Passing on a legacy business to the next generation takes grit, grace — and some financial know-how. But how do these families thrive? Three businesses share what happens when you go beyond the storefront and participate in the community.
Hot Sam’s, the oldest Black-owned men’s clothing store in Downtown Detroit, turned 100 this year. Cliff Green, Tony Stovall, and Lauren Stovall open up about the challenges of creating Black generational wealth and the importance of leaving a legacy.
With preservation and family in mind, the Smith-Tathams have built a successful lifestyle business in rural West Virginia. Some of the credit goes to Modern Homestead’s previous incarnation as a garden center.
Authenticity has helped guide this 130-year-old porcelain specialty shop in NYC’s Chinatown. As a community hub, Wing On Wo & Co. breathes new purpose to this family gathering space.