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Women's Wealth: The Middle Way®

143 EpisodesProduced by Susan Michel, Glen Eagle CEO and Carol Ann Fernandez, COOWebsite

Glen Eagle CEO Susan Michel and COO Carol Ann Fernandez host Women's Wealth: The Middle Way® - the radio show aimed at helping YOU navigate work, money, and family! Tune in on the third Wednesday of each month for a new episode.

19:25

Starting A Business With Power, Passion & Purpose with Kate Nowlan and Kimberly Caccavo

Kimberly Caccavo and Kate Nowlan are founders of the women’s apparel brand GRACEDBYGRIT and co-authors of an international best-selling book “Graced by Grit: The Entrepreneurial Woman’s Guide to Starting a Business With Power, Passion and Purpose.” Today they share how they took their women’s athletic apparel store, GRACEDBYGRIT, the first community-driven, direct-to-consumer premium athletic apparel brand for women, and transformed it into a nonprofit foundation focused on empowering young women. The foundation offers athletic scholarships for young women and encourages them to develop their GRIT while embracing their GRACE. 

Join us every other week on Women's Wealth: The Middle Way®, a radio show aimed at helping women navigate questions about work, money, and family. You can find us on your favorite podcast app, including Libsyn, Soundcloud, Podbean, Spotify, Google Podcasts, Apple Podcasts. See you in two weeks!


Helpful Links: 

GRACED​BY​GRIT Foundation: https://www.GRACED​BY​GRIT.com/ 

Graced By Grit: The Entrepreneurial Woman’s Guide To Starting A Business With Power, Passion & Purpose:  Link

HYLETE®: https://www.hylete.com/ 

Women's Wealth: The Middle Way®: http://womenswealth-themiddleway.libsyn.com/ 

Show Notes: Link

 

Interview Transcript: 

Susan Michel: Welcome back to Women's Wealth: The Middle Way®, the show that answers your questions about work, money, and family. My name is Susan McGlory Michel. I am the CEO and founder of Glen Eagle, a wealth management firm in New Jersey. Our guests today are Kate Nowlan and Kimberly Caccavo. Kate and Kimberly are the founders of GRACED​BY​GRIT. GRACED​BY​GRIT started as a women's athletic apparel store in California in 2013 to inspire and empower women in everyday life. In 2016, the company launched the GrittyGirls, an empowerment program for young women. And today, the GRACED​BY​GRIT Foundation hosts GetGritty events and offers athletic scholarships for young women. Welcome, Kate and Kimberly. Wow, when I read your backgrounds, both of you are so talented and inspired. And Kimberly, I was super impressed by the fact that she has an undergraduate degree in engineering, that's a feat for women now today with STEM. You’ve designed widgets for space shuttles, you've worked in such a male-dominated industry. And Kate, you as a young, young woman had a baby and pursued a career, what an inspiration to your child. So we, we really were thrilled to have both of you because you come with great backgrounds, but also because you're good friends. So welcome.

Kate and Kimberly: Thank you for having us.

Susan Michel: Kimberly, can you begin and take us on the journey of what was the inspiration behind GRACED​BY​GRIT? And what's the meaning behind that?  

Kimberly Caccavo: So we started GRACED​BY​GRIT as a company. Kate was an athletic trainer who was known to be tough and get things done. I was going to do a triathlon and I needed the best trainer in San Diego. So I hired Kate. And she was amazing, but a little too hard for me. So I was trying to slow her down by noticing what people were wearing or trying to show up in an unbelievably great outfit. But what we noticed when we worked out is that as great as some of these outfits were, once you got my 50-year-old body moving, it didn't look like it did when it was static. And we started talking about what was really required in women's athletic apparel to look good both when you're standing still and getting a coffee, but also when you're working hard. And we had all kinds of ideas for high performance, flattering workout gear. And we started floating the idea of starting our own company, kind of to slow her down a little bit. A few years later, we reconnected and said, you know, we really should do it. No one's done it yet no one started a company with safety in mind. But most important with women in mind, it was designing something that looks great on a 30-to-60-year-old woman. So we combined our athletic expertise and my business and technology expertise. And we made a powerful team, we went out and found the most luxurious fabrics from Italy. And we got great designers and perfected the fit so that we look strong and chic and amazing. But then we came to a little bit of an impasse, we had to come up with a name and we came up with some pretty silly names over cocktails, wouldn’t you say Kate? 

Kate Nowlan: Yeah, like K To Run For You, because we both like to run and our names start with a K. I think that was when we realized that we should not be necessarily naming ourselves - that we should be taking the idea of what it was that we both so we shared and that women shared, which was this power within ourselves and this perseverance and that that's really it did these tough moments in life that those were the ones that defined us the most. And that that grit eventually became your grace. And so that's where GRACED​BY​GRIT came about. 

Susan Michel: It sounds like Kate To Run was more after a few bottles of wine. So probably GRACED​BY​GRIT with RTD. Probably working is great. That is great. And I love your honesty because I think that's when most of us come with our great ideas when we chill out and start brainstorming. But what was it like transitioning from like, I know that and you currently have like this athletic company. Tell us a little bit about the company and then also the nonprofit? And how about launched? Can you share a little bit about that? Kimberly, do you want to talk about that? 

Kimberly Caccavo: Sure. I mean, we grew the company from nothing to a few million dollars in revenue. And we had the most incredibly loyal customers who not only wore and loved our clothes but felt like they were part of something bigger. They felt that they were part of a movement. So the women who wore our clothes felt strong and empowered. And when they saw other people in our clothes, in airports around the world, they would take selfies and send them to us. So we felt that we created more than just a company but a community of people. And it was super powerful. But our only problem was funding because our idea was that we would start this company founded by women, run by women, and we wanted it to be funded by women. And that's where your listeners are so important to us because we need more women investors. And I know we'll talk about that a little bit later. But that was really shocking for us. And shocking for me, by the way, I had always worked in male-dominated fields, and never had a problem as a woman ever. I was the highest level executive, the youngest executive, male or female at my companies. I got my design through as quickly as or faster than the men around me. And I'd never been held back as a woman. Remember, I started college in ‘79. I guess that dates me a little bit. That’s around when Kate was born, which is frightening. But it was shocking to me that suddenly, in this century, I'm being held back because I'm a woman. So the most important message that we want to get across and we'd like to address later is women investors. Almost six months before we were acquired, we were talking to this high powered local investor. And we said we just don't understand why we don't have women funding the company. And he said, well, investors invest and women are not investors. And it was shocking.

Susan Michel: So on my end, that is changing so quickly. So I'm thrilled to there are so many organizations that are recognizing that. So that's a positive for women out there. 

Kimberly Caccavo:  Absolutely. Yeah. And it's so important that women learn and develop that risk-taking ability because studies prove that women are actually better investors than men because they hold them before they fold them. 

Susan Michel: Yep, I agree with you. And Kate, you then jumped in and you took basically, you could talk a little bit to us about the nonprofit, GRACED​BY​GRIT and the GrittyGirls kind of theme. How did that come about? And how accurately became so to tie it all together? 

Kate Nowlan:  We were struggling so much to raise money. And we were really trying to figure out what was our next step with the company because we didn't want to just be a mom and pop shop, we knew that we had an incredible product and it was just really about the mom and mom shop excuse me, you're right. We knew we had something incredible, and it was just the capital that was our biggest constraint to get it to the next level. And so we ran into the CEO of another company right in our backyard that was also digitally native. And they primarily focused on men's athletic apparel. And so it was all of a sudden this lightbulb moment of maybe there's something that we can offer. And so we came to the table with them and said, you know, you should buy our company, we think that we can build out your women's line, we think that we have similar values. And initially, the answer was no. And then we went back to the table and figured out a deal because I was unwilling to accept the answer of no, because I really felt that there was something there that that they could harness and that we could continue. And I knew I personally could continue it as well. I wanted to continue on. So they did acquire us last year, June of 2018. And with that, it was about how do we keep the messaging of GRACED​BY​GRIT alive? What is that legacy and what does that look like? And so in the process of running actually GRACED​BY​GRIT the company, we were hearing from women all over the country about how Grit was something so important to them to teach their daughters. And it was about teaching them that failure was sometimes the best lessons in life, and that it was about not giving up, and that taking those tough moments, and making them your graces. And so they wanted to be able to teach their daughters this. And so we had a woman on our team, who was a life coach and a wellness coach for young women. And so she actually started what we called then, the GrittyGirls program, which was workshops for young women to understand what grit was and how to cultivate that grit within themselves, and to use it for the rest of their lives. And so we took that with the transition of the acquisition, and we started the GRACED​BY​GRIT Foundation. And what we actually believed in starting the Foundation, which by the way, took a very long time to get approved by the government to become a nonprofit, which we officially are a 501C3, which is super exciting. That was just about a month. Thank you. Yeah, that was just passed about a month and a half ago, which is so exciting. So people can visit GRACED​BY​GRIT.com, and they can now see the nonprofit, which offers scholarships to young women going to college for academics and athletics, because we understand that 94% of women that are in the C-suite, participate in sports, and we know that self-confidence can often diminish when girls fall out of athletics, and that keeping them in sports longer provides, you know, more self-confidence. And it provides all those skills to become strong, successful businesswomen. And so they can be out there, you know, helping rule the world with us. 

Susan Michel: I have a daughter who was a division one athlete, and so many of the young women that we hire in the firm, for not even planning it, but it's nine times out of 10 they were in some form of athletics, and I'm not sure if it's the discipline, or the management of time, but you are so right. 

Kate/Kimberly: What if all of the above? 

Susan Michel Yeah, yeah, I agree with you. I know that you have GetGritty events. What are some of the events that you host? 

Kate/Kimberly: So we're actually, it's a great question, we actually are focusing this first year on just the scholarship, which I say just it's not just, it's 1% of the all of the HYLETE®women's sales, go back to the foundation. And we're going to be funding two scholarships in 2020. Because we so strongly believe in this, yeah, so in empowering young women and helping them get that leg up when they enter school. And for some young women, it is going to hopefully, you know, help them be able to pursue athletics and to continue that passion and participate in a team sport. So, but the GetGritty events are secondary to that. And they are focused on empowering young women, both tweens and teens, through these workshops, where they learn about grit in all different ways. So they learn about it through body movement, they've learned about it through storytelling, and it's all about this inclusive environment for young women to be able to share some of their things about them that they think are really horrible, that really is what makes them unique, you know, when you're a teenager, and you think oh my gosh, I'm the tallest girl in my class, or I wear glasses, or, you know, I'm chubby, and it's about, you know, really creating this inclusive environment for young women to be able to share those vulnerabilities, talk about the strength that can come with some of those insecurities, and about how to cultivate that within themselves. And so those GetGritty events are secondary, and we'll be focusing on those more in the future, primarily because we really want to focus on the scholarships right now.

Susan Michel: You know, I’m feeling empowered listening to you because six weeks ago, I just became a grandmother to a little girl whose mother is six-foot-one and her father is six-foot-eight. And she looks like she's a six-month-old, and she's six weeks, but she is the most beautiful young woman. And both her parents were Division One athletes. So we have high hopes someday that she'll find a sport that meets her needs. But I do think this is such a gift back to society because I think so many young girls going through that awkward stage begin to label themselves incorrectly. And instead of empowering themselves. So this today is amazing. But the other thing that I think is pretty admirable, is that your due diligence and your constant perseverance of you built a firm, you wanted it to go on, but you didn't just say okay, we've moved on, you really balanced it between both being part of it real entrepreneurs and building something and continuing to watch it grow. But also, then forming a nonprofit from that. And so many of us say I'm so busy with business, I can't think out of the box. And I think for both of you, Kate and Kimberly, that you both thought out of the box. And now you're actually feeling good about what you've built because you're able to now give back. 

Kate Nowlan: Yeah, I mean, it's just there's a lot of power with giving. Yeah, I mean, a big, big part of our company. And one of the values that we really just focused on with GRACED​BY​GRIT as a company was to give back. And I think, you know, a lot of events that we hosted, we're giving back to different charities and foundations all throughout the country that women were passionate about. And so they would host events, selling our products, knowing that 20% would go back to these causes. We also dedicated a pair of leggings to a foundation called the Chelsea King Foundation, which raises money, and just took a tragedy and turned it into something incredible to protect young women. And so, you know, giving back is a huge part of both of our value systems, and also our companies. And so it definitely felt extra good to be able to carry on the legacy of GRACED​BY​GRIT, and that every single tag when you buy a HYLETE® women's product talks about the foundation. And so it's another way to empower women to learn more about it. 

Susan Michel: And we always end each of our podcasts. And I'll ask Kimberly to go first. And then Kate, but we ask you to give one piece of advice to our listeners. So many of our listeners are either thinking of starting a business or they're thinking maybe their daughter is in need, or their granddaughter is in need of something like this, that could be life-changing for them. What as women, here we have an engineer, and Kate, a very young mother who had to figure out how she was going to be an awesome mom and also have a career, what would be one piece of advice each of you would give to the women who are listening today about perseverance and surviving hardships? 

Kimberly Caccavo: It's a muscle and you have to exercise it. So every time you have one of those tough moments, those gritty moments, you just have to get up and do one step at a time. And each step you do, each breath you take makes you a little bit stronger for the next one. So when we talk about that grit and developing that muscle, the backbone of grit, it is constant use. So each thing in your life. We don't look at them as negative, we look at them as a chance to make us stronger. Right when you're in the throes of it. It's really tough. But it makes you better. And we wrote a book by the way called GRACED​BY​GRIT, where we talked about how you harness that grit. And you can really use that to build whether it's a business and nonprofit or anything for yourself, using that passion and power that you get from the grit and applying it to the purpose of whatever you're starting, whether it's a nonprofit, an investors club, or a company. 

Susan Michel: That's great. And Kate, can you share what your one piece of advice or sometimes our listeners laugh and say, women can't give just one piece of advice. 

Kate Nowlan: I would say my number one piece of advice would be just like Kimberly, in terms of it is a muscle, you have to practice it. You know, I read the book by Sheryl Sandberg, Lean In, which is something that Kimberly and I have talked a lot about lately. And it's something that, again, I think takes practice in terms of being a woman at the table. And I think it does, you know, it speaks to all women at all different levels of their lives. It's about you know, not sort of stepping back and watching the things happen. And then going, you know, how can this happen to me? or how come I'm not getting that raise? or How come you know, I'm not the person starting a business, it's about really you being the person that takes that chance and leaning in and having the tough conversations and asking for what you want. And I think that is also something that comes with practice. And it was very hard for me at first and it was very hard for us to ask for money. Women aren’t taught to ask for money. And I think there's a changing of tides that has to happen for women in order to accomplish it and out how relevant for today because today is Happy Women Equality Day, I think. So I think it really speaks to that you know, about really taking that step and rather than being afraid and saying, you know what, it's not right for me, or I'm just going to walk away. It's about jumping in. 

Susan Michel: I so agree. And if you see the journey that we've come from even in the 70s, and we had to have people co-sign just for loans, it's amazing. And I happen to know some of the women that were real hard chargers back then, and they're long retired, but they often come to some of the events and just to see them and what they gave back and their grace, and they are such admirable women who have raised families and did it while they were raising their children. Just one as you said earlier, I really enjoyed hearing both you, Kate and Kimberly, say it's one step at a time. It's one step at a time. It's not all at once, but it's patience with ourselves. So thank you so much, both of you for joining us today. We just really appreciated having you. 

Kate and Kim: Thanks so much for having us. 

Susan Michel: Thanks for tuning in to today’s episode of Women’s Wealth: The Middle Way®! Make sure to subscribe to us and leave a review on iTunes, Spotify,  Soundcloud, or on your favorite podcast app. Join us for new episodes every other Wednesday. See you in two weeks!

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