Podcast Summary: "How She Built a $30M Empire"
Introduction
In the impactful episode titled "How She Built a $30M Empire" of the I Am Charles Schwartz Show, host Charles Schwartz delves into the inspiring journey of Lee Rhodes, the resilient female founder behind Glassy Baby. Released on December 11, 2024, this episode unpacks Lee's triumphant rise in the entrepreneurial landscape despite formidable personal and societal challenges.
Lee Rhodes: From Adversity to Innovation
Lee Rhodes shares her poignant story, beginning with her diagnosis of lung cancer while raising three young children. This life-altering moment led her to a moment of clarity in a chemotherapy room, inspiring the creation of Glassy Baby—a company specializing in hand-blown glass votives designed to bring calm and hope to individuals facing tough times.
“I felt calm. I felt like I could handle everything that was happening and coming at me.” [02:00]
Overcoming Societal Barriers
As a woman in business, Lee confronted and overcame significant gender-based obstacles. Banks frequently denied her loans, and investors often deferred to her husband despite her leadership.
“Every entrepreneur, as they start their plan, they can write it down all they want on a piece of paper... but just innately, every business and everything you do in life has levers.” [03:22]
Lee emphasizes how her gender posed the most significant barrier, forcing her to innovate and find alternative paths to success. Her experience of being mistaken for her husband in professional settings only strengthened her resolve to lead independently.
Building Glassy Baby: A Purpose-Driven Business Model
Glassy Baby stands out not just for its beautiful products but also for its commitment to charitable giving. Lee rejects conventional business norms by integrating giving into every sale rather than relegating it to year-end donations.
“We make giving a core part of every sale, not just an end-of-year afterthought.” [Transcript Context]
This approach has enabled Glassy Baby to donate $15 million to various charities, particularly focusing on supporting cancer patients and artisan jobs in America.
Innovative Business Practices
Lee discusses her decision to keep production in the United States despite pressures to outsource to China for cost savings. This choice reflects her commitment to fair wages and ethical business practices.
“We're not willing to make them here in America. We're going to make them in another country to save a dollar. None of it fit with me.” [08:41]
Her adherence to these values not only differentiates Glassy Baby in the market but also builds strong brand loyalty among customers who value purpose-driven businesses.
Charitable Giving at the Point of Sale
One of Glassy Baby's unique strategies is donating a portion of each sale directly at the point of transaction. This ensures that giving is woven into the fabric of the business operations.
“We don't give money back at the end of the year. We give it at the actual payment process because it's part of our business model.” [12:07]
This method fosters a culture of continuous giving and amplifies the company's impact on communities in need.
Personal Resilience and Leadership
Lee imparts invaluable advice for women entrepreneurs, emphasizing the importance of self-care amidst the relentless demands of business and personal life.
“Take that hour and don't fill it with anything and just give yourself a break.” [06:06]
She highlights the necessity of defining one’s own values and maintaining determination and compassion, even when facing immense pressures and setbacks.
Mistakes and Learning Curves
Reflecting on her journey, Lee acknowledges common entrepreneurial mistakes, such as hiring based on personal preferences rather than professional qualifications. She underscores the importance of building a competent team that aligns with the company's mission.
“Hiring is a big mistake. I like to hire the way I like to have friends. Like, I want people that I want to be around and hang out with. It's not a great way to hire.” [20:41]
Scaling the Empire: From Millions to Millions
As Glassy Baby grew from a million-dollar business to a $30 million empire, Lee faced new challenges, including scaling operations and maintaining her company's core values. She emphasizes the need for a deep bench of talented individuals and the ability to delegate effectively.
“You just have to be ready. You have to... just believe in yourself and believe you're right and it'll save you a lot of headache.” [08:41]
Legacy and Impact
Lee speaks passionately about the day-to-day legacy of Glassy Baby, focusing on how each sale contributes to meaningful causes like paying for parking for cancer patients and supporting environmental initiatives.
“The sexiest part of my day is knowing that there are people out there sitting in a chemo room somewhere who are going to get their parking paid for and they don't even know it.” [41:04]
Her dedication ensures that the company's impact extends beyond profits, fostering a lasting positive change in society.
Conclusion
Lee Rhodes' story is a testament to the power of resilience, purpose-driven entrepreneurship, and ethical business practices. By integrating charitable giving into the core business model and steadfastly adhering to her values, Lee has built Glassy Baby into a $30 million empire that not only thrives financially but also makes a profound difference in the lives of others.
“Let your mission, not just your margin, drive your business decisions.” [Final Remarks]
Key Takeaways:
- Purpose-Driven Business: Integrate charitable giving into every aspect of your business model.
- Overcoming Barriers: Use personal challenges as catalysts for innovation and growth.
- Ethical Practices: Prioritize ethical decisions, such as fair wages and local production, over short-term gains.
- Resilient Leadership: Maintain determination, compassion, and self-care amidst challenges.
- Effective Team Building: Hire based on professional alignment with company values rather than personal affinities.
Notable Quotes:
- “We don’t give money back at the end of the year. We give it at the actual payment process because it's part of our business model.” [12:07]
- “Take that hour and don’t fill it with anything and just give yourself a break.” [06:06]
- “Let your mission, not just your margin, drive your business decisions.” [Final Remarks]
For aspiring entrepreneurs seeking inspiration and actionable strategies, Lee Rhodes' journey with Glassy Baby offers a powerful blueprint for building a successful and socially responsible business.