Shane Parrish

Richard built the operational machinery.

He implemented computer systems to track sales and commissions, cutting edge technology in the 1970s.

He established distribution networks.

He professionalized accounting and legal operations.

And the company went public in 1968, trading on the American Stock Exchange.

This provided capital for expansion, but also created tensions.

Wall Street wanted predictable quarterly earnings growth, and Mary Kay wanted to invest heavily in recognition and consultant support.

Wall Street saw pink Cadillacs and elaborate conventions as wasteful extravagances, and Mary Kay saw them as essential to the culture.

And these tensions came to a head in the early 1980s.

Wall Street analysts pressured Mary Kay to cut costs, particularly spending on recognition and conventions.

They couldn't understand why the company was spending millions on award ceremonies when that money could go to shareholders.

In response, Mary Kay took the company private again in 1985.

In one of the largest leveraged buyouts by a woman-led company at the time, she and Richard borrowed to buy out all public shareholders in the price $315 million.

She refused to compromise on culture and the recognition system wasn't nice to have.

It was the foundation of everything.

Taking the company private meant they could operate according to their values rather than earnings reports.

By the 80s, Mary Kay Cosmetics had become the largest direct sales cosmetics company in America, with over 200,000 independent consultants.

But their impact extended far beyond cosmetic sales.

Mary Kay had created an economic engine that gave hundreds of thousands of women income and complete flexibility.

Single mothers could support their families.