Legions of Black entrepreneurs possess the passion, acumen, and resilience to launch and grow businesses. Still, scores of them stumble when it comes to personal financial planning and creating deep-rooted family prosperity.
Roughly 78% of U.S. small business owners believe business success serves as one of the routes to generational wealth creation. In fact, more than a third of these business owners plan to leave cash or assets to their progeny.
Providing such financial security, however, tends to be a tough proposition for Black business owners challenged by issues like retirement financing, saving for their children’s college education, or securing the right insurance policies to pay whopping medical bills that may come with long-term catastrophic illness.
Among those seeking to avoid potential financial pitfalls are Chevalo and Monique Wilsondebriano, founders of Charleston Gourmet Burger Co.
When they started the Charleston, South Carolina-based venture in 2012, the enterprising couple knew such planning proved essential to their well-being and the company’s sustainability.
For over a decade, the Wilsondebrianos have sold Gourmet Burger Marinade and Gourmet Burger Sauce—condiments to add flavor to burgers, chicken, turkey, pork, and vegetables.
Their tasty product lines have been widely successful and are sold everywhere, from grocery stores to e-commerce platforms. One plan the couple has recently cooked up: Relaunching their once-popular frozen burger line for grilling season this year.
Building family wealth has been a part of the Wilsondebrianos’ long-term strategy from the start. As they evolved as shrewd business operators, they realized the importance of staying focused on retirement, financial education, and life insurance, among other financial tools.
Estate planning and business succession have also served as critical components. “We have always looked at it as a business that can be passed down or made sustainable for the children,” says Chevalo, citing that he and his wife were the first within their families to own and operate a business. He plans for their three daughters — Brianna, 29, Shannon, 28, and Amber, 18— and son, Ashley, 19, will not be the last, having taught them the principles of wealth accumulation since childhood.
Asserts Chevalo: “What was important for us is breaking those generational curses. I didn’t want our kids to ever be on welfare; I didn’t want them to have to struggle. And so, we wanted to really, really be smart and be intentional about how we were building Charleston Gourmet Burger Co.”
Monique says she grew up in a poor household where money management and investing were not among the topics discussed during dinner. As Monique came of age, she did not learn much about the rudiments of managing debt, saving, and investing. Charleston Gourmet Burger served as the catalyst for changing the family’s financial behaviors.
Along with financial guidance on taking a disciplined approach to planning, saving, and investing from mentors like family members and financial professionals, the husband-and-wife business team sought help to engage in asset allocation and build a diversified investment portfolio that includes a mix of conservative stocks, bonds, and real estate. Monique says: “We were making smart investments with the money. It’s more than just making money; you must know what to do with the money once you make it.”
The couple talks to their children a lot about family finances, gaining their children’s input on a range of issues. Says Monique: “We feel like the best way for us to really generate that generational wealth, is the kids must be involved with financial planning.”