“Now is the time to plan your future by learning a depression proof business.” - Sara Spencer Washington

Sara Spencer Washington

Business tycoons, golf course and hotel owners, and serial entrepreneurs. These were the successful Black women business owners of the early 20th Century who created economic growth, spurred integration, and influenced social and political landscapes. Meet Sara Spencer Washington, how she built her vast wealth—and what happened to her fortune?

Sarah Spencer Washington (1889–1953)  was one of the most successful Black businesswomen of the early 20th century. A self-made millionaire, she built a thriving beauty empire that provided Black women with high-quality haircare and cosmetics while also offering them economic opportunities. However, like many Black entrepreneurs of her era, the wealth she amassed did not fully survive beyond her lifetime. This article explores how Washington built her fortune, the challenges she faced, and what ultimately happened to her wealth.

Born in 1889 in West Virginia, Sara Spencer Washington showed an early interest in business and education. She attended preparatory school in Philadelphia and studied advanced chemistry at Columbia University and cosmetology, which gave her the scientific knowledge needed to develop and successfully patent beauty products tailored to the needs of Black women. 

In 1905 she earned a living as a dressmaker, and began her career in haircare in 1913 when she opened up a hair salon in Atlantic City, New Jersey. In 1920, Washington founded Apex News & Hair Company, later known as Apex Beauty Products. She developed a line of hair straighteners, pomades, pressing oils, and skin care products specifically formulated for Black customers. Her scalable business model provided training and employment opportunities for thousands of women through her establishment of Apex Beauty Colleges across the U.S., the Caribbean, and Africa, training thousands of Black women to become beauticians and entrepreneurs.

As her empire grew, she reinvested in new ventures, expanding into publishing and Finance. Washington launched Apex News, a publication that educated Black consumers on beauty and business, and later expanded into real estate and finance.

By the 1930s, Apex was a multimillion-dollar business with international reach, and “Madame Washington” became one of the wealthiest Black women in America. In addition to creating Apex Rest, a resort with a dancing pavilion, tennis courts, croquet and its own 120 acre farm; she purchased the Brigantine Hotel. Her  financial empire included Apex Beauty Products Company to include the Apex Publishing Company, which published Apex News for her estheticians and sales agents, Apex Labs created her cosmetics and products, Apex Drug company and Apex Beauty Colleges. There was also the Apex Rest nursing home in Atlantic City, NJ and Apex Golf Club, a 9 hole golf course now known as the Pomona Golf and Country Club,  one of the first Black American owned golf courses.

Apex products were sold across the U.S. through nationwide distribution channels and internationally. At its height, Apex trained and employed over 45,000 beauticians, providing financial independence to Black women. Washington reinvested in Black communities by donating to schools, supporting civil rights organizations, and funding education programs. Her philanthropic and community development initiatives were broad and influenced political and social influence.

Her success earned her a spot at the 1939 New York World’s Fair, where she was honored as one of the “Most Distinguished Businesswomen” in America.

What Happened to Sara Spencer Washington’s Wealth?

Joan Washington Hayes (aka Joan Cross Washington) was the biological niece and adopted heiress to Madame Washington’s empire. In 1955, after the birth of her third child, Joan chose to be a homemaker rather than a businesswoman. She relinquished control of her $1 Million family empire (approximately $11.7 Million today) to her husband in 1955, whom she later divorced. The Apex Empire was assumed by a Baltimore firm in the early 1960s and the last line of products disappeared off the shelves soon thereafter.

Madame Washington's death in 1953 left Apex Beauty Products in a vulnerable position with Apex no longer under her powerful and strong leadership. Financial struggles followed. Unlike businesses with structured succession plans, Apex struggled with leadership changes and shifting market trends that included new emerging beauty brands and large white-owned cosmetic companies that began catering to Black consumers, reducing Apex’s market share. Additionally, the demand for independent beauty schools fell as vocational training became more accessible in mainstream institutions. Much of Washington’s personal wealth was dispersed, and her business legacy faded from mainstream recognition.

Washington’s success demonstrates the potential for Black women to build multimillion-dollar businesses even during hostile segregation. Her impact on Black beauty, education, and economic empowerment remains undeniable. Her legacy serves as both inspiration and a cautionary tale—showing the power of Black business ownership but also the need for long-term wealth preservation and adaptability.

During this Black History Month, we celebrate the lives of more than 20 extraordinary women. Through their stories, we will explore not only the successes but also the structural forces that have shaped the generational wealth gap in Black America.

This is a financial education series of The New LaVilla. Find us at www.thenewlavilla.com