Summary
Overview
Greg Renfrew shares her remarkable entrepreneurial journey, from selling her first online wedding registry to Martha Stewart, to building Beauty Counter into a billion-dollar clean beauty brand. After being ousted by private equity investors, she ultimately bought back the company's assets from foreclosure and relaunched it as Counter. The episode explores the challenges of scaling a business, working with investors, navigating leadership transitions, and the resilience required to rebuild after losing control of your own company.
Early Career and Sales Training at Xerox
Greg's entrepreneurial journey began right after college when her mother gave her $5,000 and told her she was on her own financially. After struggling to pay bills on a $19,000 salary, she joined Xerox's renowned sales training program, cold-calling businesses in Manhattan's jewelry district. The experience taught her resilience through constant rejection, as most people would literally slam doors in her face. This foundation in sales would prove invaluable throughout her career.
- Greg's mother gave her $5,000 after college and said she'd never get more money, forcing financial independence
- Started at Xerox selling copiers in Manhattan's jewelry district, one of the toughest territories
- Most prospects would slam doors in her face during cold calls
" My mother gave me a briefcase with my initials on it and a check for $5,000. And she said, you're on your own. And so you can do whatever you want with this money, but that's it. You're never getting any more money from your father or me. "
The Wedding List: First Company and Sale to Martha Stewart
After moving to London, Greg discovered an innovative wedding registry concept that combined personalized consulting with product curation. She brought the idea to the US in the late 1990s, pioneering online wedding registries when e-commerce was still nascent. The company partnered with Nordstrom and grew to $4.5 million in revenue with 40 employees. However, the dot-com crash forced a premature sale to Martha Stewart Living for far less than anticipated.
- Licensed concept from UK entrepreneur Nicole Hindmarch to create personalized wedding registries
- Pioneered online wedding registry purchases when e-commerce was still emerging
- Partnered with Nordstrom for $1 million investment after pitching multiple department stores
- Company reached $4.5 million in revenue with 40 employees before dot-com crash
- Forced to sell to Martha Stewart after investors stopped funding due to market collapse
" For us to make the makeup or skin care products that I wanted would be the same as going to the fanciest restaurant in town, having the most decadent chocolate cake and saying, I want that same chocolate cake except you can't use flour, eggs, or sugar, and I want it done in six months. "
" Growth at all costs is all good when things are going well. But if you're doing growth at all costs and the tides turn, whether that's of your doing or not, and you're out over your skis, you're screwed. "
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