Summary
In this conversation, Cindy Y. Lo shares her journey into the event industry, detailing her transition from a tech job to founding RED VELVET and acquiring Strong Events. She discusses the evolution of her businesses, the importance of knowing financial metrics, and the challenges of pricing and value perception in the event industry. Cindy emphasizes the significance of real estate ownership for business stability and growth, providing insights into her strategic decisions and the lessons learned throughout her career. In this conversation, Cindy Y. Lo and William Griggs discuss various aspects of business management, focusing on tax strategies, the benefits of real estate, and the journey of acquiring Strong Events. They delve into the competitive edge of custom fabrication, the challenges of managing blue-collar versus white-collar teams, and the importance of peer support and networking in the event industry. Cindy shares her insights on scaling strategies and the lessons learned from her experiences, emphasizing the need for effective communication and trust-building within teams.

Takeaways

• Cindy transitioned into the event industry after 9/11.

• RED VELVET started as a fluke due to lack of job opportunities.

• Cindy is currently focused on empire building with her businesses.

• RED VELVET has evolved from a generalist to a corporate-focused agency.

• DMCs provide valuable local knowledge for event planning.

• Understanding your numbers is crucial for business success.

• Pricing strategies should reflect the value provided to clients.

• Real estate ownership can provide long-term benefits for businesses.

• Cindy emphasizes the importance of knowing your market and competition.

• Building a strong team is essential for managing multiple businesses. Legally paying the correct amount of tax can be beneficial.

• Acquiring a business can complement existing operations.

• Custom fabrication offers a competitive edge in the event industry.

• Managing blue-collar teams requires different strategies than white-collar teams.

• Peer support is crucial for personal and professional growth.

• Effective communication can prevent misunderstandings and mistakes.

• Scaling a business requires strategic pricing and analysis.

• Building trust with employees takes time and effort.

• Networking with industry peers can lead to valuable insights and support.

• Being scrappy is essential for startups and small businesses.

Sound Bites

• "I was trying to be everything to everyone."

• "You need to know your numbers."

• "Don't be afraid to ask how many people are bidding."

• "Legally paying the correct amount of tax."

• "Who doesn't want to play a little bit of monopoly?"

• "I can make more money off this faster."

Chapters
00:00 Cindy's Journey into the Event Industry
03:00 Building an Empire: RED VELVET and Strong Events
05:57 The Evolution of RED VELVET: From Generalist to Specialist
09:06 Navigating the DMC Landscape
12:06 The Importance of Knowing Your Numbers
14:54 Pricing Strategies and Value Proposition
17:56 Real Estate Decisions in Event Management
40:21 Tax Strategies and Real Estate Benefits
42:24 Acquisition Insights: The Strong Events Journey
44:33 Custom Fabrication: A Competitive Edge
52:15 Managing Blue Collar vs. White Collar Teams
59:05 The Importance of Peer Support and Networking
01:06:12 Scaling Strategies: Lessons Learned