David Grutman's Advice for Future Founders
Left to right: David Grutman, founder of Groot Hospitality; Nicole Pullen Ross, managing director, Goldman Sachs Private WealthTo describe Groot Hospitality founder David Grutman as driven is an understatement. During the past 15 years, he’s up-leveled Miami’s social scene with dynamic, inventive restaurants and nightclubs that have drawn crowds, celebrities, musicians, and plenty of accolades. With boundless enthusiasm and a cultivated ability to spot and set trends, David seems like he has enough energy to power every locale he’s opened, and he is expanding internationally, with his first resort project planned for the Bahamas.
He sat down with Goldman Sachs Private Wealth managing director Nicole Pullen Ross at Swan in Miami (his co-owned restaurant with Pharrell Williams) to share his gems of wisdom with fledgling entrepreneurs.
Know Your Superpower
Identify what you do and know best, so you can build a brand/business that delivers something new and different to the world. Your superpower should help you stand out and resonate with who you are.
“My secret sauce is knowing how to activate a space. I can create community and create a wow factor,” David said. “I make it fresh and new. I set trends to stay ahead of them, because if you’re following them, it’s already too late.”
Reach for Mutually Beneficial Outcomes
In David’s world, which is built on his ability to negotiate with landlords, venture capitalists, celebrities, and more, there is no such thing as a one-sided deal.
“When I go into a deal, I never want a founder or landlord — whoever’s on the other side of that — to walk away with a bad feeling, like they’re not getting what they want,” he said. “I want it to work for everyone.”
That respect for reaching a mutually beneficial outcome for both sides, he said, is the key to forming long-lasting relationships that keep people coming back to you for business. Speaking of people, he also emphasized staying loyal to those who helped you start.
Focus on Sustaining Long-Term Relationships
This translates to a couple of things. First, talk to everyone, not only the celebrity or VIP who can make that connection you need. David said he thrives on being around creative people who can bring out that extra layer of inventiveness in him. Second, it means that, despite the saying, bad publicity isn’t worth it.
That’s why he strives to bring the best experience possible to the present while focusing on developing and sustaining business relationships into the future.
Fail Fast
His final piece of advice for future founders looking to build a business was about knowing when to walk away. If something isn’t going to work, take the loss and get out, quickly. Don’t keep putting good money over bad.
For more information on building, growing, or selling a business, reach out to your Goldman Sachs private wealth advisor.
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