Sold Company for $22M, Then Bought It Back – A Risky Move
Summary of the Create & Cultivate Story:
This article details the founder’s journey with Create & Cultivate, a company focused on events and community for women in creative fields. Here’s a breakdown of the key events:
* Early success & Acquisition Interest: The company grew rapidly, achieving milestones like interviewing Martha Stewart and attracting acquisition offers.
* Pandemic Impact & Sale: The pandemic severely impacted the event space, but they pivoted to digital. In March 2021, Create & cultivate was sold to a private equity firm for $22 million.
* Unexpected Resale & Repurchase: 18 months after the sale, the founder was surprised to learn the private equity firm planned to sell again. She partnered with the current CEO and repurchased the company for a significantly lower price – a six-figure sum.
* New Strategy & Funding: This time around, they’re taking a different approach, raising $2.6 million in venture capital to focus on high-quality events with expert access and tech integration. They are not bootstrapping, recognizing the need to maintain quality from the start.
* Return to Leadership: The founder is back as CEO, excited to lead the company with a renewed vision.
In essence, it’s a story of building a triumphant company, navigating the challenges of the pandemic and acquisition, and ultimately regaining control to pursue a revised vision for the future.