Panel Discussion on “Franchising: Creating Wealth in the Black Community”

 Washington, D.C.– The International Franchise Association (IFA) today hosted “Franchising: Creating Wealth in the Black Community,” a panel discussion at the Congressional Black Caucus Foundation Annual Legislative Conference (CBCF ALC), featuring African American small business owners, financial services experts, and administration officials. The expert panelists shared stories of their franchising journey and best practices for success, as well as information on opportunities in franchising and accessing capital.

“Throughout IFA’s Open For Opportunity Roadshow, we have met countless local franchise business owners that are living their own American Dream because of the opportunities franchising provided to them and their families,” said Matt Haller, IFA President and CEO. “The panelists that spoke today are a shining example of how franchising can help people overcome traditional obstacles to business ownership while uplifting local communities and creating generational wealth.”

 

“Our hope is that today’s discussion has helped more people understand the ways franchising can open doors, especially for people of color,” said Richard Snow, Vice President-SBA National Franchise Relationship Manager, WSFS Bank. “Franchising can break down roadblocks and help individuals navigate barriers to their dreams of business ownership, changing lives and communities for generations.”

Franchising uniquely expands entrepreneurial opportunities to underrepresented individuals, building wealth in local communities and establishing a lasting financial legacy for the next generation. According to Oxford Economics, around 26% of franchises are owned by people of color, compared with 17% of independent businesses generally, and Black-owned franchises earn 2.2 times more than Black-owned independent businesses on average.

Panelists included:

  • Donald R. Cravins, Jr., Under Secretary of Commerce for Minority Business Development, Minority Business Development Agency, U.S. Department of Commerce 
  • John Lancaster, Vice President, Emerging Markets Development and Owner Relations, Choice Hotels International 
  • Tisha Skinner, Multi-Unit Franchise Owner, Smoothie King 
  • Richard Snow, Vice President-SBA National Franchise Relationship Manager, WSFS Bank 
  • James E. Williams (Jimmy), CEO, Estel Foods d/b/a McDonalds 

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