We have Steve Fife in this week’s “Leadership Unplugged”. Steve joined LifeVantage in 2017 as the Chief Financial Officer. Since 2021, he has been the company’s President and Chief Executive Officer.
Could you tell us about your education?
I completed my Bachelor of Science in Accounting at Brigham Young University in 1983. My education at BYU laid a strong foundation for my career in finance and leadership. It was there that I developed a passion for financial strategy and operations, which has been integral to my roles in various companies throughout my career, including my current position as CEO of LifeVantage. The principles and skills I learned during my time at BYU continue to guide my decision-making and leadership approach today.
What was your childhood dream?
As a child, I had two big dreams. First, I was convinced I’d become the first professional athlete to excel in basketball, baseball, football, and golf. I always had a ball in my hand, no matter the sport, and the idea of being paid to play year-round was incredibly appealing. While I didn’t achieve that, my passion for sports remains strong to this day. Second, I was deeply inspired by a friend’s father who was a firefighter. His stories of bravery, putting out fires, and saving lives captivated me, and for a time, I dreamed of following in his footsteps.
What were your past experiences before your current role?
I began my career in finance, starting at a public accounting firm and later serving as CFO for several publicly traded companies. During this time, I developed a passion for business analytics and driving profitable growth, which I carried with me when I joined LifeVantage.
My journey at LifeVantage began as Chief Financial Officer. After several years, the board approached me about stepping into the CEO role. It was a new challenge, but I was excited to apply the insights and experiences I had gained in my previous roles to lead the company at a higher level.
What do you consider the main factor behind your career success?
I truly believe that my openness to change has been the key factor in my career success – both in my professional journey and in business.
When I joined LifeVantage, I had spent my entire career in finance. While I had developed strong leadership skills as a CFO, I hadn’t anticipated taking such a significant leap to become CEO. This transition required a willingness to embrace change and a deep understanding of who I am as a leader and what I wanted for my career.
Mastering change impacts every aspect of your life, and I’ve carried this mindset into my role as CEO. Three years ago, when we took a hard look at our company and the shifting landscape around us, we recognized the need for a major shift in our business model. It required a leap of faith and a strong trust in my instincts to implement change in an industry that had been consistent for so many years.
And when I say change, I mean a complete transformation. We reevaluated every aspect of our business – from our Consultants’ compensation plan to our products and marketing strategies. This initiative, which we named ‘LV360,’ reflects the full scope of our redesign. Now, more than a year after its launch, I can confidently say embracing this remodel was the best decision we could have made for our company.
What has been your most inspiring moment?
I’ve been fortunate to experience many inspiring moments – ringing the NASDAQ closing bell, climbing Half Dome, and participating in a meeting at the White House, to name a few.
However, the most profound inspiration comes from witnessing real change in individual lives. Whether it was serving others for two years in my early twenties, watching our three children grow into remarkable adults, or most recently, seeing the financial and physical well-being of our Consultants and customers transform. These moments are what truly drive and inspire me every day.
Your hobbies? 
I love being outdoors in any capacity, but especially near water. Whenever I can find the time, I enjoy fishing and boating.
I also cherish making memories with my family – our cabin is one of our favorite places to do that.
How would you describe being a direct selling executive to an outsider?
Being a direct selling executive is about forging strong partnerships with our Consultants. Success in this industry hinges on collaboration – when you get buy-in from everyone, you can achieve remarkable results together. It’s also essential to challenge the status quo constantly. Innovation comes from questioning what’s possible and finding new ways to empower our Consultants.
Finally, every decision we make is grounded in data. By using data to explain our decisions and the reasoning behind them, we build trust and ensure everyone understands the “why” behind our strategies. This approach not only drives growth but also fosters a culture of transparency and shared success.
What is your biggest achievement in your current position?
My biggest achievement in this role is undoubtedly the successful launch of LV360, the business remodel I previously mentioned. This initiative has been a game-changer, providing our Consultants and their customers with a robust rewards program that clearly guides them toward success.
In the direct selling industry, we’ve seen many companies make drastic changes to their business models – not out of choice, but out of necessity. Reactive shifts often mean losing the ability to shape the industry’s direction. I’m proud that three years ago, my team and I had the foresight to step back, carefully assess the landscape, and proactively design a strategy that keeps us ahead of the curve. This proactive approach has allowed us to lead rather than follow, ensuring we continue to set the standard in our industry.
And your biggest challenge in a direct selling company executive role?
One of the biggest challenges I’ve faced as an executive in a direct selling company like LifeVantage is tackling the negative perceptions that sometimes surround our industry. Direct selling has, at times, been misunderstood, and there can be skepticism about the business model. However, I see this challenge as an opportunity to highlight the positive impact that direct selling can have on people’s lives.
At LifeVantage, we’re committed to providing entrepreneurs with a genuine avenue for success. Our business model empowers individuals to take control of their financial futures, build their own businesses, and become leaders in their communities. It’s not just about selling products; it’s about offering a platform for personal growth and professional development. We focus on transparency, product efficacy, and a supportive community to ensure that our distributors and customers feel confident and motivated in what they do.
By consistently delivering high-quality, science-backed products and fostering a culture of integrity and support, we’re working to change the narrative around direct selling and demonstrate its potential as a legitimate and rewarding business opportunity.
What would be your best advice to those who are thinking of joining a direct sales company in a corporate position?
If you’re considering joining a direct sales company in a corporate position, my best advice is to forget what you think you know about the industry. Direct selling can often be misunderstood, and preconceptions can cloud your judgment. Approach it with an open mind, and you’ll discover that it offers unique challenges and rewards that differ significantly from traditional business models.
Building a strong team is crucial. Surround yourself with people who bring diverse opinions, strengths, and expertise to the table. A team that can challenge your thinking and offer various perspectives will be invaluable in navigating the complexities of this industry. Direct selling is dynamic, and having a team that can adapt and innovate will make all the difference.
Finally, know what drives you. In the fast-paced world of direct selling, understanding your own motivations and aligning them with the company’s mission is essential. Passion and purpose are what fuel success in this industry. When you’re clear on what motivates you, you’ll be better equipped to inspire others and lead effectively.
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