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You are here: Home / SmallBizChat / March 2025 #SmallBizChat: How To Build Generational Wealth

March 2025 #SmallBizChat: How To Build Generational Wealth

March 20, 2025 By Melinda Emerson Leave a Comment

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#Smallbizchat Podcast LIVE is a monthly video interview show where small business owners can get answers to their questions.

The focus of #Smallbizchat is to end small business failure by helping participants succeed as your own boss.

Please join us live every third Wednesday of the month from 8-9 pm ET Live on my SmallBizLady Facebook Page, YouTube Channel and LIVE on Twitter. 

How to Build Generational Wealth

Dr. LaTanya White is a pioneering thought leader in Wealth Equity and a trailblazing researcher dedicated to dismantling systemic barriers to economic advancement. As the founder of Concept Creative Group, a global professional development firm, she has spent over a decade empowering more than 10,000 Black entrepreneurs to build sustainable wealth. Recognized by the U.S. Department of State, U.S. Department of Commerce, and the U.S. Senate, Dr. White’s work is driving real change in racial equity. Her mission is to close the wealth and skills gap for Black and brown families—helping them move beyond generational wealth to establish lasting family dynasties. Learn more at https://meetdrwhite.com

SmallBizLady: What is financial trauma, and how does it impact first-generation wealth creators, even if they are successful in business?

Dr. LaTanya White: Financial trauma is the unspoken force shaping how we earn, spend, invest, and pass down wealth. It’s not just about experiencing poverty or financial hardship—it’s about the emotions, behaviors, and limiting beliefs we inherit from our families, communities, and even our cultural history.

As a first-generation wealth creator myself, I know how financial trauma can show up in ways we don’t even realize. I might be making six or seven figures in my business but still feel an overwhelming fear of losing it all. Some of us overwork to “earn our right” to wealth, while others struggle with guilt when success distances us from family. And many of us, despite being business savvy, haven’t necessarily been exposed to—or socialized— the levels of financial education needed to turn income into lasting wealth.

One of the most dangerous effects of financial trauma is that it creates silent conflicts within families—between spouses, parents, and siblings—because no one has been taught how to talk about money in a healthy way. If these issues aren’t addressed, no matter how much money we have in the bank, we will sabotage any effort to build a lasting wealth dynasty. That’s why I created the Dynastic Wealth® Family Worksheets—to help families start identifying these hidden patterns before they cost us everything.

SmallBizLady: Why is “generational wealth” a wolf ticket, and what should we be focused on instead?

Dr. LaTanya White; The idea of “generational wealth” has been sold as the ultimate financial goal, but in reality, it’s an incomplete and misleading concept. What we are being told is that if we make enough money, buy a few properties, or start a trust fund, our family will be set. And maybe they will. But one thing that has deeply resonated and stayed with me since my doctoral program is the question I was asked, “What about what isn’t being told?”

Here’s the thing: What we aren’t being told is that wealth is more than just money. If wealth was only about money, how is that the Rockefeller family in their 8th, 9th and 10th generation of wealth have been able to hold a position among America’s 25 wealthiest families without a core business model?

Without a strategy for maintaining, growing, and protecting wealth across generations, families end up becoming just another case study for families who lose 90% their wealth by the third generation.

SmallBizLady; So, what’s the solution if it isn’t generational wealth?

Dr. LaTanya White: We need to move from the idea of generational wealth to implementing the pillars of Dynastic Wealth®. In this wealth literacy ecosystem, we work on:
– Financial Healing: This is needed to keep past money trauma from sabotaging the future.

– Wealth Socialization: This is a key differentiator from other wealth build activities because it lessens the emotional burden that you have, as the Rich Auntie or Uncle, in making sure that everyone in the family understands their role in contributing to and protecting the wealth

– Dynastic Strategy: A family can only reach dynastic status after they have controlled their wealth and assets for at least three consecutive generations, so this isn’t about household wealth, the data that we see about the racial wealth gap. This is about family wealth—the cousins, great-aunts, grandchildren and even the communities that we impact. It’s about making sure everyone has some level of wealth literacy so that when it is packaged, protected and transferred, they’re not entitled to it, they feel empowered by it. This happens by creating a white glove, concierge-level experience when it’s time to meet with estate planners, tax advisors, insurance professionals and the like.

Dynastic Wealth® is a much more robust and comprehensive process. Honestly, I have experienced the overwhelm of it all! But process begins with the first conversation. It may be one of the most uncomfortable yet crucial conversations you facilitate in your adult life…but as the Word says, you were made for such a time as this. As I continued to dive deeper into the mindset, identity, and lived experience of first-generation Wealth Creators, I saw that I need to build an on-ramp for the families to have these discussions. That’s exactly what the Dynastic Wealth® Family Worksheets help families do—start talking about money in a way that builds a collective wealth identity without destroying family relationships in the process.

SmallBizLady: If a business owner is serious about wealth, what’s the first move they should make today?

The first step to building Dynastic Wealth® isn’t making more money—it’s making sure the money we have doesn’t disappear. How comfortable are you with your financials? What is your tax strategy? Are you putting the income you pay yourself (because you are paying yourself, right?) into an infinite banking policy, into the stock market or a high-yield savings account?

Let’s start with the strategy to keep more of the money you’re earning while also preparing ourselves to address the money mindset and family dynamics that we are navigating every day.

How to Win with Joint Ventures

Dov Gordon is Master Networker and marketing expert. He’s the Founder of The Joint Venture Marketing Mastermind, JVMM is a highly curated, under-the-radar network of “thought leader” entrepreneurs who promote, learn from and support each other.  For more information head over to his business website: www.ProfitableRelationships.com


SmallBizLady: Why use joint ventures to grow your business?

Dov Gordon: Joint ventures, also called JVs, are one of the fastest ways to grow your audience and sales.  All you need to do is find someone who already has an audience that includes a high number of your ideal clients.  When this other person or business introduces you to their audience, you immediately benefit from the credibility they’ve built up over the years.  That’s why joint venturing is one of the fastest ways to grow your email list.

It’s also the cheapest way to grow your audience and sales.  With advertising, you need to spend money to get in front of people.  And you can’t know what kind of sales you’ll get.  But with joint ventures, you can usually arrange to be promoted by a JV partner – and only pay after you close a deal.

SmallBizLady: How do you get started with joint ventures?

Dov Gordon: What kinds of people do you want to be reaching?  Get very clear about that.
And then, who already has an audience or a customer base of such people?  Once you begin to identify who already has the attention and respect of your target market, you can build relationships with potential JV partners.

SmallBizLady: How do you become the one everyone wants to promote?

Dov Gordon: If you do three things, you will be the one everyone wants to promote:  Be reliable.  Be Valuable and Be Reciprocal.

Be Reliable:  This means that when you commit to do something for your JV partner, you do it.  Always.

Be Valuable:  People will be happy to promote you if you make them look good.  So give them something of genuine value that they can give to their audience.

Be Reciprocal:  Find ways to be valuable to your JV partners.  Maybe you promote them to your own audience.  Or maybe you introduce them to people who can be valuable to them.

How to Recruit Your Dream Team

Anisha Robinson Keeys is a Fractional Talent Acquisition Director with over a decade of expertise in helping businesses build high-performing teams. She specializes in identifying top talent, optimizing hiring processes, and developing strategic recruitment plans that fuel business growth. A sought-after speaker, Anisha shares insights on diversity, corporate sponsorship, personal branding, social media strategy, and fundraising excellence. Passionate about empowering small businesses, she equips leaders with the tools to attract, hire, and retain the right people, ensuring they scale successfully and sustain long-term success.  Learn more here: https://www.linkedin.com/in/anisharobinsonkeeys

SmallBizLady: What are the top three steps to recruiting your dream team?

Anisha Robinson Keeys: My top 3 steps to recruiting your dream team as a small business

Define Your Ideal Team Member

  • Get crystal clear on the skills, experience, and cultural fit you need.
  • Create a detailed job description outlining key responsibilities and success metrics.
  • Focus on hiring problem-solvers who align with your business vision.

Use Strategic & Proactive Sourcing

  • Tap into your network, LinkedIn, and industry groups to find high-quality candidates.
  • Offer referral incentives to current employees and connections.
  • Engage in thoughtful outreach—great talent isn’t always actively job-hunting.

Streamline Your Hiring & Onboarding Process

  • Keep your interview process structured and efficient—don’t lose top talent to delays!
  • Assess both technical skills and cultural alignment with practical assignments.
  • Set new hires up for success with a strong onboarding plan and clear expectations.

SmallBizLady: Why is it important to make it easy to apply for a job at your company?

Anisha Robinson Keeys: It will attract more qualified candidates – The best talent doesn’t have time to jump through unnecessary hoops. A streamlined application process ensures you don’t lose top applicants due to frustration or complexity.

  • Improves the Candidate Experience – A smooth, user-friendly process sets the tone for how your company values employees. First impressions matter! If applying is difficult, candidates may assume working for your business will be, too.
  • Reduces Drop-Off Rates – If your application is too long, requires excessive steps, or isn’t mobile-friendly, qualified candidates will abandon it before completing it. Keep it simple, clear, and accessible.
  • Speeds Up Hiring Decisions – A shorter, well-structured application allows you to quickly identify the best-fit candidates, reducing the time it takes to fill positions.
  • Boosts Employer Branding – Companies that make applying easy appear organized, efficient, and candidate-friendly, attracting even more top talent.

Anisha Robinson Keeys: Should small businesses use assessment tools to evaluate candidates?

Yes, Small businesses should absolutely use assessment tools to ensure they hire the right people. Here’s why: Resumes and interviews provide limited insights, while skills tests, personality assessments, and problem-solving exercises offer objective data on a candidate’s qualifications. These tools help reduce hiring mistakes, improve cultural fit, and streamline the hiring process by filtering out unqualified applicants early. They also create a fair, standardized evaluation process, ensuring that hiring decisions are based on merit and ability rather than gut instinct. When used strategically, assessment tools save time, minimize turnover, and help small businesses build high-performing teams that drive long-term success.

Did you find these interviews helpful? Please tell me how they helped and then share them.

Would you like to be a guest on #Smallbizchat Live?

If you are a small business owner, author, or subject matter expert, we’d love to have you appear as a guest on #Smallbizchat LIVE. Submit your name, headshot, Twitter handle, bio, website, topic and 3 questions and answers in paragraph form to demonstrate your expertise. To submit your materials to be a guest on #Smallbizchat click here.

 

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Filed Under: SmallBizChat, SmallBizChat Live+

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About Melinda Emerson

Melinda F. Emerson, “SmallBizLady” is America’s #1 Small Business Expert. She is an internationally renowned keynote speaker on small business development, social selling, and online marketing strategy. As CEO of Quintessence Group, her Philadelphia-based marketing consulting firm serves Fortune 500 brands that target the small business market. Clients include Amazon, Adobe, Verizon, VISA, Google, FedEx, Chase, American Express, The Hartford, and Pitney Bowes. She also has an online school, www.smallbizladyuniversity.com, that teaches people online marketing and how to start and grow a successful small business and publishes a blog SucceedAsYourOwnBoss.com. Her advice is widely read, reaching more than 3 million entrepreneurs each week online. She hosts The Smallbizchat Podcast and is the bestselling author of Become Your Own Boss in 12 Months, Revised and Expanded, and Fix Your Business, a 90 Day Plan to Get Back Your Life and Reduce Chaos in Your Business.

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