This week on Own It, we’re talking to Lucy Stratton from EA Collective. She and her team have delivered award-winning event marketing campaigns for Google, Twitter, Target, Oprah and more.
We talked about her journey to ownership, the experiences she’s’ delivering for clients and, of course, the challenge of closing the gender gap in agency ownership. She had so many valuable tidbits for us. You’re going to enjoy this as much as we did.
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
Working in a startup environment, especially early in a career, builds crucial skills for leadership. It teaches individuals to be adaptable, resourceful, and to view challenges as opportunities to learn new skills rather than limitations defined by job descriptions. This "figure-it-out" approach is invaluable for navigating the complexities of business growth and evolving technologies.
An Employee Stock Ownership Plan (ESOP) offers a unique pathway for business owners to exit their company while retaining its legacy and transferring wealth to employees. This model allows the equity value of the business to be distributed to employees as shares, encouraging collective ownership and growth. It's a less disruptive alternative to selling to strategic buyers or private equity, and its tax-free status provides a springboard for future growth.
Despite perceived progress, women are significantly underrepresented in advertising agency ownership compared to general business ownership (less than 1% in advertising vs. 40% across all US businesses). This disparity might be due to societal expectations that often pressure men to take bigger career risks to provide for families, while women may face less external pressure to pursue ownership. This highlights a potential inherent bias against risk-taking among women in their careers.
Women in the advertising industry should challenge mental biases that may hold them back from taking significant career risks, such as starting their own agencies or seeking equity. Recognizing that societal pressures might influence their perception of risk differently from male counterparts can empower them to "take the big swing." Advocating for equity and discussing clear pathways to ownership within existing organizations are crucial steps.
