Lead IM creatives successfully
IM Creative has been named one of the fastest growing private companies by Inc. magazine in 2015 and 2016. Today, Scott Ihrig and Shannon Morrison talk about working as a gay couple, the risk-reward ratio of running a business, and their approach to digital versus analog life.
Who is IM Creative?
“Being together is important.” This is the philosophy on which IM Creative was founded. This also applies to the close relationship between CEO and Founder Scott and Chief Creative Officer Shannon, whose complementary skills make them excellent partners in personal and business life.
Scott and Shannon explain how running a successful business can support the causes they believe in and the importance of retirement planning in the LGBTQ community. Listen and learn how IM Creative’s company values influence their business decisions and the daily habits that help Scott and Shannon improve personally and professionally.
Listen Strange Money™ with IM Creative:
Scott practiced law for two years before beginning a career producing shows for the Radio City Rockettes. In 2000 he stopped working for others and founded Ihrig Productions. Shannon studied theater and psychology at Yale and then attended graduate school at NYU, where he earned an MFA in Musical Theater Writing. Shannon spent three years as Hal Luftig’s associate, working on Broadway productions such as Legally blonde, Get undressed And Thoroughly modern Millie.
In 2007, Scott and Shannon met through an online dating site. Six months into their relationship, Scott produced a corporate event for a pharmaceutical company and Shannon joined as a production assistant. They quickly realized that Shannon’s theater background and creativity brought great value to the company, balancing Scott’s business acumen and ability to execute ideas.
Together they renamed the company IM Creative and have since expanded it to include offices in New York, San Francisco, Charlotte and Columbus, Ohio. Your risk has paid off and their experience and knowledge will benefit you.
Topics covered by IM Creative
How Scott and Shannon met
- Nine years ago through an online dating site
- Both in NYC
Scott and Shannon’s decision to work together as IM Creative
- Shannon had just left her job with the Broadway producer
- Scott and Uncle run Ihrig Productions
- Shannon joined as a production assistant for a corporate event
- Complementary skills discovered
Scott’s take on working as a couple at IM Creative
- The model seemed normal (his parents ran businesses together)
- No work-life balance, just life
Shannon’s take on working together as a couple at IM Creative
- Not particularly risk averse
- I appreciate Scott’s communication skills
How the episodic nature of the business eased the transition to collaboration
- Toes dipped in the water (one project at a time)
- Luxury to think about after every event
- Great connection from the start
The need for sacrifice when building a business like IM Creative
- Consciously spend money every day
- “Decisions don’t just affect us”
- Responsible for 20 employees
The reward to compensate for the risk associated with running a business
- Financial reward for good performance
- Opportunity to lead an interesting life as a successful entrepreneur
- Freedom to withdraw for personal reasons (e.g. death of a parent)
About being one of the fastest growing private companies
- Can do things for the community
- Support causes, open doors for activists
- Invest money in “responsible places”.
The Importance of Retirement Planning for the LGBTQ Community
- No traditional “next generation”
- Do you need more money for living expenses in retirement?
Digital vs. analog life
- Exchanging ideas with others gives us experiences that go beyond our own
- The digital world limits these experiences (e.g. in line at the bank)
- The improvisational nature of pitch meetings increases authenticity
How Scott and Shannon try to live their company values
- Customer focus, creativity, collaboration, excellence and authenticity
- Informs employee reviews and hiring
- Use to guide actions
- Articulate yourself to employees and customers (shared culture)
- Comes with financial costs
- Attract future customers and opportunities
Shannon’s daily habits for personal, professional improvement
- Break one rule a day
- Not bound by barriers
Scott’s daily habits for personal, professional improvement
- Time, space to think
- 90 minutes/day CEO time (e.g. reading, going for a walk)