Running a family-owned business is no small feat, right? How do you keep the balance between family dynamics and professional growth? What happens when an economic downturn hits—do you fight or fold? In a competitive market, is it better to sacrifice quality for price, or is holding onto your values the real secret to success? And when it comes to your employees, how do you create a workplace where they feel valued, heard, and invested in?

In this episode of Scaling the Gap, host Madeleine MacRae interviews Vanessa Yates, co-owner and designer of Draped in Style, a family business specializing in window treatments and fabric products. Vanessa shares her entrepreneurial journey, starting the business with her mother, and the challenges they faced, including the 2008 housing market crash. They discuss the importance of maintaining quality over competing on price and fostering a supportive company culture. Vanessa emphasizes creating an equitable workplace and the significance of valuing employees, which has led to a loyal and dedicated team. Want to learn how to lead your family business with heart and strategy? Don’t miss this conversation!

Key Takeaways

• Vanessa Yates' entrepreneurial journey and the founding of Draped in Style
• The dynamics and challenges of running a family-owned business
• The impact of economic downturns on small businesses, particularly during the 2008 housing market crash
• The importance of maintaining quality and value over competing on price in a competitive market
• The significance of cultivating a strong company culture and employee engagement
• The difference between equality and equity in the workplace and its implications for team dynamics
• The disconnect between corporate environments and small businesses regarding customer connection and financial understanding
• Strategies for creating a supportive work environment that values employee input and well-being
• The broader definition of success beyond financial metrics, focusing on positive impacts on employees and communities
• The role of identity in defining personal and professional success

In This Episode

• [00:00:57] Vanessa's background
• [00:10:14] Building company culture and employee engagement
• [00:15:00] Creating a supportive work environment
• [00:17:51] Equality vs. equity in the workplace
• [00:19:38] The benefits of small business flexibility
• [00:21:07] Adapting big business strategies to small business
• [00:24:08] Measuring success beyond financials
• [00:26:01] Identity and financial success
• [00:27:57] Vanessa's definition of success

Notable Quotes

• [00:05:04] "To really take a step back sometimes and look at where we've come now, you know, to have two full-time installers, to have ten people in the office, the growth of that is what's really driving me these days." — Vanessa Yates

• [00:11:13] "One of the biggest compliments I feel like I've gotten as a boss is that, 'Vanessa, I feel very heard with you. I feel very seen with you. I feel like I'm valued and my opinion matters.'" — Vanessa Yates

• [00:23:58] "The fact that 12 people can make a good living, enjoy what they do, and go home to be better moms, better wives, better husbands, dads, friends, brothers—all the things—that is success because then you've affected not 12 lives, you've affected hundreds." — Vanessa Yates

• [00:24:08] "I love it so much. I've been asking people now for a whole year, 'Do you consider yourself to be successful?' and time after time, there's almost no mention of money." — Madeline McRae

• [00:27:57] "I feel in everything that we've built as a team and who...