Want to transition fully into a new business? Think about selling? Or maybe just slowly fade away into your new company when it all feels right?
Regardless of the situation, these tips below can help you find clarity.
Navigating your business transition can be tricky. It’s probably really overwhelming to you right now, and you’re not alone but it doesn’t have to be that way.
Trust me when I say that everything will line up when it’s supposed to, but don’t sit back and wait for the miracles to happen!
Create a Game Plan:
Right now – what’s your goal? What comes to mind?
That could be quitting cold turkey and jumping into your side biz, or prepping your business to sell.
Maybe your totally comfortable with a fade-out approach and will slowly start to move more of your work time over to your new and exciting business.
Whatever it is, what comes to mind? What feels right for you?
If you are quitting cold turkey and closing up shop, what does that look like?
Have you talked to your accountant or lawyer?
Do you have money saved and bills will be taken care of?
What’s your plan for the next 12 months if you decide to shut the doors today?
Think of any of the conversations you need to have; with staff, family, friends, suppliers, professionals, etc.
Have you had your company evaluated?
Have you spoken to your accountant or lawyer?
Do you have any offers on the table or are you finding someone to help you with that?
There is a lot of legal work that goes into this process but it is do-able.. if it’s what you want!
For me, this was my option, however, I was not prepared for the length of time it would take, the emotional rollercoaster I would go through and ultimately the disappointment I would have when a sale would fall through.
Don’t lose hope because it can come true!
This is probably one of the safest ways to leave your business. It allows a flexible time frame, it allows you a bit more freedom and peace of mind that you can cover all the bills that you have. My favorite part in this area is being able to let go of the work that drains you and replace it with the new and exciting work from your new company. Once you are ready to start taking on more business, you slowly fade out of your first company until you are at a comfortable spot you want to stay, or fully transition to your new business!
Whether you sell or fade away, please find legal support! Having your circle filled with amazing professionals will ensure you do this the correct way, to save you time and taxes, and also and surprises down the line!
Once you know what route you will take, now the fun part begins! (Okay it’s actually hard and exhausting, but at least you are excited for it because the end is in sight!)
Try to sit down and come up with a 3, 6 & 12-month plan for what your goals are. The idea is to brain dump all your ideas, and then do research to see what else needs to be done. This will allow you to see where you aren’t making any progress and adjust it quickly.
These can be totally separate:
- Income needed during this period
- Services you will provide
- Changes that will happen (ex. closing certain areas, letting go of clients, etc)
- Times per day/ week you will work on this business:
Come up with a timeline, a plan, and always reach out to a lawyer or accountant if you need.
- Income goals
- Services offered
- Social Media accounts
Times per day/ week you will work on this business
** Your new business tasks will vary depending on if you are starting it from scratch or have been running it as a side hustle for a while.
At any point along the way, if you are lost and need guidance, please jump into our facebook group to find support!
Join the movement!! We are female entrepreneurs who aren’t afraid to admit we want to chase our business dream life, even if that means starting a completely new business.
Click the link to join: https://www.facebook.com/groups/embracethepivot/
If you are ready for more 1:1 support and want to fully Embrace your Pivot and get on your way faster, book a discovery call with me to see how we can work together to get you from where you are now, to where you want to be!
Book a discovery call here: http://bit.ly/embraceyourpivotapplynow