When people hear the name Graves in the context of business, they usually picture the legendary Earl G. Graves Sr.—the man who basically willed Black Enterprise magazine into existence in 1970. But if you’re looking at the modern landscape of Black wealth and multimedia influence, you're actually looking at the handiwork of his son, Earl G. Graves Jr. Most folks call him "Butch."
Honestly, it’s hard to overstate how much pressure comes with being the heir to a literal empire. You’ve got the name, the legacy, and the towering expectations of a father who was a titan. Yet, Butch didn't just take the keys and cruise. He changed the entire vehicle.
The Yale Scoring Machine Nobody Saw Coming
Before he was a CEO, he was a problem for every defender in the Ivy League. Seriously.
Earl G. Graves Jr. didn't just play basketball at Yale; he dominated it. We’re talking about the all-time leading scorer in Yale history with 2,090 career points. He was a 6'3" shooting guard who played with a kind of relentless physical intensity that left coaches like Tom Brennan raving decades later.
In 1984, the Philadelphia 76ers drafted him in the third round. Think about that for a second. He was good enough to make it to the NBA, eventually spending time with the Cleveland Cavaliers and Milwaukee Bucks. But here’s the kicker: he had already been accepted into Harvard Business School.
The NBA is the dream, right? But Butch knew there was a bigger scoreboard. He played his stint, realized the league wasn't as glamorous from the inside, and then pivoted. He headed to Harvard for his MBA, graduating in 1988. He wasn't just a "jock" trying to find a second career; he was a trained assassin in the boardroom.
Transitioning Black Enterprise for a Digital World
When Butch joined the family business in '88, Black Enterprise was a magazine. That’s it. A very successful, culturally iconic magazine, but still—just paper and ink.
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He didn't become CEO until 2006, but the decade leading up to that was a whirlwind of diversification. He saw that the "green side of Black" (a phrase his father used to pitch advertisers) wasn't just about reading articles; it was about networking and tangible assets.
Under his watch, the company shifted. It’s not just a monthly publication anymore. It’s a multimedia beast.
- The Women of Power Summit. - The Black Enterprise Entrepreneurs Conference. - Nationally syndicated TV shows.
He realized early on that if the brand didn't evolve into events and digital platforms, it would die with the rest of the print industry. He basically saved the legacy by being willing to change it.
The Reality of Private Equity and Board Seats
One thing people often get wrong about Butch is thinking he’s "just" a media guy. In 2000, he co-founded the Black Enterprise/Greenwich Street Corporate Growth Fund. This was a private equity play specifically designed to fund established minority-owned businesses.
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He’s spent years frustrated by the "100% of nothing" mentality.
In a recent conversation with JPMorganChase, Butch was pretty blunt about it. He noted that many CEOs would rather own the whole pie of a tiny company than 10% of a massive one. He’s been a vocal advocate for amassing wealth through strategic ownership and investment, rather than just chasing titles.
You’ve likely seen his name on the boards of major corporations too. He’s served as a director for AutoZone for over two decades and has held roles with the Pepsi African American Advisory Board and the Magazine Publishers of America. This isn't just for the resume; it's about having a Black voice in rooms where the big checks are signed.
Why the Graves Legacy Still Matters in 2026
Is Black Enterprise still relevant?
In a world of TikTok influencers and instant "gurus," some might think a legacy brand is old school. But here's the reality: the wealth gap hasn't closed itself. Butch has kept the focus on the "Wealth for Life" mission, pushing financial literacy into the digital age.
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He's also dealt with the weight of personal loss. His mother, Barbara, passed in 2012, and his father, the Senior Graves, passed in 2020. Taking the helm of a family legacy while navigating that kind of grief is its own kind of leadership. He’s managed to keep the company family-owned and independent, which is a rarity in today’s consolidated media world.
Practical Insights from the Butch Graves Playbook
If you’re looking to follow in those types of footsteps, there are a few "Butch-isms" that actually work in the real world.
- Don't marry the medium. Whether it’s a magazine or a basketball court, the medium is just a tool. Butch moved from the NBA to Harvard to Digital Media without blinking because his mission (wealth creation) stayed the same.
- Diversify or die. If your income only comes from one source, you're vulnerable. Black Enterprise survived the print apocalypse because they moved into events and television long before it was "cool."
- The Power of "No." He walked away from a potential NFL career (the Dallas Cowboys actually scouted him too) and didn't linger in the NBA because he knew his long-term value was higher elsewhere. Know when to quit a good thing to chase a great thing.
- Equity over Ownership. It is better to have a smaller slice of a giant, growing pie than the whole of a tiny, shrinking one.
Next Steps for Future Leaders
If you want to understand the current state of Black business, start by looking at the BE 100s list, which Butch’s team continues to curate. It remains the gold standard for tracking the top Black-owned businesses in the U.S. Beyond that, look into his work with the Earl G. Graves School of Business and Management at Morgan State University. Supporting HBCU business programs is one of the most direct ways to replicate the success he's modeled.