How to Shut Down Your Business
Today’s question from Asa in Sweden may not pertain to you directly, but I have a hunch that whether or not you plan to shut down your company, there’s learning in this lesson for you too. She asks:
“I have decided to shut down my life-coaching business (after 5.5 years) and focus my efforts on my passion project. I started a podcast and am enjoying the process, meeting cool people who have opted out of the rat race, sharing my journey, and learning from others. I know you have shut down several businesses in the past, and I guess my question is, how do I do this?”
I’m a big fan of anyone who follows a path that feels aligned for them, on their terms. So kudos to Asa for doing that. One point of clarification: I’ve never closed my businesses. I’ve either systemized them to a point where they run passively (by training someone up and turning the day-to-day operations over to a member of my team) or sold them. That said, I’d like to address some options to shut down a business:
- Consider what assets you have in the business (for example: email subscriber list, physical inventory, intellectual property, audience demand, a well-oiled team, repeatable revenue, courses or programs, etc) which might be saleable in part or parcel. This could allow for some or all of the business to continue without you and keep serving your existing customers. It…
