The Strumpel Behavioral Economic Model (1976) provided the conceptual framework for this study, along with the use of qualitative methodology proposed by McCracken (1988). Qualitative interviews were conducted with nine black small business owners in non-metropolitan central and southwestern Virginia. Analysis of the data revealed a common definition among the respondents. Retirement was viewed as a time when one could no longer work due to physical or mental impairments--not a time of voluntary removal from the workforce. Few formal arrangements had been made to provide for income during the period when these business owners could no longer work, while all had made plans for the disposition of the business upon their deaths. Social and cultural factors might have contributed to these small business owners’ failures to adequately plan for retirement. These factors were expressed in four themes which emerged from the interviews: a definition of retirement, interracial prejudice, intra-racial prejudice, and mentors. Prejudice by both whites and blacks within their communities had a negative effect on business earning. Mentors had an indirect relationship on retirement planning for these respondents. Contrary to the literature on minority small business owners, these respondents discussed the positive influence of mentors on their individual business practices and ethics -- if not retirement planning. The need exists for financial planning educators and practitioners to assist this population in accepting retirement planning as a future goal, in view of their self-definition of retirement. Planning is necessary to ensure accumulation of wealth and a means for that wealth to become retirement. income. By recognizing the definition of retirement as stated by the respondents, financial planning educators have a unique opportunity to educate this population as to the need for retirement planning. Lastly, financial counseling and planning practitioners have a opportunity to enter a truly untapped market for their expertise by serving the black community, in general, and small business owners, in particular. / Master of Science

Despite the high failure rate of African American small businesses in the United States, only 2% of the U.S. Small Business Administration loans in 2016 were awarded to African American business owners. Most small business owners cite lack of access to financial resources as an influential factor that leads to business failure. Grounded in resource-based view theory, the purpose of this multiple case study was to identify strategies African American small business owners in Los Angeles County, California use to obtain financial resources to achieve sustainability for at least 5 years. Data were collected from in-depth interviews with 4 purposively selected African American small business owners and supplemented with a review of internal reports and original business plans that outlined their financing strategy. The data analysis process entailed Yin's 5-step analysis to guide the coding of participants' responses to identify keywords, phrases, and concepts to develop theme clusters. Through thematic analysis, 4 themes emerged to include: financial resources improved business success and stability, internal financing, business mentors and networking to secure financial stability, and overcoming nonfinancial challenges. All participants noted access to financial resources as the most important resource needed for their business to succeed, particularly in the initial phase of launching their businesses. The implications for social change include the potential to enhance African American small business profitability and growth leading to new employment opportunities, improved community amenities, and business mentor programs with youth, which can encourage wealth for the surrounding community of Los Angeles County and local government.