How to Take it Personal and Win in Business with David Grutman
5/28/202631 min
My wife and family are special, and I want the world to see how special they are.
Entrepreneur David Grutman, co-owner of Groot Hospitality, shares how to build a lasting legacy and why nurturing relationships is key to success. He explains why focusing on intellectual property and an exit strategy, even if you never plan to sell, are critical for any business leader.
WHAT YOU'LL LEARN
- The critical importance of building an ecosystem around your business
- How David Grutman uses AI in his hospitality ventures
- Why your intellectual property and name are everything
- The one thing David is most proud of to date
- Why building an exit strategy for your business is crucial
QUOTES THAT HIT
"If I see a guest that I know that we take care of all the time doing their birthday party at another venue and not ours. I'm upset." - David Grutman
"Don't being a gatekeeper. I hate these gatekeeper people." - David Grutman
"You should always build a company that that's why IP is very important that you're not going to have a mess if you do exit trying to tie up all these people that are part of your IP." - David Grutman
CHAPTERS
00:00 Welcome David Grutman
01:32 David's Entrepreneurial Because and Next Steps
02:36 Groot Hospitality's Las Vegas Expansion
04:41 Taking Things Personally in Business
06:37 Building Your Business Ecosystem
09:53 David Grutman's Unique Value Proposition
15:47 The Importance of Being in the Right Rooms
19:53 Your Name and IP are Everything
22:22 The Exit Strategy Mindset
25:51 Mick's Rapid Fire Five with David
QUESTIONS THIS EPISODE ANSWERS
Q: What does David Grutman mean by "Take It Personal"?
A: David Grutman applies "Take It Personal" to his business, meaning he fully immerses himself in the customer experience, observing competitor venues, and ensuring his team provides the best service to keep guests loyal.
Q: How can entrepreneurs build a strong ecosystem around their business?
A: Entrepreneurs build a strong ecosystem by focusing on relationships and curating experiences, both within their own venues and by recommending other valuable experiences, adding value for their guests beyond their direct offerings.
Q: Why is having an exit strategy important, even if you don't plan to sell?
A: Having an exit strategy is important because it forces you to run your business like a public company, ensuring it is structured for sustainability, making it easier to pass on to the next generation or sell if the opportunity arises.
Connect & Discover David:
Instagram: @davidgrutman
Groot Hospitality: groothospitality.com
LinkedIn: David Grutman
TikTok: @davidgrutman
Book: Take It Personal: How to Succeed by Building Relationships and Playing the Long Game
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Clips
Transcript preview
First 90 secondsSpeaker 00:00
With the Blue Cash Everyday Card, it's easy to earn 3% cash back on groceries at US supermarkets, US online retail purchases, and US gas stations. That's how we grow our family's little nest egg. Learn more at americanexpress.com/explore-bce. Terms and cash back cap apply You should always build a company that a public company could always buy.
David Grutman· Guest0:19
It's not mom-and-pop time anymore. A business that's not run properly or set up properly for an exit is probably not running well anyway. That's how you gain real wealth. Try to find deals where you have equity and not just a fee. I've had many moments in my life where I could have gone left or right, and I decided to just say, "Let's just keep going forward." We try to create ecosystems where they all feed each other. By having that in one property, it lets us hyper-focus on the guest. They don't see me as just a restaurateur or just a nightclub owner. They see me as an entrepreneur that's gonna help them with their lives. I'm very protective over people, and I send them my deal flow. You're adding value to people's lives. That's a coupon that's gonna come back. The one thing they don't really talk about with you in college, how important it is and what it means to own an IP. I also won't do a deal with somebody if I don't own the IP as part of it.
Rudy Rush1:12
[upbeat music] You're listening to Mick Unplugged, hosted by the one and only Mick Hunt. This is where purpose meets power and stories spark transformation. Mick takes you beyond the motivation and into meaning, helping you discover your because and becoming unstoppable. I'm Rudy