I picked up this Winnie the Pooh thing at a thrift store this week for $3. I saw the potential immediately, because of my Birch Tree Planks made out of a ugly dragon. It's VERY similar. I started off by using the back side. I wanted a edge of wood showing and the Winnie the Pooh is painted all the way to the edges. I easily pried off the picture hanger, and now you no longer know that it's the back. I taped off the edges using painters tape.
Next I painted it Glidden's Deepest Aqua, which I had on hand.
I designed the words the way I wanted them on my Silhouette, and cut them out. I removed the letters, and used transfer tape to apply my stencil. I used white paint on a very dry foam brush to dab the stencil. Then I removed the stencil while it was still wet, as soon as I was done with each plank section. If you wait till it's dry, the paint on the letters might peel up.
My mother in law's house just got done with a month and a half renovation, and I made this for her entryway.
Not bad for $3! :)