After years of cultivating a robust and active online presence for your business, you’re embarking on a new chapter. Buoyed with energy and ready for change, it’s tempting to simply exit and not look back. Instead, take the high road and leave behind no loose ends to tarnish your legacy.
Each type of exit requires a different approach
1. Selling the business
You’re leaving, but the business will continue under new leadership.
Should you share the news with your current customers, and if so, how much detail is appropriate?
The answer depends on the level of direct interaction you’ve had as a business owner. If you’ve served as the face of the company in communications, online interactions and within the public eye (sponsorships, Chamber or business group networking), it’s appropriate to communicate the change via email, in advance of the transition. If feasible, provide longtime or large customers an introduction to the new owners.
2. Becoming a subsidiary of a larger company
Your business is being acquired by a larger company that values your technology or IP as part of their portfolio. Your company brand may be retained within their family brand temporarily or for the foreseeable future – or it may not.
This information also needs to be shared with your audience, because future communications will be shared from the new entity. Your existing website and online channels will likely be deactivated. While the communication may take place prior to the official transition, you’re no longer acting alone, so it’s important to confer with your colleague within the new company.
3. Transitioning leadership (you’re stepping aside into a different role)
You’ve long since earned your stripes and it’s time to transition leadership to the next generation of your family. Or you’re ready to hand over the reins and are bringing in an expert more suited for next steps. Especially with a hands-on CEO, the outgoing leader commonly stays on in a supporting or training role for a defined transition period.
Even if you’re ready to step down as the founder or business owner, making the transition from leader to employee can be difficult. Establishing a specific tenure for the transition period and defining the tasks to be completed can help ease the process for all involved.
4. Closing shop
Closing the doors on your business altogether includes a lengthy list of tasks and a diverse mix of emotions. For a brick and mortar shop or company, there are also physical demands of divesting display cases, furniture and selling off inventory.
If you have served as the public face of your retail shop, be sure to communicate the closure well in advance through email, the website and both social and other online channels. Loyal customers and fans often feel a personal connection that you did not anticipate.
Not caring for your online presence in a timely fashion may cause loyal customers to travel to your shuttered brick and mortar presence. Show those customers respect by taking the required actions to take down your website, Google listing and other channels where your shop had an active presence.
Your exit punchlist
Be sure to consider the following online items …
1. Website-related
If you’re selling the business (but it’s continuing with the same name), update the website About and Contact pages to reflect key personnel changes based on the new ownership. Is your company being absorbed by another business, establish redirects from your existing domain to the new parent company’s.
Does your domain have value? You may be able to sell it to a company providing similar services.
Your website domain, web and email hosting all need to be cared for, or transferred to new owners. Your webmaster and IT can help manage these transitions.
2. Your Google properties
Your business’ presence on Google may include a Google Business Profile listing and a mapped location. The appropriate action is dependent on the future of the business.
If the business is simply under new leadership, but you are staying on, you may wish to add an additional profile manager. If you plan to replace yourself in the role, you’ll need to add the new admin first.
If the company is being absorbed by another business, it’s advisable to delete your Google listing and note the appropriate subsidiary information in the bio section of the new parent company’s Google listing. Take time to ensure that the sale is on track, however — Google warns the risk of deleting your Google business profile too quickly:
“The removal of a Business Profile is permanent and affects all the profile’s owners and managers. To manage the profile again, it must be reverified.”
For a business that’s not exclusively digital, the mapped location should be edited reflect the new address. Because they have top rankings in search results, Google listings are often used by customers searching for a business online. If your business is closing, it’s important to permanently remove the Google Business listing.
For businesses being transitioned, another Google property that should be cared for is your Google Analytics account. Add or delete users and assign the appropriate level of control for administrators.
3. LinkedIn company page
Company LinkedIn pages are built upon, but are separate from, a personal profile. They can have multiple administrators. If your business is transitioning to new leadership, add new administrators and remove yourself or your admin at the appropriate time.
If you have been a highly visible business owner, it is certainly fitting to share your company news with your connections — through messaging, an article or a post.
If your company is being acquired or absorbed, it may be appropriate to merge company LinkedIn pages. A Company LinkedIn page should be deactivated if the business is ceasing operations.
4. Company social, industry profiles and other business profiles
Chances are, you have more social profiles than you realize. Perform a robust online search for your business name so you can identify and care for them properly. In addition to social channels (both active and lapsed), consider other online profiles such as industry profiles, Chamber or business group pages which you may have.
If a profile has been used strictly for business, transition or delete it, depending on the future plan for your company. Some platforms allow you to change your profile name while retaining the account and connections. Also review personal profile bios for reference to the business, and edit accordingly.
Other online accounts that need review and action include both paid accounts and free profiles. Often, accounts are billed on an annual basis and require advance notification to avoid auto-renewal and associated fees.
- Industry-specific and general reviews platforms (such as Yelp), especially if you advertise
- Marketing CRM and related software (ex: Hubspot, Marketo, Sharpspring)
- Email marketing and social scheduling tools (Constant Contact, Mail Chimp, Hootsuite)
- Accounting software such as QuickBooks
5. Other subscriptions and memberships
In addition to items which directly impact customers, there are many other business expenses and resources that merit review when transitioning or closing your company.
Do you have business insurance, paid subscriptions to industry publications or memberships to business groups that you should cancel or transfer? An LLC or business entity that should be disbanded or transferred? Seek professional advice for legal and financial matters.
It’s a good idea to proactively advise your legal, accounting, web development, technology, graphic design, marketing and PR contacts of upcoming changes, and make introductions to new company contacts, as appropriate.
Ready to make that exit?
Walk off into the sunset and embrace your new adventure.
This post was inspired by a longtime client who is making the leap to follow her heart in her next chapter.
