Transform communities through business ownership and generational wealth

Jamar Cobb Communities struggle when jobs and wealth leave the neighborhood. When the big employer leaves, joblessness, drug use, poor housing stock, food scarcity, and infrastructure woes begin to plague once successful areas of the city. There is a way up through business ownership and succession. Many communities are already taking advantage of small business growth as an essential economic development tool. Social programs, grocery stores, and crime prevention are all necessary tools of neighborhood revitalization. However, communities need sustainable long-term fixes that create cash for generations. Even though a large corporation could come (back) to the neighborhood, we cannot count on it. Small business training, ownership, and succession are the fix. There are challenges associated with using small business development as an economic development tool. Education, access to capital, funding, and more create roadblocks that can be overcome with strategic planning and execution. Education: We Need More Incubators Business incubators are starting to show up in economically challenged communities. We need more of them and we need professionals to donate their time and educate new business owners on the tools of success. CPAs need to show up to teach tax mitigation and payment strategies. Attorneys need to be on-hand...