Episode 137 - Building, Scaling, and Selling: Lessons from Julie Ellis of Mabel's Labels

The Real Bottom Line

Episode Summary: In this episode of The Real Bottom Line, I sit down with Julie Ellis, co-founder of Mabel’s Labels, to discuss her incredible journey from corporate life to building an eight-figure business and ultimately selling it. Julie shares candid insights into the challenges and triumphs of entrepreneurship, the importance of speed in a competitive market, and the emotional complexity of selling a business.

Key Topics Discussed:

1. Transition from Corporate to Entrepreneurship
   • Julie’s shift from the corporate world to co-founding Mabel’s Labels.
   • How motherhood sparked the idea for the business.
   • The early days of Mabel’s Labels and how the four co-founders divided responsibilities.
2. Navigating Partnerships
   • The dynamics of working with multiple co-founders.
   • Importance of clear roles, communication, and having a shareholders agreement in place.
   • The informal yet structured approach to decision-making that kept them moving forward.
3. First to Market and the Need for Speed
   • How being the first children’s label brand in North America drove the need for speed and innovation.
   • Challenges of staying ahead of competitors and the fear of being overtaken by larger companies.
4. Corporate Lessons Applied to Entrepreneurship
   • What Julie learned from her corporate experience that benefited Mabel’s Labels.
   • The balance between process and agility in a growing business.
5. The Emotional and Practical Aspects of Selling a Business
   • The unsolicited offer to buy Mabel’s Labels and the decision-making process that followed.
   • The intense due diligence process and the importance of being well-prepared.
   • Julie’s personal journey post-sale and why she decided to leave the company shortly after.
6. Life After Mabel’s Labels
   • Julie’s transition to coaching and consulting after leaving Mabel’s Labels.
   • Her focus on helping leaders at inflection points in their careers and businesses.
   • The importance of intentionality and strategic decision-making in business and life.

Top Takeaways:

1. Clear Roles and Communication - Establish clear roles and maintain open communication to navigate the complexities of partnerships.
2. Move Quickly, Stay Ahead - Innovate and push forward to maintain a competitive edge, especially when you're first to market.
3. Prepare for the Emotional Impact of Selling - Selling a business is both a financial and emotional journey; be prepared for the challenges of both.

How to Connect with Julie Ellis:

• Visit Julie’s website: https://www.julieellis.ca/
• Connect with her on LinkedIn: https://www.linkedin.com/in/julie-ellis/

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