While splitting up from a business partner can be one of the most stressful transitions in running a company, there are ways to gracefully pivot in order to minimize chaos and nurture your existing clients. This roadmap can help you plan out your exit strategy to keep things running smoothly in the event of a partnership break-up.
Split Up the Assets
Much like any breakup, you should begin the process of determining which business partner gets to keep each asset. While this obviously includes physical objects like building space and office furniture, you should take time to divide up intellectual property as well. Don’t forget to allocate things like the company slogan, website, and mission statement when redistributing your company assets.
Consider Custody of the Clients
While most businesses split clients by their monetary value in this process, it’s essential to evaluate their emotional connection as well. Keeping involved clients with their primary point of contact will minimize stress for everyone, and you should be careful not to forget their emotional needs as well. When splitting custody of the client base, balance the emotional rapport you’ve built with each client along with their financial contributions to the company.
Remain in Constant Contact
Since divvying up a partnership is extremely time consuming, it is essential to be mindful of your existing clients throughout the process. One simple way to ensure you’re in constant contact with your clients is to schedule out dedicated time each morning and afternoon to answer any emails and phone calls that came through. Supporting your existing clients will minimize churn and reduce your stress in the long run, so it’s worth your attention even in the midst of larger issues.
Take Time to Realign
Any major business transition is an ideal time for rebranding, and this is no exception. Take a step back from the hustle and bustle and evaluate your primary expertise and your ideal client. Has this changed since you founded your original business? Should you begin to take things in a new direction? While this evaluation may not require you to drop everything and march in a new direction, it will help you guide your marketing plan and acquire the right type of clients moving forward.
Brand Your Business
If you’ve decided to realign your business objectives, this is the perfect time to create a branded system that clarifies your ideal client and what services you deliver. Take the time to create a new slogan, tag line , and marketing plan that will attract your ideal client and help you reach your new goals!
While a business break-up is a stressful turn of events, it gives you the perfect opportunity to reframe your expertise and craft a new marketing plan. These steps will help ensure a seamless transition for your employees, existing clients, as well as helping you craft a new and improved branded system.