Lisa Price, founder of Carol's Daughter, explains the transition from grassroots brand building to securing outside capital and institutional operations.
Insight
Price: Lack of Generational Wealth Drove Backlash to Carol's Daughter Sale
“I realize that as a group of people within this world, African American people, historically, we have less experience with generational wealth. We may be successful in certain areas, we may have become rich recently, but we don't really know what generational …”
Insight
Deferring to veteran executives was perceived as founder weakness by Lisa Price
“I decided that I was going to take the position of, I'm not gonna sit at the head of the table, I'm gonna sit at the table with everyone Because there's so much that I need to learn, and unfortunately, that was perceived as a weakness, and it was perceived as …”
Insight
Big acquirers buy profitable businesses with strong margins, not struggling ones
“A lot of people think that you know, you're not doing so well, so they pick you up for a song, and it doesn't work that way. You have to be profitable, you have to be doing well, you have to have good profit margins, and they have to see growth coming from you…”
Insight
Price: Taking equity partners means the goal is a strategic exit
“So once you take on an equity partner, your goal is to Sell to a strategic partner, and everyone exits happy, hopefully.”
Insight
Lisa Price: African Americans Historically Lack Experience With Generational Wealth
“African American people, historically, we have less experience with generational wealth. We may be successful in certain areas, we may have become rich recently, but we don't really know what generational wealth is, and we haven't come up in families That have…”
Insight
Price: Bootstrapping breaks at $2M in sales; scaling requires outside capital
“There comes a point, you know, when you start doing a million and a half, 2,000,002 and a half million in sales, where you can't wing it, you know, like things have to be secure. And that's when investment was definitely needed because there was some winging i…”