Born June 18, 1940, in Grundy, Virginia, where the Mountain Mission School is located, McGlothlin received his undergraduate and law degrees from the College of William & Mary. McGlothlin founded the United Company, based in Blountville, Tennessee, in 1970 as a coal production company. It later diversified its four-state operations into oil and gas exploration services, investment management services and real estate development. He sold the company in 1997 but later repurchased it seven years later.

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