A Generational Moment for Ownership

2025 IMPACT REPORT

A $14 Trillion Opportunity

The Silver Tsunami is the biggest wealth transfer of a generation. We're here to build the next generation of owners.

New Majority Capital Foundation

New Majority Capital Foundation (NMCF) is on a mission to close persistent wealth gaps in the U.S. through small business ownership.

As a 501(c)3 nonprofit, NMCF is enabling a new generation of owners, ensuring that as Baby Boomer business owners retire, the economic value of jobs and local investment endures.

Today, more than 12 million businesses owned by Baby Boomers are approaching a leadership transition. Yet nearly 60% have no succession plan, putting an estimated 46% of U.S. jobs at risk in the coming decade. What’s more, local businesses circulate 3x more money in their community than absentee-owned corporations. This is one of the largest economic turning points of our time. Without intentional pathways to ownership, the country faces widening wealth gaps, business closures, and the loss of local anchors that keep communities stable.

We envision a future without a wealth gap; where ownership is accessible. In just three years, NMCF has enabled approximately $90 million of new wealth potential for our alumni and protected more than 300 jobs. As we scale, the impact will create a meaningful economic shift in our country.

WHY ETA

Business ownership is one of the largest drivers of wealth in the U.S., yet is often inaccessible to underserved entrepreneurs. ETA expands access by enabling people to purchase proven, cash-flowing businesses, creating wealth faster, preserving jobs, and keeping local businesses rooted in their communities.

Our Program Areas

The Foundation approaches our work by removing the obstacles that may prevent an underrepresented entrepreneur from acquiring and growing a business. We specifically invest in:

PLANTING SEEDS

Through national research, webinars, and convenings, NMCF is building a movement behind the opportunity of generational wealth transfer through ownership.

Buyer Training

bETA (bridging Entrepreneurship Through Acquisition) is a 10-week accelerator that trains underrepresented self-funded entrepreneurs to buy and operate small businesses. Participants gain ETA fundamentals, coaching, and capital connections.

Transition Planning

Succession Ready helps small business owners plan successful exits by connecting them with qualified, values-aligned buyers. The 5-week program teaches owners how to prepare their businesses for sale, preserves local jobs, and keeps businesses thriving through thoughtful ownership transitions.

Capital & Community

Creative capital like PAL (Pre-Acquisition Loan) financing offers 0% interest, need-based loans to alumni for up to $40K to help entrepreneurs cover diligence, legal, and other costs to acquire a business. NMCF also provides no-interest equity financing (called EARL) for downpayment support.

363

ENTREPRENEURS TRAINED

bETA alumni businesses acquired

$90M

estimated wealth created

“Through ownership, I’ve been able to turn a legacy healthcare system into a mission-driven platform that impacts both the business and the community.”

Dustin Haywood

bETA DC 2024, Owner of THG Health Capital

Impact Highlights

Since 2022, NMCF has trained 363 entrepreneurs through 11 bETA cohorts in 8 cities and 71 owners through Succession Ready. We've supported 30 acquisitions and preserved hundreds of local jobs. These early results illustrate the potential of our model at scale, and the growing national demand for accessible pathways to business ownership.

2022

NMCF established by our Founding Board and developed our curriculum and services to support our theory of change – that business ownership can be an effective tool to close the wealth gap

2023

Launch of the first bETA and
Succession Ready cohorts in
Providence, Rhode Island

First acquisition by bETA Alum Devin
Fitzgerald, Cornerstone Healthcare
Systems

National expansion
starting in Atlanta, GA

Established the Pre-Acquisition Loan Fund
with Community Credit Labs
(now Common Future)

2024

New cohorts as bETA reaches
DC, NYC, Atlanta, and Providence

Team growth with support of an Operations Manager, Program Manager, and Managing Director

Further expansion to Houston,
Minneapolis-St. Paul,
Detroit, and Raleigh-Durham

2025

Essential financial tools with expansion of
the PAL Fund and EARL

Transition planning reaches
New England business owners

Additional support
including regional program
managers, AI-driven deal analysis,
and alumni community management

30 alumni acquisitions to date
and we’re just getting started

2026+

Continued expansion
of bETA and Succession Ready
to Los Angeles, and plans for
Chicago, Oakland, Seattle,
New Orleans, and beyond!

A Growing National Footprint for the Next Generation of Owners

> 300

jobs created or retained through transition

8.5

months from graduation to acquisition

NMCF has built a national community of ETA entrepreneurs.

Case Studies

Our goal is to broaden access to business ownership by supporting entrepreneurs to acquire and grow their businesses. Each successful transition creates local economic value by preserving jobs, sustaining community anchors, and enabling new owners to build long-term wealth. The following case studies illustrate how our programs translate opportunity into measurable impact.

Devin Fitzgerald

CEO, RML Service Group

bETA

“Business ownership has given me a platform and vehicle where I don’t see the limits.”

As a member of the first bETA cohort in Providence, Rhode Island, Devin gained not only the technical education to navigate acquisition, but also access to a trusted community and catalytic capital. Devin leveraged our Pre-Acquisition Loan Fund to cover critical closing expenses that otherwise would have made his deal out of reach. This support enabled him to acquire his first business in 2023, followed by a second acquisition soon after.

Sonya Hopson

Sage Services Group LLC

bETA

“New Majority Capital Foundation is not just building us to become entrepreneurs through acquisition. They’re building us to be a community for each other.”

After 15 years as a CEO, Sonya came to the bETA accelerator ready for her next chapter, but still early in exploring acquisition as a growth strategy. Through bETA Houston 2025, Sonya developed the confidence in the acquisition process to pursue deals, moving from an ETA novice to submitting two Letters of Intent and, within months, successfully closing her first acquisition. More importantly, Sonya left bETA with a transformed view of what growth could look like for her business. She now sees acquisition not as a one-time event, but as a repeatable pathway to build enduring value over time.

Karim Chichakly

Co-President and Owner, isee systems, inc.

Succession Ready

“The right time to think about succession planning is now. Even if you’re not ready to transition, the things you’ll learn in the class will get your business in better shape.”

Karim entered Succession Ready considering what would come next for his 40-year-old business. Through Succession Ready, Karim gained a clearer, systems-level view of how to sharpen his business across people operations, finance, technology, and marketing. He discovered that the company would likely achieve a higher valuation than anticipated, but only with some work to strengthen internal systems and address critical gaps in marketing and sales. Karim is now building the infrastructure required to carry the business forward with new ownership.

NMCF Alumni Acquisitions

Small and mid-sized businesses are a vital part of the economy and touch every industry. Our alumni are acquiring these businesses across a wide range of industries: from healthcare services to education, construction to marketing. Entrepreneurship through acquisition is a pathway to ownership for anyone with the drive, skills, and access to resources to make their dream a reality. Here are some of our alumni acquisitions:

“We are the architects of a new kind of economy. We are co-builders of the future. We have remarkable possibilities ahead. We are our ancestors' wildest dreams and our children's foundation.”

Tatiana Grant

bETA Detroit 2025, Owner of Flash Hub Delivery

From the Co-Founders

Havell Rodrigues

Darryl Lindie

Allegra Stennett

Kris Schumacher

Dear Friends and Partners,

When we founded New Majority Capital Foundation, we began with a clear belief: ownership should be within reach for everyone, not only the wealthy and well-connected.

We saw how small business acquisition could serve as one of the most effective tools for creating stability and prosperity. Our mission has always been to build pathways that make this opportunity accessible to entrepreneurs who have the talent and drive, but not always the networks or capital.

What keeps us building is the transformation we see every day. We have watched bETA fellows step into ownership and preserve businesses that anchor their communities. We have worked alongside retiring business owners preparing to pass their legacies into capable, values-aligned hands. And we have seen families and employees alike benefit when local businesses continue to thrive under new ownership. These moments remind us why this work matters and why we must keep pushing forward.

We are proud of what we have accomplished together, but there’s still more to do.

Our progress fuels our commitment to keep expanding the reach and impact of ownership. In the year ahead, we will launch new bETA cohorts, bring Succession Ready to additional markets, and continue developing the research and blended capital solutions that make acquisition entrepreneurship truly accessible. We are demonstrating that wealth creation is possible without inherited wealth.

Thank you for being part of this journey. Your belief in this vision and your partnership make NMCF's progress possible. Together, we are building an ownership economy that reflects the creativity, resilience, and potential of the many, not the few.

Allegra Stennett

Co-Founder at New Majority Capital

Crystal E. Ward

Executive Pastor at Spencerville SDA Church

Darryl Lindie

Co-Founder at New Majority Capital

Deeneaus Polk

Founder at 3levate

Devin Fitzgerald

Founder, Chairman & CEO at RML Service Group, Inc.

Havell Rodrigues

CEO & Co-Founder at New Majority Capital

Melissa Castro

Director at Graffito SP

Roger Richards

Managing Principal at Cadigent

View Our Current Board

Financials

NMCF has received more than

$10M

in funding as of 12/31/2025

We expect this funding to deliver a

22x

impact return

How? As our alumni continue to graduate from bETA, a conservative estimate of 20% of graduates will successfully buy businesses and retain and grow jobs. Each acquisition generates $3 million in new wealth. With 363 alumni today, we anticipate at least 73 acquisitions and $220 million in wealth.

With your support, in the next few years we can grow our alumni community to 2,000 entrepreneurs, and enable $1 billion in wealth.

Our early progress has been made possible through the partnership and investment of our funders. Their support has enabled us to pilot and scale our core programs, including bETA, Succession Ready, and financial support to acquirers across the country. As we continue to grow our impact, partnerships remain essential to expanding access to ownership and preserving local businesses.

NMCF would like to thank JPMorganChase for their catalytic role as an early supporter in our national expansion and in being an innovative leader in philanthropy. From supporting bETA nationally to providing down payment capital, JPMorganChase leads the way in illustrating how philanthropic capital can be leveraged to achieve impact.

Ways to Partner

Fund a bETA cohort in your city to equip new entrepreneurs with the skills to acquire and operate established businesses.

Support a Succession Ready program to help retiring owners transition their businesses to values-aligned buyers.

Provide recoverable grant capital for Pre-Acquisition Loans, enabling entrepreneurs to cover early diligence and deal costs.

Together, we can broaden who gets to own and strengthen local economies nationwide.

“Through owning a business, I can become an employer, positively impacting the wealth journeys of others by creating opportunities they might not have otherwise had. That’s what true wealth means to me—building success not just for myself, but for others as well.”

Ruki Roti-Balogun

bETA Houston 2025

Looking Ahead

Early results point to a clear opportunity: New Majority Capital Foundation is positioned to create long-term economic value through expanded access to business ownership. With smart succession planning, we can preserve tens of thousands of local jobs, keep community anchors in place, and support retiring owners in passing their businesses to values-aligned successors.

We invite you to join us.

Learn More About Our Work

A Generational Moment for Ownership

A $14 Trillion Opportunity