Podcast Summary: Trading Secrets Episode 218 Guest: Erin Lichy
Host: Jason Tartick, Audioboom Studios
Release Date: January 20, 2025

1. Introduction to Erin Lichy

• Timestamp [00:00-01:01]:
  • Erin Lichy is introduced as a multifaceted entrepreneur, mother, wife, and reality TV personality from Bravo's Real Housewives of New York (RHONY).
  • Co-founder of Mezcalum, an all-natural 100% Mezcal brand, overseeing marketing and branding as CMO.
  • Erin's diverse career includes roles as a real estate agent, co-founder of a successful handbag brand, launch of an interior design build firm, and strong personal branding efforts.

2. Managing Multiple Ventures

• Timestamp [01:04-02:37]:
  • Erin: Describes her ability to juggle multiple businesses, attributing it to her brain's need to engage in various activities simultaneously, hinting at ADHD (ADD).
    • "I feel like my brain works in a way that, like, I need to be doing multiple things at once for it to be functioning properly," [01:16].
  • Host: Relates her own experience with ADHD, diagnosed at 35, and Erin views her condition as a superpower.
    • "I almost feel like it's a superpower because my brain works. I need multiple businesses and ventures," [01:39].

3. The Allure and Challenges of Reality TV

• Timestamp [02:37-07:00]:
  • Host: Questions Erin's decision to join reality TV despite her already busy schedule.
  • Erin: Sees reality TV as another challenge and appreciates the fresh take Bravo's RHONY offers, focusing on diverse women with careers, families, and businesses.
    • "It's another challenge," [03:00].
  • Discussion on the casting process, which was swift for Erin compared to others, receiving her offer on her 35th birthday.
    • "They gave me the offer on my 35th birthday," [04:17].

4. Negotiation and Business Strategy

• Timestamp [07:05-10:24]:
  • Host: Highlights Erin's expertise in negotiation, crucial for both her business and reality TV dealings.
  • Erin: Emphasizes the importance of consulting experts when negotiating. She credits Benjamin Simone, her partner at WME, for handling negotiation redlining effectively.
    • "You go to your experts and you ask people questions that you don't know the answer to," [06:13].
  • Erin shares her lack of regret over joining reality TV, despite some business setbacks like her handbag company, viewing failures as valuable learning experiences.

5. Financial Transparency and Infidelity

• Timestamp [10:24-16:42]:
  • Host: References Erin’s experience with Bitcoin investment disagreements with her husband, framing it as financial infidelity.
  • Erin: Discusses the nuances of financial infidelity, emphasizing that it wasn’t about frivolous spending but miscommunication and lack of transparency.
    • "It's not about the finances. It's the fact that he didn't feel comfortable talking to me about it," [12:56].
  • Both Erin and her husband have defined roles in managing their finances, but Erin stresses the importance of transparency to prevent misunderstandings.
    • "We have, like, our departments," [13:14].

6. Business Ventures: From Handbags to Mezcalum

• Timestamp [16:54-25:43]:
  • Handbag Business:
    • Erin recounts her handbag venture, initially self-funded with over $100,000, which ultimately failed due to high costs and poor infrastructure.
    • She learned the hard lesson of not using personal funds to build a business and the importance of outside advisors.
      • "Never use your own money to build a business," [22:08].
  • Mezcalum:
    • Transitioning to Mezcalum, Erin describes better preparation, including raising over $1 million and building a robust team with industry veterans like John Geist and Carrie Simon.
    • Host: Notes that Mezcalum surpassed sales of established brands like Casamigos in its first year without reality TV exposure.
      • "We raised, like, one and a half million," [23:34].
  • Negotiation Strategy:
    • Erin advises leveraging other people's money (OPM) and giving away business equity wisely to avoid being greedy.

7. Insights into Interior Design Business

• Timestamp [34:00-37:35]:
  • Erin: Shares challenges in her interior design business, emphasizing the importance of working with commercial projects over direct client work to manage her perfectionism.
    • "It's very hard with my life right now to work with clients directly," [34:00].
  • Discusses common pitfalls in the industry, such as inflated quotes and hidden markups. Recommends consumers do thorough research and understand the true costs.
    • "Markups are a problem," [35:36].
  • Erin's "trading secret" in interior design is to have a unified team that eliminates unnecessary markups and ensures cost-efficiency.

8. Real Estate Endeavors

• Timestamp [30:35-38:14]:
  • Erin touches on her ongoing real estate projects, particularly in the Hamptons, balancing high-value deals with her other business commitments.
    • "I have one project that's starting soon that I'm invested in because it's with my mom in the Hamptons," [37:56].
  • Shares experiences from Million Dollar Listing, emphasizing the dramatic aspects of real estate shows and her preference for authentic, drama-free business interactions.

9. Balancing Personal Life and Entrepreneurship

• Timestamp [43:21-48:14]:
  • Erin: Highlights the necessity of nurturing personal relationships to maintain a healthy work-life balance.
    • "You have to nurture relationships," [43:21].
  • Advocates for one-on-one time with family members to ensure they feel valued beyond just transactional interactions.
    • "Having the one on one time is so important and they feel so valued," [44:14].
  • Erin and her husband prioritize alone time to reconnect, exemplified by their retreat to Turks and Caicos.
    • "We needed alone time. So we went to Turks and Caicos for 48 hours," [44:38].

10. Final Trading Secrets and Advice

• Timestamp [45:18-48:14]:
  • Erin's Trading Secret:
    • "Do your homework and ask for help. Do not think that you can run into a new business or a new venture without doing your homework and asking for help," [45:18].
  • Encourages entrepreneurs, especially women, to overcome the hesitation of asking for assistance by recognizing the value of partnerships and shared responsibilities.
    • "Why not ask for help?" [46:43].
  • Emphasizes aligning business ventures with personal passions to ensure sustainability and fulfillment.
    • "Figure out what you love and who you are at your core and build off of that," [48:10].

Notable Quotes:

• Erin Lichy:
  • "I need to be doing multiple things at once for it to be functioning properly," [01:16].
  • "Markups are a problem," [35:36].
  • "Do your homework and ask for help," [45:18].
  • "Figure out what you love and who you are at your core and build off of that," [48:10].
• Jason Tartick (Host):
  • "Shoot high, right? Why not?" [42:33].

Concluding Thoughts:

Erin Lichy’s episode on Trading Secrets offers a deep dive into the complexities of balancing multiple business ventures, the realities of reality TV, and the importance of financial transparency in relationships. Her candid sharing of both successes and failures provides invaluable insights for aspiring entrepreneurs seeking to navigate the financial and personal challenges of building and maintaining diverse business interests. Erin’s emphasis on leveraging expertise, fostering strong teams, and maintaining personal relationships underscores the multifaceted approach required to achieve sustained success.

Connect with Erin Lichy:

• Mezcalum: mezcaloom.com
• Instagram: @erinlichy