An 18-Month Roller Coaster Leads to a Rock-Bottom Sale
October 12, 2018 |
About this episode
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The story of Tiny Devotions is a cautionary tale about the importance of getting out while you’re ahead.
Diana House founded Tiny Devotions in 2009. This online, luxury yoga jewelry retailer was the first of its kind in North America.
Fast forward to 2016 and the business was thriving with a successful e-commerce platform, 71% growth the previous year, and seven figures in revenue. But House’s attention had turned elsewhere, both personally and professionally. Despite Tiny Devotions’ success, she decided it was time to sell.
What happened next was an eighteen-month roller coaster of failed deals, legal errors, and declining revenue culminating in a last-ditch email to her entire customer list out of which a buyer finally emerged.
In this episode, you’ll learn:
- Why the best time to sell might be sooner than you think
- House’s key mistake that had her first acquirer slip away
- The unorthodox approach House finally used to find new buyers
- The importance of sticking to deadlines when negotiating a sale
Tiny Devotions’ early success was due in large part to being in a category of one. With no competitors in the marketplace, this kind of Monopoly Control is an entrepreneur’s dream. Module 6 of The Value Builder System™ evaluates your own Monopoly Control and how it is impacting your company’s value. Get started for free right now by completing Module 1.
Check out our article on Embracing Change: How To Know When It’s Time To Leave Your Business Behind.
About Our Guest
Diana House is a lawyer turned serial entrepreneur in e-commerce and real estate. She has sold two businesses: Cole + Parker and Tiny Devotions. She is a real estate investor and private lender and is using her sabbatical to teach entrepreneurs about business finance. House has been honoured as a top 20 under 40 by Business London and also featured as one of the top 100 female entrepreneurs in Canada by the W100.
