Folasade Ayegbusi
Growing up with her mother in Washington D.C. and father in Maryland, Folasade Ayegbusi was exposed to two vastly different socio-economic groups within her Black communities. An internship at her father’s accounting firm underscored those who had means and those without, which she experienced firsthand. “My dad’s clients talked about the money they owed in taxes, their investment properties and retirement funds, while my mom and I lived in a government housing assistance section-8 apartment and waited in line to get a refund. No one talked about owing money or owning properties. It was totally different conversation.”
Her parents instilled the importance of higher education and encouraged her to rise above their circumstances. “I remember sitting with my father as he pointed out drugs deals and criminal activity. He told me that would be my future if I didn’t get an education and take control of my financial independence.” Living in a thriving community building generational wealth in one city and struggling to survive in another, Folasade wanted to help the Black community that lacked access to continuing education and provide them with tools and resources for launching a business.
Folasade followed in her father’s footsteps and received her bachelor’s and master’s degrees in accounting. In 2011, newly married and pregnant, she started her own accounting firm, but was unsure of how to get her business up and running. When she found a small office suite in Maryland at an affordable price, Folasade took a leap of faith, signed the lease and Suncrest Financial was born.
Like most small businesses, Folasade’s new venture presented many challenges. She struggled bringing on new clients, but she remained focused on her mission to empower individuals and small businesses with financial literacy. She had her work cut out for her. According to Crunchbase, Black-owned startups received only 0.43% of the $166 billion in VC awarded in 2020. The numbers are even lower for Black female entrepreneurs, and when entrepreneurs do secure funding, they don’t always have advisors to help them allocate the money.
“I started launching programs and doing livestreams to teach small business owners how to know their numbers, create generational wealth and be accountable for their financial strategies.”
When tax season rolled around, she had an upswing in new clients. Part of the lesson Folasade learned growing her company was the importance of getting over what she calls the “hustle and grind” and get into a flow, something she now teaches her clients.
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Today, Suncrest Financial has a staff of over 30 employees, including CPAs, bookkeepers and accountants that work with small businesses nationwide ranging from service businesses to e-commerce and product-based companies with $0-$5 million in revenue. “Our goal is to guide founders to build profitable, scalable and sustainable businesses that will save them money on taxes and build prosperity.”
Folasade leans into a millennial approach to financial growth by looking at a 360-degree view of her clients’ companies, including their branding and social media. And she holds them accountable for their business plans and goals.
Due to the impact Covid-19 has had on small businesses, Folasade is working overtime helping her clients benefit where they can. And she offers advice for founders looking for the right accountant or financial consultant. “Do your research and secure an accountant who is well-versed in your industry and has a solid background working with small businesses. You need someone who can connect the dots between sales and taxes and bridge the gap to help your company grow and save money.”
Folasade’s dedication to underrepresented entrepreneurs extends outside of Suncrest Financial with her eBooks, financial courses and speaking engagements across the country. To date, she has streamed over 3,000 videos with tailored content ranging from business startups to tax planning and savings strategies. She is launching a membership community of courses and tools called “She Knows Her Money” next year to encourage women to know their numbers and become financially secure.
