Typically when people talk about generational wealth, they’re referring to financial inheritance passed down from one generation to the next. While this definition is accurate, intangible assets like work ethic, altruism, and even keen instincts are invaluable in maintaining wealth.
According to the Williams Group wealth consultancy, 70 percent of rich families lose wealth by the second generation. This is typically the result of the passing down of financial inheritance minus the values and acumen required to sustain it.
African American restaurateur Karim Webb, who followed in his father’s footsteps as a franchisor, exemplifies what is possible when both are simultaneously nurtured.
“My parents are both from L.A. They both grew up in single-parent households,” Karim shared before a packed crowd at the Men of Courage forum in Los Angeles. After going into the military Karim’s father, Reggie Webb decided to pursue entrepreneurship.
At a time when, McDonald’s restaurants were snowballing and expanding their footprint in urban communities – Reggie, having been an executive at McDonald’s, seized the opportunity to build his own business.
“He cashed in some stock that he’d accumulated to use as a down payment for those first two restaurants,” Karim said. That investment empowered him to serve as a business leader, mentor, and esteemed community figure, able to sow into the lives of customers and employees, the majority of whom looked like him.
In addition to inheriting knowledge around business and wealth management from his father, Karim also learned practical lessons on the value of mentorship and work ethic.
“The man is no joke. He’s not the guy that you tell, ‘Dad I want new Jordan’s,” and you get them,” he shared. “He would say, ‘well get your behind on the grill and work for them.’”
As Co-Owner and Operations Partner of PCF Restaurant Management, a Los Angeles-based franchisee of Buffalo Wild Wings, Karim is building his own legacy of entrepreneurship and social responsibility.
It is, from this life perspective that he brings the sixth principle in the Men of Courage Blueprint.
The Blueprint, Principle 6: Generational Black Wealth is Crucial to the Economic Mobility of Black Men in America.
Watch Karim Webb speak on the topic:
This post originally appeared on Men of Courage.