Sherry Deutschmann sold her patient billing and printing company LetterLogic in 2016 and already knew her next step.
She built the Nashville, Tennessee-based company that started in her basement into a multimillion-dollar powerhouse. Deutschmann said she set a new standard for employee benefits and compensation. That business grew big enough to be on the Inc. 5000 list for 10 consecutive years.
"My successful business gave me a platform. It gave me influence," she told CBJ. "I want more women to experience that."
Deutschmann reentered the entrepreneurial space in 2019 and founded BrainTrust — a membership organization that works to help women-owned companies reach $1 million and beyond in annual revenue. She is bringing the Nashville-based collective to Charlotte on Aug. 28. The "Lowdown" launch event will be hosted at the Charlotte Regional Business Alliance.
At the time of its inception in 2019, less than 2% of women-owned businesses in the U.S. had attained $1 million in revenue. Under Deutschmann's leadership as CEO, BrainTrust has grown to about 220 Nashville members, several of whom have surpassed the $1 million mark in annual revenue.
"It's nothing that we're doing at BrainTrust except for teaching them the process," she said.
Deutschmann expects to have at least 50 Charlotte members by year end.
BrainTrust facilitates the creation of small groups, capped at seven people, for women entrepreneurs that meet monthly for four hours. The setting provides an open forum for business owners to confidentially share the issues they're experiencing in growing their businesses and to learn from each other, Deutschmann said.
Deutschmann said BrainTrust is similar to Entrepreneurs' Organization, in which she served as a member. However, EO required business owners to have $1 million in revenue and 50% ownership of their companies. That's where Deutschmann saw BrainTrust's need.
"There's a huge gap here," she said. "There's nothing here for women, the 14 million of us, that aren't yet to a million."
To join BrainTrust, women must have at least $100,000 in annual revenue and own 25% of the business.
The organization has three membership types. The Vault membership is for women entrepreneurs who have generated between $100,000 to $999,999 in annual revenue. That option is $249 a month.
The Key Club membership, priced at $349 a month, is for businesses generating more than $1 million in sales annually. And the Insider membership is for those who may be working toward qualifications for the Vault or Key Club. Those members would pay $500 a year.
For Deutschmann, it's critical for more women-led businesses to reach that $1 million mark. Getting beyond that revenue threshold creates new opportunities for hiring, attracting investors, accessing bigger lines of credit and serving larger customers, according to BrainTrust's website.
"The data shows that women put more money back into the local economy from their businesses," she said. "Supporting women-owned businesses is one of the strongest economic moves a city can make."
