"85 Broads" Invests In Women

Networking Group Helps Women Shatter Glass Ceiling By Standing On Each Other's Shoulders

(CBS)  "When somebody says, 'Well, what do you invest in?' I could say, 'Well, you know, I own stocks or bonds or mutual funds,' but I say that I have invested in other women," Janet Hanson says.

Hanson knows a good investment when she sees one, CBS Evening News anchor Katie Couric reports. For fourteen years, she worked at the Wall Street powerhouse Goldman Sachs, and became the firm's first female sales manager and eventually, vice president. But when Hanson quit to be a stay-at-home mom, she realized she was missing a lot more than her six-figure salary.

"I felt really cut off. And I felt a horrible sense of disconnection," she says, adding that she got very depressed.

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Read More About "85 Broads"
Janet Hanson explains the importance of networking

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"And so I made a little promise to myself that if I ever kind of got it together, that I would start a network so that this didn't happen to other women," Hanson says.

She kept her promise. And what began as a way for her and 30 of her former Goldman Sachs gal pals to stay in touch, has turned into a unique online global network of over 16,000 members. Their mantra? The only way to shatter the so-called glass ceiling is to stand on each other's shoulders.

"Women have to learn how to become better negotiators for themselves, which is hard to do. So they need to see other women doing that successfully," Hanson says. "And the whole mission behind this network is that women cannot succeed if they don't leverage each other's massive intellectual fire power."

85 Broads — a play on her former Goldman Sachs address, 85 Broad Street — is one club that does discriminate. It's women only, and not just those looking for careers on Wall Street. Take the story of Bridget Altenburg, a West Point grad who did three tours in the Balkans. After leaving the military, she found herself in an unfulfilling civilian job. Enter 85 Broads.

"So I emailed Janet and said 'Do you have any advice for me?' I think she emailed me back within 30 seconds and said, 'I will be your employment agent, I will find you a job,'" Altenburg says.

Through networking with other members, Hanson discovered Sears was looking for someone with Altenburg's leadership qualities. And within two weeks, she had a job in the customer service department.

"I'm the director of operations, so it is pretty powerful," Altenburg explains.

85 Broads also takes a special interest in students, with mentoring initiatives at close to 200 graduate and undergraduate campuses worldwide. She calls it co-mentoring.

"Co-mentoring is the most respectful way to come at a relationship. I no longer wanted to see myself as a mentor and, because they were younger, they were mentees," Hanson says. "And so I said, let's start out as equals and go from there."

But if Hanson needed proof of the true value of her network, it was when it became her own lifeline, after she was diagnosed with breast cancer in 2002.

"The emails that I got back from women in their 20's and 30's who had been diagnosed with breast cancer — with ovarian cancer, with cervical cancer — and I said, 'This is really why this network exists,'" Hanson says.

Hanson says she's spent her entire net worth — almost $7 million — to create and maintain 85 Broads. But this former investment banker says it's the best trade she ever made.

"I think people feel that perhaps that's foolish because what's the return? What's the return profile on your investment?" Hanson says. "But it's really important to me because my legacy will be proving to women that investing in each other is the only way to go."

[ardeahp-2009]

Hi Janet
I was so this new segement really made an impression on me. My name is Phaedra and i am a 28 year old college grad corrently working in the insurance industry. I have been seeking new career opportunities that will allow me to not only be fulfilled but will help others to be fulfilled in like. I have thought of counseling, teaching and becoming a fianacial advisor but i'm am just stuck in my decision making. I want to help those who are having a hard time helping themselves but in a way that is enlightening and empowering. Can you please help me to come up with some ideas on how i can accomplish this goal.
Phaedra ([e-mail])

[soliel1]

I felt so connected in hearing this broadcast.

I graduated from AZ State University, College of Business (now W.P. Carey) in 1975, and have wished since then that I had had a mentor. My career has been in sales and marketing in very male dominated industries and I just quit a job after 18 years to jump into another facet of the same industry in a 100% commission capacity. I'm single and have to work. If I stop long enough to think about what I did, it scares me. Sure would like some encouragement but I know I also have alot to offer to some young woman as her mentor.

[ebelenchia]

I am impressed that women want to take strong positions. As an International Industrial Real Estate Consultant we are not finding younger women that want to work hard enough to earn the International Designationas such as CCIM, SIOR, RICS. Very few women own their own International Commercial, Investment and Industrial firms. I would love to find some future superstars to mentor.
[e-mail]

[tlynnthomas]

Hello my name is Theresa I watched your segment last night about 86 Broads. I am ready for a major career for over 20 years I have been a secretary for the government and currently with a school district. My supervisor is power abusive, and I feel I could do better with my life. Do have some college credits in Business Administration, and currently running my own craft business on the side. Really want to make this my fulltime job, because I truly believe it will make me very happy and successful. Just cannot figure out how I can make this happen. Last year I was diagnosed with breast cancer, and now I am a survior want to make the best of my life. Janet I was wondering if there is anyway you could help me out making my dreams having my own business work.

[maryregan]

I enjoyed your segment on the news with Katie Couric. I recently moved from So. CA to Charleston, SC and did not realize how I would miss those that I have mentored and those that have mentored me. Slowly I will create a new circle, but an "old girl network" is very necessary and special.

Thanks for doing this.

[bear_jennife]

Marvelous news article. I am a homeschooling mother who participates in several co-ops teaching young boys and girls about economics, cooking, and languages. I see the importance of mentoring young people and especially empowering our young women. Soon I will return to the work force in Memphis with degrees in chemistry and biology and I am interested in a position in food science, quality assurance or medical device sales. If anyone knows of positions of that sort available in my area I would love to learn more about them.
J.Bear

[becky56-2009]

I watched with great interest the 85 Broads interview and it motivated me to think maybe there is something more. I am in a dead end job and at mid life so I'm scared to death to venture out and look for something better because of my age. And then this interview. I feel like I could become one of those Dove Models. I just need to know how to get there. I've been a single mom and my daughter is grown now so there is not one thing to hold me back!!! I just need a little help. Then I can be proud and maybe even be able to help others!!

[lexi0623]

Janet, this is serendipitous. I was about to send you an email this morning, when I was awakened by your interview with Katie Couric on the CBS Evening News last night. I found the information on 85 Broads when I was doing my research on the weekend for my MBA Thesis on Women Exiting the Ranks of Corporate America. I could not believe it and just sent my Advisor the link to your interview. There is so much I can learn from you and your organization that would be so worthwhile in my Thesis. I am graduating from Rosemont College (MBA) in May; Thesis defense April. I did my undergrad at Wharton and could have become your colleague at GS, but went the way of Human Resources over finance. In any event, I am in awe of your wisdom and vision and, frankly, moxy. My Thesis has become more than part of my degree process; it has introduced me to a whole new world of networking through 85 Broads.

If you could possibly comment on the growing Exodus of women from corporate America that I may use in my project, I would be immeasurably grateful. I have just bought your book -- I feel as if I have a whole new network of friends and colleagues. An immense Thank You.

Carol Kester ([e-mail])

[g31178]

Hi My name Is Gloria Pafumi and I was much intrigued by the 85 Broads news edition for 2-12-07. I am a school counselor at a Middle school in NJ. We need to be more assertive when it comes to what we want in the employment areana. We all can provide insight and expertise in at least one aspect of what we know and what we have learned from our current employment. Now we just need to project that to others. We must demand repect instead of asking for it. This concept has taken me many moons to understand and practice.
There is still more that we can do... How can I help? Sincerely Gloria Pafumi

[penicarm]

Hi my name is Glenda Ballard and I watched your interview with katy. Ive been a hair styish for 10 years and I would like to become an salon inspector of the State of Texas. I want to help keep a healthy and sanitized work force. please help me make this come too pass. I'm willing to travel and want to make a different in peoples lives. I've filled an application and resume, but have not gotten any response.
Sincerity, Glenda Ballard