Category Archives: Business

Akon Lighting Africa and the Potential of HBCUs In Africa’s Development

Posted on July 8, 2015 by | 7 comments

“If you want to go quickly, go alone. If you want to go far, go together.” ~ African proverb

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My travels to West African countries (Benin, Togo, & Ghana) in a study abroad program in 2006 were the highlight of my graduate education. However, the unfortunate aspect of the trip was that we, as students, weren’t provoked to consider our role in the global economy, specifically Africa. This would have been an opportune time in our intellectual development to challenge us to assess critically how we could become change agents as we encountered the host of social and structural issues of each country. For instance, in each country we visited, we witnessed many residents of the rural towns and villages using kerosene for lighting their homes and businesses. Unbeknown to us, approximately 22 million people in sub-Saharan Africa were living without electricity at the time. There are many opportunities present in rural Africa, and students should be at the center of entrepreneurial conversations, solutions, and building of partnerships.

As an educator, I am concerned that students, and Historically Black Colleges and University (HBCU) students in particular, are not having transformative conversations and experiences regarding entrepreneurship and using academic knowledge and resources to empower the African Diaspora. This conversation is necessary if we are truly interested in preparing our students to be at the forefront of global issues. HBCUs have the unique opportunity to develop students’ social and economic competencies to meet global needs that they may only be privileged to receive during the course of their higher education.

Many HBCUs have community-based programs such as study abroad programs, service-learning projects, and civic engagement activities that are focused on various African countries, which they do a good job of exposing students to African heritage, language, culture, dance, and ethnic cuisines. This knowledge and cultural exposure should only be the foundation to inculcating entrepreneurial and transformative thinking to students. To the contrary, most of these community-based programs simply focus on students’ exposure and consumption of “authentic” African culture without helping students to facilitate and develop entrepreneurial initiatives that would socially and economically enhance the place they are visiting. Instead, students leave Africa with masks, artwork, mud cloths, statues, and other cultural goods without understanding civic and global engagement that leads to sustainable solutions.

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The most recent community initiative by a hip hop artist, Akon, made me re-evaluate the role HBCU administrators, alumni, students, and entrepreneurs. Akon is well known for his entrance in the hip hop music scene in 2004 with the release of his hit song “Locked Up.” However, Akon’s most impressive work is his current agenda to provide electricity to rural areas of Africa along with his partners Samba Bathily and Thione Niang under the Akon Lighting Africa Foundation. The Akon Lighting Africa Foundation has developed relationships with international banks to provide immediate electricity services to eleven African countries and counting by using available solar energy, which is a readily abundant resource in the continent. So where do HBCUs fit in such a community initiative?

This solar electricity initiative requires a host of skills, knowledge, and expertise in banking, community and global development, technical skills in installation, and knowledge of solar and clean energy. The aforementioned community-based programs offered at many HBCUs should consider developing partnerships with their alumni, community business leaders, and faculty to re-design these programs in order challenge students to design solutions that would benefit underdeveloped and economically marginalized communities. Not only would these communities benefit from such programs, but students would exit their institutional globally aware, marketable for employment, enhanced understanding of civic engagement, and a portfolio of work that demonstrates their skills and knowledge.

HBCUs also have the opportunity to capitalize off of such programming. One, action-oriented community programs would garner international attention and enhance the image of HBCUs worldwide, which would attract diverse students and faculty of the African Disapora. Two, this could attract potential donors like Nigerian billionaire Akilo Dangote and others to contribute to institutional endowments. Three, this is a great method for strengthening the relationship between alumni and their institution, socially and financially. Four, there would be an increase in faculty engaged in government-funded sponsored research. Five, HBCU administrators would have the opportunity to develop beneficial relationships with business leaders and entrepreneurs. And certainly not the last, HBCUs would achieve and extend their mission by truly changing the social and economic profile of the communities and students they serve providing an impetus for connecting the ecosystem of the African Diaspora.

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Citicorp, JPMorgan Chase, And Others Plead Guilty – African American Banking Opportunity?

Posted on June 10, 2015 by | 4 comments

It isn’t the size of the dog in the fight, but the size of the fight in the dog that counts. – Woody Hayes

Wells-Fargo

I have to say if I was CEO at an African American owned bank or credit union right now I would be salivating at the news where two of America’s largest banks plead guilty to felony charges for manipulating currencies and rigging interest rates. Citibank and J.P. Morgan Chase control a combined $2.3 trillion in deposits worldwide. For perspective, total bank deposits in the United States total $9.3 trillion. This provides an opportunity to give a new narrative to African American communities about the value of banking with someone they know and trust. A bank/credit union owned by and for their community. Although not charged, I would also lump Bank of America and Wells Fargo into my attack, which given their recent settlements for predatory lending towards African American communities would not be a reach at all.

NPR reports, “Citicorp, JPMorgan Chase, Barclays, The Royal Bank of Scotland and UBS AG have agreed to plead guilty to felony charges and pay billions in criminal fines, the Department of Justice says. The offenses range from manipulating the value of dollars and euros to rigging interest rates.” The banks charged will be paying a $5.6 billion in fines combined, with Citigroup and J.P. Morgan Chase paying $1.26 billion and $892 million, respectively. Despite the heavy fines, no one will face actual criminal chargers. Bear in mind for perspective that Citigroup and J.P. Morgan Chase had 2014 net income of $7.3 billion and $21.8 billion, respectively. In other words, Citigroup will be paying 17.3 percent of its net income (profits) and J.P. Morgan Chase will pay 4.1 percent of its net income (profits). It is not clear however if they have to pay the fine at once or have been put on a payment plan.

By now, we have all heard the number – $1.1 trillion. That is the buying power of African America, but what we rarely hear is that less than 1 percent of that buying power sits in African American banks and credit unions (AABCUs). This continuously leaves African America in dire straits needing access to capital, but putting non-AABCUs like Citigroup, JP Morgan, Wells Fargo, and Bank of America in a position to take our money and then use it as a predatory weapon against our communities. One of a bank’s objectives is move the risk from those that own it onto other groups. The aforementioned banks not owned by us are doing their job and doing it well. We just keep aiding them by giving them a larger deposit base which in turn gets loaned back to us at predatory rates so that the owners can secure loans at discounted rates. Our communities pay more so that their communities can pay less. In other words, we deposit $1.00 in the bank and they deposit $1.00 in the bank. The bank now has $2.00 it can lend out. They will borrow $0.50 at 4 percent and our community borrows $0.25 (but needs $0.50) at 8 percent. But why have AABCUs not take advantage of this telling this narrative?

African American banks and credit unions have as a collective not done a good job of expounding their benefits to the communities they are in. Not nearly enough community outreach or customer acquisition investment has been done by African American owned financial institutions. The question if its the chicken or the egg in this case remains in flux. Do you spend limited resources to market to get deposits or do you wait for deposits then market to get more customers? Whichever approach is taken, it must be done with resolute commitment to increasing the AABCUs deposit hold within our communities.  It baffles me the number of AABCUs who are not even on social media. Are you kidding me? It is FREE. If AABCUs created internships for HBCU marketing and communication majors each semester they could have a millennial team of four or five students rotating every three to four months. And while many do not like them, I would hire club promoters and street teams to get the word out. Incentivize the community to become your word of mouth advertising in exchange for perks. In an interview I did with Donna Shuler, co-founder of Answer Title in Washington D.C. and former bank CEO, she said, “More community outreach starting when students are still in school. Banks and agents should use more images of African Americans in their marketing.” One thing that continues to plague African American organizations and firms is the copycat complex that ignores cultural differences between the way our community consumes products and services and the way other communities do. We do this despite Nielsen, an American global information and measurement company, having an entire site dedicated to the African American consumer trends and behavior.

We also have to stop being afraid to use what in hip-hop is known as “beef” with our counterparts. This is a competition after all. My marketing campaign would go something like this – “You know who has NOT  been fined for predatory practices against African Americans – (insert AABCU name).” Or I would have a list of the non-AABCUs who have been fined for their practices against our community and call it a public service announcement. People love a good guy, bad guy scenario. A mentor always said to me once to use what you have. Whatever it is that draws people to you – use it. In AABCUs case, it is using what the others have done to our community to your advantage of getting those deposits to switch institutions. It is also being more engaged in community activities where you can have the captive attention to get financial literacy and marketing message out.

African Americans continue to lose ground in wealth accumulation, our communities and neighborhoods continue to be at risk of gentrification because of lack of development and access to capital, and these are all a reflection of a weak banking system. We know what happened to Harlem and what is happening to places like Third Ward in Houston  among other places. This latest behavior by the non-AABCUs is just a long list of a wedge that AABCUs should be using to distinguish themselves among their core consumer demographic. They have given more than an inch to exploit and it is time we take the mile.

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The HBCUpreneur Corner™ – University Of The District Of Columbia’s Donna Shuler & Answer Title

Posted on May 18, 2015 by | Leave a comment

2014 Answer Title Logo - Trademark

Name: Donna Fitzgerald Shuler

Alma Mater: University of the District of Columbia (formerly DC Teachers College)

 Business Name & Description: Answer Title & Escrow LLC (Answer Title)

Answer Title – based in Washington, DC and serving Maryland, Virginia and the District of Columbia – is a full-service title and escrow company. We are a federal and local government contractor and trusted title and closing agent services provider for commercial and residential real property transactions. We also have experience as an acquisition consultant and closing agent for area commercial and affordable housing development teams. Our Answer Construction Management Services (ACMS) division offers site development and project management services with oversight of hiring compliance, project budgets, design/build, project closeout, and other construction management tasks with specific expertise in new building services, construction, and renovation.

What year did you found your company? 2004

Many do not know what title companies do or their role in real estate. Could you expound a bit on it? Before a property – commercial, residential, or otherwise – is sold or transferred, the title company makes sure that title is marketable and defect-free. The title company searches public records located in the local Recorder of Deeds and or courthouses to find the record owner of the property and identify any prior liens. They then conduct a title examination by taking the findings and making sure that no discrepancies are found (unsatisfied liens, taxes, judgments, rightful owner, etc.). If problems are found, the title company will try to rectify and clear them. Once everything is satisfied through the search and rightful ownership is identified, a commitment (to issue a title insurance policy) is prepared. The title company then coordinates the closing and:

  • Prepares a settlement statement listing closing and title insurance costs
  • Drafts deeds and all affidavits and other similar documents associated with the closing
  • Collects all funds needed to pay settlement costs including paying off any pre-existing mortgages on the property
  • Ensures that all documents are properly signed and notarized at closing
  • Issues the title insurance policy

Title companies are an important part of individual property sales, land transfers for development projects, and any real estate transaction.

The title industry seems to have a lot of fixed and regulated revenues. Some would say marketing and in large part customer service are the things that set companies apart. Do you believe that those revenues should be deregulated? What separates Answer Title from the rest of your competition? Preventing fraud and predatory lending are hot-button issues. Regulation is necessary to ensure that consumers have control of the buying process. Rules such as RESPA call for consumers to have all available information about the cost of a settlement and protect them from unnecessarily high settlement charges. This prevents agents in the industry from using things like kickbacks and referral fees to manipulate the market.

Marketing is important but the most effective marketing in our industry is past performance and expertise. Answer Title relies heavily on its expertise and reputation. The success of a development project (or any transaction for that matter) has so many moving parts and jurisdictional issues that it hinges on the participation of an experienced title company with the highest levels of expertise and knowledge of the local market – those are the elements that set Answer Title apart. We understand complex titles, condemnations, eminent domain procedures, and other land transfer issues. We are also well versed in affordable housing and first-time homebuyer programs. Finally, we are an experienced government contractor who understands compliance and deadlines and we have a number of small business certifications. So we have the residential, commercial, and government sectors covered.

African American homeownership and land ownership seems to be heading back toward all-time lows and African American commercial real estate ownership is largely unknown. What do you believe a corporations like yours; African American banks, and other African American companies related to the real estate industry can do to reverse these trends? More community outreach starting when students are still in school. Banks and agents should use more images of African Americans in their marketing. Organizations like Freddie Mac and Fannie Mae should formalize partnerships with agents in our communities.

African Americans in the real estate industry seem to be largely concentrated as real estate agents, but not in many other parts of the industry making it hard to begin to circulate capital even within the African American real estate ecosystem. What do you think this lack of ownership and occupational diversity in the industry is a result of? And what would it take to improve it?

  • Segments of the industry are so closely linked that large players such as developers start their own ancillary firms – title and escrow, property management, etc. Similarly, government agencies and large corporations do not distinguish between large real estate developers and related services, entrusting the range of services that one large business/entity. This creates fewer opportunities. Nevertheless, organizations such as AAREP, NAREB, etc. provide valuable networking and business development opportunities for African Americans in the industry.
  • We just have to continue identifying ways to participate across all occupations and identify connections. Bankers and lawyers (such as myself and my business partner) looking at opportunities in the title industry, for example.

What was the most exciting and/or fearful moment during your HBCUpreneur career? Answer Title has won awards and recognition at major events and I realized that I am still not comfortable speaking in front of large audiences – that is still a fearful moment. Becoming the first African American female CEO of a bank in the District of Columbia was exciting. Also, I am always excited at closing when we make people homeowners and hand them keys. I know how life-changing that experience is.

What made you want to start your own company? Having worked in banking with strict rules and guidelines, I knew that I could transfer my real estate skills to the title industry and have more control.

Who was the most influential person/people for you during your time in college? My father, William B. Fitzgerald, who started a DC-based bank in 1968 was influential during my time in college and my lifetime. He was a self-made man who owned a real estate company and wanted to meet the needs of his clients who had been unable to get mortgages and financing. As a young girl I watched his vision come to fruition and grow into the fourth largest minority-owned bank in the US – a bank that was featured in Black Enterprise in the 80s and 90s.

Donna Shuler 2015 Photo for HBCUpreneur

How do you handle complex problems? I believe in researching an issue and weighing my options. Also, it helps to have the input/perspective of a business partner.

What is something you wish you had known prior to starting your company? New businesses should place more emphasis on (and devote more capital to) marketing.

What do you believe HBCUs can do to spur more innovation and entrepreneurship while their students are in school either as undergraduate or graduate students? Specifically: initiatives such as campus-wide business plan competitions; on-campus business development centers and institutes that teach and develop the tools of business ownership; Entrepreneurship courses (such as Entrepreneurship undergrad course and Entrepreneurship MBA concentration at Howard University); host technology and other innovation industry events on campus specifically through local partnerships; invite alumni entrepreneurs to participate as speakers, mentors, program sponsors, etc.

Generally: In all classes, address the legacy of business ownership among HBCU graduates across all disciplines. Use examples of African American entrepreneurship whenever it relates to a particular topic. Expose students to the history of business ownership in their own communities.

How do you deal with rejection? I want to know why I was rejected and use that information to move forward.

When you have down time, how do you like to spend it? With family and golfing – or with a good book.

What was your most memorable HBCU memory? Having outstanding professors who were from the community and cared about the community made for many memorable experiences. Professors who were accessible and nurturing unlike at larger non-HBCUs were important to my success.

In leaving is there any advice you have for budding HBCUpreneurs?

Balance fearlessness with preparedness.

Also, not being successful in every endeavor only makes you wiser and stronger for the next venture so keep trying. Life is truly a journey – enjoy it.

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2015 HBCU-Based Credit Unions: Alabama A&M’s Councill Credit Union Leads A Weak Pack

Posted on March 18, 2015 by | 2 comments

Opportunity has power over all things. – Sophocles

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(Pictured Above: Councill Federal Credit Union at Alabama A&M University)

The release of the second annual HBCU Money African American Credit Union Directory allowed us to uncover two more HBCU-based credit unions. A total of eleven HBCU-based credit unions that control a combined $87 million in assets and have 17 099 in members. For comparison, Navy Federal Credit Union, America’s largest credit union has $63.7 billion in assets and 5.3 million members. Three years ago, I wrote on what forming a national HBCU credit union would look like and why it should be a reality. As it turns out, much of the infrastructure for this reality is already in place. Now the question is, what is holding us back?

  1. Southern Teachers & Parents (LA) – $28 million ($29 million)
  2. Florida A&M University (FL) – $19.6 million ($20.6 million)
  3. Howard University Employees (DC) – $11.3 million ($11.4 million)
  4. Virginia State University (VA) – $9.6 million ($10.6 million)
  5. Prairie View (TX) – $4.8 million ($5 million)
  6. Savastate Teachers (GA) – $3.6 million ($3.6 million)
  7. Councill (AL) – $3.4 million ($3.1 million)
  8. Xavier University (LA) – $2.4 million (N/A)
  9. Arkansas A&M College (AR) – $2.3 million (N/A)
  10. Tennessee State University (TN) – $1.4 million ($1.4 million)
  11. Shaw University (NC) – $0.5 million ($0.5 million)

If the eleven merged it would the eleventh largest credit union by assets and by members, and would be only the second African American financial institution with a national footprint. The other being OneUnited Bank, which covers Massachusetts, Florida, and California.The lack of products at HBCU-based credit unions continues to be a chief complaint of why so little deposits seem to remain in them. Everything from better web-presence, mobile banking, investment products, and small business loans could be rolled out in scale if the eleven merged.

Instead, six of the nine HBCU-based credit unions we reported from last year saw their assets drop. Median and average assets fell 1.7 percent and 1.4 percent, respectively among last year’s group of nine. In terms of membership, membership also declined in six of the nine HBCU-based credit unions as well. Membership overall fared into the red with median and average membership down 2.3 percent and 6.3 percent, respectively. Two trends you want to desperately avoid if you are any institution. The best performer was Councill Credit Union at Alabama A&M University who saw an increase of 8.5 percent in assets, this despite the second worse drop among the group in membership decline with a 17 percent drop. Tennessee State University’s Credit Union had the largest increase in membership with a 6.3 percent increase from 2014. However, it only resulted a 1.7 percent increase in assets. One of only three HBCU-based credit unions to see an increase of any sort in assets from the previous year so I guess the cup is half full if you want to see it as such.

Unfortunately, there also seems to be no urgency by these credit unions to do the things necessary to increase their membership and assets. Students entering into HBCUs today may be more financially illiterate than a generation ago, but they have more complex financial needs thanks in large part to student loans playing such a large role into today’s higher education finance. Not to mention the reduced role that social security will play in their long-term retirement planning. An issue that should be prompting more HBCU-based credit unions to find ways to help students reduce student loan debt and start retirement planning while in college. A hard task to give this group given the limited financial products and services they offer leave HBCU-based credit unions minute opportunity to serve the needs of students, faculty, campus organizations, or even the HBCUs themselves. These limited products and services are largely an issue of lacking scale. Instead of a credit union with at least $87 million in assets, the median is $3.6 million amongst eleven with declining assets and membership. Instead of students, faculty, and institutions who travel more today than ever to conferences, tournaments, etc. being able to access their money at one of the eleven branches or through mobile app banking along the way, they are limited to just one insular branch with technology that at best reminds you of AOL dial-up. Holding onto students is even more difficult with most returning to their hometowns or nearest major city upon graduation and only returning to the campus at most once a year for homecoming. Incentive to keep banking beyond graduation? None.

Lauryn Hill has a wonderful song called the Ex-Factor that I think often describes African America institutional strategic behavior and with HBCU-based credit unions it seems no different. “It could all be so simple, but you’d rather make it hard. Loving you is like a battle and we both end up with scars.” I still believe with the right vision, an HBCU credit union could rival the Navy Federal Credit Union and give African America a place of financial safety instead of the scars we constantly end up with from predatory financial services that come into communities because we are left with such meager choices from our own financial institutions. It really all could be so simple, but more than likely we will continue to make it hard.

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Buy Mediterranean Before Boardwalk: Real Estate Investment Lessons From Monopoly

Posted on February 24, 2015 by | Leave a comment

Real estate investing, even on a very small scale, remains a tried and true means of building an individual’s cash flow and wealth. – Robert Kiyosaki

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For all those who have played Monopoly at anytime in life there is one thing for certain, Boardwalk holds an allure that most players simply can not resist. Me and my former roommate would often play the game and on the first few trips around the board as players are snatching up everything they land on, it became apparent to me that I was getting cash poor quickly and so was she. There was no liquidity strategy for either of us. I decided to change my approach and the key to that approach was to not buy Park Place or Boardwalk unless I needed to defensively prevent her from obtaining a monopoly. Even if she had obtained one of the properties I may not buy the other depending on her cash position. A tip in Monopoly, keep your money under the table.

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The great sin of Monopoly and many beginner real estate investors is that they do not actually purview the reality of what they are starting with in relation to what they will potentially be buying during the game. Each Monopoly player starts with $1,500. Just a quick examination of why Boardwalk makes no sense for a period of time is that it cost $400 or almost 27 percent of your starting cash position. On each trip around the monopoly board there is a 2.5 percent chance you land on any one square. It would take your competition eight trips around the board before your property paid you back landing on it every single time just to get that money back. Now, let us say you get lucky and land Park Place as well, that is $750 or half your starting cash position to land the Ritz Carlton and Fifth Avenue equivalent. The problem is to get any true value out of them you need to develop them. To get them up to hotel level you first have to build four houses on each which are $200 a piece and then finally a hotel. You can not just build on one property in Monopoly. So if you put one on Boardwalk, then you have to put one on Park Place next. To get both properties up to hotel level it cost $2,000 or 10 trips around the board. In exchange, both properties now give you a 5 percent chance of landing rental income of $3,500. On the flip side, if you were to buy all five “cheap” properties of Mediterranean, Baltic, Oriental, Vermont, and Connecticut and develop them up to hotel level it would cost you $1,690 and give you a 12.5 percent chance for $2,400 in rental income. Again, think about where you are starting. In comparison, you gave up half your cash position to acquire Park Place and Boardwalk, and then need to circle the board at least seven more times to get to hotel level. Whereas for MBOVC properties, you can acquire and build all of them with your starting cash and one trip around the board. By the PPB owner’s sixth trip, you have had the potential of generating $14,400 in rental income at over twice the opportunity that they have, and in the process they will be potentially cash strapped. You on the other hand, just on passing go six times will have accumulated $1,200 in income, not including potential rental gains.

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So how does this play out in the real world? Many start up real estate investors are just not honest with themselves. They want to buy properties that endanger their cash position and not add to it. There are really two types of investment properties in real estate regardless of whether it is commercial or residential; they are cash flow or appreciation. Cash flow properties tend to be the MBOVC properties. They offer little in the way of appreciation, but kick off enormous amounts of cash. On the flip side, PPB are appreciation properties, meaning the cash flow on them will be tight (maybe negative), but over the long-term the property will rise appreciably in value. The problem with the latter for start up real estate investors is that nothing can go wrong. Razor thin margins (if any) means that maintenance and repairs are all coming out of your pocket instead of the properties revenues. In a cash flow property you are looking to keep it standing and functional as opposed to a Miss Universe competition. As such, even basic repairs and maintenance can be kept up with the revenues of the property because of the acute profit margins.

So what are MBOVC properties? It is all relative to your own starting cash position. Things you should keep in mind are how much is your current income, financing options, down payments, estimated repairs and ongoing maintenance, and taxes. In essence, these are properties that will not strain your cash position and have high profit margins. If you can purchase and repair the property and still have a 100 percent profit margin, then that is the bulls eye. Often these are properties that have Section 8 potential or Class D multifamily properties. The latter are usually in low-income and working class areas where tenants have higher eviction rates, more likely to pay rent in cash/money order, and where maintaining a quality standard of the property will not be costly.

Given the rise of renters in the United States with credit still very tight for potential home buyers’, there is a sweet spot available for investors who can offer affordable housing, especially among millennials saddled with student loan debt. Les Christie of CNN Money reports, “The median rent for all types of rental homes hit $1,350 a month in March (2014), up from a median of $1,285 a month 12 months ago, Trulia reported.” You may have to search smaller towns with growing demographics or areas of the big city that are hidden gems, but still offer an affordable purchase option. Thinking outside of the box of where you purchase your rental properties is key. It may be in a small town in Arkansas, but wherever it is be sure you do your homework and not be afraid to take on a project.

sony

Cash is king, as my entrepreneurship teacher Charles Reed would always say and without it you are out of oxygen in business. In Monopoly, I would often buy the red, yellow, and green properties, but would not build on them unless someone landed on my MBOVC properties. This allowed me to grow and keep my cash position sound in case I had landed on someone else’s property. These lessons are the same I am applying to my rental property portfolio. Maybe one day I will own or build a Boardwalk property like the NYC Sony Building (pictured above) where a triplex in the building is on the market for a record $150 million and probably would fetch easily $800,000 to $1 million per month in rental income. Monopoly, it is just a game, but take heed to its lessons and you may just win in real life.

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