Team: Guan-Lun Liao, Gurpreet Kaur Khalsa, Khanh Thai
2ndWind is a highly-automated multifaceted solution that introduces an easier and more inclusive ownership transition for small and midsize businesses (SMBs). Through fractional ownership, 2ndWind lowers the investment requirement and allows financially disadvantaged groups to co-own SMBs with retiring owners; thus, facilitate business transition for owners, offer financial inclusion for underserved buyers to this high-capital barrier to enter private equity market, and safeguard a sustainable workforce by preventing SMBs from shutting down. 2ndWind member, Guan-Lun, faced pressure to take over the family business and began brainstorming 2ndWind as he interned at a venture capital firm. Through connecting with Gurpreet and Khanh, the trio brought 2ndWind to life. Within the next year, they plan to have validated the problems, overlook several SMBs transitions, and complete their MVP platform.
Currently, servicers in the SMB ownership transition space target traditional buyers and sellers–often wealthy individuals with capital and loan support. Furthermore, other close competitors help SMB transition to employees, but mainly serve businesses with 10-15 employees while nearly 80% of American businesses with less than 10 employees are excluded. Such companies do not currently enable financially disadvantaged communities to participate.
As diverse, entrepreneurial changemakers, 2ndWind envisions a built marketplace and to prove 2ndWind’s values to a large community. When not working, the trio enjoy hiking and exploring different restaurants in Berkeley!