$6M Wedding Marketplace Courted The Knot for 4 Years

In 2016, Janessa White and her business partner started Simply Eloped, a marketplace that planned elopements and small weddings for couples in 35 cities across the United States. They also decided, before they had a single customer, which company they wanted to sell it to. The Knot Worldwide, the largest wedding platform in the world. 

Over the next seven years, White told The Knot exactly that, met with their corporate development team every quarter for four years, and shared her revenue and margins with them along the way. When she finally emailed to say she was ready, the letter of intent arrived within a week. On this week’s episode of Built to Sell Radio, you’ll learn how to: 

• Pick your acquirer years before you are ready to sell, then build the business backwards from there 

• Open your books to a potential buyer without handing them a reason to compete with you 

• Set a revenue target based on what gets a strategic buyer’s attention rather than your own ambition 

• Tell your employees you intend to sell, and get more from them because of it 

• Build a data story that survives an interrogation by every specialist in the acquiring company 

• Justify the unglamorous cleanup work most owners defer 

• Negotiate the one term White says she would change if she could do it again 

Show Notes & Links

Connect with Janessa on LinkedIn

Official Press Release

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Definitions

Letter of Intent (LOI): This document outlines the basic terms and conditions of a deal before a formal agreement is drawn up. It serves as a mutual commitment between the buyer and the seller to move forward with the transaction on the agreed-upon terms.

Due-Diligence: This is a comprehensive appraisal of a business or investment undertaken before a merger, acquisition, or investment. It seeks to validate the information provided and uncover any potential risks or liabilities.

Earn-out: This is a financing arrangement for the purchase of a business, where the seller must meet certain performance goals before receiving the full purchase price. It reduces the buyer’s risk and aligns the interests of both parties post-acquisition.

About Our Guest

Janessa White

Janessa White is the co-founder and former CEO of Simply Eloped, the company that helped pioneer the modern elopement movement by making intimate weddings simple, affordable, and stress-free. Under her leadership, Simply Eloped grew into the largest elopement planning company in the world, helping thousands of couples celebrate their love in a more meaningful way before being acquired by The Knot Worldwide. Today, Janessa is widely recognized as an innovator in the wedding industry and has been featured in outlets including Brides, Vox, and HuffPost.