Episode 5: Failure, Identity, Reinvention and Peer Groups with Tracy Bell from WMI

Built to Last

Levi, Colby, and Tracy Bell have an unfiltered conversation about entrepreneurship, failure, and personal identity. Tracy, former CEO and co-founder of Millennia Tea, shares her journey of building a business from passion, facing public closure, and navigating what comes next. They dive into business resilience, identity beyond work, and the power of peer networks in shaping both professional and personal growth.
Links and Resources:

• Tracy Bell: https://www.linkedin.com/in/tracybell10/
• Wallace McCain Institute: https://wallacemccaininstitute.com/
• Entrepreneurs Organization: https://eoatlantic.com/
• The Secret (book): https://en.wikipedia.org/wiki/The_Secret_(Byrne_book)
• Mel Robbins (Podcast and Author): https://www.melrobbins.com/

Quotes Worth Sharing
“I don’t introduce myself by my title anymore—I’m working on introducing who I am as a human being.”
“Failure isn’t an identity—it’s an experience that reshapes you for the better.”
“Peer groups aren’t about fixing each other’s problems—they’re about sharing real experiences and holding each other accountable.”
Redefining Identity After Business (01:09 – 04:09)

• Tracy’s Personal Journey: Tracy explains how her identity was once tightly bound to her roles—as a journalist, corporate communicator, and later as co-founder/CEO of Millennia Tea.
• Transition & New Beginnings: Discussion of how closing the business reshaped her sense of self and led to her current leadership at the Wallace McCain Institute.
• Key Quote: “I don’t introduce myself by my title anymore—I’m working on introducing who I am as a human being.”

The Emotional Impact of Business Failure (04:09 – 11:30)

• Facing Public Closure: Tracy and Levi dive into the emotional toll of publicly closing a company, discussing both the inevitable pain and the unexpected lessons learned.
• Handling External Validation: Conversations on how personal identity and public perception shift when a business fails.
• Shared Experiences: Colby and Levi contribute reflections on the challenges of dealing with external expectations versus internal growth.

The Power of Peer Groups (11:30 – 32:00)

• Value of Trusted Networks: In-depth discussion on how peer groups (e.g., Wallace McCain Institute and EO) create safe spaces for honest conversation and experience sharing.
• Real Talk vs. Advice: The trio contrasts superficial advice with the “experience share” model, where real, unfiltered lessons are exchanged.
• Comparative Insights: Colby explains the differences between accelerator groups and full-fledged peer forums, emphasizing the unique value of candid support and accountability.

Future Outlook, Succession, and Economic Development (43:30 – 57:00)

• Preparing for the “Gray Tsunami”: Conversation shifts to the challenges of business succession and the broader economic impact in regions like Atlantic Canada.
• Succession Planning: Discussion on how traditional businesses need to think proactively about transition, especially when long-time owners retire or step back.
• Regional Opportunity: The speakers reflect on the unique strengths of Atlantic Canada and the need to create a collective, supportive ecosystem.

Chapters

1. Episode 5: Failure, Identity, Reinvention and Peer Groups with Tracy Bell from WMI (00:00:00)

2. Redefining Identity after Business Failure (00:01:09)

3. The Power of Peer Groups (00:11:30)

4. Future Outlook, Succession, and Economic Development (00:43:30)