Small business owner assessing her business finances.
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Many children inherit their parents’ businesses unexpectedly or when their parents can no longer lead at full capacity. In the beginning, it feels like receiving a heartfelt legacy but quickly, children can start to feel a heavy responsibility. Alongside the keys to the business oftentimes comes questions about the future. What was once a dream built from hard work and community trust now faces the threat of closing its doors. Without a clear financial roadmap in place, the next generation can struggle to preserve what their families worked so hard to build.
A financial plan serves as a strategic guide assessing your current finances, outlining steps to achieve future goals, and identifying the key financial components needed to build a strong foundation. For entrepreneurs, financial planning involves managing cash flow, tax preparation, forecasting growth, and strengthening their business for funding opportunities. Establishing a comprehensive financial plan ensures that business owners and future successors (such as a child who may one day assume responsibility) have a roadmap to sustain operations and preserve the legacy.
Recognizing how overwhelming this process can be, community development financial institutions (CDFIs) like Growth Partners Arizona (GPAz) provide tailored financial services to help entrepreneurs grow with purpose.
Simplifying Financial Planning Through the Cashflow Canvas
To simplify the process, GPAz launched the Cashflow Canvas, a program designed to make financial planning accessible and actionable for small business owners. Offered in partnership with Nail The Numbers, a Canada-based organization, the program uses a three-part framework that allows entrepreneurs to clearly see how money moves through their business by breaking down key elements such as pricing, cost structure, and forecasting into practical, empowering insights they can apply with confidence.
“This approach has been especially impactful for early-stage and underestimated founders who may not feel at home in traditional finance settings,” said Andre Whittington, Executive Director of GPAz. “By meeting them where they are, with intuitive, culturally responsive tools, we’re helping them build confidence in their numbers and grow stronger, more sustainable businesses.”
As a Black-led CDFI, GPAz understands that entrepreneurship is often perceived as the primary path to economic success within underserved communities. However, this perception can lead aspiring entrepreneurs to launch ventures prematurely, without the financial readiness required for long-term growth and stability. One of the most common financial challenges entrepreneurs face is underestimating the true cost of running a business which leads to cash flow issues. Under financial pressure, many entrepreneurs pursue high-cost or predatory loans, which often traps them in a cycle of debt that threatens the survival of their businesses.
Also, many entrepreneurs feel discouraged after facing repeated funding denials from lenders because of systemic barriers that make traditional financing nearly impossible to access. To counter this, GPAz collaborates with local nonprofit loan funds and city leaders to launch financial products and services like zero-interest microloans, BIPOC Loan Programs, workshops, and one-on-one advising.
In addition to the Cashflow Canvas, GPAz launched the GrowthHUUB, a three-step framework designed to strengthen small business owners’ financial planning and readiness for capital by assessing their financial health, providing personalized growth strategies, and connecting them to tailored lending options and resources.
Carmen and her mother, both co-founders of Golden Palm Foods.
Growth Partners Arizona
Carmen Attikossie, Co-Founder of Golden Palm Foods, received support through GPAz’s BIPOC Loan Fund to advance her early-stage business efforts. The funds helped her secure a trademark, refine product packaging, and complete critical FDA compliance steps. Each step reflects thoughtful financial planning, ensuring that resources are allocated toward long-term growth and positions the business for future retail partnerships and national expansion.
A CDFI on the Rise
Over the last three years, GPAz has undergone a powerful transformation, emerging as one of the fastest-growing CDFIs in the state. Since 2022, the organization has increased their annual impact by more than 150%, reaching nearly $4 million in combined direct lending, alternative investments, and grants to small businesses and nonprofits over the last two years. This significant milestone signals a deeper, intentional investment in Arizona’s small business ecosystem and a stronger commitment to meeting entrepreneurs where they are.
“Under my leadership, we’re continuing to shift the narrative, demonstrating what’s possible when underestimated business owners are given the tools, support, and resources they need to not only succeed, but thrive,” said Whittington.
In September, GPAz announced a partnership with Arizona State University to launch CORE+, a capital readiness and financial education program that includes a co-branded financial education certificate program—opening new doors for business owners at every stage to strengthen their financial skills and access opportunity.
Later this year, GPAz will debut GrowthHUUB Access, Arizona’s first statewide hybrid financial education platform, which will allow entrepreneurs to create custom learning pathways tailored to their financial goals.
Whittington aspires to position GPAz as Arizona’s go-to financial education partner for business owners and, in turn, grow a new generation of financially conscious business owners who are equipped to build lasting, resilient businesses in their communities.
He leaves entrepreneurs with this powerful reminder:
“The truth is, the language of money is simple: “Money goes where money grows.” When your business shows healthy financials, it becomes a magnet for opportunity, whether that’s funding, partnerships, or expansion. When you treat your business like it’s already worth investing in, others will too.”
To learn more about how Growth Partners Arizona is helping entrepreneurs strengthen their financial foundations and build resilient businesses across the state, visit growthpartnersaz.org.
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