roses, thorns, and buds: reflections on the first year of the marigold effect
And, just like that, The Marigold Effect celebrates its first anniversary.
In the spring of 2022, I found myself in a moment of transition. I had stepped down as legal and strategic advisor to a workforce development organization. It was the job I took after eight years of entrepreneurship. I felt the time had come to strike out on my own again while helping my parents manage their own transition from business owners to retirees. Last time I owned restaurants and did social activism on the side. This time I wanted to find a way to be in the business of making a social impact, but I wasn’t sure how exactly.
I sat at the kitchen counter with my husband and worked through deep questions:
Where do I want to prioritize spending my time? How do I want to leverage my experience? Which societal challenges do I want to contribute towards addressing? Where do I find inspiration? How much money do I need to make?
As a child, I saw my immigrant parents build wealth through entrepreneurship. As an attorney for children in the child welfare system, I witnessed the hardships of families living on the margins. Both of these experiences were front of mind when, in the end, I decided I would focus my new business on advising and investing in mission-driven organizations working to advance economic justice and close racial wealth gaps. It just needed a name.
The bright orange flowers of the marigold are important in family rituals from the Americas to Asia. In my family, they are essential symbols of celebration. But in the garden, marigolds are widely recognized as companion flowers that help nearby plants flourish. Plant marigolds near your peppers and watch them grow. The effect the marigold has in the garden is the effect I wanted to have in the world. So that was it. The Marigold Effect.
I secured a domain name, formed a legal entity, and put up the proverbial shingle. Before long, I advised my first client – a nonprofit organization providing transitional housing to formerly incarcerated individuals working to get back on their feet – and made my first investment – a fund for mission-driven firms in need of patient capital – under the banner of the new company.
A lot has happened in a year. What follows is some reflection in public.
During a recent training session, I rediscovered the power of the “Rose, Thorn, Bud” exercise when the facilitator asked us to join Zoom breakout rooms for group check-ins. The introvert in me instinctively wanted to click “Leave Meeting.” But I stayed, reflected, and gained clarity.
Sharing roses (highlights + successes), thorns (challenges + obstacles), and buds (new ideas + areas of emerging growth) encourages self-reflection, gratitude, and awareness of a situation or experience’s positive and challenging aspects. It can be a valuable framework in our personal lives as well as professional settings. Next time you are chatting with a ten-year-old, try asking for roses, thorns, and buds instead of the usual “How was school today?” You’ll be sure to get more enthusiastic responses.
As Marigold turned one this month, I thought I’d use the Rose, Thorn, Bud format to answer this question for myself:
“How was the first year juggling a new business while continuing to work in a family business you thought would be more wrapped up?”
So, here’s what I’ve got.
Roses: Highlights, successes, small wins, and positive occurrences to be celebrated.
Joined a giving circle to lift up Black women entrepreneurs via the Tanna Fund.
Assisted a first-time entrepreneur of color in acquiring a business from their employer using a combination of seller financing and traditional lending.
Presented at the District of Columbia’s Business Expo and Startup Week to founders and aspiring entrepreneurs.
Had fun drawing leadership lessons from pop culture.
Developed a morning routine that includes walks with our dog Mozi, time blocking, movement, and music.
Engaged with values-aligned clients, mostly from prior experiences and referrals, who are using employee ownership, environmentally and socially responsible business practices, inclusive hiring, profit sharing, and time banks to strive for collective prosperity.
Enrolled in cohort-based learning communities focused on local investing, startups, and post-growth entrepreneurship that create a sense of belonging, especially when I encounter familiar faces from other experiences.
Diversified my investments by expanding to new geographies, using alternative structures like revenue-based financing, and moving money away from wall street and into our communities via crowdfunding and direct investments.
Joined an investment committee for a fund providing capital to businesses in the solidarity economy.
Helped founders evaluate investment capital options to match how and when they want to grow and exit their company.
Created a grants program that delivered $50,000 to nonprofits dedicated to promoting economic justice, with a simple application and unrestricted use of funds.
Thorns: Challenges and obstacles that need to be acknowledged and addressed, or areas where support or improvement is needed.
Experienced loneliness in a remote work environment as a solo founder.
Learned I wasn’t accepted into a public leadership program that I was hoping to join for both the education and community.
Migrated accounting and tax providers soon after the sale of one business and the start of another, without sufficient planning.
Encountered a shifting macro environment of rising interest rates that attracted investors towards interest-bearing savings accounts instead of investing in founders.
Struggled with determining a consulting pricing framework that is accessible to emerging and underrepresented business leaders and sustainable for The Marigold Effect.
Faced fluctuating cash flows during the transition from stable salary wages to unpredictable entrepreneurial income.
Wrestled with how to use social media as a generally private person.
Procrastinated during the moments when I chose perfection over excellence, and when optionality hindered action.
Witnessed business owners struggle with cash flow and leverage when selling to large retailers who often delay payments beyond the agreed-upon terms, using small businesses as a source of “capital.”
Underestimated the effort needed to downsize a family business and overestimated the amount of time available to devote to The Marigold Effect.
Buds: New ideas, possibilities, or areas of growth that are emerging or yet to blossom that signify anticipation and curiosity for the future.
Facilitate entrepreneurship through acquisition to capitalize on the record number of retiring business owners by assisting the transfer of businesses to aspiring entrepreneurs from minority communities.
Embrace a beginner’s mindset with experimentation and self-study to further client goals and deepen understanding of community wealth-building tools and alternative financing mechanisms.
Share learnings through writing and social media and explore other formats to foster connection and discussion.
Collaborate with like-minded individuals who view investing as a form of activism and see the potential of money to advance economic and racial justice.
Create financial management and operations toolkits and fundraising databases to strengthen business owners’ ability to access capital.
Explore additional ways to be an impactful investor, recognizing that no industry is immune from the risk of “greenwashing” when using the same tools and structures of traditional and institutional finance.
Implement the “Five-Minute Favor” concept to assist others in small but meaningful ways.
Wherever you are in your journey, whatever you’re doing, I hope you find time to reflect on the roses, thorns, and buds along the way. Thank you for being there as The Marigold Effect enters year two.
* Interested in doing your own reflections. Download this worksheet for free.