The street directly north of my parent’s home in Twiggs County, Georgia is named, “Dennard Road.” The story of how Dennard Road became our namesake involves risk taking, effective market anticipation, identifying advocates and creating generational wealth.
My great-great-great grandfather’s mid-1800s post-slavery migration from Houston County to Twiggs Co., Georgia, set the stage for this example of investment opportunities by free blacks. In 1890, two generations after the family settled in Twiggs Co., my great grandfather, David Dennard was born into those opportunities.
David Dennard was a successful farmer who had a profound effect on Twiggs Co. His father taught him how to farm. This gave Dennard a skill that could create income for his family of twelve children. Just like the generation prior, Dennard’s kids worked the farm and learned how to make money from the land.
My grandfather, Benjamin, became a farmer and business owner, too. Trade and business skills will run in the family if the skills are taught. It is important for us to teach our children the valuable skills of business ownership, financial management, how to deal with people, and how to take calculated risks.
It was not his success as a farmer that made Dennard worthy of having streets named after him — it was his business acumen and ability to see opportunities. Having a skill will pay the bills. Business ownership and market foresight create generational wealth.
The great depression was raging when Dennard turned 40. Many landowners thought that depression would continue and sought to cash out of their holdings. The large supply of land available for purchase created an opportunity for Dennard to “buy low.” Dennard looked at economic and political conditions and saw an opportunity to create gain for his family.
Dennard’s decision to buy property when most were selling, left generations of his children, grandchildren, and great-grandchildren with over 1200 acres of farmable land in middle-Georgia. This is an asset that can be handed down. Our cars, jewelry and jobs have limited long-term value. As a community, we must invest in assets that appreciate in value and will survive the test of time. Land, homes, businesses and the like are assets that do not just create money now, but when preserved by the family, can drive wealth accumulation for years to come.
Dennard paid attention to economic cycles. Counter-cyclical industries are important to observe when the economy is down. Consumers and businesses will continue to purchase and sell certain items regardless of the state of the economy. The government will continue to spend money on programs even if the economy is in recession. Prices may be suppressed when supply is high. Prices may go up when demand is high. When times are good, and when times are bad, we must identify opportunities that create success regardless of economic conditions.
Even though Dennard was successful in his own right, there was limited access to capital for blacks in the early 20th Century. With the help of a white man, Mr. Bullard, Dennard was able to purchase hundreds of acres of land in Twiggs Co. Access to capital is key when considering wealth building strategies.
Money for investments can come from family and friends, a group of investors, or a bank. However, when your family and friends do not have money and investors are not part of your network, a savvy businessperson must find an advocate. Advocates and mentors can open financial doors for business owners — especially those from marginalized communities.
Every time I pass Dennard Road in little Twiggs County, GA, I am reminded of a visionary who invested when everyone else was divesting, who took a simple skill and fed his family for generations, and who taught his children, grandchildren, and many more how to create generational wealth. Dennard took risks that have paid off for his family for over one hundred years.
The heritage of entrepreneurship, business ownership and skill building still runs deep in the Dennards’ blood.
