Unlocking Financial Freedom: A Founders Q&A with Gabriel and Shanice Smith of Legacy Financial Coaching

In this Founders Q&A, we have the pleasure of hosting the dynamic duo, Gabriel and Shanice Smith - the heart and soul behind Legacy Financial Coaching. With a powerful mission to instill financial independence, this remarkable couple has dedicated their lives to empowering others through financial literacy. Join us as we delve into the unique entrepreneurial journey of Gabriel and Shanice, exploring their triumphs, challenges, and the profound impact they're making every day. This is not just an interview; it's an inspiration-packed exploration that unravels the story behind a startup that's changing lives, one financial plan at a time. Get ready for an enlightening conversation that promises insights, laughter, and lessons that resonate beyond the realm of business.

Q: Can you tell us about your personal background and how it led you to founding your startup?

A: During my formative years, my unwavering dedication to assisting individuals with their financial needs fueled a deep-seated passion within me. From advising on budgeting techniques to pooling resources for mutual enjoyment, my innate desire to aid others never wavered. It was this steadfast commitment that ultimately birthed Legacy Financial Coaching—an organization driven by the mission to empower individuals in defining, attaining, and sustaining financial independence.

Q: What problem does your startup solve and how did you identify it?

A: Our startup, Legacy Financial Coaching, addresses the challenge of helping individuals identify and resolve their financial needs while simultaneously preserving their sense of purpose and values in life. We identified this problem through extensive research and personal experiences.

Q: How did the idea of your startup first come about?

A: The idea for Legacy Financial Coaching first originated when my wife and I were in college. We often had discussions about how we could make a positive impact on the world, particularly in the realm of financial literacy. We noticed that many individuals and families struggled with managing their finances effectively, which led to various financial hardships and limited opportunities for growth. Driven by a passion for helping others and a desire to address this issue, we began researching and educating ourselves extensively on personal finance, budgeting, and wealth-building strategies. We realized that there was a significant need for practical, accessible, and personalized financial coaching to empower individuals to take control of their financial lives.

Q: What is your startup's mission and how does it drive your daily operations?

A: Legacy’s mission is to help individuals and families gain a clear pathway to financial freedom. Through budgeting, investing and debt management, we have a plan that will fit your needs. The Legacy team has a passion to help individuals be free from their financial burdens and hardships while creating a life they enjoy. Every program we have, drives individuals towards this.

Q: Can you share the story of how you gathered your founding team?

A: As we reflect on our transformative journey, we fondly recall the formative years spent in college, where profound discussions about shaping the world through enhanced financial knowledge ignited a spark within us. Deeply aware of the widespread struggle individuals and families faced in navigating their financial landscapes, we became resolute in our mission to empower and uplift and launched Legacy Financial Coaching together.

Q: How did you go about securing initial funding for your startup?

A: With determination and an unyielding belief in the transformative power of our vision, we took a momentous leap forward in the pursuit of our dreams. In a remarkable display of dedication and commitment, we utilized our personal funds to bring Legacy Financial Coaching to life, igniting a beacon of hope in the realm of financial empowerment.

Q: What were some major obstacles faced during the early stages of your startup, and how did you overcome them?

A: Overcoming the challenges of launching our business as financial coaches was instrumental in positively influencing a community that lacks representation, considering that a mere 2% of coaches share our demographic profile.

Q: Can you tell us about a time you failed and what you learned from it?

A: During my initial client meeting, I experienced a setback as the individual chose not to proceed with my services. This experience taught me a valuable lesson: I realized that I can only assist those who are genuinely dedicated to helping themselves.

Q: How does your startup stand out from competitors in your industry?

A: Our startup distinguishes itself from competitors in our industry through several unique aspects. Firstly, as a young black couple, we boldly enter a space where individuals who share our background are underrepresented. This sets us apart and allows us to bring a fresh perspective to the table. Furthermore, we have personally walked the path that our clients are embarking upon, having successfully navigated these programs ourselves as part of our own journey. In essence, we don't simply instruct or advise; we actively implement and execute strategies, ensuring that we lead by example and actively demonstrate the effectiveness of our approach.

Q: What has been the most rewarding part of being a founder so far?

A: The most fulfilling aspect of being a founder thus far lies in witnessing individuals achieve their financial aspirations and experiencing the profound, long-lasting transformations that our guidance has enabled them to create.

Q: Can you describe a typical day in your life as a founder?

A: Engaging in a continuous cycle of meetings, follow-ups, and the relentless pursuit of developing new programs is an integral part of our commitment to meeting the evolving needs of our valued clients.

Q: How do you stay motivated during challenging times?

A: During moments of adversity, I draw upon the vivid memory of my own yearning for someone to assist me. This powerful recollection serves as a constant driving force, compelling me to persistently strive to be the person I once longed for—an unwavering source of support and guidance for others in their journey towards success.

Q: What is the best piece of advice you received and who was it from?

A: The most valuable wisdom bestowed upon me by my mother is encapsulated in the mantra of "cultivate financial security and seek solace through prayer." This timeless advice emphasizes the dual importance of diligently saving for the future while finding strength and guidance through heartfelt prayers.

Q: How do you manage work-life balance, especially during intense periods of work?

A: Effectively managing work-life balance, particularly during demanding work phases, is an ongoing challenge for me. However, I have come to realize that it's essential to acknowledge my limitations and accept that I cannot solve every problem in a single day. This realization enables me to approach my commitments with a sense of perspective, ensuring that I allocate time for personal well-being and nurturing meaningful connections beyond work. By embracing this mindset, I strive to strike a harmonious balance that promotes both professional growth and a fulfilling personal life.

Q: What strategies have you found effective for managing your team remotely?

A: My team is in house :) (My Wife)

Q: How has your leadership style evolved as your startup has grown?

A: As our startup has grown, our leadership style has undergone a significant evolution. We have recognized the importance of harnessing our individual strengths and expertise, allowing us to effectively leverage our respective talents while staying within our designated areas of focus. This strategic approach ensures that we maximize our potential as a team and maintain a clear direction for the organization's growth. By embracing this mindset, we have honed our leadership style to foster collaboration, optimize efficiency, and capitalize on the unique contributions we each bring to the table.

Q: What does success look like for your startup, and how do you measure it?

A: Success for our startup is defined by the profound impact we make on our clients' lives. We measure this success not only in terms of numbers but also in the meaningful transformations we facilitate on a daily basis. Each day, when we positively influence the financial journey of just one client, it sets in motion a ripple effect of empowerment. Over the course of a year, that translates to 365 lives impacted, and in a decade, an astonishing 3,600 individuals who have experienced genuine and lasting change. This exponential growth of impact is our ultimate gauge of success, representing our unwavering commitment to making a significant and enduring difference in the lives of others.

Q: How do you encourage a culture of innovation within your team?

A: I push for us to always research. Never stop working to be ahead of the competition.

Q: Could you share any pivots your startup had to make and the reasons behind it?

A: Throughout our journey, our startup encountered pivotal moments that required us to adapt and make strategic shifts. One notable pivot was the introduction of custom packages tailored to our clients' unique needs. This decision was driven by our unwavering commitment to deliver personalized solutions that truly address the specific challenges and aspirations of each individual we serve. Recognizing the importance of catering to diverse circumstances, we restructured our offerings to provide a more comprehensive and tailored approach, allowing us to better meet the evolving demands of our clientele. This pivot not only enhanced our ability to deliver exceptional value but also solidified our position as a trusted partner in our clients' financial success.

Q: How have you leveraged technology to grow and improve your startup?

A: Embracing the transformative power of technology, we have strategically leveraged various digital resources to propel the growth and continuous improvement of our startup. Collaborating with skilled website developers, app designers, and marketing experts, we have harnessed cutting-edge technologies to enhance our online presence, streamline operations, and provide an exceptional user experience for our clients. By integrating advanced tech solutions into our business model, we have optimized processes, expanded our reach, and created innovative channels for delivering our services. This technological synergy has played a pivotal role in accelerating our startup's growth trajectory and positioning us as a forward-thinking industry leader.

Q: What is one thing you wish you knew before starting your business?

A: That it is a daily grind!

Q: Can you discuss a time where customer feedback directly influenced a decision or direction for your startup?

A: One of my clients needed a custom package. We decided to pivot and provide them what they needed, not what our programs offered.

Q: How does your startup contribute to social responsibility and sustainability?

A: Our startup promotes social responsibility and sustainability by empowering individuals through financial literacy education.

Q: How do you see your startup evolving in the next 5 years?

A: I see us teaching classes, spreading our Legacy products and speaking on a national stage about financial literacy.

Q: How have you adapted your startup to changes in the market, especially during crises?

A: We needed to be flexible especially with the burden of inflation for our clients

Q: What are the key qualities you look for when hiring new team members?

A: Dedication, commitment and the grind.

Q: Can you share an instance where your team had to go above and beyond to deliver on a project?

A: Our team went the extra mile to meet project deadlines and exceed client expectations.

Q: How do you promote personal growth and learning among your employees?

A: Encourage continuous learning through training opportunities, provide constructive feedback, and foster a supportive and growth-oriented work environment.

Q: Can you tell us about a significant partnership or collaboration that has greatly benefited your startup?

A: Being married to my wife, Shanice Smith. She has inspired me. More than she even knows.

Q: What advice would you give to someone considering starting their own business?

A: Keep grinding don't quit. Every moment you stop working...someone else is.