Bootstrapping Beautifully: SkinSpirit Medical Spa

By Anne Beyer, Robert Siegel, Patrick Robinson
2023 | Case No. E826 | Length 13 pgs.
Lynn Heublein and her business partner launched SkinSpirit Medical Spa in 2002 with a $600,000 loan from the U.S. Small Business Administration. By 2012, Heublein had grown the business to over $10 million in annual revenue and $3 million in earnings before interest, taxes, depreciation, and amortization. That year, Heublein considered whether and how to continue growing the business.

Learning Objective

This case explores the characteristics of a bootstrapped business in contrast with a venture capital-backed competitor. The bootstrapped business outperformed its venture-backed competitor due to its operational excellence, deliberate growth, and focus on profitability. In classroom discussion, students will explore the characteristics of a successful bootstrapped business and the decisions made by its entrepreneurial founder.
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