Podcast Summary: Black Entrepreneur Experience

Episode 501: Serial Entrepreneur, Wealth Strategist, and Real Estate Developer, Carrington M. Carter
Host: Dr. Frances Richards
Guest: Carrington M. Carter, Co-founder & President, McKinley Carter Enterprise (Getaway Society); Co-founder & General Partner, East Chop Capital
Date: February 12, 2025

Overview

This episode features Carrington M. Carter, a serial entrepreneur, wealth strategist, and real estate developer whose ventures focus on closing the wealth gap in Black communities through luxury vacation rentals, real estate development, and angel investing. Carrington shares his entrepreneurial journey from corporate America to creating multimillion-dollar businesses, underscores the importance of partnership and financial literacy, and provides actionable advice for aspiring entrepreneurs across generations. The episode offers an inspiring blend of personal stories, business strategy, and a roadmap for generational wealth.

Key Discussion Points and Insights

Carrington’s Business Background & Ventures

• Corporate to Entrepreneurial Pivot
  • Started in pharmaceutical marketing & advertising for 10 years before shifting to entrepreneurship.
  • Main Ventures:
    • Getaway Society: Portfolio of luxury vacation rental homes valued at $30M in multiple states (01:08).
    • East Chop Capital: Private equity firm with $500M in real estate development pipeline; also manages angel investments with a focus on Black founders. Investments include Uncle Nearest Premium Spirits and Major League Soccer franchises (01:08–02:25).

The "Aha" Moment: Path to Entrepreneurship

• Quote:
  • “I've always been fascinated by the ability to build wealth going back to freshman year in college. I've read Rich Dad, Poor Dad... introduced the concept of having your money work for you” (02:39).
• Exit Strategy:
  • Real estate as the foundation for passive income, reinvested into bigger ventures (02:39–04:01).

Advice Across Generations

• For Mature Listeners:
  • Partnership is Key (04:13).
  • Get comfortable being uncomfortable: Building businesses and wealth “is a muscle you have to flex” (04:13–05:19).
• For Gen X and Millennials:
  • Cultivate partnerships and collaborations early (05:34).
  • Leverage Artificial Intelligence: “People who are not leveraging artificial intelligence are going to get left behind” (06:08).
  • Live Below Your Means: “Especially in those first 10 years” (06:48).

Navigating Uncertainty and Disruption (2025 & Beyond)

• Adaptability:
  • “The only thing constant is change… be a student of the game” (07:20).
  • Stay informed on macro/micro trends, new technology, and politics (07:20–08:10).

Defining Success and Building Community

• Biggest Success: East Chop Capital Community
  • Over 300 investors; “90% are black, about 10% are white, and about 23% are women” (08:22).
  • Returns are more than financial: educational (teaching real estate/angel investing), social (networking/receptions) (08:22–10:19).
  • Quote:
    • “Our commitment... is to provide the best combined financial, educational and social returns with any investment” (09:17).

Overcoming Challenges and Finding Opportunity

• Lessons from Downturns:
  • Great Recession & COVID-19 were opportunities: “Be greedy when others are fearful and fearful when others are greedy” – Warren Buffett (10:38).
  • During crisis, “I was scouring the US, looking for real estate opportunities and buying from panic sellers” (11:26).
  • Emphasis on the importance of partnering and pooling capital as attacks on DEI surge (11:50–12:26).

Driving Purpose: Solving Economic Disparity

• Economic Empowerment:
  • Financial literacy and generational wealth are his “why”: “That’s probably... creating generational wealth is kind of the core” (12:31–13:19).

Scaling, Growth & Ambitious Goals

• Critical Fundraising Advice
  • “You should have a clear path to $50 million... Otherwise, it's difficult to scale a company” (13:22).
• Moonshots for Scale
  • “Our goals aren’t ambitious enough... Instead of 20 units, we’re going to do 500 units downtown” (32:55–34:19).

Legacy, Impact, and The "Why"

• Legacy:
  • “We would like to be remembered as those who help close the wealth gap… tangibly created generational wealth in our community” (27:02).
• Personal Attributes:
  • “Good heart, resilient and ambitious” (28:13).

Notable Quotes & Memorable Moments

• On Building Together:

  • “Teamwork makes the dream work. Because of the wealth gap, ... it's imperative that we start partnering and working together” (04:13).

• On AI & the Future:

  • “There are going to be those who are productive and who succeed using artificial intelligence, and then they're going to be those who are left behind” (06:02).

• On Educational Returns:

  • “We’re equally as passionate about the educational returns… learning real estate development, learning how to analyze fintech companies” (09:35).

• On Marriage & Entrepreneurship:

  • “Leaders truly eat last. You have to make sure everyone else is taken care of...” (18:06).

• On Partnerships:

  • “If you’re a visionary, you may need someone who’s great at execution... If you’re introverted, you may need an extrovert” (28:28).

• The "Eat Dirt" Test:

  • “Are you prepared to eat dirt for 10 years? ... If you’re not, then don’t start the journey of being an entrepreneur” (34:27–35:41).

Important Timestamps

• [01:08] – Carrington’s business overview: Getaway Society & East Chop Capital
• [02:39] – “Aha” moment: inspiration for entrepreneurial path
• [04:13] – Advice for mature aspiring entrepreneurs
• [05:34] – Advice for Gen X and Millennials, AI’s impact
• [07:20] – Adapting to change, staying informed
• [08:22] – Defining biggest success: building community of Black investors
• [10:38] – Capitalizing on downturns, crisis as opportunity
• [12:31] – The core problem: economic disparity, mission for generational wealth
• [13:22] – Critical advice: necessity of significant capital for scaling
• [18:06] – Love, marriage, and entrepreneurship: sacrifices and support
• [27:02] – How Carrington wants to be remembered: legacy and wealth gap

Partnerships, Scaling, and Vetting Collaborators

• Finding Good Partners:
  • Shared values and complementary skills are key. Recognize not all partnerships are lifelong; “give yourself some grace” (28:28).
• Ambition and Scale:
  • Advocates for “moonshots”—big, bold moves that enable real enterprise-scale growth (32:55).

Daily Impact & Mission

• Day-to-day Impact:
  • “Staying true to our commitment, our mission: providing the, the best combined financial, educational and social returns...” (30:21).

Call to Action & How to Support

• Capital needs:
  • Actively seeking $250K–$1M+ checks from individual investors (24:22).
  • Vacation rental guests: Welcoming bookings at Getaway Society’s high-end properties.
  • Angel investors: Opportunities for accredited investors to join syndications (24:22–26:55).

How to Connect

• Instagram & LinkedIn: @carringtonmcarter
• Website: carringtonmcarter.com
• Private Equity: eastchopcapital.com
• Vacation Rentals: getawaysociety.com

Rapid Round Highlights

• First Job: Landscaper and Walgreens (35:57)
• Favorite Singer/Rapper: Lil Wayne (36:20)
• Favorite Food: Eggs for breakfast (36:33)

Summary Takeaways

• Entrepreneurship is a muscle: Flex it by partnering, taking risks, and being willing to fail and learn.
• Large-scale, bold goals are necessary for Black-owned businesses to truly thrive, not just survive.
• Financial literacy, generational wealth, and community are at the heart of Carrington’s mission.
• Adaptability and leveraging new tools (AI, tech) are non-negotiable in the 2025 entrepreneurial landscape.

“Business is so difficult. ... You’re going to need that why to sustain you, to keep you, going, to motivate you, to push you, to keep you focused.” – Carrington M. Carter [34:27]