Baby Boomer retirements are creating a massive wealth-transfer moment — and an unexpected opportunity for Black entrepreneurship.

Known as the “Silver Tsunami,” the phenomenon refers to the growing number of aging business owners preparing to retire without succession plans in place. With more than half of U.S. business owners nearing retirement age, experts say the shift could open alternative pathways for Black entrepreneurs to achieve business ownership through acquisition and succession rather than starting from scratch.

For more than 50 years, the Famous Amos cookie brand has represented the passion and unwavering belief of its creator, Wally Amos. Continuing Wally’s legacy, the brand is ramping up for its sixth annual Ingredients for Success (IFS) Initiative, investing in the next generation of Black business owners.

In partnership with U.S. Black Chambers Inc., the initiative will award $50,000 to three recipients — bringing the total capital support to $150,000 — while also providing mentorship, networking opportunities and educational resources designed to help founders grow sustainably.

“It’s just the perfect way to honor him and remember him,” Shawn “Rev” Amos, entrepreneur, author and son of the late Famous Amos founder Wally Amos, told Blavity in a recent interview.

Amos revealed that the $25,000 investment his father used to launch the business was a private loan from friends who believed in his vision because he was unable to obtain a bank loan.

“I think that 50-plus years later, for the company to be supporting young Black entrepreneurs who still, in some cases, have the same challenges with funding that my father had is just perfect,” he said.

A legacy of investing in Black entrepreneurs

Launched in 2020, Ingredients for Success has become one of the brand’s most visible commitments to Black entrepreneurship, helping underserved businesses secure funding when traditional resources are out of reach — just as they were for Wally Amos.

This year’s initiative arrives at a critical moment for Black professionals. In 2025, Black women experienced some of the steepest employment losses in a generation, yet they continue to thrive in launching and owning businesses. A 2026 Wells Fargo report shows Black women-owned employer businesses grew 18.3% between 2022 and 2025, while employment at those businesses increased 23.1%, outpacing the national average.

The Silver Tsunami has also added urgency to conversations around ownership and succession planning, as many retiring business owners prepare to leave companies behind without clear heirs or transition strategies in place.

Providing access and opportunity

Beyond funding, the program is designed to give participants valuable access to people and networks they might not otherwise reach.

“I worked for Quincy Jones for many years, and he always would tell me, ‘You want to look for the people where you want to be, and not the people where you’re at,’” Amos shared. “This program, in addition to the capital, allows folks to get in the room with people where they want to be.”

Growing up with his father’s vision and tenacity as an example, Amos knows what it takes for a brand to thrive — and he says it starts from the top.

“It’s all about the founder,” he said. “Do they have it? How are they working harder than anyone else? Are they continually showing not only their enthusiasm and belief, but are they actually executing? Are they actually problem-solving?”

He points to his father’s bold decision to open what is believed to be the first freestanding chocolate chip cookie store as proof not only of his fearlessness, but also of his understanding that the work never stops.

Investing in a wide range of innovation

The initiative also encourages entries from across all industries.

“There’s just so much creativity everywhere,” Amos said. “I just want to see people who are passionate about what they’re doing, who have an unwavering faith and belief in what they’re chasing down and have proven that they have grit.”

Past IFS winners have spanned a wide range of businesses, including Brittany Rhodes, owner of Math Equals Me, an educational development company that creates fun kits to improve math skills; Elizabeth Rene of PO’UP! Card Game, a card game celebrating Black excellence; and Corry Banks, owner of ModBap Modular, an electronic musical instrument manufacturing company.

Building community and mentorship

Some previous winners also serve as judges for this year’s cohort, including Tracy Vontelle Green and Nancey Flowers-Harris, CEO and COO of luxury fashion eyewear company Vontelle Eyewear and inaugural IFS winners, as well as Steve Canal, founder of ONE Venture Group, bestselling author and branding expert. Judges are selected for their proven entrepreneurial track records and willingness to generously give their time and expertise.

Amos sees their continued involvement as an “extension” of his father’s legacy.

Since 2020, IFS has awarded 15 business owners a total of $750,000, providing the capital, connections and resources to help pave the way for their success.

Aside from funding and network support, Amos hopes entrepreneurs who take part in IFS find confidence in their vision — even when the world tells them it won’t work.

“Everyone’s got a bias. It’s worth listening to everything, because people have things to say that could be of value. But what you hold on to, you have to be incredibly, incredibly selective about.”

Above all, he says, your own conviction has to be loudest.

“Your own voice has to speak louder than all the other ones.”

Applications for the 2026 IFS initiative are open now through June 1, 2026. Qualifying businesses must be at least 90% Black-owned, in operation for five years or less, headquartered in the United States and owned by individuals 21 years or older. To apply, visit FamousAmosIngredientsForSuccess.com.