08.19.2020 Sharon Spano, Ph.D.

Building Generational Wealth for Family Businesses with Molly Grubb

If you're a family business owner, how do the dynamics in your own family impact your ability to be successful in the business and build generational wealth? Today’s guest is Molly Grubb, and she has a wealth of experience in this subject! Molly is the Founder of Grubb Wealth, the premier personal CFO firm for helping family business owners become even more successful.

Grubb Wealth is designed to help business owners realize their success by building out structures to free up their time and money, allowing them to protect their wealth and build a company that is transferable to the next generation, on their own terms, of course! Molly and her team have a mission to educate over 10,000 family business owners to gain more control over their personal and professional lives, so they can find and achieve their true purpose. Helping people do this, and giving them the outlet to really fulfill it, is Molly’s true passion.

Molly has spoken on the TEDx stage as well as many other well-known stages across the country, and she summarizes her coaching and speaking topics in her latest book, Build Your Dynasty. When Molly is not busy connecting with her audiences and serving clients, she loves grooving on the dance floor, running or riding her heart out on her bike on any nearby trial, as well as traveling the world. She is a die-hard Buckeye fan and is always up for spending some time with her large family.

Basically, Molly lives what she teaches: work hard but play harder. In this episode, Molly shares her unique insight and expertise that will be so useful to listeners as family business owners. Tune in today!

 

What you'll learn from about in this episode:

  • Molly tells a childhood story about her sick sister and the businessman that saved their house.
  • How Molly got into wealth management after seeing what money could do for others.
  • What Molly had to rely on, within herself and from others, to get through a difficult time.
  • Going through such a difficult time in her life gave Molly the perspective and drive she needed.
  • Molly’s ideal client – a family business that is complicated enough to add value to.
  • Some common mistakes Molly sees family businesses make – like not having a strategy.
  • Creating systems for younger generations that are inheriting family businesses as owners.
  • The value of outside expertise and the pushback Molly sometimes gets from business owners.
  • Proactive conversations about money that business founders should have with their children.
  • Indicators that a business owner needs outside expertise – anything that distracts them from just being an owner.
  • Molly explains what a virtual family office is, why you might need one, and how they work.
  • Grubb Wealth’s five-step process – Discovery Meeting, Investment Plan Meeting, Mutual Commitment Meeting, 45-Day Meeting, and Regular Process Meeting.
  • Some common transitional moments that impact family businesses, like retirement or health.
  • Helping family business owners release their roles in retirement and training those next in line.
  • Molly’s advice for business owners on the fence about a family office or wealth manager.

 

Tweetables:

“Most family businesses are somewhat dysfunctional. There is a little bit of family politics that's almost woven into it, but that's the fun of it. It's how can we set something up in a way that will bring the families closer together rather than disperse them, and make it what a family business should be?” — Molly Grubb [0:16:23]

“How I define success is not by the money it produces, it's about the amount of people that we can touch with it.” — Molly Grubb [0:48:46]

 

Facebook Posts:

“Providing, and letting people see their true purpose in life, and giving them the outlet to really fulfill that, is really why all of us exist.” — Molly Grubb

“It's not just about the investments. It's not just about how much can I save on taxes, or anything like that. It's getting the entire, whole picture to function well together, to help really build your dynasty and make it what you've always wanted.” — Molly Grubb

 

Additional Resources:

 

Facebook/LinkedIn:

Molly Grubb is the Founder of Grubb Wealth, the premier personal CFO firm for helping business owners become even more successful. Grubb Wealth is designed to help family business owners realize their success by building out structures to free up their time and money, and allowing them to protect their wealth and build a company that transferable to the next generation. Molly and her teams’ mission is to educate over 10,000 family business owners to gain more control over their personal and professional lives so they can find and achieve their true purpose. When Molly is not busy serving clients, she loves grooving on the dance floor, running and/or riding her bike her heart out on any trail close to her as well and traveling the world. She is a die-hard Buckeye fan and always up for spending some time with her large family. Basically, Molly lives what she teaches: work hard but play harder.

LinkedIn: https://www.linkedin.com/in/mollygrubb/

Facebook: https://www.facebook.com/molly.m.grubb

 

 

Published by Sharon Spano, Ph.D. August 19, 2020