Real-Life Finance® Podcast #23 | Why 2 Million People Keep Coming Back
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How do you keep a 160-year-old tradition relevant? In this episode of Real-Life Finance®, Minnesota State Fair CEO Renee Alexander shares the leadership philosophy behind one of America's largest state fairs, discusses the power of community and relationships, and offers a behind-the-scenes look at what keeps the fair thriving year after year. Plus, hear surprising insider stories, including the time an unknown Taylor Swift performed at the fair.
Read the transcript below, or click here to listen.
Ben Joergens:
Well, welcome back to another edition of the Real-Life Finance Podcast. I am your host, Ben Joergens, and I'm really excited to be here at the beautiful state of Minnesota at the Minnesota State Fair, where we are in the grandstands with CEO, Renee Alexander. Thank you so much for being here today.
Renee Alexander:
Thank you so much for being here.
Ben Joergens:
Yeah, we're glad to be here.
Renee Alexander:
Excited to welcome you to the Great Minnesota Get-Together.
Ben Joergens:
Yeah, I've never been in this area before, and I want to give our viewers a little bit of information about the fair first. It's ranked number two, the second-largest state fair in the United States. Founded in 1854, the first fair actually took place in 1855, correct?
Renee Alexander:
Correct.
Ben Joergens:
And attendance, this blows me away, Renee. Two million people visit this in a 12-day period.
Renee Alexander:
You're absolutely right about that. So, we become, during those 12 days, the third-largest city in the state of Minnesota.
Ben Joergens:
That's amazing. A few more stats: the size of this place. I've been driving around today, 322 acres, which is huge. More than 60 rides, 50 games, and over 1,600 menu items. So you're going to find something that you like to eat here regardless.
Renee Alexander:
Absolutely.
Ben Joergens:
Entertainment, more than 100 acts, including top touring artists. The Miracle of Birth Center, now this was kind of something new to me. Nearly 200 animals are born at and during the fair.
Renee Alexander:
Yes. Yeah, you can come with your family and you can see a baby chick, a baby pig being born, cows. We run the gamut of all kinds of livestock that are born during those 12 days.
Ben Joergens:
I love it. And speaking of livestock, 8,000 competitors showcase more than 20,000 animals. That's a lot.
Renee Alexander:
It's a lot. Yeah. We see exhibitors coming from all throughout the state of Minnesota to come and showcase the very best of their breeds during those 12 days.
Ben Joergens:
That's fantastic. And then let me also give a little bit of info for you, for our viewers as well. So, CEO of the Minnesota State Fair since 2023, first woman to lead the organization. And I think what's really cool, and I think our listeners will like this, is you began the fair as an intern in 1989 and previously led entertainment bookings. You had big experience in ticketing and large-scale operations. And to be able to have that conversion of intern to CEO is just remarkable.
Renee Alexander:
Yeah.
Ben Joergens:
So, I commend you on the amazing work that you've done.
Renee Alexander:
Thank you. Thank you. I'm the luckiest girl in the world.
Ben Joergens:
I love it.
Renee Alexander:
I have the most amazing job ever, especially this time of year.
Ben Joergens:
Good. Well, we're lucky to have you on the show. And so as we do this, let's let people get to know you. You spent much of your career, Renee, with the Minnesota State Fair. So can you share a little bit about your background and maybe some of the roles that you've held in the process? And then what does the current position of CEO entail for you?
Renee Alexander:
Sure, sure. So as you mentioned, Ben, I started as an intern in 1989. I worked in the entertainment department, the free entertainment department. So I worked for the summer and for the 12 days of the fair, and I just fell in love with it. I fell in love with being part of creating something that was so much bigger than I could ever do on my own. And I was then hired full-time, which happens a lot. We have 90 full-time staff, and a majority of those people started as summer staffers. And it gets in your blood and you love being part of it, and that's where we get a lot of our great employees.
So started as an intern, was hired full-time, was here for five years booking free entertainment, and then went out into the great big, wide world. And I worked in event production and meeting planning and was gone for 11 years and came back now just over 21 years ago as the entertainment director. So I came back overseeing our free entertainment and also booking the entertainment that takes place in this great venue in our grandstand.
Ben Joergens:
That's awesome.
Renee Alexander:
Yeah.
Ben Joergens:
Fantastic. So in today's world of being the CEO, it involves a lot of hats that you wear, right?
Renee Alexander:
Absolutely.
Ben Joergens:
Can you kind of break down what the average day looks like for you as CEO of running this ginormous state fair?
Renee Alexander:
Yeah. I mean, it's similar to a lot of other CEO roles. Actually, when the fair's happening, I turn into much more of an ambassador, but the rest of the year, it's budgets, it's strategic planning, it's staffing. As I mentioned, we have 90 full-time staff, so we have a great team. So it's really just keeping us moving forward and looking ahead and keeping us as a really viable event for all the people in Minnesota.
Ben Joergens:
Yeah. A lot of behind-the-scenes things take place that people wouldn't know about when they just show up and experience the fair at its finest.
Renee Alexander:
Yeah.
Ben Joergens:
So, as we've been driving around, it's been cool to see everything being prepared. Let's go beyond entertainment. What role do you think the state fair plays in bringing communities together?
Renee Alexander:
You know, I think the Minnesota State Fair is a place where rural and city communities can all come together. Everyone comes together to celebrate with family, with friends, with strangers. So it really creates a great space where people can just come together and celebrate from all walks of life.
Ben Joergens:
I love it. And as you can hear, there's a lot of work going on right now.
Renee Alexander:
Yeah. Yeah.
Ben Joergens:
So, I mean, a lot of work is being done to make sure that this is possible.
Renee Alexander:
Absolutely.
Ben Joergens:
I love it. So, what impact does the fair have on Minnesota's economy and the local businesses in the area?
Renee Alexander:
Sure. Our annual impact is over $300 million each year.
Ben Joergens:
Wow.
Renee Alexander:
So annually, $300 million. It's not just the jobs that happen at the fair; it's also how all the surrounding businesses are impacted in a positive way and how communities are impacted in a positive way. One of the interesting stories is we use fundraising groups. So, we use high school groups and other volunteer groups that we then use to pick up garbage or clean barns. So, it's an incredible way to bring the community together.
Ben Joergens:
Wow, that's fantastic.
Renee Alexander:
In a lot of different ways.
Ben Joergens:
And it just shows the support that the whole community has to make this event take place and a lot of volunteerism and networking and just so much that goes on that really just brings everybody closer together.
Renee Alexander:
Yeah. And as I mentioned, we have 90 full-time staff, but by fair time we have 3,000.
Ben Joergens:
Oh, my goodness.
Renee Alexander:
And then you add all of the vendor staff and that's another probably 7,000. So, we've got about 10,000 people that are working every day out here during the 12 days.
Ben Joergens:
That's amazing. Amazing. So Renee, you've watched businesses come and go over the years. What separates a business that's successful maybe for a season instead of one that's become a Minnesota tradition?
Renee Alexander:
Sure. We don't see many that come just for a season. Most of them that come here are here for a long time. And that's our goal. Our goal is to set our vendors up for success. So, our team works really hard with new vendors to make sure they're acclimated and they're ready and they're set up for success. And I think for all those vendors then, it's just their willingness to put so much time and energy and planning. It's not just 12 days. They're working year-round to make sure that they succeed here during those really intense 12 days.
Ben Joergens:
Absolutely. It is. People who show up at the fair and just see it may not realize there's a lot of pre-work that goes into that.
Renee Alexander:
Absolutely.
Ben Joergens:
So, the fair, it's built on tradition, right? And the customer expectation continues to evolve. So what is the secret to staying relevant year after year?
Renee Alexander:
One of the terms I like to use is tradition with momentum. We've been around for more than 160 years, so the fair's really about tradition and people like to experience some of the same things year after year, but then tweaking it just a little bit. So, every year, just doing a few things that make it new and improve and just make it better year after year.
Ben Joergens:
I love it. So, as we talk on this show a lot about finances and things like that, if the Minnesota State Fair could teach fair goers a financial lesson, what would you see that to be?
Renee Alexander:
Planning.
Ben Joergens:
Yeah?
Renee Alexander:
Yeah. It's all about planning and planning ahead and planning for the future. And that's something we're always looking ahead to. We want the fair to be around for generations to come. So, it's really about that planning piece.
Ben Joergens:
So, it's interesting because a lot of our shows have talked about that, whether it's personal finance or wealth management or whatever it might be. Planning seems to be the topic for everything. So, it's not only in our personal lives, but in the business side as well.
Renee Alexander:
Yeah. It's not very exciting, but it's what you've got to do, right?
Ben Joergens:
You do.
Renee Alexander:
Yeah.
Ben Joergens:
That's how you get the end to be so successful.
Renee Alexander:
Exactly.
Ben Joergens:
So, you've worked your way from intern to CEO, which I think is remarkable. What is one piece of financial or career advice, Renee, that you would give someone just starting out?
Renee Alexander:
Curiosity. I think just being curious and being willing to take risks and learn and build relationships. I mean, there are so many incredibly talented people that have helped me along the way and people who want to help people succeed. And I think that's really, really the key is curiosity.
Ben Joergens:
So, in your role of CEO, how much does that benefit from starting as an intern to really see the full production? Because would you say that you would be able to do this job today if you hadn't had so much of the experience over the many years that you've been a part of it?
Renee Alexander:
Yeah, it would certainly be a lot more challenging if I hadn't had all of the experience that I've had. I mean, having a global perspective has really been key to what I've done in this role.
Ben Joergens:
I love that because so many youth that I talk to want to start at the top, right? And I think you get that ground-level experience, and it really helps because you've seen it, you've done it, you've been a part of it, and then that way you can lead the organization. So, I love that.
All right. What's one lesson from the state fair that applies as much to life as it does to business?
Renee Alexander:
I think relationships. The fair does not happen with just one person or with even just the 10,000 that work here. It takes all of these businesses and all these vendors and community support from throughout Minnesota that really make it happen. So, it's about relationships.
Ben Joergens:
I love it. I love it. Relationships seem to be a popular focus as well, and I can't agree with you more. As we close, Renee, we want to do kind of a lightning round or rapid-fire questions with you. Okay? I'm going to ask you a series of questions, and you just give me your first thought. Okay? What is your favorite fair food?
Renee Alexander:
They're all my favorites. I can't pick a favorite.
Ben Joergens:
Too many, right?
Renee Alexander:
Too many.
Ben Joergens:
Okay, fair enough. So, what would you say is the most underrated fair attraction?
Renee Alexander:
I think one of the most underrated fair attractions, people like to think that the fair is always crowded, and I would say weekday evenings are an underrated fair attraction.
Ben Joergens:
Okay.
Renee Alexander:
Yeah. Come out on date night on a Tuesday night or a Wednesday night.
Ben Joergens:
Yeah, you don't have to wait till Saturday or Friday, right?
Renee Alexander:
Yeah, exactly.
Ben Joergens:
Absolutely. What is one thing that you do every year at the fair, no matter how busy you are?
Renee Alexander:
I watch the parade at 2 p.m. every day. High school marching bands always get me.
Ben Joergens:
They're the best, aren't they?
Renee Alexander:
Yeah. Yeah.
Ben Joergens:
They really are. Now for someone visiting the fair for the first time, what's one experience that they should absolutely not miss?
Renee Alexander:
I think you nailed it. The Miracle of Birth Center. Where else can you see animals being born live right in front of you?
Ben Joergens:
It's pretty amazing. It's pretty amazing. Well, let's just talk about, you mentioned earlier, we're sitting in the grandstands, they're doing concerts out, right? What is an experience or a time where you remember... You talked about event booking and these types of things. Any moments that really stand out for you that might surprise our viewers?
Renee Alexander:
I think one of the things, the one that would probably surprise people the most, was that Taylor Swift has played on this stage. But nobody knew who Taylor Swift was at the time. She was the first of three acts opening for Brad Paisley. And it was a last-minute add, and I was annoyed that they added this new artist to the show, and here it was Taylor Swift. And look where she is now.
Ben Joergens:
She's done pretty well since then.
Renee Alexander:
She's doing all right.
Ben Joergens:
So maybe this was her start, right? To get to build up that fame.
Renee Alexander:
Yep.
Ben Joergens:
Well, Renee, I can't thank you enough for coming here. Thank you for welcoming us to the Minnesota State Fair. It's been a pleasure to be here.
Renee Alexander:
Thanks so much.
Ben Joergens:
And I can't thank you enough for having us as a guest.
Renee Alexander:
Thanks for being here. Really appreciate it.
Ben Joergens:
All right. Thank you.
Renee Alexander:
All right. Okay.
