Latest Articles

A Comprehensive Guide For Entrepreneurs Who Want To Open A Franchise

Franchising is a strategic way to hit the ground running with your new business while building on the legacy and structure of an established business brand. Here’s a friendly guide to help you understand what it takes to open a franchise and what to expect along the way. New businesses use this model to buy brand recognition , a proven business model and dedicated support from successful businesses. What To Know As An Entrepreneur Opening A Franchise Entrepreneurs who want to open a franchise should consider the following: Background Check Do your research on various opportunities and terms. Consider industries that interest you and have growth potential. Look into the franchisor’s reputation, the level of support they offer, and their financial health. Business Appraisal Entrepreneurs who want to open a franchise should assess your skills, interests, and financial situation. Opening a franchise requires a significant investment, so ensure you have the necessary capital or access to...

May 24, 2024

Rosalind Brewer, Will Packer, And More Join Atlanta Falcons' Ownership Group

The Atlanta Falcons has welcomed four limited partners. According to a press release shared with AFROTECH™, Rosalind Brewer, Will Packer, Dominique Dawes, and Rashaun Williams are now a part of the NFL team’s ownership group. The additions come after the 32 NFL majority owners reached a final vote in Nashville, TN. Ahead of the approval, Brewer, Packer, Dawes, and Williams were vetted by the Atlanta Falcons, the league office, and the NFL’s Finance Committee, the press release discloses. For Brewer, in addition to being a limited partner, she will continue to serve as an associate board director for Falcons owner Arthur M. Blank’s Family Foundation. “ As I embrace the opportunity to become a limited partner of the Atlanta Falcons, I’m reminded that true leadership extends beyond boardrooms and onto the fields where dreams are forged and communities united,” Brewer shared in a statement. “ My journey has always been about people – their stories, aspirations and the communities we...

May 22, 2024

Big3, A Pro Basketball League Founded By Ice Cube, Sells Its First Team In A Reported $10M Deal

Ice Cube is finally putting plans in motion to sell teams included in his Big3 basketball league roster. According to Bloomberg, in a deal worth $10 million, the 3-on-3 basketball league has sold its first team to an outside party. Led by investment firm DCB Sports, a group has acquired the team, with Los Angeles, CA, to serve as its home city. This also launches the league’s transition from a touring league to a city-centric model. All 12 teams on the roster have been put up for sale. “We need to plant our roots in cities so we can be more than a rolling all-star game coming through,” Ice Cube said in an interview with the outlet. “It’s really about growing the sport and the league.” Created in 2017, teams in the Big3, which include the 3 Headed Monsters, Ghost Ballers, and more, have been owned and operated by the league. Per the report, management aims to announce four new ownership groups by the start of its season, which kicks off in June.   View this post on Instagram   A post...

May 13, 2024

Who Is Richelieu Dennis? Meet The Serial Entrepreneur Behind Shea Moisture Who Went On To Own ESSENCE, Refinery29, And More

If one were to walk down the hair care aisle of any major big box store, there is a high chance Shea Moisture would be on the shelves. With products like shampoos, conditioners, and oils, the natural hair care line has been serving Black and Brown communities for years. But did you know the brain behind the massive beauty and hairline is Liberian-born mogul Richelieu Dennis? From Humble Beginnings To A Purpose-Driven Mission Dennis attended Babson College and began selling shea butter from his dorm room. By the early 90s, he had leveraged his dorm room sales to start the Shea Moisture line, which would eventually become a part of the parent company Sundial Brands. However, Dennis’ journey was one of hard work, selling his product from a card table in Harlem. Beyond the entrepreneurial spirit, Dennis recognized his product was not just a hustle but a connection to something greater. “But for me, there was this overwhelming sense of responsibility: there were no real products or...

Apr 30, 2024

Terry Crews Built A Successful Career In Hollywood, But His Wife And 5 Children Are His Personal Leading Cast

In his 2017 song, “Legacy,” Jay-Z said, “Generational wealth, that’s the key. My parents don’t have sh-t, so that shift started with me.” This concept, adopted by many people, has been the foundation for helping secure the economic stability of their families. Among those who created that shift, as Jay-Z described, is Terry Crews. Terry Crews, a former NFL player, current television host, and actor, has achieved remarkable success across various industries. However, career has always been intertwined with Terry’s family, a testament to his strong values. The 55-year-old has been transparent about his financial troubles, and his wife’s admonishment helped him realize he needed to shift his pride aside and focus on making an income that would benefit the Crews household. View this post on Instagram A post shared by Terry Crews (@terrycrews) “After retiring from the NFL, I struggled to get to the next level where I wanted to be,” the actor told Variety. “ I tried and failed many times...

Apr 29, 2024

Giannis Antetokounmpo Recalls Walking Away From An Adidas Deal That Didn't Fulfill Its Terms To Sign His Brother Thanasis Too

The Antetokounmpo family doesn’t play when it comes to their own. Nike has been a long supporter of Giannis Antetokounmpo and his family since the very beginning of his career in 2013, and it’s also what encouraged the NBA superstar to pass on another endorsement deal with one of the athletic apparel company’s competitors. According to Bleacher Report, during an appearance on the “Thanalysis Show,” Antetokounmpo recalled the moment he decided to walk away from a deal at Adidas because he was in a position where he needed to help support his family. After an initial offer featuring a deal for both Giannis and his brother Thanasis Antetokounmpo, Adidas backtracked on the plan, prompting Giannis to turn down the proposal. “[An Adidas representative] brought the contract and put it in front of me, and I’m like, ‘Okay great, where is my brother’s?’” Antetokounmpo explained, per Bleacher Report. “And he was like, ‘We’re not going to sign your brother’s today. You’re going to sign yours,...

Apr 19, 2024

Mented Cosmetics, A Black-Woman-Owned Beauty Brand, Has Been Acquired

Black woman-owned beauty brand Mented Cosmetics has been acquired by West Lane Capital Partners, Beauty Independent reports. The company, co-founded in 2017 by KJ Miller and Amanda E/J Morrison, offers products that cater to women of all complexions, its website mentions. According to Beauty Independent, Mented Cosmetics’ inaugural product was nude lipsticks created for women of color, which is still one of its best sellers. Mented Cosmetics’ products have since expanded to include mascara, blush, eyeshadow, foundation, and more, which can be seen on its website. Prices range from $16.50 to $30, the outlet says. The brand first relied on direct to consumer (DTC) distribution before landing in retail stores. As of this writing, its products are being sold in Ulta Beauty, Target, CVS and Walgreens but will shift its focus to DTC, the outlet notes. Over the years, the company has raised $9 million in venture capital funding, Crunchbase lists. However, there have been some growing...

Apr 19, 2024

Richelieu Dennis’ Sundial Media Group, Which Is Home To Essence, Afropunk, And More, Acquires Refinery29

Sundial Media Group is adding another media conglomerate to its portfolio. According to a news release shared with AFROTECH™, Richelieu Dennis’ Sundial Media Group (SMG) has officially acquired Refinery29 (R29), a creative digital media and entertainment platform focusing on multigenerational women. The company previously belonged to the Vice Media umbrella. “We’re very excited about the expansive ecosystem we’re building at Sundial Media Group. R29 is an incredible brand with a phenomenal team that will play an important role in reimagining how media serves the need for connection, culture, and commerce in these distinct, but complementary communities of the New General Market,” said Dennis in a press statement. In addition to the acquisition, it has also been announced that Cory Haik will serve as R29 CEO and the company will operate as a standalone business within SMG. “We’ve been admiring the work of this R29 team for a while, and we’re excited to see what they will now do...

Apr 19, 2024

McKinley Thompson Jr. Broke Barriers And Developed Concepts That Led To The Bronco, Mustang And More At Ford Motor Co.

From the time he was a kid, McKinley Thompson Jr. was never afraid to chase his dreams, and now everyone has him to thank for the Ford Bronco that the culture grew to know and love. Thanks to Thompson’s imagination and skill, he made history as the first Black designer to be hired by Ford Motor Co., and his first assignment consisted of working at Ford’s advanced design studio in Dearborn, MI, per the Ford media website. His love for cars first began around age 12 when he spotted a silver-gray DeSoto Airflow in Queens, NY, the neighborhood where he was raised. “It just so happened that the clouds opened up for the sunshine to come through,” Thompson recalled in a 2001 interview that was documented by The Henry Ford. “It lit that car up like a searchlight. I was never so impressed with anything in all my life. I knew that’s what I wanted to do – I wanted to be an automobile designer.” While serving as an Army Signal Corps in World War II, Thompson learned drafting and began work as...

Apr 17, 2024

Former Walgreens CEO Rosalind 'Roz' Brewer Joins Black Economic Alliance's Board Of Directors

Rosalind “Roz” Brewer has joined a coalition of leaders to advocate for financial prosperity in Black communities. As AFROTECH™ previously told you, Brewer — an alumnus of Spelman College — formerly helmed as Walgreens Boots Alliance chief executive officer (CEO). This company, headquartered in Illinois, owns the retail pharmacy chain Walgreens in the U.S. and the U.K. However, Brewer exited her position in August 2023. She was the only Black woman to hold the C-suite title in the S&P 500 at the time, per Bloomberg. The former Walgreens CEO was also the third Black woman to lead a Fortune 500 company, notes Forbes. Before Walgreens, Brewer served in leadership roles for retail giant Walmart and then transitioned to its Sam’s Club division as president and CEO to advance digital technology and improve shoppers’ experience, a news release mentions. She also took on the role of the chief operating officer (COO) of Starbucks Coffee Company from 2017 to 2021. Her contributions included...

Apr 5, 2024

Nas, Resorts World NYC Unveil A $5B Proposal He Says Could Give 'New Opportunities To The Hard-Working Families' In His Hometown Of Queens

Nas is spearheading a plan to change the landscape of New York City. The music icon has partnered with Resorts World Casino New York City and its parent company, Genting America East, to revitalize his beloved Queens neighborhood. As reported by Commercial Observer, Genting America East executives, including the artist, shared plans for a $5 billion redevelopment endeavor to transform the Resorts World establishment into a “Las Vegas-style casino.” The blueprint for the project includes amenities such as 30 new opportunities for food and beverage vendors, a 7,000-seat performance space, and 1,600 new hotel rooms inside the existing Hyatt Regency at John F. Kennedy International Airport. Genting America East also proposed a 350,000-square-foot extension of the Resorts World casino floor. If approved, the move would position the casino as the largest gambling establishment globally, per the outlet. Beyond revenue-generating additions, the proposal includes housing units that could...

Mar 1, 2024

Herman Moore Went From NFL Player To Franchisee Of All Cinnabon Stores In Michigan And Florida During The Early 2000s

The humble beginnings of Herman Moore were not going to stop him from achieving greatness, even beyond his playing days in the National Football League (NFL). According to Detroit Free Press, the former Detroit Lions player was taught by his mother the habit of looking at life from a broader perspective, a practice he maintained even in the face of financial difficulties. “She had me at 21 and worked so many jobs,” Moore told the outlet about growing up in Danville, VA. He continued, “We were a low-income family. We lived on less than $18,000 a year. But she made sure my sister and I always knew the endgame. We lived in government housing and were on food stamps, but that is not an excuse to not excel in life and to also help others.” Moore would lay his own foundation for generational wealth-building in 1991 after being drafted to the Detroit Lions and signing a three-year $2.4 million contract with the team, which included a $1.2 million signing bonus, according to Spotrac. Moore...

Feb 9, 2024

Aliko Dangote, The World's Richest Black Man, Opens $19B Dangote Petroleum Refinery

It appears things are officially in motion for Aliko Dangote’s new business project.

Jan 22, 2024

Mellody Hobson's Ariel Alternatives Buys Majority Stake In Multicultural Media And Advertising Company My Code

There are new strides being taken by Ariel Alternatives co-founders Mellody Hobson and Leslie A. Brun.

Dec 5, 2023