M&A Lessons Of An Accidental Entrepreneur | Shannon Wilburn

The Wise Exit

E21: Today, I have a fantastic guest, Shannon Wilburn, who was co-founder, CEO and today is a board member of the franchise sensation, Just Between Friends.

Shannon started her career as a fifth grade elementary school teacher, but as a pastor's wife in need of more income, she pivoted into the life of entrepreneurship. In 1997, Shannon and her co-founder opened their first children's and maternity consignment event in Tulsa, Oklahoma. They successfully grew their single location business, and in 2003, they decided to begin selling franchises of their concept all across the country.

Over the next 20 years, Shannon and her team built the Just Between Friends franchise to 31 states with more than 151 locations. In 2022, just between friends systemwide revenue surpassed $41 million. Like for many entrepreneurs, the pandemic brought on a variety of business and personal challenges. So when Shannon was approached to be purchased by her largest franchisee, she knew it was time to sell her business.

Today, Shannon and I talk about her unanticipated start as an entrepreneur, the challenges she faced along the way and her foresight to constantly surround herself with experts and advisors at each step of her entrepreneurial journey. A few episode highlights:

(6:25) ... Shannon's "why" for creating Just Between Friends

(20:55) ... JBF's reorganization, and how 50/50 partners decided to "slice the pie"

(34:34) ... Why 2022 was the right time for Shannon to sell the business

(46:20) ... Building the dream team of advisors that set Shannon up to ensure an amazing exit

I hope you enjoy my conversation with Shannon Wilburn.