Make Rich Real: Jim Dew

The Something New Show

What if there were a guide for entrepreneurs on how to grow wealth and do it with true purpose? In this insightful episode, host Mindi Linscombe is joined by Jim Dew, co-founder of Dew Wealth Management. Jim shares his journey from being a math teacher to building a wealth management firm specializing in fractional family offices for entrepreneurs. He and his wife Mimi have dedicated 25 years to helping business owners save millions in taxes, protect assets, and exit businesses profitably. Mindi and Jim explore the key elements that contribute to a meaningful entrepreneurial journey, including building a compelling vision, aligning with the right professionals, and focusing on purposeful wealth management.
Listen to the entire episode as they unpack:
🔸Jim's Background and Path to Wealth Management
From math teacher to financial advisor and then entrepreneur, Jim’s story is one of growth, learning, and following his passion for making a difference.
Inspired by his humble upbringing and support from his wife, Jim eventually launched Dew Wealth Management, which provides billionaire-style family office services to non-billionaire entrepreneurs.
🔸What is a Fractional Family Office?
Jim explains the concept of a family office, traditionally used by billionaires to manage wealth through an integrated team of specialists.
Dew Wealth Management offers fractional family offices for entrepreneurs, allowing them to access a team of experts without the high cost, thus saving on taxes and maximizing ROI.
🔸The Entrepreneurial Stages of Wealth
The Eager Entrepreneur – Starting with a vision and lots of energy.
The Overwhelmed Operator – Struggling with growth and time management.
The Secure Shareholder – Working on the business, not in it, and focusing on asset protection.
The Influential Investor – Using wealth to make a positive impact beyond personal gain by giving back and supporting causes.
🔸Building a High-Impact Team of Professionals
The five essential are to consider when selecting professionals: Education and Credentials. Experience. Specialty. Regulatory History. Personality and Responsiveness. The right balance in a team encourages effective decision-making.
🔸Developing a Vision for Purposeful Wealth
Jim shares his and Mimi's mission to give back through scholarships for students with potential but lacking financial resources, and how this vision keeps them motivated.
He encourages entrepreneurs to define a purpose bigger than themselves, as material wealth alone can leave one feeling unfulfilled.
🔸Financial Tips for Entrepreneurs
Advice on stress-testing your business to prepare for economic changes.
Recommendations for cash flow management, including setting up lines of credit with separate banks for assets and liabilities to safeguard funds.
Emphasizes the importance of knowing your numbers and measuring key metrics, as it helps in making informed decisions and navigating tough times.
🔸Building a Strong Company Culture
Culture is key in building a successful business. Jim credits his wife, Mimi, for cultivating Dew Wealth’s strong team culture, where employees feel valued and motivated.
🔸Resources and Giveaway
Jim’s book, Beyond a Million: The Entrepreneur’s Playbook for Expanding Wealth, Freedom, and Time, is available on Amazon. One lucky listener has a chance to win a copy by sharing the episode.
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