The Importance of Legacy for the Black Community
Written on
Understanding Legacy
The concept of legacy transcends merely amassing wealth.
Consider the recent headline: "Jay-Z sells his company, Tidal, to Square CEO, Jack Dorsey for $302 million." This isn’t an isolated incident; Jay-Z has a history of buying and selling assets. A few years back, he owned a stake in the Brooklyn Nets, which he sold to a white investor once its value appreciated. Jay-Z isn’t alone in this trend.
In 1991, BET became the first Black-owned network to be listed on the New York Stock Exchange, established by Robert L. Johnson in 1980. However, it was sold to Viacom, a white-owned media conglomerate, for $3 billion in 2000. Another notable case is Shea Moisture, a Black-owned haircare brand that was acquired by Unilever, a white-owned entity, in 2017-2018.
This pattern is disheartening. What does legacy mean for the Black community?
Legacy encompasses more than just achieving billionaire status. A recurring theme in the Black experience is the historical theft from white individuals—our culture, wealth, and humanity have all been appropriated. Starting from a position of disadvantage in America, it is uplifting to witness successful Black entrepreneurs establishing businesses. It sparks hope that Black individuals can indeed create enterprises and leave lasting legacies. Yet, the trend of selling these businesses to white corporations is frustrating.
Building a legacy involves more than financial success; it is deeply rooted in culture. For instance, if Beyoncé were to pass on her company, Parkwood Entertainment, to her daughter, that would embody legacy. Not only would the company hold significant value, but her daughter would also inherit the vision and foundation Beyoncé built.
Another example is LaVar Ball. His sons, LiAngelo and LaMelo, made headlines as top NBA draft picks. While they endorse various shoe brands, LaVar has created "Big Baller Brand," which he intends to pass down to his sons. When asked about selling his business, he responds, "It's bigger than the money," which encapsulates my sentiment.
Counterarguments from some Black business owners claim, "Many Black people do not support Black-owned businesses." This assertion is misleading.
Black consumers represent a substantial market. The success of "Black Panther" at the box office is a testament to this. There are numerous reasons why some Black individuals may not support Black businesses, including a lack of local options or inadequate product quality.
Recently, I discovered a Black-owned haircare store in my neighborhood on Juneteenth, and my family now prefers it over Chinese-owned alternatives. The majority of Black individuals support Black enterprises; we just need to be more discerning.
I'm certain many Black consumers were loyal to Tidal prior to Jay-Z's sale, and countless Black women championed Shea Moisture until the product formulas shifted to cater to white hair types.
Support for Black businesses hinges on their commitment to remaining independent and not succumbing to the allure of selling to the highest white bidder.
Main Takeaway
Legacy holds significant importance for the Black community, especially given the historical cultural theft. While building wealth is commendable, establishing a lasting legacy is an even greater challenge. I hold in high regard those Black entrepreneurs who choose to retain ownership and pass their businesses down through generations rather than sell for immediate profit. Selling a business that has garnered community support to white corporations feels like a betrayal.
Let’s aspire to cultivate a richer legacy for future generations.
The first video, "John McWhorter: 'Woke Racism' Has Betrayed Black America," explores how contemporary social movements may have diverged from the original intentions of uplifting Black communities.
The second video, "Black Voters Are Considered Sell Outs To The Black Community Even If They Question Democrats," discusses the internal conflicts within the Black community regarding political allegiance and support.