Dear Stephen,
RH has acquired Dennis & Leen, Formations, Michael Taylor Designs, Dmitriy & Co., and Joseph Jeup, following its earlier acquisition of a controlling interest in Waterworks. These are established names in the to-the-trade world, and I have competed with some of those furniture brands for years. Seeing RH buy businesses that helped define our corner of the industry makes me wonder who will be next—and whether I should want it to be me.
I own a small, high-end furniture brand with a showroom in the D&D Building in New York and our own showroom in Miami. Independent multiline showrooms represent our collection elsewhere in the country. We have built our business through interior designers, distinctive products, custom work, and longstanding relationships. The business is doing well, I enjoy owning it, and I wasn’t looking to sell. But seeing respected independent brands join a company with RH’s reach makes me think about what we could accomplish with more resources—and what it will take to keep competing on our own.
Recently, someone I know in the industry suggested that our company might interest a larger business and offered to explore an introduction. RH came up in that conversation. RH has not approached me, and I have no idea whether it would be interested, but the suggestion got my attention. I have read about Viscusi Advisors and your work connecting buyers and owners in our industry, so I would appreciate your perspective.
Part of me sees the possibilities. Another part imagines becoming an employee of the company I built, with someone else deciding what happens to our products, our people, and the showrooms that represent us. Those showroom owners helped establish our business, and I would not take their future lightly. I also worry that even exploring a sale could get people talking before there was anything to discuss. Should I let this person explore an introduction when I have no pressing reason to sell? How do I know whether I am recognizing an opportunity or simply letting a much bigger competitor make me nervous about my future?
Signed,
Probably Not for Sale
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Dear Probably,
Take the meeting—if an introduction leads to one! Let your contact establish whether there is mutual interest.
You are agreeing to a conversation, not handing over the keys. Someone thinks your company might appeal to a larger buyer, and that is worth exploring, although it is a little early to tell your spouse you’re retiring. Frankly, enjoying the business and not needing to sell put you in a good position to listen. You can consider an opportunity without needing it to rescue you.
Just be realistic about your company’s value. Know your numbers, including your EBITDA—earnings before interest, taxes, depreciation, and amortization—and have your financial advisor help you understand what is behind them. Your designs, reputation, relationships, and people matter, but so does your financial performance. Be prepared to explain both. Unfortunately, there is no adjustment to EBITDA for all the weekends you worked or the relatives you employed against your better judgment.
And yes, I have two separate businesses. The Viscusi Group is our executive search practice. Viscusi Advisors works primarily with larger manufacturers looking to acquire brands and private equity firms interested in manufacturers. We are not business brokers or investment bankers, though we frequently work alongside them. Much of our work begins with owners we have known for years, often through family businesses. An owner who knows and trusts you may discuss something they would never share with a competitor calling out of the blue. That familiarity can help both sides determine whether a conversation is worth having.
Before your contact approaches anyone, agree on what can be shared and with whom. If this person is acting as an advisor rather than doing you a favor, understand whom they represent and how they expect to be paid. Then ask why they think your business would interest a buyer. Is it your collection, your manufacturing capabilities, your customers, or your position in a particular market? The answer should show that they understand your company. “You have a beautiful showroom” is pleasant, but in this industry it can mean anything from “I admire your business” to “Thank you for the wine.”
Now, RH. Anyone still dismissing it as a furniture store with a restaurant needs to take another look. Dennis & Leen, Formations, Michael Taylor Designs, Dmitriy, Joseph Jeup, and Waterworks bring established reputations, design knowledge, and expertise. RH has the opportunity to introduce those strengths to a much larger audience. Its expansion into bespoke furniture and custom upholstery also gives independent brands a reason to examine how they compete. You do not have to like Gary Friedman’s taste or his confidence to recognize what the company has assembled. Your opinion of RH and your customers’ willingness to buy from it are two separate matters.
But be careful about concluding that those acquisitions make your independence less valuable. They also demonstrate that independent businesses can create something a larger company wants to own. A distinctive collection, specialized production, strong customer relationships, and a capable team can take years to develop. Being small does not make those strengths insignificant. A concise, professionally prepared presentation can show what distinguishes your business, how it performs, and where it could grow. Beautiful product photographs belong in it, but they cannot do all the talking. You are discussing the company, not presenting the spring collection.
You should also know what you want. Would you like resources to grow, some money out of the business, more time designing, or a way to retire eventually? Those are different objectives. The highest apparent price may not produce the arrangement you would most enjoy living with. Have your advisors explain the terms, including what you receive at closing and what might depend on future results. If part of your payment depends on performance, understand how much authority you would have over the decisions affecting it. A price gets your attention. The terms determine what happens after everyone congratulates you.
Your concern about becoming an employee deserves particular attention. Some owners would happily give up administrative headaches and concentrate on the product. Others love the idea of selling until they discover the buyer expects to make decisions. If you intend to stay, understand your responsibilities, your authority, and whom you would report to. Picture an ordinary Tuesday after the celebration, when you want to introduce a collection and somebody else says no. Would you still be happy with the arrangement? Keeping your name on the product does not necessarily mean keeping the last word.
Then ask about your employees, your New York and Miami showrooms, and the independent showrooms representing your collection. What would a buyer want to preserve, expand, or change? Those people helped build the business, and their futures deserve your attention while you still have choices. An acquisition can create opportunities, and it can also change careers and livelihoods. You cannot promise that everything will stay the same, but you can make understanding the buyer’s intentions a priority and have your advisors address the commitments that matter to you. “We love your team” is a pleasant opening remark. Keep asking questions.
Keep the conversations confidential, with your attorney advising on appropriate protections and what information to share at each stage. Then do your part. If you want an exploratory discussion kept quiet, lunch with six industry friends is probably not the place to mention it. If the conversation develops, consider your alternatives. Other manufacturers or private equity firms may have interests that align with yours. RH’s acquisitions may have prompted you to think about selling, but that does not make RH your only possible buyer—or selling your only sensible decision.
And guess what? Plenty of owners explore a sale and keep their companies. For now. They learn what interests buyers, get clearer about what they want, and return to work with a better understanding of the business they own. Let your contact explore the introduction, listen if there is interest, and decide whether an opportunity is good enough to change a situation you already enjoy. You have every right to remain independent and every right to consider being paid for what you built. Just be honest with yourself: if you want someone to buy your company but still let you make every decision, you may be looking for a generous relative, not a buyer.
Stephen
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Stephen Viscusi is the founder of
The Viscusi Group, an executive search firm specializing in the furniture, furnishings, and interiors industries, and
Viscusi Advisors, a separate consulting business advising manufacturers and private equity firms on acquisition opportunities in the industry. He is the author of two books and a longtime commentator on careers, hiring, and the workplace.
Learn more at
If you owned the business, what would be harder to give up: the company—or the last word?
© Stephen Viscusi 2026
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