meetings are only as good as the follow-up you give it. Whether it’s a phone call, an email, or a LinkedIn connection, you want to ensure that your follow-up is meaningful to your connection and not simply self-serving.

Now that you’ve established a rapport, it’s time to network. Here are 5 things you can do, if you absolutely don’t like the idea of it.

ABCs of wealth building, financial literacy, Tanisha Adjokatcher, book, author, black

by BLACK ENTERPRISE Editors

December 1, 2023

22-Year-Old Black Author’s New Children’s Book Sheds Light On Food Allergy Awareness

KiAnna Nycole releases "Food Friendly," a children’s book that highlights the importance of food allergy awareness and inclusion.

Originally Reported by Blacknews

KiAnna Nycole always wished to find characters in books and on-screen who shared her experience of living with food allergies. However, the absence of such representation made her feel like the only kid dealing with these challenges. So she decided to take her experience and publish Food Friendly, a children’s book that highlights the importance of food allergy awareness and inclusion.KiAnna found that many children and parents don’t understand the severity of food allergies and the needs of the community. Often, portrayals of food allergies in the media perpetuate harmful misconceptions that further isolate food-allergic individuals. This led KiAnna to not only write the book but also create a greater movement: The Food Friendly Project.

The Food Friendly Project’s mission is to foster allyship and raise food allergy awareness among teachers, parents, and children through storytelling, webinars, curriculum, and more. This children’s book is the first step in achieving this mission and educating children on food allergy acceptance and inclusion.

KiAnna having recently earned her Bachelor’s degree in Film Production, is particularly focused on creating more opportunities for individuals with disabilities and minorities in the entertainment industry. She believes storytelling is a way to catalyze change, educate others, and build empathy – and she aims for Food Friendly to do just that.

Food Friendly has been well-received by audiences and has already sold over 100 copies in the first month of its release. KiAnna received a grant from the Association of People with Disabilities (AAPD) toward the book’s development and partnered with the Food Allergy Research and Education non-profit (FARE) for the book’s illustrations.

“My long-term goal is to continue to make stories that cause people to think and build compassion and have a message,” KiAnna told The Miami Hurricane. “That’s what will make me happy.”

How The Country’s First Guaranteed Income Program, Magnolia Mother’s Trust, Empowers Black Mothers

by Lauren Nutall

December 1, 2023

How The Country’s First Guaranteed Income Program, Magnolia Mother’s Trust, Empowers Black Mothers

The program has assisted over 300 families and has plans to expand even further.

Vox reports that Magnolia Mother’s Trust is the country’s leading guaranteed income program focused on helping young Black mothers.

Founded by Aisha Nyandoro in 2018, the initiative provides monthly $1,000 stipends to Black mothers in need in Jackson, Mississippi. It has since assisted over 300 families and has plans to expand even further. Since its establishment, there has been a marked improvement in health and education among those impacted, with respondents reporting that they are 27% more likely to go to a doctor when sick and another 20% more likely to have children perform above their designated grade level, according to Ms. Magazine. Some 88% of mothers also reported being able to save money for emergencies as opposed to the initial 40%.

Along with a stipend, MMT allows mothers and children the opportunity for social experiences and sets up a 529 savings account for children under 18.

Unlike other projects aimed at combating poverty, Magnolia Mother’s Trust differs because it understands that poverty transcends generations. According to the Brookings Institute, children raised in low-income households are more likely to remain in poverty as adults compared to their peers. This is just one example of intergenerational poverty rather than an isolated reality. However, with programs like MMT, there’s a possibility of making a difference.

Following the dissolution of the Expanded Child Tax Credit (CTC), many mothers in Mississippi struggled to stay afloat. Then came MMT, which helped those left reeling from the plan’s expiration. Still, though it managed to help several families, MMT does not see itself as a permanent fix.

Nyandoro, also the founding CEO of the nonprofit Springboard of Opportunities, which is dedicated to tackling generational poverty, spoke to Vox in 2021 after the CTC became defunct. “I’m thrilled that the organization lead is standing in the gap,” Nyandoro said. “But this is not a long-term solution … We need a scale that we can only get at the national level.” Nyandoro suggests that CTC be restored and the federal government allocate guaranteed income nationally.

In the long run, Nyandoro plans to continue reshaping the poverty narrative. Though it won’t be easy, she seems more than ready for the challenge.

by BLACK ENTERPRISE Editors

December 1, 2023

US Judge Blocks Montana From Banning Tik Tok Use In State

A U.S. judge late on Thursday blocked Montana's first-of-its kind state ban on the use of short-video sharing app TikTok from taking effect on Jan. 1, saying it violated the free speech rights of users.

Originally Reported by Blacknews

Nov 30 (Reuters) – A U.S. judge late on Thursday blocked Montana’s first-of-its kind state ban on the use of short-video sharing app TikTok from taking effect on Jan. 1, saying it violated the free speech rights of users.

U.S. District Judge Donald Molloy issued a preliminary injunction to block the ban on the Chinese-owned app, saying the state ban “oversteps state power and infringes on the constitutional rights of users.”

TikTok, which is owned by China’s ByteDance, did not immediately comment Thursday. The company sued Montana in May, seeking to block the U.S. state ban on several grounds, arguing that it violates the First Amendment free speech rights of the company and users. TikTok users in Montana also filed suit to block the ban.

The state attorney general’s office, which defended the ban approved by the legislature citing concerns about the personal data of Montana users and potential Chinese spying, did not immediately comment.

TikTok said in a court filing it “has not shared, and would not share, U.S. user data with the Chinese government, and has taken substantial measures to protect the privacy and security of TikTok users.”

Molloy, who was appointed to the bench by Democratic President Bill Clinton, found merit to numerous arguments raised by TikTok in his opinion.

During an October hearing, Molloy questioned why no other state had followed Montana in banning TikTok and asked if the state was being “paternalistic” in arguing the ban was necessary to protect the data of TikTok users.

Montana could have imposed fines of $10,000 for each violation by TikTok in the state but the law did not impose penalties on individual TikTok users.

TikTok has faced efforts by some in Congress to ban the app or give the Biden administration new powers to impose restrictions or bar it, but those efforts have stalled in recent months.

Former President Donald Trump in 2020 sought to bar new downloads of TikTok, but a series of court decisions blocked the effective ban from taking effect.

by Sharelle B. McNair

December 1, 2023

Tuskegee Airman Finally To Be Laid To Rest in Charlotte After Disappearing 79 Years Ago

His body was discovered some 80 years after World War II.

The remains of Fred Brewer Jr. will be laid to rest on Dec. 6 in his hometown of Charlotte, North Carolina.

Brewer, a Tuskegee Airman, went missing almost 80 years ago in 1944 while escorting a bomber during a raid over Germany. For decades, his family wondered what happened to him, but the mystery has been solved thanks to forensic science. Tests determined that Brewer’s plane went into a tailspin while he attempted to exit out of a thick patch of fog. His remains were later found in Florence, Italy, and were identified in early 2023.

Visitation will be held at Friendship Missionary Baptist Church, one of the largest Black churches in the Queen City, at 10:30 a.m., followed by a funeral service at 11 a.m. The burial will occur at the VA Salisbury National Cemetery outside of Charlotte.

After the news broke of his remains being found, one of his family members, Brenda, said this brings not only closure to the family but to his name and legacy. “This has been my life’s mission,” she said. “He is no longer X-125, who came up out of that grave in Florence, Italy. He is Fred Brewer, Second Lieutenant.”

Fellow service members like World War II veteran Andrew Pendleton were excited to hear the news. Although he never met Brewer, he will never forget how the Red Tail airmen protected his crew during the war. “We were two fellows doing our jobs, helping each other. But we never met,” Pendleton said. “They would fly next to us to keep the German plans for attacking us.”

The veteran admits that his mind isn’t what it used to be, but the memories stay the same. With the help of a friend, Laura Stotts, who works with fellow veterans, Stotts found logs from the war that showed Pendleton worked on a mission on the same day, in the same region and exact same target, where Lt. Brewer crashed.

Black Couple Partners With PGA REACH To Launch National Diversity Golf Program For HBCUs

by BLACK ENTERPRISE Editors

November 30, 2023

Black Couple Partners With PGA REACH To Launch National Diversity Golf Program For HBCUs

The program will enable students to travel for golf tournaments, support recruiting efforts, and build a pipeline to being a PGA professional while learning real-world skills

Angel Rich-Jones and her husband, Karl Jones, have launched a non-profit partnership with J.P. Lunn, PGA member and President of PGA REACH Middle-Atlantic, to launch a signature HBCU program called 4tee Acres to provide students with access to quality golf clubs, clothes, and a variety of clinics. The program will enable students to travel for golf tournaments, support recruiting efforts, and build a pipeline to being a PGA professional while learning real-world skills. Angel is a Hampton University alum, and Bowie State University Foundation board member, and Karl is a Howard University alum.

The 4tee Acres will promote financial literacy, STEM, and golf at Historically Black Colleges and Universities (HBCUs) and state schools with the mission to Drive for Diversity and increase Black women in golf. The non-profit is also excited to deliver a new golf fashion line for the culture. The line will feature stylish golf apparel that can be worn on and off the course. Highlighting Black women, items feature form-fitting materials for curves and innovation for efficiency while playing.“Expanding opportunities for HBCU students without barriers opens doors for an infinite future of young Black golfers to accomplish new heights and for HBCU golf programs to increase authority as they grow beyond expectation,” said Angel. “4tee Acres is devoted to promoting equity in golf from students to professionals, and we look forward to working together to expand diversity across the industry.

This program will allow each school the ability to invite more students to participate in learning golf, building financial health, and strengthening STEM skills. With increased resources 4tee Acres aims to assist schools with quality golf clinics with lessons from PGA professionals, appropriately sized clubs, and clothes from an upcoming fashion line.

“Through PGA REACH we will be able to positively impact the lives of youth, military, and diverse populations by enabling access to PGA Professionals, PGA Sections, and the game of golf,” said J.P. Lunn.

Additionally, 4tee Acres will support Veterans through PGA HOPE (Helping Our Patriots Everywhere) with mental health and well-being for players and members of their households. Golf is a great social, low-impact activity that raises confidence, reduces stress, builds self-esteem, and can even increase your life expectancy by five years, according to the National Library of Medicine.

Earlier this year 4tee Acres hosted the Harlem Globetrotters to teach them how to play golf along with National African-American Golf Hall of Famer Jimmy Garvin and Howard University’s Assistant Golf Coach Airielle Dawson. Harlem Globetrotters Play It Forward Season 1 Episode 18 Yes You Can is steaming now on Peacock.

For young Black golfers, the chance to enter more golf tournaments, become PGA professionals, and succeed in life is not just about how great they can putt – the network they establish off the course with industry professionals, their ability to make wise financial decisions, and the opportunity to build their own STEM product can make a difference in the pathway to their future.

Learn more about 4tee Acres, visit its official website at 4TeeAcres.com

This story was first reported by Blacknews.com