I'm posting this in honor of International Women's Day which is Mar. 8.
Aug. 24, 2022 "How this mom grew her small business and sold it for $12 million": Today I found this article by Denise O’Connell on TD. This was sponsored content from BNN Bloomberg:
Selling a business is tough — especially if you developed and nurtured that business while you raised your kids. Entrepreneurial moms have unique needs and concerns, but all business owners face the same question: When is the right time to cash in? Meet one mompreneur who labeled her sale a success.
Julie Cole started her label company, Mabel’s Labels, in the early 2000s when her toddler was diagnosed with Autism. She knew that having a child with special needs meant that she would require more flexibility than her career as a lawyer could afford her.
It was with this goal in mind that Cole, her sister, and two friends started making labels in their basements after their kids went to bed.
With the help of bloggers, social media, and a few TV talk shows appearances, they soon grew a brand that is now a household name. Cole herself became the face of the company. Mabel’s Labels manufactures high-quality name tags, both self-adhered and iron-on, for clothes and other items that often get lost or mistaken for someone else’s.
Over the next decade Mabel’s Labels grew, allowing the women to quit their day jobs, move out of the basement, and establish a new headquarters in Hamilton, Ontario. At the time, they were bringing in $12 million in sales a year. Despite their success, Cole knew that she and her fellow owners needed to talk about an exit strategy.
They were all feeling the strain of the rapidly expanding business. “Having said that, we didn’t exactly prepare,” Cole laughs. “We were approached, and the timing ended up being good.”
The suitor was label giant, Avery Products Canada. But before Cole and her partners agreed to a buy-out, they had some stipulations. Selling the business felt like selling their souls, so they wanted to ensure that the brand, the name, their employees and their facility in Hamilton all remained intact.
Avery, in turn, requested that Cole stay on for a year to help the company transition and remain the face of Mabel’s Labels. Avery and Cole shook on the deal for $12 million.
Cole learned a lot from selling her company and shares that knowledge openly.
To begin, she advises business owners to keep their paperwork and bookkeeping in order. Staying organized can make things easier if a buyer comes knocking.
Also, she says professional financial and legal help is a must and warns that nothing is a done deal until it’s a done deal. Anyone can back out until you’ve signed on the dotted line.
Krystal Van Westerop, National Manager, Women in Enterprise at TD, says there are a variety of options to consider if you’re looking to exit your business. “There are the obvious ones,
like selling,
or passing your business down to a family member,
but a business succession planner can really help you to figure out what works for you and your business. You’d be surprised at just how many ways a business can transition.”
Van Westerop has these tips for business owners who are thinking of selling.
Plan early
Van Westerop says that it’s best to plan your exit strategy before
you need the money,
want to retire,
or become ill.
You’ll want to ensure that your finances are strong in the years leading up to a sale for valuation purposes,
and that you have interested parties already lined up.
You’ll also want to keep an eye on the market conditions, so you can time your sale appropriately.
Cole says that because they weren’t expecting a buyer to come along, their finances didn’t accurately reflect the value of the company. In fact, Mabel’s Labels had just made some significant investments.
However, because their bookkeeping was in order, the partners were able to show that the company had been extremely profitable in previous years, and that they had invested wisely in their business. This simple step helped land them the price they wanted.
Get your professional team together
To help ensure that the sale goes smoothly and is tax efficient, you may want to work with a team that includes
a business succession advisor,
a lawyer,
and an accountant.
Since Cole knew this type of sale usually carries hefty tax implications, she had a conversation with her accountant during which they mapped out a strategy to meet her family’s financial goals and keep more money in their pockets. Cole warns that she has seen many entrepreneurs try to do everything for themselves, hoping to save money by not paying professionals. But in doing so have actually left money on the table.
Be prepared to play the long game
Van Westerop says a sale can be quick or it can take years, and there are many steps involved. Marketing the business and finding a buyer alone can take up to a year.
Then there are valuations, non-disclosure agreements, negotiations, and financing to consider. Cole warns that even at the end of it all, you could still be left at the altar. Van Westerop recommends planning for anywhere between five months and two years to finalize and close the sale of your business.
Cole originally negotiated a one-year salaried position within the company, but it went so well she’s now stayed for almost five years. Even though the transition worked out well for her, Cole warns that not everyone will feel comfortable handing over the reins.
“Every sale will look a little different based on how you want to structure things,” Cole says. “But throughout the process, be true to yourself and what you’ve built.”
May 18, 2023 "Canadian mother-daughter duo's subscription box business is soaring": Today I found this article by Yalda Sarwar on BNN Bloomberg:
When Heidi Avery could not find a subscription box to purchase online for her teenage daughter Sienna during the height of the COVID-19 pandemic in 2020, she decided to take matters into her own hands and launch the very business she was looking for.
Ruby Crate, a seasonal subscription box venture was born with a small investment of $5,000 out of Heidi’s own pocket. The business took off at an unexpected speed soon after and Heidi says it has now “earned the family $400,000 since its 2020 launch, as of May 2023."
Sienna and her mother’s entrepreneurial quest started in their own home, with family chipping in when it came to the labour of the business.
They began with 400 boxes. Each box contains “seasonal items tailored slightly depending on the age of the recipient, including
slippers,
water bottles,
candy,
sunscreen,
sunglasses,
makeup,
tote bags,
essential oils,
jewellery,
accessories,
and wellness products.”
In addition to the four seasonal boxes, the duo’s business also includes a customized birthday box, which includes a
series of postcards,
a seasonal recipe,
a welcome card with a list of items inside each crate,
and a personalized note from owners, Heidi and Sienna.
Sienna, who is also the self-proclaimed chief creative officer of the company, began pouring in ideas about what teenagers and tweens her age were interested in. As of the end of 2022, the duo have sold 4,000 boxes.
Heidi and Sienna say the key to their small business success story is their “creativity, and entrepreneurship tenacity,” which they displayed with their approach to the New York Fashion Week, when they gifted 100 mini crates to the prestigious fashion event.
They then took part in an after party, which was also attended by young celebrities and teen influencers. The initiative resulted in Ruby Crate making unique connections with other small business owners in the U.S., an influx of sales, and an increase in the company’s consumer engagement.
The duo say their products “are sourced locally from female-owned businesses in Canada and the United States” and their sales target for 2023 is at least 4,600 boxes.
“[Sienna is] more confident. She knows the importance of money, and children can do more than adults think,” Heidi says. "[It is] important to be able to give kids similar opportunities.”
Heidi says Sienna is now considering taking over the business when she is older, with hopes to expand Ruby Crate by involving bigger investors. Sienna also plans to pursue business school in the near future.
Canadian mother-daughter duo's subscription box business is soaring - BNN Bloomberg
My opinion:
Pro: Subscription boxes with these items sounds fun.
Con: I don't like to buy things to own.
If the subscription boxes are food and consumables, then that's good.
"Canada lags behind peer countries on female representation in management: report"/ "Equality in the boardroom? Not any time soon, says Canadian Chamber of Commerce"
My week:
Sat. Mar. 9, 2023: I found this on my friend Heather's Facebook page:
A Mighty Girl
Love this celebration of mighty women in history in honor of Women's History Month!To discover new children's books for Women's History Month, we've collected the best books on trailblazing women that have been published in the past 12 months in a new blog post, "New Mighty Girl Books for Women's History Month 2024" at https://www.amightygirl.com/blog?p=37219For adults seeking inspiration in the stories of Mighty Women from around the world, you can find many reading recommendations in our blog post, "The Mighty Women Reading List for Adults," at https://www.amightygirl.com/blog?p=37136For many more books about Mighty Women to share with kids during Women's History Month and throughout the year, we feature hundreds of youth-oriented biographies - sortable by reader age – at https://www.amightygirl.com/.../history-biography/biographyThis fantastic illustration is by artist Rebecca Cohen of Gyno-Star Studios is available as a print at https://www.amightygirl.com/did-you-know-poster #WomensHistoryMonth
Do you like to read about women in the workplace?:
Jul. 2018 flashback: I called my friend Jessica who's Chinese and a woman in the workplace. I asked her this.
Jessica: I don't really read them because I'm not looking for a job.
Sherry (she's a white woman in her 60s): Sometimes.
My opinion: I like to read these because I'm a woman in the workplace. If you don't read them, that's okay. I'm not hurt or offended.
If there's something you like to read, I have a lot of news articles saved into my email/ blog accounts.
Mar. 18, 2024 "Richard Simmons apologizes for ‘confusion’ after social media posts spark concern": Today I found this article by Alli Rosenbloom on CNN and Yahoo:
Richard Simmons has apologized after posts he made on social media caused concern and speculation about his health.
It all began when Simmons, who is 75, posted an ominous message to X and Facebook on Monday: “I have some news to tell you. Please don’t be sad. I am …. dying. The truth is we all are dying. Every day we live we are getting closer to our death.”
He added: “Why am I telling you this? Because I want you to enjoy your life to the fullest every single day. Get up in the morning and look at the sky… count your blessings and enjoy.”
In a later post Monday, Simmons said he was “sorry for the confusion.”
“Sorry many of you have gotten upset about my message today. Even the press has gotten in touch with me,” the fitness celebrity wrote on a post on X. “I am not dying.”
In fact, Simmons said, his message was meant to be one about “how we should embrace every day that we have.”
Mar. 18, 2024 "Richard Simmons apologizes for ‘confusion’ after social media posts spark concern": Today I found this article by Alli Rosenbloom on CNN and Yahoo:
Richard Simmons has apologized after posts he made on social media caused concern and speculation about his health.
It all began when Simmons, who is 75, posted an ominous message to X and Facebook on Monday: “I have some news to tell you. Please don’t be sad. I am …. dying. The truth is we all are dying. Every day we live we are getting closer to our death.”
He added: “Why am I telling you this? Because I want you to enjoy your life to the fullest every single day. Get up in the morning and look at the sky… count your blessings and enjoy.”
In a later post Monday, Simmons said he was “sorry for the confusion.”
“Sorry many of you have gotten upset about my message today. Even the press has gotten in touch with me,” the fitness celebrity wrote on a post on X. “I am not dying.”
In fact, Simmons said, his message was meant to be one about “how we should embrace every day that we have.”
Court documents later filed by Landa say the calls came from a man identified as the "imposter," fraudulently posing as an adviser at the Jade division of HSBC bank.
"The deal was I had to … wire transfer money," said Landa. He told the caller he didn't want to do that, but could deliver a cheque in person.
"'No no no,'" he was told. "He convinced me that this was a much better way of doing it."
In December 2022, Landa ended up making two wire transfers to the person who contacted him — one for just over $160,136 and the other for $575,000, totalling just over $735,136.
The transfers went ahead, despite staff at the banks where his own accounts are — TD and RBC — grilling him with tough questions before reluctantly sending them, which Landa said initially annoyed him.
"'What is all this aggravation you're giving me?'" he told them.
"I'm such an idiot now, in hindsight. What was I thinking?"
"This week we will look at the "Barriers to Good Mental Health."
Terry has a degree in health and education and has spent most of his career in software development, implementation, and training. He suffered a mental health crisis which subsequently led him to volunteer with a mental health non-profit organization. He has been very involved in teaching and leading support groups and enjoys good conversation.
Meet new people, smile, laugh, chat, and enjoy the ambiance of this little coffee shop.
In this safe, inclusive, casual, and accepting environment, dialogue is encouraged over debate. Each person will be given the opportunity to share from their own diverse perspective and experience.
Whether to discover yourself amidst a community on a common journey or to find meaning among new friends, there is room at the table for you.
Aum Café in the Bonnie Doon Mall, Edmonton
HOW TO FIND US INSIDE: Look for us at a table near the back
NOTE: We do not want to miss you visiting us, please RSVP to the Meetup pertaining to the week you are attending under our CREATING CONNECTIONS GROUP which allows for our organizer to see you as this is only an information page about our group and location. Looking forward to seeing you there!
***
CREATING CONNECTION CANADA is a network of welcoming and inclusive communities committed to sharing authentic conversation, nurturing meaningful activities, promoting holistic wellness practices, and fostering compassionate action. We are LGBTQ+ affirming.
As a REGISTERED NON-PROFIT charity working to bring community together through like-minded interests, we welcome and gratefully appreciate any financial support. Tax receipts are provided."
My opinion: There is a stigma, but there are a lot of hotlines for suicide, mental health, and addictions available. There are support groups:
This is my Apr. 2019 blog post:
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