Women Creating Wealth: Joan Wells of The Wellington Group
Women Creating Wealth: Joan Wells of The Wellington Group Owner/President: Joan Wells Company: The Wellington Group Inc. and Wellington Promotions Address: 7304 W. 130th St., Ste. 370 Overland Park, KS 66213 Phone: (913) 402-1881 E-mail: Web Site: www.thewellingtongroup.com and www.wellingtonpromotions.com Type of Business: The Wellington Group—Meeting, Event and Incentive Program Planning; Wellington Promotions—Promotional Products Year Founded: 1994—The Wellington Group; 2001—Wellington Promotions
I founded the Wellington Group with my partner, Jada Hill, who is president of the company. Prior to starting the business I worked in sales for Procter & Gamble, which provided excellent sales training. It was difficult to get started, but our business has limited overhead and has grown from me working “in” the business to me working 100 percent “on” the business since 1995. The Wellington Group creates experiences for our clients by producing meetings, special events, incentive programs and marketing campaigns. Our clients range from national automotive companies, national associations and Fortune 500 companies to local Kansas City businesses, grassroots coalitions and regionally based organizations. We also have Wellington Promotions, which develops creative ideas and solutions for our clients using promotional products as tools that reflect the personality of a business. We practice open book management at both companies. All associates are directly incentivized on the bottom line of the business. We layer incentives based on revenue results with short-term spurt contests based on certain sales and marketing activity objectives. Every associate has a direct hand in creating wealth for the businesses, and thus themselves. Our people are our greatest financial asset. In our client evaluations, it is the top area that our clients tell us makes them want to work with us over and over again. Personal Wealth I look at wealth as a byproduct of leading a positive, goal-oriented life. One quote by John D. Rockefeller has always stuck with me and continually proves true: “If your only goal is to become rich, you will never achieve it.” I have been an entrepreneur since I was 23 years old, so my view of a paycheck is totally non-traditional; therefore, my association with my paycheck is that I am never counting on anything in particular and never have designed my lifestyle around my paycheck. Being tied to a paycheck hinders your decision-making, and could negatively affect your business. Therefore, I don’t want to be tied to a paycheck, and I realize that a dual income household affords me this psychological luxury. Community Wealth We contribute to the wealth of the community by creating jobs. We employ 13 staff members and utilize vendors, subcontractors and freelancers. In addition, we have raised millions in fundraiser proceeds for non-profits and in sponsorship dollars secured from corporations for the good of the community. Social Wealth Personally, I tithe to my church and feel like the measure of a person is not what they have but in what they give up. Professionally, both businesses have a long record of supporting non-profit causes and grassroots initiatives through donations of services, staff time and promotional products. Financing We have been blessed not to need loans or lines of credit to run the business. We want to continue to pursue measured growth in areas directly related to our existing clients, our target industries and our established service lines. Many times my partner and I have had to make decisions that require financial investments in our businesses. We hire more professional staff because we realize there are limitations to the amount of time we can put into the businesses. Marketing is a continual investment and it continues to represent 8-10 percent of our gross profit.
Support System I belong to a group called the Executive Exchange. We have met monthly for 12 years to serve as informal advisory boards for each other’s businesses. The wealth of knowledge is incredible and irreplaceable by paid consultants. I also am a huge reader and often refer to the writings of Mother Teresa. I love her humility, although she wielded great influence.
Accomplishments Surviving the post Sept. 11 impact on business that is directly tied to the travel industry and successfully launching a new business (Wellington Promotions) around that same time were huge accomplishments. We are firm believers in saving for the future and it is a value that we pass on to our staff. We have a great 401(k) program. Challenge Women business owners are never short on ideas, and it’s tough to realize that you can’t pursue all of them. Another challenge is constantly re-educating and encouraging associates that changing course is not a bad thing. You don’t know whether a business expansion or a marketing campaign is going to work until you try it. Even when it doesn’t work, the learning from that process is invaluable in shaping all future endeavors.
