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.
About Diana House
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.
Get in touch with House on Instagram.
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We’re constantly on the prowl for interesting stories from owners who have sold their businesses. We look for owners who have sold a business that was generating $1 million or more in revenue and who are willing to share their story candidly with our community. Forbes ranked Built to Sell Radio one of their top 10 podcasts for entrepreneurs and we have more than 400,000 downloads, so your story will get shared with a great community of like-minded owners. Nominate yourself or someone you know today.
At Built to Sell we’re all about shifting the balance of power from the buyer to the seller. If you support our mission, please write a review on iTunes—and if you have any comments or questions you can find us on Twitter and Facebook. Tune in every Wednesday for another episode of #BuiltToSell Radio with John Warrillow.
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