Teamshares is a low-flying, Brooklyn-based startup with big ambitions to capitalize on an opportunity in plain sight: that of small businesses without a
Teamshares is a low-flying, Brooklyn-based startup with big ambitions to capitalize on an opportunity in plain sight: that of small businesses without a succession plan.
Though Teamshares says that it sometimes pays below market price for a company, it installs a new president that it trains, and grants 10% of the business’s stock to its employees.
We built a neobank, we’re soon to launch credit cards, and we’re building an insurance business as well, so there’s a secondary layer of financial products that will basically replace the vendors that the companies used to use.
When we set out, we didn’t think we’d build a neobank, but there just wasn’t something that existed to our satisfaction, in part because small businesses still unfortunately receive a lot of checks.
We have a belief that employee ownership works in every industry, and our actual final decision — amongst the 70,000 leads we get every year — is all done on a case-by-case basis.
In terms of the Berkshire Hathaway piece, we subscribe to a lot of their philosophy about being very long-term minded and being pretty efficient in our underwriting and keeping things simple.
The original article contains 1,632 words, the summary contains 191 words. Saved 88%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Teamshares is a low-flying, Brooklyn-based startup with big ambitions to capitalize on an opportunity in plain sight: that of small businesses without a succession plan.
Though Teamshares says that it sometimes pays below market price for a company, it installs a new president that it trains, and grants 10% of the business’s stock to its employees.
We built a neobank, we’re soon to launch credit cards, and we’re building an insurance business as well, so there’s a secondary layer of financial products that will basically replace the vendors that the companies used to use.
When we set out, we didn’t think we’d build a neobank, but there just wasn’t something that existed to our satisfaction, in part because small businesses still unfortunately receive a lot of checks.
We have a belief that employee ownership works in every industry, and our actual final decision — amongst the 70,000 leads we get every year — is all done on a case-by-case basis.
In terms of the Berkshire Hathaway piece, we subscribe to a lot of their philosophy about being very long-term minded and being pretty efficient in our underwriting and keeping things simple.
The original article contains 1,632 words, the summary contains 191 words. Saved 88%. I’m a bot and I’m open source!