Read the letter to our clients about the formation of L Corp.
April 23, 2018
Joseph B. DeGroff
P.O. Box 242
Buckhannon, WV 26201
Re: Business Changes
In the past six months, I have been thankful to have seen a fair amount of growth with DeGroff Financial. With this growth, I have found that helping people with their money has often required going beyond just helping them with their money. To become effective in finance, I have found that it had become necessary to help clients to solve many other types of problems that are not, necessarily, financial problems. As I began to assume additional responsibilities, more opportunities presented themselves to the point that the name DeGroff Financial became limiting in scope. I was starting to be asked why “Financial” was in my name, and, indeed, I was starting to question its place myself. As an explanation, DeGroff Financial’s mission statement of “Enlivening money” was carefully constructed with the idea that money is to be alive, active, and functioning in our lives, and the mission was my commitment to see that happen. Instead of people chasing after retirement numbers or other arbitrary financial goals, I want for people to use money to help them live and lead a better life. To fulfill this vision, I added services and opportunities to expand a client's ability to grow and move forward in their life.
While the addition of these services made sense to me, as the business expanded I knew I was outgrowing the "Financial" part of the name. My vision was changing for the business to have the ability to not only assist in finances but to assist in any other area where the client may need assistance. Eventually, the vision that was emerging and the services I was adding brought me to a place that the creation of a new business entity was necessary. This new entity however, would have a different mission. Instead of "enlivening money," the mission would be "enlivening people." This new entity is called L Corp.
L Corp is run on the same platform of DeGroff Financial, but the wider scope allows for a significantly larger addition of services to clients. With that said, all of my existing DeGroff Financial clients are being transitioned into L Corp, and your service will continue as it has. The changes for you are mostly going to be structural. For instance, the consulting side of the business will be handled by L Corp, but certain other components might be handled behind-the-scenes with DeGroff Financial. There is nothing you will need to do for this change as we will handle anything that needs done.
What you do need to do is to update your address book. My phone number has not changed, but my email has. I will maintain my previous email for the next few months to allow for a smooth transition, but please begin using my new email.
Regarding my partnership with my brother Jon: Jon has been highly supportive of this evolution from the beginning. When we originally discussed partnering with DeGroff Financial, we both knew L Corp was on the horizon, but neither of us expected it to happen so fast. From here, he will be seizing the reigns of DeGroff Financial and handling many of the financial instruments our clients utilize. We are still partnering, only now it is our businesses that are partnering.
Finally, I would like to thank everyone who has been so supportive during this journey. Your support and friendship have meant the world to me. I look forward to continuing to grow to serve each of you for many years to come.
Joseph B. DeGroff, MBA
Founder | L Corp