Menu
Sign In Search Podcasts Charts Entities Add Podcast API Pricing

Gwen Whiting

👤 Person
487 appearances

Podcast Appearances

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

broke up with rebirth.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

We met actually, I think I just sold.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I mean, to me, it was just such a personal need.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

The landscape of products and options for cleaning in 2002 when I started and I launched in 2004 was super limited.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It was the garbage at the grocery store and a dry cleaner.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

That was it.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

The vocabulary for me, I was a designer, apparel designer.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I had a textile background, but like I didn't there wasn't the terms of white space or

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Or this, you know, it wasn't until after 2008, nine, when people just like woke up and were like, oh, here's an opportunity.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I'm going to do mattresses.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

This was my own personal need.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And it was so obvious that it could be better and it should be better.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

You were a business owner where you started a business where you ran a business.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

My dad had his own small business and ran a company.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So I came from a house of that was a lifestyle was creating a business and, you know, a life for yourself and.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And in college, I had lots of ideas.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I started a Thai business in high school.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I had a business plan in college that I did a lot of research and went down the road, but needed a job.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I was like, oh, I need to start something.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It was like, I want to get a job.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I want to create, I want to do all these things.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

But then this was the idea that was worth going for.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I did it on a smaller sort of cottage industry level, all those other ways.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

But this was really the big business idea versus like a small side hobby or a passion or something fun to do.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Yeah, it wasn't a thing.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It wasn't a roadmap.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It was something that I didn't know how to do.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I built...

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

you know, a very small, responsible bootstrapped company very, very differently.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I built with credit card debt instead.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Yeah.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I launched with a hundred thousand dollar SBA loan.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

That was the money that funded my first production run in the launch.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

but that doesn't last very long.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I mean, I say that my 16 years of Laundress was a never-ending startup.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It was scrappy through and through the end and self-funding and

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

is that's just the nature of the game.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

You don't get money thrown at you to like build a lux office or throw money just like out there that to just to spend it because you have it.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It's a very different approach.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So there's, you know, a bottom line and the responsibility and a compromise for every spend.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

But I never carried a credit card balance in my life.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

That was not something that our family did.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Our family didn't even use credit cards.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

We had a credit card for rental cars to travel once a year.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It wasn't a thing.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I was raised that credit card debt was the worst thing you could ever do.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Impossible.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

But, you know, the money, the hundred thousand dollar went quickly in an inventory based company.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

You have to buy your inventory.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I needed access to cash.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And it's very comical because there's like this small mini female founder movement, like a very mini movement.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And they're like, oh, you're a woman.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

You can get money.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And that was like really small money.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

loans that were at nine percent and the interest rates then were like two three percent so it was it was it was better to get a credit card apr and like a twenty thousand dollar line of credit and then

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And that continued.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And this is the day when you actually got the applications in the mail.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I would probably get a, you know, I got an envelope almost once a week.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And if you just filled it out, they actually gave you a card and a line of credit.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So I was like, I became a pro at rolling over credit card debt from one card to the other and jumping APRs and jumping credit limits.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And, you know, quarter million dollars later.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

That's how I funded the laundress.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And that all came down in 2008 with the financial crisis.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Oh, my gosh.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I mean, it was unhinged for the whole time.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

You know, I

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

What I put myself through and that carrying that debt and living hand to mouth all those years is incredibly unhealthy.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And, you know, everything's trending and on Instagram and people see and think this is like such a sexy, luxurious lifestyle to be a founder and get money thrown at you.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And you got, I go to these events and it's like, I'm series C and series B and series, series, series.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And it's like, Hey, I don't know what you're talking about.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Be like, that's not impressive to me.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like that's such a badge of honor.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I'm like the outlier who walked away with selling my company with a majority ownership.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So it's a very different landscape of at the end of the day, what presents as sexy versus the reality of keeping your company and keeping your equity and having that versus giving it away.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

all those years.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Exactly.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It's like the minute you raise money, you just gave that away.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

You're not your boss anymore and you have stakeholders and you just gave your...

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

autonomy and authority and away.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Independence, the whole thing.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Were you tempted at times to take on outside capital?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

No, because as horrible as it was, I knew that I couldn't give any part away for my own protection.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I loved what I did and I'm so passionate about it, which you experienced.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I was so focused on just getting through the day and the week and the month and the year.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And so I had a concept of the business plan that I wrote was like a five-year plan of you do it for five years and you exit.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And at the time I,

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

when writing that in 2002, the only other brands that had like a niche or a small brand or a creator brand outside of the giant corporate structures were acquired really quickly.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It was like Bobby Brown and Bliss Spa and Frederick Fakai.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And then there's a Bumble and Moe.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

There's a handful of really small niche prestige brands.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

That was like the birth of,

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

something non giant CPG and their track records were like really quick acquisition.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So I just assumed that that was like the lifespan of this kind of journey.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Not because I wanted to exit or understood what that even meant.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I just thought that's how that worked.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And then the 2008 financial crisis changed that.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And then you wake up one day and it's 16 years later and you're still doing it.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

But I did expect to exit, not from a financial perspective, not like, oh, I'm going to cash my chips and have a windfall.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

That was never part of my understanding or sensibility of it.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

My feeling was that I could only take my brand and my company so far and a giant or a larger parent company

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I needed that for my brand to like go to the next step.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Why did you think that?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Because it just seemed like it was needed to be bigger and to get into different distribution categories and things that I didn't necessarily have experience with.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Maybe I didn't have that much also interest in like getting into the grocery store business, but I just was like, okay, that's for someone else who does that.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And again, this is also sort of the understanding of what happened in the landscape, what other brand trajectories were.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I think that no one is more qualified or competent or passionate or the vision of

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

the brand than me, period.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I was also in a complicated situation.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I'm saddened by what happened, but I can't regret it because I was in a very, very complicated, toxic partnership work environment.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So I kind of did what I had to do, but I didn't expect the outcome.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

They came into my store on Prince Street.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I had a retail store on Prince Street.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I started talking to my sales associate.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like it was so bizarre.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It was completely unprofessional.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And, you know, you kind of like always are like, what are you doing here?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Are you like sussy now?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Are you copying?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Are you like looking at the competition?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like, what are you doing?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And you're having a dialogue with someone from my team.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Which is also strange.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Yeah, but I was like, what are you doing?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

What can I help you?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

What are you looking for?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Where are you from?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And he's like, oh, I'm from Unilever.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I flew in from Ohio.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like, is Gwen here?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

That's crazy.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It's crazy.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So this woman calls me from the store at my office.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

30 blocks away.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And she's like, go ahead and go ahead.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I think you need to get down here right now.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

There's a guy here from Unilever.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I was like, will you please pass the phone, put him on the phone.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I was like, excuse me, what are you doing?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like you're in my store, in my space, in front of my team.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like if you want to have a conversation, like, do you want to call me back?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

You want to step outside and call me back?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And then what happened?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So then the dialogues, he stepped out and called me back.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

But I guess in retrospect, I should have been like, what is up with these people?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like, this is their process.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Exactly, exactly.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I always said, because the store was sort of like the last thing on the business plan to-do list, because it was important to me to feature and showcase my whole vision in a brick and mortar place that you could understand what the whole world of the laundress was.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I came from Ralph Lauren.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I was a designer for Ralph Lauren.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So we were very much in this like creating of a world and an environment.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And so my, my whole vision was on the website.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It was, you know, you could be on a shelf in the container store, Bloomingdale's or whatever.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I had stores in Asia, but I was like, I need to have my own showcase.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I joke that it's like hanging the fly paper.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And one day someone would walk in.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I didn't actually like mean that literally, but

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So yeah, the next call was like, come to New Jersey and kiss the ring.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

That was the week after.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So then that started the dialogue of...

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Of like, do you want to be in the family?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

You know, the Unilever family and like drinking the Kool-Aid.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I always believed that my brand acquire or ideal like date for the prom was seventh generation.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I thought we shared, we shared a value system.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I was just the prestige version in a shared ecological product value system.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So then when Seventh Generation was acquired by Unilever about three years before us, I was like, OK, like they care.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And so that started the discussion.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

But the negotiation went on for like 13 months.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It was quite disastrous.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Their first offer was like a joke.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And the response was like, this is a joke, correct?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

You know, like we are a incredibly profitable business and there was no value in our valuation to them of being profitable, right?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I was like, you just paid this like stupid ketchup company who's not even profitable like this amount.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like, are you kidding me?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like we're a perfect, pristine, clean, profitable business.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like where's the value in that?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And they're like, oh, we had to pay that investor guy and like the Belgians and like they were jerks.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I was like, oh, I'm sorry, because we don't have a pool of investors.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So you think you can like get off cheap over here?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Did you think about saying no?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I did say no.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I was like, yeah, no, I don't think so.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

But they kept coming back.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Yeah, it was a it was a long process.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Yeah, I have to, I do have to give credit to our female banker who like made all that happen.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And she was like, she knew the terms and she like got them where they needed to be.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And that was really her doing of getting that done.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

That was a really clanky, awkward situation because we weren't ready for market.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And because we had never raised money, we never had any of this like system set up that

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Where if you raise money, then you kind of have done a little bit of, you know, you have a deal structure, you have like your lawyers, like you have some of that slightly put together or way more put together than me just operating a normal business.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And my business partner and I were not on the same page in any shape or form.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So that was like a whole nother layer to this.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So we like fumbled with a lot of not great fit in the very beginning and trying to get to the right team.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

This banker was actually recommended by Unilever because she had done the Dollar Shave Club deals.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And so she had done big deals and

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

My business partner didn't understand.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

She was like, that's like taking a divorce attorney recommendation from your husband you're divorcing.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I was like, you don't really get it.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

They like to do business with who they know.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like that's that's how like a lot of these companies are like they want to work with the people that they know.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And certainly her precedence was like she shook every penny for the Dollar Shave Club.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So she's this woman was like not giving businesses away.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Yeah.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So the night before the deal closed officially at nine o'clock on Monday morning and everything was so touch and go and nailed later to like the last minute.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

But on Friday afternoon, I like, it was all set up.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

The, the wires were set, like the press release was set, like everything was set.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So on Friday afternoon, I,

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I called the guy who did my like New York wedding dinner at the Waverly Inn and set up the back room at the Waverly Inn on Sunday night.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I just started calling people and I said, hey, are you any chance you're free for a dinner on Sunday night?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And so all these people showed up and they just thought it was my husband and I invited them for dinner.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I got my mom in and there was like 35 people there.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And, you know, my mom walks in and sees like my best friend from Boston is like, what are you doing here?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Everyone thought I was going to roll in with like a baby.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

My mom was desperate.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It was a baby announcement.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And instead it was I had just sold my baby.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So it was a surprise event.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

cell party the night before.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It was a very unbelievable gasping moment to just, and I was sitting at my desk chair and my open floor plan and my team didn't even know yet.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I'm just like having this moment of like, holy shit, holy shit.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Yeah.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

and trying to keep it together.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And, you know, my business partnership was so toxic.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like there wasn't even like a hug, like high five, we did it.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I didn't really comprehend what happened or was happening.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I was in such...

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

like adrenaline mode for all those years.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And then, so I had a trip planned right after.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So I like literally left right away and went to France with some girlfriends that was planned and had like an amazing girls weekend.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And then was in Switzerland.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I, I remember I like couldn't breathe in Switzerland and I was like, what is going on?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I had so much adrenaline that I,

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I could like it was pumping and I had nowhere to put it.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And it was like giving me this gasping, unbearable chest pain that like I couldn't breathe because I was like, I don't need all of this anymore.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I have nowhere to put it.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So there was that initial physical response.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

But I had a two year contract and I understood my contract that I continued as is.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It was very awkward of like, what is my role?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

How does this work in my like mama bear protect everybody mode?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So I went from like, you know, we were all a team and then I pivoted to mama bear mode.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like I got to protect everybody and protect my tribe here.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

But I kept waiting for like, where's the system of Unilever?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like, where is it?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And this is where things went off the rails, which was, I said, we had this perfect plan in the deal room to execute, follow.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like it was so perfect.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It was just like, here's like the path to success.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like, this is amazing.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And then that literally got like left in the deal room.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Never surfaced.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And there was no one in charge or like, this is your person or this is the process.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

There was this like enormous, like ambiguity of you don't own it, but we don't have anyone.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

You're not in charge, but you are in charge.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

But it was like a disaster.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

There was no process at all.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And that basically the same ish.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It was the same, but you're like floating in the Unilever sea.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Yeah.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like if they were just like, you are here and just like, we'll call you, we'll have like a monthly call.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So it was like, where's the lane?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And then they start like throwing garbage at you, like unqualified people and processes that make no sense and like accounting firms for like no reason.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like it was just this like never ending toss of processes that were pointless and had no value.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And if anyone is listening and goes through an earn out, like you will never get paid because of all that crap that they throw at you that you have no control over.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Luckily, I didn't have an earn out.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

But if I did have an earn out, I would have zero takeaway within the first three to six months because they like throw out this layers and process and nonsense that like I was incredibly profitable.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

But after the six months of Unilever nonsense.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

No.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Sure.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It's when it's like the salesmanship, when they dangle the carrot and tell you how much more you're going to make because they're so awesome and they know everything and you don't, and they're going to make you so much more money.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And then you're like, okay, great.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I'll keep an upside for all that amazing money that you're going to make and bring into our organization.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Yeah.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And so you only take a certain percent off at the table at the sale and you leave an open amount for your future upside.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

But from my experience and what I know of other Unilever deals, no one gets an upside because

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

They say it's not based on sales or EBITDA or whatever, but fundamentally they throw all this expense at you, which then affects your bottom line and your EBITDA.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And you as a seller generally have no control over what they throw into your organization.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Right.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Yes, yes, yes.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

The ad and the paper and da, da, da, da, da.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Yeah.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I was in my early 40s.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like, retire?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like, what does that mean?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I was so... My head was so...

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

like in the moment that I really wasn't thinking what life would be like after the fact.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And the second year was like,

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

2020 so my second year was like three like three months in the office and then i walked out of the office with everybody else in march and never came back so i had actually planned a very intentional last year of how i would wind out and step back and and pack up and like off board which never happened

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So and then I'm like with everybody else in like crazy COVID times, which is hard enough for everybody, let alone in this incredible career shift, identity shift.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

What am I doing?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

What now?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

What like what's going on?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

There was so much change and shift that I was so personally intertwined with the brand.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

that it was a personal identity.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It was what I did.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It was my life's work.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It was my legacy.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I knew that I needed to create space from that chapter into before the next chapter and sitting in nothingness for someone who's been like on the move was really difficult.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I mean, they had a such a different deal structure than I did.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And they did have covenants for that.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

From what I understand, and I'm not an expert, but it seems as though Unilever is really breaching those terms that they had.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

At the same time, Unilever is spinning off the ice cream business.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So they're like, we don't care.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

We're getting rid of this entire division anyway.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I don't know where that plays in, but if their deal wasn't transferable, I don't know.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

They had autonomy for a very, very, very long time, which is incredibly impressive.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And Seventh Generation did too.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

They had really built in structures in the deal of commitments to sustainability, commitments that they were able to get.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

The difference with Ben and Jerry is that they still care and they're still around and still fighting for

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Whereas seventh generation, I was there when like things were loosening up and the stakeholders were finally leaving who did care and the Unilever sheep were moving in.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So like that's the sort of progression of what I witnessed.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It's nice and sexy to market it that way, but it doesn't help anyone if everyone just believes that and isn't going in full awareness of...

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

yeah, scrappy startups, not so sexy.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

The other thing that's not sexy is when you overfund and you over-raise and you have like such low percentage that you would have been better off sticking in your corporate job financially after 13 years of like killing yourself with a startup, you know, like that's not cool, but no one's sharing those stories.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Um,

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

about this as one of our most popular because there's so little discussed about this idea of equity like within a private company and how it could be dog shit yeah nothing yeah I mean nothing so that's not sexy either but it is important for me to to share all you know my learnings and the reality and hopefully educate people and so that they can be informed to make their own

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

decisions that work for them and just understand the implications of taking money, understand the implications of exiting.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I wish I knew more.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I mean, sometimes it can be amazing, but sometimes it's not.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I think that my advice is just be prepared for the worst case scenario.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Yeah, it was like I never was officially excused.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So there was no nice handoff.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like it was just kind of like slithered into the

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I found out, similar to you, my friend forwarded me an Instagram post.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

That's crazy.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I was getting my hair done.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I was like, what?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I mean, no.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And that was I ran such a squeaky clean operation before.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Literally.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Literally.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

There was never a complaint, never a return.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I think there was literally one return where someone wanted to send back their $45 La Labo detergent because they didn't like it, but the bottle happened to be empty when we got it back.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So, like, that was the extent of that complaint.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And so, you know, no, nothing, nothing, nothing.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Totally unconceivable that this was the situation.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And this was completely self-induced by Unilever incompetence.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Period.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

They imploded themselves.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

No.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

No.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It's the truth.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I'm being honest and it's the truth.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And so I'm not concerned about that.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

No.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And that was a classic like dude response of, Oh, just buy it back for a dollar and like do it all again.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I was like, I don't want their mess.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like I did it.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I created the most beautiful baby.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

She was perfect.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I don't need to fix her.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It's not my problem.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like I can't, I don't want someone else's mess.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

in the contract that you would warn entrepreneurs about you know you obviously had like i'm assuming a non-compete non-disparagement all that stuff that's no longer in place yes it was a five-year non-compete non-disparaging the only thing i actually fought about or pushed back on was the five-year non-compete because they crossed it into personal care

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I just thought that was like egregious, not that I wanted to go make personal care, but it just seemed incredibly egregious to add that with laundry.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

But at the time, I was like, the last thing I want to do is ever make a product again.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So see you later.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And then I didn't even really register on the non-disparaging detail until after the recall.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I had to panic and pull out all the contracts and make sure where I stood and what was going on and revisit all of that.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And that's when I really understood the non-disparaging agreement because I never...

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

but like mentally had that in my mind also to exercise what I deal wise, whatever, fine.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

What I do wish that I understood and had in place.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And this is something that I would recommend to other people in this process is to have a very clear agreed upon plan of transition, right?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And that was what we did not have zero.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And it was, I had an employment contract that said, you just keep doing what you do.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And that was like incredibly loose and vague, but there was no transition plan zero.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And that it was the downfall of many is that there was no proper transition plan or what that looked like or a person or a process that

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And now that I've spoken to other companies and other CPG, then like they share their process and like, oh, they're like, we put one person in the organization, all these different really strategic, like normal processes that you would think a giant CPG brand who had acquired a ton of brands previously would have a system.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And they didn't.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And that was like my Pollyanna assumption that like, oh, they do this like all the time.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

There has to be a very clear playbook.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And there wasn't.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And that was just like so stupid and my assumption, but it is incredibly, that's like my one thing I would say, understand exactly the playbook and who does what and how it happens and like really button up that.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I mean, if you go down an earn out path, that's like a whole nother situation of protecting yourself and like really putting the guardrails on of like how you can...

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

you lose that but again just go in with worst case scenario like not that that will never happen like every worst case scenario you could ever dream of that's what you plan for and have a good therapist like ready for you also so important try to put that in the contract yeah like get that ironed out right away i was not prepared not prepared

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

You know, I didn't.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I had to wait a long time, and I'm actually not that...

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

savvy or involved in Instagram so I didn't and it was very heartbreaking like this woman wrote me about she just washed all of her sweaters and she was freaking out and like what's and I do I boil and it's like you can't put them hot water it's just like it was so heartbreaking I was like your sweaters are fine there is nothing wrong with your product like I couldn't say these things I couldn't say there's no bacteria there's nothing wrong with your product you are fine it like

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

this is just what you're like.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I couldn't say that.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I was like, the minute I open up like one thing, like I couldn't.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So I just had to silently.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Yeah.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I just had to like silently.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It was circumstantial.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So I,

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Unilever implodes, self-destructs, pulls everything off the market, doesn't sell anything for nine months.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Nine months, not a single product was sold, not even a laundry bag, not even your ironing board cover.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I knew I had a...

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

hunch what they were going to do.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I waited to see what they did.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And they did exactly what I expected them to do, which was relaunch the brand with a seventh generation formula.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

with my label on it with some nod version to my fragrance because they like banned, Unilever has their own rules that are not like actually health and safety like rules by the US government or the international standards.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So the fragrance was like completely stripped down to like, I had a fine fragrance, it was a perfume.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And then I dumbed it down to like a Unilever style fragrance

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

They just, they're so arrogant that they thought my customers were like, were dumb and that they wouldn't notice that they were getting a seven generation formula.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I was like, no, my customers are actually like really savvy.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

They are not dumb.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

They're sophisticated.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

They're savvy.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

They see results and they understand the value.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And like, you can't play that game.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And so they came out with like a dumb, dumb version.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I had 85 products at the sale.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And when I sold to Unilever, they came back with like five.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And so I was like, okay.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Here we go.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I can't, I can't leave all of my customers, you know, hanging to dry.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like, and I had customers that relied on my products for 10, 15, almost 20 years.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like I was not going to leave my customers abandoned with like the stuff that they could already be buying all along.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I wasn't going to leave my customers hung out to dry.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So I, I stepped back into the laundry room and it was fun to re imagine and recreate this product category 20 years later with a different, you know, I'm a different person.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I have a different sense of

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

of, you know, different orientation.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I have a different sense of what luxury is.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

The laundress was the luxury of fine fragrance.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And now my luxury is aromatherapy, essential oils, getting results through aromatherapy while I'm cleaning that I'm doing anyways.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Like that's where I, I get a, you get a sensory bonus with the fill.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And there was a lot of improvements that, that, and fun thing, fun, um,

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

upgrades and materials and formulations to play with at the same time.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And then pushing sustainability to the next level where I came out with PET, 100% recycled bottles in 2004, which was unheard of.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

They were clear, it was concentrate, it was plant-based, like all of these things that were unheard of then.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

What does it look like now?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Everything is in the refillable pouch with a reusable bottle that you can decant into and more saving on plastic and doing the sustainability and packaged goods is not, there's no perfect answer, but kind of pushing the space to be better.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I'm just dying to know, would you ever sell?

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

No, this business is not made to sell.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I would probably retire or hang up my hamper before I sold.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And that's what it is.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

The greatest luxury, Nicole, as I'm sure you know, is to love what you do, have a purpose, work with amazing people, create jobs, positively create the economy.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I was so proud that I had hundreds of factory workers employed because of my brand.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Those are the wins.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

selling, everyone just thinks you're going to go to the beach with a pina colada, but you can't stop it.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

There's a satiation of creating and doing.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And for me, I have a creative itch and I need to be doing something purposeful.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And when you sell that and you lose that,

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

it's very difficult.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And it's like, wow, I had, I loved what I did.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I had all this amazing stuff.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And like, I think that's the biggest thing that people don't really understand what they love about what they do or what they love about their businesses.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And like, that's the best gift is to truly appreciate that.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And, you know, you're profitable and growing and running a great business.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

That's, that's the win.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And just making beautiful product and being happy and doing it for fun and having fun with it and working with amazing people.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

There were more because there was a settlement before mine.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So there was a first round.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So, yeah, there are there are thousands of women that were affected by this doctor at Columbia.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Yeah, so I had the allegations and sort of rumbling that he was a predator or a sexual offender.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

It was around 2013.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And the sort of...

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

people would maybe recognize because Evelyn Wang, when Andrew Wang was running for president, briefly, she came out about, she was in the actual criminal case.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And that's sort of when I kind of became a high profile handful of women in the criminal case against him.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And, and,

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

He essentially was acquitted by the same judge that acquitted Jeffrey Epstein.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So if you Google Jeffrey Epstein and Dr. Haddon, you can get the facts on that detail.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So I heard these rumblings of these other cases, but it wasn't until the TV commercial where this was now the class action for being a patient of Columbia and Dr. Haddon.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

that was now available as the Victim Survivors Act that they opened up a few years ago.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So that's where all of this case and this opportunity to come forward came.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

and the class action came up and why that happened but if you read the essay that's in mary claire you kind of follow my journey of understanding now i'm a 49 year old woman now i started in my early 20s and he was my first gynecologist my first real doctor with my own insurance card at columbia in new york we thought we were like stars being taken care of like i had

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

Made it.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And he had a protocol and a process that he had a routine that he followed with people who he could take advantage of because there was no point of reference.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I didn't know any better.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I didn't know what was supposed to be a proper exam and what wasn't.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And so joining the class action and, you know, lifting the rug and or I should say opening the filing cabinet after all these years and really processing and understanding what my reality was that I kind of like shoved in literally in this filing cabinet was a significant abuse.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I had a small group of victims that I...

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I knew we all were the same doctor.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And so we had a small group going through it together, which was like, I couldn't have done it without with doing this alone.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So I'm so grateful.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

This is also like I said, this is like a power of friendship and as much as a story of abuse, but just how I've been so adamant about sharing the realities of my business journey and

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I feel like I have this platform.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I need to use my voice and I'll cover any topic.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And my ego doesn't prohibit me from doing these things.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I am willing to sort of self-sacrifice my privacy for the purpose.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And this specific case is 100% the power of numbers because I truly believe it was only the power of numbers that

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

of all these victims that we were able to get to this far of this class action.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And like when it was very early on with Evelyn Yang and was only a handful of victims, they were like dismissed and pushed aside.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

But now it's like so much bigger and powerful.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I wrote that essay throughout the two years of going through the process and the aftermath.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

The goal was to create a safe space to have shared conversations.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And whether it's people writing me privately and sharing or using this as a piece to open up dialogue with people in their family or their friends or loved ones, or just being seen or heard or feel a shared sense is,

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And we need to leverage all of that power.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I thought about this question and to me, it's have a person.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And I went through so much of the laundress alone, so much alone without a person.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

I just, there was, I didn't know anyone, right.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

You know, creating a business or struggling.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

And it's just like things that I didn't feel comfortable sharing, but this a person doesn't have to always be the one person that

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

where one person doesn't have to be the everybody person.

Money Rehab with Nicole Lapin
A Multimillion Dollar Deal, a Product Recall and a New Chapter: Gwen Whiting on the Good, the Bad and the Ugly of Acquisitions

So it's whether it's a person for the hard stuff or a business person or a relationship person or, you know, the therapist or whatever, just to have a person in whatever you're going through, who's there for that topic to give you a safe space and not be alone.