This as-told-to essay is based on a conversation with Jaclyn Johnson, founder and chief creative officer at Create & Cultivate. It has been edited for length and clarity.
I was raised by entrepreneurs, but I never wanted to be one. Instead, I saw myself in a big corner office in the city. I started climbing the corporate ladder, but being laid off twice showed me that a corporate career wasn’t as secure as I thought.
I started freelancing, and soon opened a marketing agency called No Subject. We focused on events and influencers, back when we were still calling them bloggers. I ran that company for four years and scaled it into a multimillion-dollar business. Those years were my MBA: I learned everything about how to run a business.
Now that I was living in their world, I wanted to speak with other female founders and entrepreneurs. In 2011, I hosted a small retreat called Create & Cultivate for about 25 people in Palm Springs. It was a way to get offline and connect in person with like-minded women. I never in a million years thought it would be something bigger than that.
I invested almost all my savings
After that first event, Create & Cultivate took on a life of its own. By 2014, I hosted 300 people in Los Angeles. Brands were knocking on my door to work with us — a big change from the marketing agency, where I was used to chasing brands.
In 2016, a colleague and mentor approached me. She thought that Create & Cultivate could become something much bigger if we really invested in it.
I was really nervous to do that. I had started my other business with a laptop and an idea, so investing money was a new concept for me. My mom, however, encouraged me to invest in myself. She pointed out that I was used to paying for public relations and other professionals, so why wouldn’t I use my money to back myself?
I invested $50,000, which was nearly all my savings.
Selling my marketing firm clarified my vision for Create & Cultivate
From there, the business experienced exponential growth. I had a choice to make: I could stay with my marketing agency, which was a cushy and predictable job. Or, I could jump into Create & Cultivate — an option that was a riskier bet, but had huge potential.
I decided to sell my marketing company. It gave me a financial cushion — enough to buy my first house.
That sale also introduced me to the idea that a company could be sold. As I continued to build Create & Cultivate, I was laser-focused on what made the company desirable: its focus on career women. Selling the company was my ultimate goal.
I exited for $22 million during the pandemic
By 2019, the business did $14 million in revenue. I interviewed Martha Stewart onstage, which was such a shining achievement. Others were taking notice; we had a lot of interest from groups that wanted to acquire the company.
Then, the pandemic happened, decimating the event space. Although we were able to pivot to digital fairly successfully, by the end of 2020, I was very burned out from the pandemic and the emotional roller coaster of the acquisitions process.
In March 2021, a private equity firm bought Create & Cultivate for $22 million. That was lower than the offers we’d had the year before, but it was a great deal considering the market. As the majority owner of the company, I received a substantial cash payment upon exit.
I repurchased the company for a fraction of what I sold it for
I continued as CEO for a transition period, and then remained active on the board. After about 18 months, it became clear that the private equity firm was planning to sell the company.
I was blindsided. As the founder, the business was so important to me. It was a community that I built and had a kinship with.
Still, I wasn’t thinking about personally buying it back until I spoke with the woman who is now the CEO. She was immediately on board with purchasing back Create & Cultivate. We were able to purchase the company for six figures — not even close to the exit price.
This time, we’re doing things differently. Because it’s an existing company, I know we can’t bootstrap. People need the quality they’re accustomed to from the very beginning. As a result, we’ve raised $2.6 million in venture capital. We’re focused on creating events that hinge on access to experts, leveraging tech components. It’s related to my initial vision, but also completely different.
I’m glad to be at the helm again.
