The Milwaukee Women Business Leaders Roundtable
Local entrepreneurs share the struggles and successes of running a business – and their advice for the next generation.
How did you first get your start?
MELINDA STUART: Smart Moves was not my original career path, I actually had a completely different career. I was a registered dietician – and I loved it. My mother had founded Smart Moves over 20 years ago. I was coming to a point where I was ready to make a change, and I think it was probably the third time she asked if I’d ever be interested in working at Smart Moves. After a lot of thought, I decided to take the leap. I worked with her for about two years, and then bought the business from her in 2017. I’ve never looked back. I can’t imagine doing anything else at this point.
LORI WATT: I grew up in an entrepreneurial family – I watched my father build a successful business with only an eighth-grade education. I married an entrepreneur, too. I saw that working hard and sacrificing could give me the opportunity to succeed. I dropped out of college after one semester, and I started working for a financial planning firm in a support role in 1980. I didn’t
know anything about financial planning at the time. Like you said, Melinda, this was not the career path I planned. But when I was working for that financial planning firm, I took every opportunity to learn. I showed my dedication by working extra hours, volunteering for projects. Then I got the necessary licenses and certifications to become an advisor myself. Five years after starting with that firm, I took the opportunity to start my own business. That was 39 years ago.
How have your businesses grown since?
STUART: When I started there were eight people on the team – now we’re up to 26. When my mom first started this business, she would celebrate if there was one move scheduled a month. Now we manage over 400 projects every year. My mom started the business out of her home, and now we own our own building. We also received the Better Business Bureau Torch Award for ethics and NASMM A+ Accreditation– we’re very proud of that because integrity is really at the forefront of what we do.
Lori Watt Owner, Founder, President and CEO, IAG Wealth Partners
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Melinda Stuart Owner, Certified Move Manager, Smart Moves PHOTOS: COURTESY OF IAG AND SMART MOVES
WATT: IAG started as a one-person office where I did everything. Back then, I didn’t even have a computer. I found out I was pregnant six months after starting the company. It was too late to turn back – I already had five clients, which was a big deal at the time. I was lucky to come from a family of entrepreneurs – work-life balance wasn’t a thing for us. It was all about work-life blend. Now we have over 30 employees, and we’re focusing on raising up the next generation of advisors. Six years ago, we started offering up ownership opportunities to advisors who’ve been with us a long time, and we’re up to seven partners now.
Hiring the right people is often a struggle for business owners. How did you assemble good teams?
WATT: My business partner Susan and I had such a good understanding of what we needed, who would fit in and who could help us grow. We eventually stopped saying, “We’ll get back to you,” and just started making an offer right in meetings. We actually have hired many people who didn’t have any experience in our industry. Our focus has always been common values, work ethic and a desire to learn – what I had when I first started. When I see that in someone else, I snap them up and we take it from there. We figure out their strengths, and we’ve built the company around the team.
STUART: We have a joke that whenever Smart Moves needs to expand, I call serendipity. We’ve had so many people come into our circle at just the right time. What I’ve learned is that everyone is bringing strengths – we have to identify those. Right now, we’re growing more and having people step up into leadership positions. I’ve also learned the importance of clear communication. We’re working on that balance of giving people autonomy and leadership opportunities, while also having clear standards and expectations.
Lori, you mentioned work-life balance. That’s a common challenge, especially for entrepreneurs. What have you both learned about navigating that?
WATT: I gave up the idea of balancing. Instead of trying to balance, you try to blend. I know my heart is in the right place, so if I need to go to an appointment in the middle of the day, I do. And I work every day. I’m responding to emails every night, and my family knows that. That’s an advantage of having an entrepreneurial family. It’s just what you do. It takes all the stress off when you’re not worrying about balancing and can just blend.
STUART: I agree. You have to throw the rulebook out the window and realize that lines are going to cross all the time. Family will step in and help when you need help. If your kids see you enjoying your work, they’ll be able to share that – it doesn’t have to be a strict 8-to-4 timeframe to make it work. That’s the beautiful thing about being a business owner.
What makes your business stand out?
WATT: Our focus has always been on the individuals in the company and helping them grow, not so much on the company itself. That’s really led to success. Over half of my employees have been with me over 15 years. Oftentimes, we’ve trained them from the ground up.
STUART: The move management industry isn’t actually very large. Smart Moves is one of the largest move managers in southeastern Wisconsin, and we really personalize and customize our services. When I first started, if I heard about another company, I would react like, “Gosh, is that competition?” But what I’ve really come to do is think of other companies as colleagues. We can all win. We lift each other up. I think that’s an important approach to business. I love the idea of paying it forward.
What are the biggest lessons you’ve learned?
STUART: Whenever things start to feel comfortable, it’s time to shake things up a little. I’m risk-averse in nature, but anytime I take a leap, it’s allowed for growth. Investing in the team, investing in myself, or starting a new initiative is often scary, but it’s worth it in the end.
WATT: I agree. Comfort zones are overrated. When you’re in a comfort zone, you need to push things, stir things up a bit. Another lesson has been holding your blessings with open hands. The more I’ve given away, the more comes back to me. Also, we have a phrase that we use at IAG whenever we’re going through difficult times – keep pedaling. Just keep going and let God take care of getting you through the challenges. It will work out in the end.
What advice do you have for women pursuing a career like yours?
WATT: It’s still shocking to me how few women are financial advisors. Women make great advisors – we have a natural tendency to show empathy and to have a personal touch. And more and more women are making financial decisions in their families. If you’re interested in becoming an advisor, you should find a firm that is going to give you an opportunity to really learn the business, and then support your growth.
STUART: Reach out and ask questions – don’t feel like you have to know it all yourself. Surround yourself with people that support you and share your vision. Their strengths will add to the cumulative effort to help the business grow. ◆
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