Tracy Panase acquired Just Between Friends, the secondhand children’s clothing brand, late last year.
A Just Between Friends top franchisee purchased the secondhand children’s clothing brand from the co-founder. Tracy Panase, the new owner and CEO of Just Between Friends, brings franchising expertise and passion to her new role.
As CEO, Panase has had the opportunity to work more closely with franchisees, which she said she’s thrilled about. “Part of my goal is to really be supportive of our franchisees and to be deliberate in reaching out to at least one every single day,” over Zoom or via notes, she said.
The acquisition was finalized December 29. At the annual franchisee meeting in January, Panase took the opportunity to clarify Just Between Friend’s mission. “We started the year with a renewed sense of purpose,” she said. “Our goal is to be a household name.” The brand has 151 territories in 31 states, with the goal of one day being in every state.
Just Between Friends takes a unique approach to the resale business, by hosting a few yearly events per territory, rather than a traditional brick-and-mortar store. On average, franchisees host three events annually in each territory.
Prior to acquiring the company, Panase had four territories in the Philadelphia area. Part of the deal required her to sell the territories, so she sold two to franchisees, and the other two to her husband.
She grew interested in the brand when her kids were 8 and 11, and she saw a need not only in her own household, but in her community.
“Like all parents, you quickly realize that your children grow fast,” she said. “This is an evergreen problem. Kids are always going to grow.” A community sale is a better solution for parents than donating or throwing stuff away, she believes. “This provides a really simple solution for parents.”
In 2021, Panase began chatting with co-founder Shannon Wilburn about one day buying the company, which Wilburn was excited about. “Tracy has really kind of helped create the culture, being in the brand for so long, and she was our No. 1 multi-unit franchise owner,” Wilburn said. “She has been able to lead for quite some time. She just didn’t have the title, and now she has the title.”
Shannon Wilburn, above, is the co-founder and former CEO of Just Between Friends
Wilburn has had people ask her if selling the company is a good thing, to which she says, “Oh, my gosh, yes. It’s amazing,” adding she’s thrilled the company gets to be carried on without her. “I am overjoyed that someone who I felt like would be a great leader wanted to lead.”
Wilburn has taken on the role of brand ambassador, and she serves as an adviser to Panase.The initial investment required to open a Just Between Friends territory ranges from $42,644 to $56,459. In 2021, sales ranged from $5,856 to $1.4 million and the brand lost five territories—three company-owned and two franchised.