How Stephanie Crockett from Mower Agency, Owns It
This week on Own It we’re talking to Stephanie Crockett from the Mower Agency. She started at Mower & Associates in 2004 on the account side. By 2021 she was president and chief operating officer. She took over as president and CEO in 2023.
Mower is an advertising and public relations agency with over 50 years experience connecting brands with audience in authentic, lasting ways. Stephanie and I talked about her journey, the powerful group of women friends she feeds off of, many of whom also own their own businesses, and the women who empowered her along the way.
We also dug into the topic of closing the gender gap in agency ownership. We loved what she had to say. We know you will, too.
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Key Takeaways
EPISODE: Stephanie Crockett from Moer Agency
1. The Power of an ESOP for Agency Ownership Transition | 00:13:00
Moer Agency transitioned to an Employee Stock Ownership Plan (ESOP) as a succession plan, which allowed the founder to preserve his legacy and benefit all employees, rather than selling to private equity. An ESOP is a retirement plan where employees benefit from the agency's success without personal financial risk, making it an accessible path to ownership, especially for women. This model can enable a company to become a certified women-owned business if the majority of ESOP shares are distributed to women based on payroll, encouraging leadership roles for women.
2. The Shift in Role from Agency Leader to Owner/CEO | 00:14:56
As an agency owner and CEO, the daily schedule shifts dramatically from being client-deliverable driven to a more unstructured, strategic, and visionary role. The CEO's primary responsibility becomes setting the tone, culture, and vision for the organization, requiring time for thinking, reading, absorbing information, and engaging in business development. This often involves significant travel for client visits, new business pitches, and representing the agency in professional communities and conferences.
3. Women's Natural Aptitude for Relationships as a Future Business Advantage | 00:32:03
In an industry increasingly impacted by AI, the human elements of judgment, reason, empathy, and relationship building will become even more critical, as technology cannot replicate these qualities. Women, with their generally higher aptitude for empathy and relationships, are well-positioned to lead the future of the agency industry. This emphasizes the importance of fostering opportunities for women to step into leadership and ownership roles, as these qualities are crucial for navigating a technology-driven future.
4. Overcoming the Fear of Failure in Pursuing Ownership | 00:34:27
The fear of failure is a significant barrier that often holds women back from pursuing ownership. It's crucial to acknowledge that failure is a part of growth and learning. Women should challenge themselves with questions like "If not me, who?" and recognize that taking leaps, even with the risk of tripping, leads to invaluable learning experiences and personal development. There is a strong support system within the community of women owners to help each other navigate challenges and keep moving forward.
5. The Importance of Women-Led Communities | 00:35:55
Establishing and supporting women-led organizations and communities is vital because they provide a space for connection and mutual support that has historically been lacking. These communities allow women to recognize what they need to help each other succeed in environments not traditionally built for female leadership. Such groups foster a sense of belonging and empowerment, enabling women to set examples and be role models for future generations.
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