For proof, consider ICV Capital’s purchase of Spirit. Once the firm purchased Premier Yachts, it had the experience—founder and CEO Michael Higgins stayed—and the capital to make it a credible buyer.

“Over the course of 12 months, we invested either through us or our affiliates about $50 million in equity to create this opportunity,” Richardson says of preparing Entertainment Cruises for the Spirit purchase.

While solid financial backing helps, large deals with MBEs can hinge on the other party’s eagerness to do business.

Sodexho, for instance, has an established track record when it comes to business transactions with minority-owned firms, says Jaya Bohlmann, vice president of public relations for Sodexho.

“We are a global company, and it’s always been inherent in our culture,” she says. “We believe it makes us more in tune with what our clients want and that it makes us more competitive.”

Last summer, Sodexho partnered with Magic Johnson to form Sodexho Magic, which seeks meal-service contracts for sports arenas, universities, and other venues. (Johnson also owns Starbucks and Burger King stores.)

For the Spirit deal, Sodexho received a diverse list of potential buyers from its advisor, Spirit Cruises’ Donatone says.

Richardson would like other companies to take a similar approach. “Every time a property between $20 million and $500 million in revenue comes up for sale, the seller should have a diverse list of potential buyers, so we can get more businesses into minority hands.”

So why aren’t there more multi-million dollar deals with minority-owned companies?

Certainly there are qualified entrepreneurs, people of color with college degrees and managerial expertise who are ready to strike out on their own, James says. There are also companies like McDonald’s and Burger King with aggressive diversity initiatives. The funds are available, thanks to companies like Goldman Sachs and ICV Capital.

But making the connection is still a hurdle. “For us as investors, our deals are only as good as the ones we seek,” Jordan says. “Our biggest challenge is finding opportunities. Once we find them, getting them done is really not a problem.”

Size can also be an issue. A five- or 10-store franchise deal is too small for Goldman Sachs, he says. Once the number creeps beyond 20, factors also include the sales potential.

Likewise, MBEs must think big. Historically, many minority businesses have been small, James says. “But if you’re gong to be a supplier to a major franchise, it doesn’t work to be a small business person.”

Getting the word about deals like ICV Capital’s purchase of Spirit helps raise awareness, Richardson says. “It just takes conversation, exposure and, quite frankly, some resolve.”

It also takes recognition.

“We are business people,” James says. “This is a $50 million organization. I have 1,300 employees. I have a CFO. The minority piece is part of the angle, but the fact of the matter is that we are experienced entrepreneurs putting the capital together, looking at markets, finding demand, and doing things in a meaningful way.”