Through workshops and group discussions, nearly 300 attendees at the second annual Powered by Us symposium explored ideas and practical approaches to building generational wealth in Black families and creating a better future for African American people.
“Philanthropy isn’t new to us,” said Sam O’Bryant, CEO of Bridges USA, a youth civic engagement nonprofit that hosted the symposium near downtown Memphis. “We have been pooling our resources. We’ve been building Black wealth and we have been lifting up our communities long before anyone gave it a fancy title.”
The Community Foundation of Greater Memphis sponsored the event — a prelude to “Give 8/28,” the nationally recognized day in August of giving to support Black charities — as part of its efforts to advance wealth-building and philanthropy in the Black community.
“We wanted to provide expertise and resources that offer advice and information about different stages of the wealth continuum,” said Aerial Ozuzu, the foundation’s vice president of community impact. “In planning this event, we did not assume everybody knew an estate attorney, CPA, wealth manager, real estate professional or financial adviser. We were intentional in including ways attendees could meet experts and receive generational wealth-building information.”
Keynote speaker Andre Perry, senior fellow at the Brookings Institution and author of “Black Power Scorecard” and “Know Your Price,” was introduced by Veronica Jamison, the foundation’s vice president of philanthropic services. Jamison opened her remarks by asking, “What will we build today that someone else will be able to stand on tomorrow?”
Perry, who serves as the director of the Center for Community Uplift at Brookings, framed Jamison’s question within the context of the social and economic realities that affect the overall quality of life for African Americans.
“I define Black power as the ability to live out your natural life. Say there is no racism. How long would you live? How long would your community live?” Perry asked the audience. “What would it take to build your community to enable people to thrive?”
Perry said his research does not compare Black people with white people but Black people with Black people.
“We know that there is a policy difference that should result in different outcomes,” he said. “But in research, we should not replicate the harms that were done to us.”
Perry shared findings from studies comparing specific measures across Black communities in the United States.
“We see that when we have a higher share of business ownership in place, we have a higher life expectancy,” Perry said.
Those in attendance represented various stages of wealth building but shared similar perspectives on the symposium’s significance for Black families and the community.
“I attended last year. I’m here today because it’s a great time to grow in Memphis,” said community impact consultant Donna Olds. “The possibilities are endless. I want all things great in Memphis because I want all things great for my son and my daughter-in-law and my grandchildren.”
Symposium speakers noted these businesses can help build wealth, along with healthier and more stable Black communities.
Archie Willis III, founder and president of real estate development firm ComCap Partners, Alicia Willis, ComCap founding partner, and Alexandra Willis Boddie, vice president of development for ComCap, shared how their family’s history of community service became foundational to building their businesses.
Archie’s father, the late A.W. Willis Jr, was a prominent Memphis businessman and civil rights leader.
“I fortunately come from a legacy of folks who have been a part of the community and done things for the community for generations,” said Archie Willis, whose career was influenced by his father. “I worked with my dad who always said we need to do things that improve our community.”
Alicia Willis, Archie’s wife, described the dynamics of working in a family business.
“One of the things that makes us work well as business partners is that we each have our strengths and work together well as a team,” she said.
Willis Boddie, agreed.
“I couldn’t imagine not having come to work for my parents,” she said. “It’s been an amazing experience.”
