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- From Financial Planning To Resturant Success Story | David Steele
From Financial Planning To Resturant Success Story | David Steele
Andres Sanchez
December 05, 2024
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Meet David Steele
In this week’s episode Beyond the Wealth, I had the privilege of speaking with David Steele, the co-founder of 1 Wealth Advisors and executive chairman of Flour and Water Hospitality Group. David’s entrepreneurial journey spans decades, industries, and disciplines—from building a financial advisory practice one client at a time to creating a thriving restaurant group with seven locations and a growing consumer goods arm. His story is packed with timeless lessons for entrepreneurs of all stages.
Here’s what we uncovered:
David started his career in financial services at just 24, prioritizing long-term growth over quick wins. He emphasized the importance of “building the right way,” one client at a time, and avoiding the temptation of get-rich-quick schemes.
His advice for young entrepreneurs? Steer clear of binary thinking. “It’s not all or nothing,” he said. “You can start a business while keeping a steady income, ensuring stability as you grow.”
David’s disciplined approach extended beyond his financial practice. When he decided to pursue his dream of owning a restaurant, he leveraged years of business insights from his clients’ successes and failures. This deliberate, calculated method allowed him to create one of the most successful restaurant groups in San Francisco.
David is no stranger to adversity. He shared how his businesses were tested during the pandemic, especially in the hospitality industry. The shutdowns forced his team to furlough staff and rethink their strategy entirely.
Instead of folding under pressure, David and his team reimagined their business. They launched a scalable pizzeria concept and expanded into consumer packaged goods with their Flour and Water brand, now sold in 350 grocery stores.
David’s ability to pivot was key. “Not every idea will stick,” he noted. “But the ones that do will define your success.”
At the heart of David’s success is his belief in people. Whether it’s nurturing a strong team, understanding customers, or investing in relationships, he credits this mindset as his greatest asset.
“Being an entrepreneur isn’t about doing it all yourself,” David explained. “It’s about empowering and supporting others to grow with you.”
David also emphasized the importance of maintaining genuine connections, both personally and professionally. “True success comes from being in service to others—your team, your clients, your partners. When you focus on giving, success naturally follows.”
Key Takeaways for Entrepreneurs:
Think long-term: Build a business the “right way” and avoid shortcuts.
Balance risk with stability: Start small while maintaining financial security.
Embrace resilience: Pivot and adapt when challenges arise.
Value people: Empower your team, nurture relationships, and lead with empathy.
Leverage insights: Learn from the successes and failures of others to refine your strategy.
Listen Now:
David’s journey is a masterclass in patience, perseverance, and people-centric leadership. Whether you’re navigating your first business or scaling a new venture, his insights will inspire and equip you for success.
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