Understand What the Next Level Is: Interview with Peyton Jenkins, President of Alton Lane
I recently went one on one with Peyton Jenkins, President of Alton Lane.
Adam: Thanks again for taking the time to share your advice. First things first, though, I am sure readers would love to learn more about you. How did you get here? What experiences, failures, setbacks or challenges have been most instrumental to your growth?
Peyton: Absolutely, Adam—and thank you for the opportunity to share some of my thoughts and to introduce your audience to Alton Lane. Here’s a bit of background on me...I am a 40, (almost 41-year-old) father of three, married to an amazing woman, Becky, and living in Richmond, Virginia. We've lived here for around eight years, spending our first six years of marriage in New York City, which is where we really built the business.
So, how did I get here? Well, I went to the University of Virginia and didn't know what I wanted to study and or do. I grew up with most of my family involved in the real estate and finance industries, and so I figured that's the route I would take, as well. Obviously, that wasn’t quite the case.
I’m really grateful I had the opportunity to live abroad for a year and teach Theology and British History at a boarding school in rural England, and while some may have shied away at the unique experience, I jumped at it—and loved everything about it. And I’m telling you this, because it was one of those experiences that has been truly instrumental to my growth. I didn’t know a single person when I got there, didn’t know how to be successful or what success would look like, and, frankly, I was afraid. I was presented with two options: quit, turn around and end up right back home, or stick it out. And so, I stuck it out—and am better for it.
This is a lesson that has helped me throughout my career at Alton Lane. It really framed an old opinion of mine in a completely new light: ‘Failure is not an option.’ Here’s the thing: failing is always an option. And, personally, I believe you grow most when you recognize that failure is an option and you allow yourself to go there, to totally fail, and rise above it. Now, as it relates to a startup, this understanding is critical because there are many, many moments that make you want to quit. Knowing failure is an option, sticking it out and appreciating what comes from failing fast and often builds a greater degree of confidence in your abilities rather than pretending that mistakes, mishaps and failures are not an option at all.
Adam: How did you come up with your business idea? What advice do you have for others on how to come up with great ideas?
Peyton: Man, this is a good question. A friend of mine from college presented me with the concept of Alton Lane in my mid 20s and this idea really stuck with me because I've always loved and appreciated dressing well. But as a 6’4”, 170-pound guy, nothing really fit me, so finding my fit and style in the same breath was tough.
Better fit. Better value. Better experience. We started our company as a solution—we were solving a need in the marketplace. And what if we could do it in an environment that was enjoyable and makes a customer want to come back? Loads of brands are focused on experiential retail now, but in 2008, we were among the first to do this…it was really a new frontier.
In terms of advice for coming up with great ideas, you know, I think people are wired differently. Let me explain: my co-founder, liked to constantly think about these kinds of questions, but for me, ideation is more of an organic, experiential process. If I see an issue and am experiencing that issue, then I think about how to improve it.
To be honest, I'm not constantly in a creative zone. That’s just me—and regardless of how you are wired, I always suggest looking into spaces where you are passionate and would genuinely love to learn.
Try thinking about it through a dual lens...is there something new within this space that could change, improve or revolutionize the category? So that's one lens. Then there's looking at it through a granular lens - are there tweaks to current and well-known, products, processes, and experiences that I can improve?
Ask yourself these questions, because some of these ideas may be revolutionary. Our world will always be filled with ideation, and so I encourage everyone to recognize that not every idea has to solve the landing on the moon. While your ideas may seem rather simple, that simplicity might be why people have missed the forest for the trees. Trying to think of an example? Think: Warby Parker.
Adam: How did you know your business idea was worth pursuing? What advice do you have on how to best test a business idea?
Peyton: So I'm not sure I should say this...but I honestly think this is the experience of most truthful entrepreneurs. The way I knew my company was worth pursuing was due to the excitement I felt, and I knew I was in the position to do it in my career and life--I could afford the risk. Now, I didn’t know that it was worth pursuing from a business or industry standpoint, but I frankly wasn't even thinking there yet. And if I had if I had thought pragmatically about each step, and then sought advice with every move, I'm not sure I would have done it. And I would have considered this a huge mistake, because some of the most important lessons in my life have been through this business. And I’m truly just so grateful.
In terms of testing your business, let’s talk broad strokes—what minimum viable truth would you have to uncover to warrant going full speed for it? And what I mean by full speed is truly just full-time. I'm not saying that you can't pursue something part-time or on the side. I'm just coming from the school of thought that in order to take a business from truly ground zero to a place where it can scale, it's going to require all of your attention
Adam: What are the key steps you have taken to grow your business? What advice do you have for others on how to take their businesses to the next level?
Peyton: Adam, these are all really great questions...thank you! We've been around for 13 years, but it feels like the tale of two very different cities here, as the business that we started has changed and altered into the business we have today—and it all shifted with COVID.
You know, the first steps we took in growing our business were to figure out what the most authentic, and least costly, manners were to scale our product. Who wore our product the most in 2009? The answer: people in finance, law and professional services. Once we knew our audience, we got the ball rolling.
And keep in mind this is before there were massive online influencer followings. At the time, our influencers were kind of O.G. influencers, right? We wanted to outfit professionals in all these categories and ensure they looked fantastic and had the best experience possible. We knew they’d go back to the office and talk to their buddies—and they did. Viral marketing at its core—just different from how we think about it today. Our business grew rather organically from this basic foundation strategy.
Now for COVID, we had to shift our business entirely. We made the assumption that nobody would want to come into a store or be able to for a long time. And so we very quickly went to work figuring out how to reach out to customers in this new world. We decided to shift away from an experiential custom brand to a multi-channel successful brand. And that is truly the most important step we've taken to be where we are today.
Adam: What are your best sales and marketing tips?
Peyton: Frankly, Adam, if I knew the exact steps, I would already have done them and I would have a book written! But let’s delve into some thoughts here...
An important piece of advice, which may sound obvious, is to make sure you understand what the next level is. Is it a specific revenue? A specific number of stores? A specific number of subscribers? Realizing and finalizing your next move allows you to have a baseline, which promotes accountability.
Set your company goals and share them across the business. This ensures you have a solidified company mission and set of core principles that you live by every day, collaboratively. You need to reach into that community to achieve your goals. With this, set a mission, core values, and goals and then actually hold people and yourself accountable. Meet those goals via actions that are consistent with your outlined values. This also allows you to look at every marketing strategy and campaign through the lens of your core mission to ensure you remain on brand.
A full spectrum marketing strategy is expensive and it’s challenging to compete head-to-head here with the behemoths of the industry. So what I would say is:
Make sure you know what you're selling. Sounds easy, right? Well, think about our business…are we selling an experience? Are we selling a product? Are we selling a product and an experience? Make sure you understand and know what you're selling before trying to make others understand.
Know your audience. It can be broad. But it can be everything to everybody. You’ll spend too little in too many places.
Adam: In your experience, what are the defining qualities of an effective leader? How can leaders and aspiring leaders take their leadership skills to the next level?
Peyton: I am fascinated by the idea of leadership because leaders seemingly come in so many different shapes, forms, characteristics, and personality types. But what I have learned is that there are different types of leaders for various times and stages. Still, I do think that there are core principles underneath them.
An effective leader is filled with integrity at their core. I do not believe that you can be an effective leader over time if integrity is not part of your core makeup and personhood.
Say what you do and do what you say. Simple as that.
A leader needs to be able to generate a sense that what people are doing is larger than just the self. And it's super easy to do this in environments where the mission of the business is larger than the individual. It's a little bit harder to do it in a business where you're selling clothes or you're selling an experience. In short? Don't make it something fake. I think that's the temptation—to make the brand sound like something that it isn't. Instead, find a key piece of your business that allows you to embrace your community and be understanding of the customers that come into those walls, disbanding the ‘entrepreneurial ego’ that tells you to focus solely on making money and building a brand. It must mean more than that.
Adam: What is your best advice on building, leading and managing teams?
Peyton: There are so many different ways, but every path leads through a productive mentor. There is no way to grow the business and build upon your leadership and skills without a mentor. And this is especially critical in those moments when you fail—a good mentor will make sure that you look at that failure, they won't hold your feet over the fire. Instead, they’ll ensure you look and learn.
I think number one is to start with a healthy foundation of honesty with every single hire, vendor, and customer. If you start there, and I know this sounds very buzzy, it allows you to build and grow from a place of integrity.
Second, not all game changing ideas are revolutionary. So make sure that when you're looking across an organization, you're looking at all parts of it, especially the often-overlooked areas. Ask yourself this question: What are all the parts of the organization that, if the tide were lifted, would raise the tide of everyone around them? This is where you’ll find the most impact.
And finally, find one person who can hold you radically accountable to your integrity, your performance and your communication. Allow this person in. They will be life giving and life changing.
Adam: What are your three best tips applicable to entrepreneurs, executives and civic leaders?
Peyton: Here’s my pretty simplistic perspective: I think it is really hard to build, lead and manage teams if you don't have a really firm grasp and understanding of your own skills. But, more importantly, where your skills are lacking.
There is a tendency in the startup world, especially in the early going, to hire people that seem like you or that you gravitate towards. What I see a lot of times is you end up having a lot of people that are similar, with similar skill sets and personalities that actually don't elevate or multiply the efforts of the team. They just double down and triple down in areas where the leader may be strong, and, consequently, they double and triple down in areas where the entire team is weak. So number one, know your skills and know your gaps. And here’s where we get number two: once you know your skills, hire for your gaps.
And then number three really comes in terms of leading and managing. Some of the best advice I've received is to set a healthy foundation of honesty right out the gate—I genuinely think that’s the most important piece of leadership. If you start with an honest view of what your expectations are, how you plan to manage, the established goals of the organization, and how you will hold them accountable to those goals, you can build from a place of equal footing from the get-go.
Adam: What is the single best piece of advice you have ever received?
Peyton: The single best piece of advice I've ever received comes from my dear friend Clay Hilbert. He saw me with my three boys when my youngest was less than a year old and I clearly looked exhausted. He looked at the four of us with a big smile and said, “It goes so fast, brother. Enjoy every age.”
And here’s the thing, Adam—he caught me at a raw moment. And it's often in those moments of vulnerability when advice, especially good advice, hits home the most. And I've been able to actually use Clay’s words across many areas of my life. At the core of it all, those words make me appreciate the moments—they’ve allowed me to help stay in the present with my kids, and really enjoy my time with them, especially when they need me to simply get through their day.
Because these moments show me it won't always be like this, and it's even allowed me, within both work and personal pursuits, to enjoy the fight and the struggle. I’ve learned to recognize that enjoying doesn't always mean having fun. It means relishing and staying within that moment for all that it is and can be.
Adam: Is there anything else you would like to share?
Peyton: You know, I recently received an email from somebody that just wanted to pick my brain. He was really interested in pursuing a startup because he wanted to be famous and make a name for himself. That’s generally okay, but if that becomes your ultimate goal it's going to ultimately control you.
And so my advice for him was to make sure that he knew that whatever he was doing this for was for something larger than simply himself. Or, frankly, could his goal be for something that frankly isn't about him at all. Focus on how this is helping, revolutionizing, innovating and altering something greater than you.
I know what that is for me. I know what that is for my family. And it's a buoy, especially in the roughest of waters. And that's my challenge to anyone reading this…find something that is larger than yourself and use that as one of your main, if not the main, motivators. If your main motivator is ultimately about money or fame, or being able to tell people you built and sold a company, it's never going to be enough.
Adam Mendler is the CEO of The Veloz Group, where he co-founded and oversees ventures across a wide variety of industries. Adam is also the creator and host of the business and leadership podcast Thirty Minute Mentors, where he goes one on one with America's most successful people - Fortune 500 CEOs, founders of household name companies, Hall of Fame and Olympic gold medal winning athletes, political and military leaders - for intimate half-hour conversations each week. Adam has written extensively on leadership, management, entrepreneurship, marketing and sales, having authored over 70 articles published in major media outlets including Forbes, Inc. and HuffPost, and has conducted more than 500 one on one interviews with America’s top leaders through his collective media projects. A top leadership speaker, Adam draws upon his insights building and leading businesses and interviewing hundreds of America's top leaders as a top keynote speaker to businesses, universities and non-profit organizations.
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