By Jennie Tabor – River City Lifestyle
July 1, 2022
St. Jude’s Research Hospital, AutoZone, FedEx… some of the country’s most well-known and respected organizations were founded right here in Memphis. Throughout history, Memphis’ entrepreneurial spirit has fueled economic growth not just for the Bluff City, but for the world. And the next big idea to come out of Memphis? It may well be Planet Wealth.
Launched in the summer of 2021 to “empower like-minded individuals to share resources toward a common goal,” Planet Wealth seeks to even the playing field between Wall Street and Main Street. The mission is pure, says CEO Greg Sossaman: “to provide a great solution to a huge problem – the wealth gap. We want to empower everyday people to go out and achieve financial independence by creating a fully private market ecosystem.”
Planet Wealth is working to achieve that goal through a community approach, whereby its members can raise capital, invest in opportunities, and trade assets all in one place. First, small and medium-sized businesses, as well as entrepreneurs, will be able to access funding in a streamlined, low-cost manner. Planet Wealth provides marketing and offering templates and a digital platform to enable users to promote their businesses and raise the capital they need, free of Wall Street fees. For example, if you wanted to purchase homes, fix them up, and rent them out in the University of Memphis area, you could develop a business plan and add that to Planet Wealth’s digital Launchpro Turnkey Suite, once your opportunity has been approved by their investment committee.
Next, everyday investors will be able to participate in the process by choosing to invest in one of the Turnkey offerings, including your U of M fixer-upper business. Other Turnkey offerings might include the purchase of a franchise fast-food restaurant or a downtown Memphis warehouse to convert to apartments. With deep investor roots here in Memphis, Greg envisions partnering and funding many deals locally to spur economic growth and create jobs. He says, “we plan to make Memphis the model that others will follow,” as they grow and expand the opportunity nationally.
Greg has worked in the financial sector his whole career, primarily helping small businesses and entrepreneurs. He saw first-hand the challenge many of these companies faced in terms of creating and growing businesses. When local Planet Wealth investors approached him in the fall of 2020, he was immediately excited about the opportunity to help others build wealth through a platform that broadens capital access delivered in a turnkey fashion.