So Money - Episode 226

Shannon Wilburn

Co-Founder of Just Between Friends

Kids grow fast, which means a whole new set of clothes every few months…which means constantly having to spend money on items your kids will use and then outgrow before you can blink an eye. So how can you keep your kids clothed without throwing money out the window? My guest today, Shannon Wilburn, has an answer: consignment sales.

It started in 1997, when Shannon and her friend, both young moms in Tulsa, OK, had the idea to hold a small kids clothes sale in Shannon’s living room with 17 consigners. They sold $2000 in merchandise and each walked away with $150. From there the business, which they named Just Between Friends, grew, and within a few years they were holding multiple day sales in an expo-center in Tulsa and helping other moms start their own sales. In 2004, Shannon franchised the company and now Just Between Friends sales are held all over the country. Some of them even gross over a million dollars each.

Three key takeaways from our conversation:

  • Building out a franchise company when she had NO idea what they even entailed in the beginning.
  • Going on a financial austerity plan for one year. What did that entail?
  • The financial life lessons her father taught her from a young age that have helped steer her success as an adult

If you would like to learn more about Shannon Wilburn, visit her website or follow her on Twitter @ShannonWilburn.

One of my favorite quotes from our interview: “If we can do things debt free, then it will set us up for success” – Click to Tweet

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