Why You Should Use a Family Wealth Office to Get Rich with Jim Dew

Child Care Rockstar Radio

Child Care Rockstar returns this week for the first time since the Child Care Success Summit. Kris is joined by Jim Dew, CEO of Dew Wealth Management and creator of the Functional Wealth Management process. Jim has 23 years of experience building wealth management for entrepreneurs and has been featured in Inc., Entrepreneur, Huffington Post, and more. He is also a sought-after speaker and author of Beyond a Million. Jim shares a few of the valuable lessons he learned while working as a door-to-door salesman that still apply to running a business. Jim dives deeper into his Protect, Manage and Grow approach to managing wealth and Kris shares a deeply personal story about wealth protection in her own family.

Key Takeaways:

[:51] Kris reveals some highlights from the virtual Child Care Success Summit 2020 including meeting with one of her heroes; Simon Sinek.

[6:51] The daycare business is essential and continues to thrive despite the challenges presented during the pandemic.

[10:42] Jim and his wife, Mimi, help entrepreneurs like Kris that are generating more than $1M revenue to create virtual family offices.

[13:03] In between his time being a public-school math teacher and his current career, Jim was a door-to-door salesperson. From that experience, he learned the importance of knowing your numbers; a lesson that applies to all entrepreneurs.

[16:37] Jim’s approach focuses on three key outcomes; a compelling focus, wealth discovery, and an impeccable infrastructure. The three main areas he coordinates advice for his clients are Protect, Manage, and Grow.

[18:08] Jim discusses common pitfalls he sees from his entrepreneurs and how his wealth management approach, including outsourcing to the right professionals, helps combat them.

[25:08] The concept of the Family Wealth Office comes from observing billionaire strategy, but Jim adapts this structure for his entrepreneur clients and dives more thoroughly into his approach of Protect, Manage, and Grow.

[28:43] Kris used Dew to help her to launch an employee stock ownership plan (ESOP) and talked about how it can be a game-changer for centers. Jim covers the key benefits of an ESOP and who it may be right for.

[33:17] In regard to the Grow aspect, the first thing Jim talks about is tax planning. Another piece is investing outside of and diversifying your business.

[36:23] Kris shares a deeply personal story about wealth management and protection in her own family that she encourages listeners to learn from, as well.

[38:41] Jim tells an anecdote about a compelling focus technique that he learned from his personal trainer as it relates to entrepreneurs.

Quotes:

• “We are essential. We are the true heroes. You guys are the unsung heroes.” — Kris
• “We are surviving and thriving.” — Kris
• “You have to know your numbers to really be good at what you do; whether you’re doing door-to-door sales or whether you’re running a multimillion-dollar childcare center.” — Jim
• “Professional mountain climbers get to the top by taking small steps, not big steps. Think about that lesson.” — Jim
• “Often there are all kinds of things that entrepreneurs are not doing that they could do.” — Jim

Mentioned in This Episode:

Kris Murray

The Child Care Success Company

Child Care Success Academy

Child Care Success Summit — Watch Summit Highlights!

Grow Your Center

Dew Wealth Management

Make Rich Real Quiz

Beyond a Million: The Entrepreneur’s Playbook for Expanding Wealth, Freedom and Time

Simon Sinek

Simon Sinek’s TED Talk

Business Lunch Podcast

Genius Network Podcast

EO Fire Podcast

The Road Less Stupid

Love Yourself Like Your Life Depends On It

The Automatic Millionaire