Walking away from your business is often the choice of someone who is either moving into an entirely new field or someone who is just done with the business. Maybe it’s not doing as well as you’d hoped or perhaps you’ve lost your passion for it.
Regardless, you know it’s time to walk away. So how do you manage the process without stepping on anyone’s toes? How do you walk away knowing you’ve done your best?
Think about your customers
The first step to walking away from your business gracefully is to put your customers first. What do they want and need? How can they benefit from you closing your business?
For instance, can you sell off your inventory at a reduced price? Can you create packages that offer tremendous value? If you’re a service provider, can you partner with someone who may eventually take over some of your clients?
You could begin referring people to your competition. Of course, make sure you’ve established a relationship with your competition and are sure you’re sending your customers to a quality provider.
Think about your finances
Stop spending money on things that don’t matter. Once you’ve decided when you’re going to walk away, stop paying for marketing, advertising, and referrals. Cease your affiliate marketing program if you have one and stop paying money for clicks. You’re closing your business; the last thing you want to do is spend money to attract new customers.
Pay off your debts. Slash your budget so that you can pay off all of your debts and walk away with as much cash as possible. Many people start paying themselves a higher salary during the last year or two of their business.
Finally, give a heads up. Let people know what’s going on. You don’t have to send them ten different emails announcing the closing of your business. You can but you don’t have to. Simply give your customers enough fair warning that they aren’t surprised to learn that you’re gone. Consider also leaving your website up for a few months with a notice that you’ve closed. You might even offer recommendations for other providers.
Closing the doors on your business is a way to let go of the past and move toward the future. Once you’ve exited your business, it’s over. However, it can be important to leave your business gracefully and with your head held high.
One asset that many business owners don’t know what to do with is the content they’ve created and published. We’re talking about blog posts, social media posts, emails, reports, eBooks and more. The list can be quite extensive. What do you do with all that content?
If you are interested in exploring a merger or sales opportunity, please contact me, I am always on the lookout. We can have a no obligation chat about your business to see if there’s a way for us to work together, or I can look into my contacts to see if I can connect you with anyone that would be better suited to help you.