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Advice Line with Sarah LaFleur of M.M. LaFleur

How I Built This with Guy Raz

58m
Transcript

Original podcast

Summary

Written by a model from the transcript; not yet reviewed.

The episode features Sarah LaFleur, founder of MM LaFleur, on the Advice Line segment of How I Built This. She updates on her business since her last appearance: COVID caused a 60% revenue drop, three rounds of layoffs, and the closure of all stores, though the brand returned to profitability in 2022. She also describes the brand's evolution from a "uniform" concept to "power casual" clothing, noting that jackets have become the power item for professional women.

Three callers bring their challenges. David Rustiano of SOUR Soap asks about managing self-doubt; Sarah says managing your own psyche is the number one CEO job and shares how she started working with a mental strength coach. Marnie Shanahan of Tick Socks asks about justifying a $119 price point for tick-protective socks; Guy Raz suggests reframing the price as "a summer worth of protection" and Sarah proposes partnering with camps. David Bronky of Siblings, a refillable candle brand doing over $2M in sales, asks about shifting consumer behavior; Guy argues that "fewer things but better things" is the new luxury, and Sarah says the vessel is the most important object to make unmistakable.

Sarah closes with advice to her younger self: it takes a decade to become a CEO, not just a founder.

  • Sarah LaFleur says managing your own psyche is the number one CEO job, and after 14 years she started working with a mental strength coach who teaches meditation and journaling. 14:16
  • Guy Raz suggests reframing a high price point by anchoring it to the value delivered, telling the Tick Socks founder to say 'we don't sell socks, we sell a summer worth of protection.' 32:03
  • Sarah LaFleur advises that it takes a decade to become a CEO, not just a founder, and that founders should give themselves grace while learning operations, metrics, and people management. 55:06
  • Guy Raz argues that 'fewer things but better things' is the new luxury, and that eco-friendly messaging may no longer be the primary driver for purchase decisions among the target consumer. 50:20
  • Sarah LaFleur suggests that for a niche product like Tick Socks, direct-to-consumer may not be the right channel, and that partnering directly with camp directors could be more effective than paid ads. 34:05

Highlights

  • 6:05

    COVID Nearly Ended MM LaFleurstory

    Sarah LaFleur describes how her revenue dropped 60% in 2020, she went through three rounds of layoffs, and closed every single store before reopening some and getting back to profitability in 2022.

  • 14:16

    Managing Self-Doubt as CEOinsight

    Sarah LaFleur says managing your own psyche is the number one CEO job. She started working with a mental strength coach last year, the first time in 14 years of running the business she's found real relief.

  • 15:06

    SVB and Lender Collapsestory

    Sarah describes 2023 as the scariest 72 hours when Silicon Valley Bank, where she banked, collapsed, followed in 2024 by her lender going under with an urgent capital call that was the closest she came to losing the business.

  • 32:03

    Reframing the $119 Sock Pricestrategy

    Guy Raz advises the Tick Socks founder to reframe the price instantly by telling customers 'we don't sell socks, we sell a summer worth of protection,' targeting parents sending kids to camp in Lyme disease country.

  • 34:05

    DTC May Be Wrong Channelinsight

    Sarah LaFleur hypothesizes that a single niche product like Tick Socks is very hard to make thrive on direct-to-consumer, and suggests the product would do well in outdoor stores or through partnerships with camps.

  • 50:20

    Fewer Better Things Is New Luxuryinsight

    Guy Raz argues that what matters to the consumer now is not eco-friendly messaging but the idea of buying fewer things that are better, calling it the new luxury. Sarah agrees the attitudes around eco are shifting.

  • 51:21

    The Vessel Is the Productstrategy

    Sarah LaFleur tells the Siblings founder that the ceramic vessel is the most important object they're selling because it stays in the home forever, and it needs to be over the top beautiful and unmistakable.

  • 55:06

    A Decade to Become a CEOinsight

    Sarah LaFleur says her advice to her 27-year-old self would be that it takes a decade to become a CEO. Anyone can be a founder from day one, but learning operations, metrics, and people management is a long process.

About this episode

Today’s callers: David from New Jersey struggles with self-doubt as he works to grow his muscle-scraping soap brand. Then, Marnie from Australia wants to convince customers that her colorful tick-repellent socks are worth the premium price. And David from New York wants his company to end the practice of throwing away burned out candles. Plus, Sarah recounts rebuilding her brand in the wake of the pandemic and the changing fashion preferences of professional women. Thank you to the founders of Sorsoap, Tick Socks, and Siblings for being a part of our show. If you’d like to be featured on a future Advice Line episode—where Guy and former show guests take questions from early-stage founders—leave us a one-minute message that tells us about your business and a specific question you’d like answered. Send a voice memo to [email protected] mailto:[email protected] or call 1-800-433-1298. And be sure to listen to M. M. LaFleur’s founding story https://art19.com/shows/831bd173-0992-41b7-b1eb-112db904d947/episodes/deeefb24-5bd3-40a2-9347-895f54cc0f1e/embed as told by Sarah on the show in 2020. This episode was produced by Carla Esteves with music by Ramtin Arablouei. It was edited by John Isabella. Our audio engineer was Jimmy Keeley. You can follow HIBT on X https://x.com/HowIBuiltThis & Instagram https://www.instagram.com/howibuiltthis/ and sign up for Guy's free newsletter at guyraz.com http://guyraz.com/ and on Substack https://guyraz.substack.com/. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

0:00
58:39

10,590 words · 8 speakers

Topics

  • Founder Mental Health
  • Pricing Strategy
  • Direct-to-Consumer
  • Consumer Behavior
  • Brand Positioning
  • Women's Fashion
  • Product Development

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