Celebrating Powerful Girl Groups This American Business Women's Day

What comes to your mind when we say “Powerful Girl Groups?” Do you think of emotionally moving ballads, matching outfits, or choreographed dance breaks? You probably even started humming your favorite tune when you read the title of this article. 

In the music industry, each band is a brand, every singer is a business, and each Girl Group is an organization that strives to put out the best product and maintain a strong consumer base. 

As we celebrate American Business Women’s Day, we are going to take a journey through some of the most popular girl groups and how they incorporated or failed to incorporate, exit planning strategies into their rise to the top of the charts. 

The Supremes (1959 - 1977)

The Supremes were known by several names during their rise to Motown royalty. Initially, they were called The Primettes and were positioned as the sister act to The Primes. Eventually, the name was changed to The Supremes, and the group achieved several number-one hits on the Billboard chart. Over the years the members of the group changed, but Diana Ross, Mary Wilson, and Florence Ballard were the longest-running members. 

During the group’s rise up the charts, Barry Gordy of Motown Records placed Diana Ross as the lead soloist in the group and changed the name to Diana Ross and The Supremes. This caused some strife between the remaining members of the group as it positioned Diana as the frontwoman of the group. However, when Diana Ross decided to leave the group for a solo career, the name of the group had to revert back to The Supremes.  

Think of your business. Are you positioning yourself as the “front person” of the organization? Some people may come and go in your business, but with you at the forefront of the company, it continues to thrive. However, if your name is synonymous with the business when you leave, the company loses one of the main value drivers. 

Ultimately, when a business is dependent on its owner and the owner makes themselves central to the business operations and processes, the value of the company is intrinsically linked to the owner, not the business itself. The owner's knowledge, skills, and experience are essential to the business's success. If the owner were to leave or become incapacitated, the business would likely fail.

TLC (1991 - present)

TLC is one of the top R&B groups of all time. This group was named after the three women who founded the group, Tionne Watkins, Lisa Lopes, and Crystal Jones. However, their best-known lineup was comprised of Tionne “T-Boz” Watkins, Lisa “Left Eye” Lopes, and Rozonda “Chilli” Thomas. 

During TLC’s success, they filed for Chapter 11 bankruptcy in 1995 with high debts totaling more than $3.5 million. These debts were in part based on personal financial matters, but primarily due to a less-than-favorable deal from their record label. TLC also experienced some well-publicized feuds among the members of the group. These disagreements over control in the group led to some strife between Lopes and the other two members of the group. However, they reconciled and continued performing on tour and during other live shows. Sadly, in April of 2002, Lisa Lopes died in a car crash. 

Watkins and Thomas completed the rest of the TLC album following Lopes’s death. This album still featured Lopes on several songs and served as a tribute to her. While they took a hiatus for a few years, TLC continued as a duo after Lopes died and continues to perform in festivals across the globe.   

What would happen in your business if you or one of your business partners were to pass away unexpectedly? Is your business set up for success if you were to lose a key member of the team? The death of an owner can have a significant impact on the value of a business. 

After an owner’s death, there is a loss of important skills and expertise that are critical to the organization’s operations and success. This can ultimately lead to a decline in revenue, profitability, and overall value. To mitigate the risks associated with the death of an owner, ensure your business has strong structural capital and documented processes. This is crucial to the continued success of the business. Additionally, ensure you have a Key Person policy in place. This will ensure the appropriate funds are available to hire someone of a similar caliber to fill your role or your partner’s role should you die.       

The Spice Girls (1994 - present)

The Spice Girls are a popular English girl group that was formed to compete with the boy bands of the 1990s. The group is comprised of Melanie Brown, aka Scary Spice, Melanie Chisholm, aka Sporty Spice, Emma Bunton, aka Baby Spice, Geri Halliwell, aka Ginger Spice, and Victoria Beckham, aka Posh Spice. The Spice Girls were known for their girl power messaging, pop vocals, and individualized style. 

Unlike other popular singing groups at the time, The Spice Girls did not wear matching outfits and were allowed to showcase their unique personalities and fashion sense. Each girl’s nickname along with their individual style led to The Spice Girls being widely popular and both a musical and commercial success. While their songs topped the charts, they received numerous brand deals and released a full-length feature film, Spice World.

The group went on a hiatus in 2000 and has made some appearances at large global events since 2007, including a reunion tour in 2007-2008 and the 2012 London Olympics. Even after their peak as a girl group had passed, The Spice Girls as a band and the individual members of the group continued to be cultural icons. People dressed up as their favorite Spice Girl for Halloween, parodies of the group graced pop culture for decades, and other groups became known as The Spice Girls of whatever industry they were in. 

Does your business have a strong brand, dedicated customer base, and diverse revenue streams? What is your current marketing strategy? How do you ensure your customers and potential customers are aware of your business and enticed to work with you? Without effective marketing, your business will never reach its full value. 

Social media is an effective way to reach new customers, engage with current customers, and share a behind-the-scenes look at your business. While social media might seem like a marketing tool for lifestyle brands and B2C businesses, financial advisors and business advisors can and should be utilizing social media in their marketing plans.

Destiny’s Child (1997 - 2006)

Destiny’s Child began in the early 1990s as Girl’s Tyme. This group was comprised of Beyonce Knowles, Kelly Rowland, LeToya Luckett, and LaTavia Roberson. In 1996 they changed their name to Destiny’s Child and released their self-titled first album in 1998. The group was managed by Mathew Knowles, Beyonce’s father. 

Both Luckett and Roberson attempted to split from their manager in 1999 stating that he favored Beyonce and Kelly Rowland over them. They did not want to leave Destiny’s Child, but in 2000 two new women replaced them in a music video for “Say My Name,” from the group’s second album, The Writing’s on the Wall. These two women were Michelle Williams and Farrah Franklin. Franklin would only be with the group for five months, however, and Destiny’s Child would go on to be a successful trio of Knowles, Rowland, and Williams until 2006.

Luckett and Roberson filed a lawsuit against Mathew Knowles and their former bandmates in March 2000 for breach of partnership and fiduciary duties. They eventually dropped their suit against Beyonce Knowles and Kelly Rowland but continued to take action against Mathew Knowles. 

Do you and your business partners have any disagreements that could ultimately lead to the business disbanding? Have you brought on additional people at the partnership level without discussing it with your current team? With a detailed and effective partnership operating agreement, many disputes and legal battles can be avoided. 

Operating Agreements define the decision-making processes, address continuity objectives in case of one of the 5 Ds, partner buyout processes, and determination of business value. A partnership agreement should include each partner's financial contributions to the business, the distributions of profits to each partner, and the decision-making power each partner has in the organization. 

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