How Katie Savarise Built a Culture, Not Just a Brand
Dec 17, 2024In Episode 713 of the Keep What You Earn podcast, we had the pleasure of hosting Katie Savarise, the dynamic founder and CEO of Nova, a project management company specializing in mixed-use development projects around sports stadiums and venues. Shannon led the conversation, highlighting Katie's unique approach to business, finance, and team culture.
Katie’s philosophy centers on cultivating a team-oriented culture at Nova, affectionately termed “Team Nova." Drawing from her seven-year tenure at Uber, where she led the global events team, Katie prioritizes collective success over individual accolades. Her management style, which she compares to coaching, focuses on making Nova greater than the sum of its parts. This has allowed Nova to achieve remarkable milestones, including significant renovations at the Chicago White Sox ballpark and a $7 billion mixed-use project in Chicago.
Shannon praises Katie's financial astuteness and her preparedness with cashflow forecasts and projections even before securing a fractional CFO. Katie’s background in mechanical engineering and an MBA led her to develop invaluable financial tools during her time as a COO at a previous startup. She advises entrepreneurs to accept that many business elements are "made up," which can alleviate anxiety and build confidence in tackling new challenges.
Understanding financials, even if uncomfortable at first, empowers better decision-making.
Katie initially relied on basic bookkeeping and CPA services but felt a gap in strategic financial planning. A recommendation led her to discover the concept of a fractional CFO. Although a full-time CFO was not feasible for Nova, a fractional CFO has been instrumental in bridging the gap. Working with Shannon has been transformative, relieving Katie from financial management burdens and allowing her to concentrate on scaling Nova. The fractional CFO role has facilitated cash flow management, profitability analysis, pricing strategies, and proactive tax planning.
Shannon emphasizes that effective financial planning, beyond just tax-saving strategies, provides peace of mind. Transitioning to an S Corp under Shannon's guidance resulted in substantial tax savings for Katie.
Looking ahead, Katie is focused on formalizing Nova’s structure by converting her team to W2 employees and finalizing negotiations on several long-term projects to secure revenue for the next three to five years. With established financial stability, Katie aspires to launch the Nova Fund—an initiative to invest in women-owned businesses, particularly within the sports sector. Shannon’s enthusiasm for Katie’s plans is evident as she mentions the “Client Brags” Slack channel, where her team celebrates client successes.
Katie's story exemplifies how significant planning, strategic financial foresight, and a culture-oriented approach can steer a company toward success. Both Shannon and Katie stress the importance of proactive planning and preparedness to handle business challenges effectively. Katie’s weekly cashflow strategy to manage Nova’s finances and reduce stress echoes this sentiment.
Katie Savarese stands as a testament to how fostering a collaborative culture, leveraging financial insight, and planning with foresight can build not just a successful brand, but a thriving, resilient business. Entrepreneurs tuning into this episode of Keep What You Earn are sure to leave with valuable insights and renewed confidence.
Katie is the Founder and CEO of NOVA, a woman-owned project management firm that specializes in renovations and large-scale developments, particularly those adjacent to sports arenas and entertainment venues. Prior to starting NOVA, she led Uber's Global Event Operations team for 7 years where she learned the importance of transportation logistics to designing developments. Katie has a passion for building strong teams that are focused on creatively solving problems and delivering impressive results.
Website: www.teamnovas.com
What you'll hear in this episode:
05:43 Started Nova, renovated White Sox visiting bathroom.
|09:11 Grateful mindset enables confident career decisions.
12:43 Creating jobs inspires and carries significant responsibility.
14:32 Team-centric approach prioritizes clients and rewards employees.
18:04 Young COO learned finance through hands-on experience.
22:16 Know challenges, make informed decisions, reduce stress.
26:14 Friend recommended Shannon; realized need for fractional CFO.
29:30 Unexpected expenses challenge; strategic planning offers relief.
30:27 S Corp setup saved us significant tax money.
36:11 Focus on long-term planning for small business.
If you like this episode, check out:
Hiring Contractors vs. Employees - Pros and Cons
Authentic Hiring: Showcase Your Values
Want to learn more so you can earn more?
Download the Money Pro Matchmaker tool here
Visit keepwhatyouearn.com to dive deeper on our episodes
Visit keepwhatyouearncfo.com to work with Shannon and her team
Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
