← The Product Boss with Jacqueline Snyder
The Product Boss with Jacqueline Snyder
717. From Burnout to Breakthrough: What Happens When You Let Go of a Business | Coaching Session
00:46:02
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- [00:01]
A
Hey, product boss. Okay, before we dive in, if you are ready to make more money from the business you already have, right, we don't have to get new customers just yet. We don't need to make more products. What if I told you that I had a free checklist for you and it's called the Fix what's Not working checklist. And in this, it's going to help you find the small tweaks that raise your revenue, right? Help you make more money without adding more products, without adding more sales channels just yet. And. And without the overwhelm, it could be that easy. So all you have to do is DM me the word fix at the product boss on Instagram or we've got a link for you. You can either click the link in the show notes or head to the productboss.com fix to grab your free copy. And in that, we're going to dive into how we can fix what's not working in your business right now. All right, let's jump in. I want to know how you're going to celebrate when you do end up selling it. What would celebration look like to you?
- [00:56]
B
Oh my gosh, I would love to take just like a week off completely of every. All the jobs, all the things, and just like maybe spend a week at the beach with my family. Completely unplugged.
- [01:14]
A
Hi, I'm Jacqueline Snyder and this is the Product Boss podcast. I've helped launch and grow thousands of product based businesses, even one of my own. And over the last 20 years, I've seen behind the scenes of businesses just like yours. Whether they are makers, manufacturers, artists, or food and beverage businesses. I have spent so many hours studying it all. I've discovered what makes them successful, what mistakes they could have avoided, how did they turn their ideas into successful business, and what are the strategies that they have used to make more sales and be discovered by more customers. And this is what this show is all about. Whether you're just starting out or you're looking to become a million dollar product boss, or I'm here to give you the permission to chase your dreams no matter how big or small. All you need is the right mindset, a little courage, strategy and support, and you too can be the next million dollar product boss. Let's do this. Oh my goodness. Friends, if you are anything like me, you probably spend more time running errands than running your business. Am I right? Like, everything needs something, we gotta run around. And I knew that this was like a major issue for me back in the day, which is why I decided to get help where I could. And I decided to let Instacart handle all of my grocery shopping so I no longer had to worry about running all the errands and having to run out and get more almond milk for my lattes. Rather, I was like, you know what? We're just gonna let Instacart handle that. So I want you to imagine skipping the store and getting back to designing packaging, orders, making, or maybe actually taking a break, even a nap. Remember those? Okay, so with Instacart, you can get groceries and essentials delivered in as fast as an hour so you can focus on growing your business without sacrificing a meal. Plus, less stress and more focus. And here's a tip. I've actually used Instacart before to order gift from my daughter's friend's birthday parties because I haven't had time to run out and get presents. And I've been able to get the packaging like the gift bag and the gift, like hello, Sephora. Delivered to my house while I was in the middle of coaching sessions so that I could have the present right. It's like having a personal assistant without having a personal assistant. So if you want to do what I do and get the help where you can, you can try it now. If you head to the Product Boss.com Instacart hey, product bosses, quick check in. Is your sales growth feeling stuck, like, totally flatlined despite all of your hustle? Or maybe you're like, okay, this should actually just be harder. Maybe you're feeling like you're walking in mud and it's like, why does this feel so hard? Either way, if you're nodding your head thinking, someone, please, please, please just tell me exactly what works so I can finally grow without grinding myself in the ground. Well, I've got something so good for you. Say hello to the accelerate your sales podcast bundle. Okay? It's my absolute best, totally free playlist of episodes that'll show you exactly how to stop being the best kept secret. Right? Let's get those products seen. Or how about expand your sales across multiple channels without overwhelm, hello, abundance. Or create products your customers can't wait to buy over and over and over again. And it's going to really help you start to build your business with that clarity, ease, and joy. Because growing your business should feel amazing, not exhausting. But my friend, this is your shortcut to more sales, less chaos, and way more fun along the way. Grab it now. It's a hundred percent free. I just Wanted to make it super easy for you to find those episodes. You're like, which episodes should I listen to, Jacqueline? Here it is. And it's packed with pure gold. All you have to do is head to the productboss.com growth or click that link in the show notes and then pop into your email and let's do this. It's your time to feel the freedom to find that abundance and to get passionate about your business again. All right, I'll see you in there. Hey. Hey, product bosses. Well, welcome back to another behind the scenes coaching call. I know you love them. I love them. I love coaching you. I mean, if you are in any of my programs this year, you can see that really where I've taken the product boss is moving it from just do it yourself courses to more coaching, to building coaching back in, to finding that connection between me and my students and the coaches that I've hired and the experts that we bring in. And really being this way that we can get under the question, we can get under the hood of your business and really think, like, how do we get your sales engines working and how do we keep growing it? So it's just been a pleasure. And you know that I love these coaching calls and I know you love them and I see them in the reviews on the podcast and if you haven't left a review yet, please do. But anyways, what I've realized from all these coaching sessions is that we're all in different phases. And you're going to hear that in today's episode. Because in today's episode, it really triggers something that I think a lot of people consider at some point in their business journey, if not a lot of times, and we get to get under this question. So have you ever gotten to the point in your business where you just kind of feel like you're over it? Like, for me, I know when I've gotten to these points, it's been a place of burnout. And I feel like every place I turn, it feels like I'm stuck or there's a wall or there's like a stopping point that I don't know what to do next. And you really get to ask yourself, like, is this when I pull the plug or is this where I keep pushing forward? Now, in all of the businesses that I've owned over the last two decades, there have been companies I've just simply shut down. There have been companies that I have been able to sell a part of the business for, you know, for significant revenue. I've bought out companies. I've been an investor, right? I've been in all different levels of it. And I think the hard part is when you're at that point where that thing that you loved feels heavy, and maybe you feel like you're tired of fighting for it, or maybe you're just ready to move on. And that's something that on today's guest, Elise, she's going to find herself in. So she started her company selling nursing covers as a new mom with a lot of passion. It was personal, it was meaningful. It was a need that she deeply understood for the season of life that she was in. But as her season changed and her business evolved and sometimes your heart might not be in it anymore. So this happened for me with Cuffs Couture, which was my wearable wrist wallet company. There were good many years there where I was making a lot of money, and I was so driven by it, and celebrities were wearing it, and it was ending up in press features, and it was sold all around the world, and I was just like, so about it. And then eventually I had two little kids and my priorities were shifting, and I had my consulting business that was technically making more money than the product business. I'll just say that here. And the biggest pushback I got were people were saying, well, what do we do with our phones? And I felt like I had run this product through the gamut enough to the point that I was willing to grow it, and I got to look at what my opportunities were and thought, okay, this isn't the product that I want to grow anymore. I don't want to figure out where people's phones go. I'm just not that into it. My needs were at a different point, and I got to make that decision. What do I do? And that's actually how the product boss started. This is going to be a cool episode because you're going to get to listen to it and hear, you know, I'm not there, or kind of feel like maybe I am there, or let me see how the season goes, right? So the question we're going to tackle today is what do you do when you actually have made that decision that you're ready to shut it down? What do you do? Do you just walk away? Do you sell it or do you find a way to use it as fuel for what's next? This is a really cool and interesting conversation, and I think it's important because so many of you listening have had the thought, what if I don't want to keep doing this forever? What is the next evolution of me, or is there a potential to sell this, or do I just shut it down or where does it go? So let's dive into today's conversation. It's going to be interesting and see what's possible when we're brave enough to just let go and dream about what comes next.
- [08:45]
B
So, interestingly enough, the nursing covers is what I'm selling. Toasty nursing covers. And as much as, like, I loved it and I was so passionate about it in the beginning, because I was a nursing mom, I knew the struggles and all the things. The more and more I become sort of detached from, like, my ideal customer, the more, like, I'm just kind of. The fire is kind of going out a little bit. And then that coupled with some of the difficulties we've had this year, the last 12 months, really, it's just sort of like, kind of nudging me to maybe, like, put a beautiful bow on the chapter that business was and just be like, thankful for what it was. And I just kind of wanted your guidance on what you thought, like, maybe were things to look for when you're ready to move on or, like, ways to do it professionally, like opportunities and, like, liquidating inventory, things like that.
- [09:42]
A
Great question. I've coached someone else on this recently, actually, and I walked her through kind of a guide on, like, questions to ask. So I'm going to actually pull that up and see if I can get there. But so. So do you feel like your vision is out on it, that you're just done from the work that you're doing or if we were able to figure out a way that the business could run with your input or with, like, you stepping in every so. Not every so often, like, you know, you're top. Top of the business structure, but there were people running it. Would you still want it or you just kind of, like, really, like, I think I'm done.
- [10:18]
B
I mean, if that were profitable, that would be great, but, like, the business as it stands today, there's just no way I could afford to hire anybody. I feel like right now would probably just breaking even, you know, if that, I'd be happy with that. It's just been so. Just taken a downturn, and in the time that we had our struggles, I noticed a lot of competitors kind of coming to the scene, and they're just so similar. And at this point have had such, like, I don't know, a launch that they just, I feel like, have sort of taken the space. And in, like, a sad way, I'm almost okay with it, because I am sort of detached from that world now.
- [10:58]
A
Okay.
- [10:59]
B
But also, like, yeah, I guess I would be happy stepping away and at least maybe being able to, like, sell what inventory I have left and then just, like, washing my hands of it, and I'd be okay.
- [11:10]
A
Okay. So I think just one reflection, and this is not like, a fault of yours, please trust me. I've. I've literally closed businesses and not sold them. I'm like, forget it. I'm donating all of it.
- [11:19]
B
It's a thought I've had.
- [11:21]
A
Definitely let go. Let. God, all of it. Right. I'm just like, I need it out of my space. And I've just been completely over it. In hindsight, when I look back, could I have sold it? Right? Like, could I have, like, this is Cuffs Couture, for example. There's other parts of my companies that, like, that have been successful. There's ones that I sold a trademark for more than I ever sold the product for. You know, there's just, like, all different variations of businesses that I've had, specifically Cuffs. I was over it because the market was changing in terms of digital devices, and people kept saying, where do you put your phones? And because I made this wrist wallet. And the complication was, where does the phone go? And I was like, I don't know where the phone goes, and I don't care where the phone goes because I.
- [11:57]
B
Didn'T make this phone your back pocket.
- [11:59]
A
Yeah, I was like. I was like, oh, yeah, but we're not pockets. So I was just. And I was also. I was in a transition phase. So I was having. I had two kids, and I was over it. But thinking about it, if I looked back, could I. If I was a little bit older, a little bit more mature, a little bit more confident in myself as a business owner, could I have sold the company? And so that's one thing I want you to think about as we're going to get into this discussion is like, there's that part when you're just at burnout and you're just over something where you're like, I don't care. Like, our coach, Annika, who, at one point with her, she had a maternity company, and she's like, I literally threw it all in a dumpster. And then in my head, I imagine she lights it on fire and walks away in slow mo. But I added that. That part of the story in you. But she, like, she's like, I'm so done. I'm throwing it away. And there's some businesses that, like, we can be so done with that. We're just like, we're done. Then you have a pretty successful business. There's something there where either it could be somebody who has wanted a business like this that's really driven, that's in a season of life, that would be willing to buy the business infrastructure, the contacts to the contractors, the leftover inventory, and grow it. There could be a person out there that has some version of a maternity company or breastfeeding accessories or something, and they've decided that they're like, oh, you know, we were thinking about doing this. This would be a cool acquisition when we're building businesses. Like, if you were building this. And then there's another option of sticking with it, building it to a point where you could get multiples for it. So there's kind of this level of, you're either like, how do I liquidate inventory to sell it? How do I sell parts of this business off and make a certain dollar amount that you would feel okay with just kind of walking away, but you're not, again, dumpster fire, like, walking slow motion away from it, or is there stick to it for a little bit and build it so that you can sell it for multiples? And that's a little bit more effort. But, for example, if you get the business and it gets appraised for 3x or 5x, like, what it's worth kind of thing, then, like, you know, but there's work that needs to go into it to do that. And so that's kind of, I think, a starting point of thinking about, like, the journey of this conversation. Totally.
- [14:05]
B
I mean, of course, if I could sell it for multiples, that'd be amazing. I just don't know if I have the space in me to work on it for six months or whatever it would take to get it shaped up, to have, like, a better snapshot and get appraised in that way. I'm just not sure I have it okay.
- [14:22]
A
And that's probably a lot of, to be honest. And again, not to, like, there's no fault on it, but that's probably a big reason why the company feels like it's taken a turn, because you just don't have the passion, the vision, the energy anymore for it. So when something before might have been the thing that, like, you know, you would have, like, gone deeper, dug deeper, because you've had a lot of success, like, seeing, you know, all the things that you've done, you've had a lot of success, but you're just Kind of done. And so the business, like, slowly dying because you're done with it. Right?
- [14:55]
B
I definitely feel it is kind of a reflection of, like, what's happening with me and the relationship with the business, for sure. Like, I'm not willing to go in for the fight anymore, if that makes sense.
- [15:06]
A
Yeah, totally. So that's okay, too. Like, it's not a failure. You've done it in the time that you've done it for what you've done it for. You've made money, you enjoyed it. You had, like, high amounts of revenue. I want you to hear me on this. Closing a business does not equal failure. It does not equal failure. It is simply the end of one chapter and the start of another. And you heard this in the beginning of this episode, but I've closed businesses. I've liquidated products. I've walked away. And you know what? It gave me space to build something even better. And I just had this conversation with my husband about hindsight. We were discussing my mom, and in hindsight, choices I would have made differently. But when I was in the moment, the choices we made were the choices we made. And it's so easy sometimes for us to look back and say, oh, at that point, I would have done it. But if you remember where you were in that moment, making the choice you were making in that moment, then you're making the best possible choice in the moment with the information that you have. So if you're at a crossroads, like leases, you have two choices, right? There's ways that you can liquidate your inventory and just be done with it, or you can think about selling the company and find a buyer who's excited to take it to the next level. Right. There's so many different ways of this. I had a student once that bought a bakery from another bakery that was shutting down, and she really just. I think she paid, like, 10 grand, and she bought the equipment, and she was able to build off of that. So there's so many versions of, do I just shut it down and walk away? I have another client that's selling the majority of the business to two people who work for her. They're buying her out. They're more into it than she is, and you get to choose, like, do I want to just make money for the inventory I'm selling? Do I want to sell the brand? There's so many levels, and that's really what you get to figure out. The thing that I really want you to take away, though, is that you walk away with your head held High. Right. Knowing that this business served its purpose for you in this season and then you're open and ready for what's next. Hey, friends. Okay, so I don't know if you anything like me, but sometimes it feels like my self care routine is slipping through the cracks. Because when I'm juggling and wearing all the hats in my business and doing all the things, I mean, the last thing I have to do is like really fulfill that self care routine that my doctor's talking about. She's like, mom, so listen, so when it comes to running a successful business, you can't really pour from an empty cup. And a lot of times that self care is like one of the first things to get yourself recalibrated. So that's why I want you to meet Glossy. Now Glossy is my favorite daily beauty supplement designed to transform your skin and gut health from the inside out. And I'm actually an investor in this business because I so believe in this idea of science backed ingredients for digestion and skin hydration. And Glossy makes it really easy to look and feel your best without that whole 10 step routine in the mirror. The thing I don't actually have time for, all I have to do is simply mix the stick into my water and I'm good to go. So if you want to try this, because I so believe in this business, I think it's amazing. It's done so many wonders for my skin and my gut, which are two things that I need help with. And you want to simplify your wellness and your beauty. All you have to do is click in the show notes and you can use the code Jaclyn Snyder. So it's my full name. Use the code Jaclyn Snider and I'm hooking you up with 15% off your order. So cheers to glowing skin and a thriving business. What do you want to happen like? So if I were to say, like, all right, let's vision out the best case possible scenario for you moving forward in your life. Like if you were to kind of close your eyes, you've got this business, you don't have this business. Whatever it is. What if I could like wave a magic wand? We'd be talking six months from now and what would your life look like?
- [18:46]
B
I think if I could have it any way I wanted, I would love if someone would come in and at least purchase my inventory. And I have. I think one of the reasons that my fire is burning out on this is because there's something else I've been wanting to start A different product. So I would love to sell this inventory, take the money from the sale, and put it into this new idea I have in making prototypes and patents and those kinds of things and focusing on just kind of like, the next thing.
- [19:19]
A
Okay. And so would it be possible that, like, whatever you sold the inventory for, that would be your nest egg for this new business?
- [19:25]
B
Definitely, yeah.
- [19:27]
A
So what number would that be?
- [19:29]
B
I mean, I have as far as, like, inventory. Let me just check really quickly.
- [19:35]
A
Well, no, what would you. What kind of money would you like to start the new company with? Like, if I could just, like, write you a check, hand it to you. You had it in your bank account. You're like, let's go. I don't think it would be that much.
- [19:44]
B
I mean, like, $10,000 would be plenty to get us started.
- [19:48]
A
Okay. But let's get a Little Dreamier.
- [19:50]
B
Okay, 25,000.
- [19:52]
A
Okay, great. That moved quickly.
- [19:57]
B
It was in my head. I think you saw it there in the back.
- [20:01]
A
Like, I'll just settle for 10,000. All right, but let's, like, really? Okay, okay.
- [20:06]
B
But actually, 25,000, please.
- [20:08]
A
Okay, perfect. Thank you for that answer. Okay, so then, now let's talk about your inventory. What kind of, like, retail value? How much inventory you have?
- [20:16]
B
Retail value? Oh, well, that would be 36,000.
- [20:21]
A
Oh, look at that number. Wait a minute.
- [20:25]
B
But I guess that's one of my questions. When you sell your inventory, you don't typically sell it at retail cost, right? It would be like a wholesale price.
- [20:33]
A
Or some sort of. Maybe. But you're also selling the business, the infrastructure, the social media account, the website, all the things. Right? Website. It's like a built business, right? So we can go dollar for dollar, or we can go to, hey, look at this thing. Like, there are people out there that had an idea for this that don't know how to make it, don't know where to source it, don't know how to build a website, don't have a following, any of it. Right. So it's like, what is it worth to somebody out there to have a business in a box that they have the passion to grow?
- [21:06]
B
Totally. And in that, do you also sell, like, your. Not relationships, but your relationships with your suppliers? Everything.
- [21:14]
A
You just. All the dots, you would be. Because you would be selling the business, right? Like, if you're just trying to sell the inventory, you know, like, that's funny because that's actually how this, the product boss started. You know the story? No. So I had all my cups, I had made. I had a zulily order. So. And I'd sold, like, 2,000 pieces for Zulily. And my cutter. My sewer. Not my cutter, my cutter. We cut all the pieces. And then my sewer kind of swindled me a little because I had given him an order. Like, I need. I don't know, the 2,000 pieces. He sold, like, 4,000 of them and then came to me and gave me the invoice. I said, but that wasn't my order. But he knew that if he made more and he used up my inventory that, like, I would kind of buy them. And so it was either I didn't get the extra 2,000 pieces and he kept them, but it was my fabric that I had paid for. It was all of my stuff. Right. So then I had to pay him to get the product because I was, like, half in there, right? Yeah. So I'm like, okay, well, I didn't need this product, and I didn't have anywhere to sell this product. And I was like, I was kind of at that point, liquid. Like, I was trying to do more mass sales, like, through things like Zulily and Guilt Group, like, all these, like, flash deal sites. And so I have all this extra product, and I'm over it. I'm kind of like, in your spot. I'm like, all right, I have this. I don't want to sell another 2,000 of these. People keep asking about how. Where the phone goes. I don't even know. I've got a new baby. Like, this is hard. So, yeah, so that's how I ended up all this product. And I was listening to a podcast, and that's when the podcaster was talking about Mina, who's my ex co founder. I was actually just talking to her yesterday, and we were just. We were reminiscing on the last several years, and this podcaster was like, if Mina ever wanted to be a coach, she could be a coach on Amazon. And I remember hearing that, and I was like, oh, and Amazon was just coming up in the way of, like, more people were using it, not that it was just being invented. And I reached out to her and I was like, hey, I have 2,000 things that I want to, like, liquidate on Amazon. Can I just go and liquidate it? Right? Cause I was like, oh, maybe I could just make them cheap, sell them on Amazon, just be done. And that was our first conversation where she's like, you build a brand on here. We don't just liquidate. And that's literally what kicked off the product. Boss was me, like, wanting to just get rid of a whole bunch of stuff. Talking about Amazon.
- [23:18]
B
Ah, wow.
- [23:20]
A
Yeah.
- [23:20]
B
Oh, wow.
- [23:21]
A
Exactly where you're at. Which I love this for you because like all of these like choice points in our lives are. They're not failures, they're just like, they're choice points that are like the next. The impetus of something next that's coming. And so I love that you have this idea, even if you didn't have an idea. But at that point I was like, can I just liquidate this stuff? And eventually I like moved it from LA to New York, then New York to New Jersey and then I donated it all. So they like fell off the truck. They open up those donation bags. They were probably like, what is happening here? So I think like, I think with you the concept here is like package it up and make it something. There are places that people list businesses for sale. You're in all of my programs. And there are Facebook groups. There's. We have a Facebook group of like 4,000 people. Actually. Stephanie of Birch House Living bought that company from someone else. And in the multi machine community that's now the sales accelerator. That this one was just over it. Stephanie had another company, bought Birch House Living and has turned it into a multi six figure business.
- [24:20]
B
Wow.
- [24:21]
A
In fact, the hotel I'm staying at here in Austin sells her stuff. And I like get all goofy when I'm like, oh my God, like my client stuff. I know, yeah. Like I know this is like a celebrity sighting. And so people have bought in the communities as well. So I think that's a really great place for you to start of. Like, hey, like I want you to come up with a dollar amount and you might want to line out of inventory. You might say like, we have X amount of followers we have. Do you sell wholesale? I forget.
- [24:46]
B
I do. I really only have like three local businesses that are carrying right now.
- [24:50]
A
But.
- [24:51]
B
But they're really well known businesses.
- [24:53]
A
You know, it's sold wholesale. We're in three shops, we sell online. When we do these things, like, you know, we're at $10,000 a month because some people are like, holy moly, $10,000 a month. They're like, give me 35 grand in inventory, I'll go make that thing happen. So they just might be more inspired by it. And another story of someone, she was used to be my mastermind. She had a gluten free bakery and I was like, were you a baker? Like, how'd you end up with this amazing business? She's like, well actually I was on One of those sites, I bought a business that was closing down, that was a bakery, and I bought. Basically, it was like, for 10 grand or something. She bought all of the equipment and then she turned it into her own thing. Because there's just people wanting to get let. Let go of businesses. So if you want to come with a price that you feel like you could walk away from the company, maybe it is 30. Like, I would. I'd go higher than your 25 that you want so that you can negotiate if needed. Some people might be like, this is great. Like, they might be like, yeah, I'll pay you 35,000. You might have multiple offers and get 50. Who knows, like, what it is? But that's a good place to do it. And then there are websites and, you know, there's brokers and things. Broker, kind of. Yeah. It's not.
- [25:57]
B
Not that level, though.
- [25:58]
A
It's not that big that I think you have to pay anyone for anything. There's places that people list, local businesses. Even in your own community, you know, I know you don't want to say to your own community, like, hey, I'm letting this go. And if there's competitors, you can reach out to them and you say, hey, I see you're doing this. Would you like to acquire?
- [26:15]
B
I see you ripped me off. Would you?
- [26:18]
A
And I'm hashtag over it, and I've got bigger, better ideas. So you do this right. Yeah. So there's so many endless options for you here. More than liquidating inventory. Because that's where I was going with the Amazon thing. I was like, my brain went to, how do I liquidate inventory? And for you, you're established enough that it's like your perfect person is waiting out there, and you're putting this out in the world is going to be a blessing to them. They're like, oh, my God, this is exactly what I wanted. So now I just have to, like, put it out into the universe. And then they'll find you. You'll find them.
- [26:51]
B
Got it. You know, actually, to be totally honest, I. I bought this company from someone else.
- [26:58]
A
Look at that.
- [26:58]
B
A client. You know I do hair. So my client was like, oh, you're pregnant. Did you know I used to sell these nursing covers? I don't really do it anymore.
- [27:05]
A
And I was like, well, where are they? Look at that.
- [27:08]
B
And then I took it from her, and then we rebranded. But it's the same company.
- [27:12]
A
Yeah, let's just pass it on to women who need it when they need it.
- [27:15]
B
This is pass it forward. Right.
- [27:17]
A
Yeah. Pay it forward. Give another woman a business in a box who is at the time that she wants to do something like this and then. But doesn't want or know how to find the manufacturers of the fabric or the. How to make it, like, or how to sell it or how to grow a thing. And they're motivated. And you're giving her a head start. You're giving them a head start.
- [27:35]
B
Totally.
- [27:36]
A
Okay, cool.
- [27:38]
B
Are there, like, any.
- [27:39]
A
I like that. Okay. I like that.
- [27:41]
B
Are there any, like, legal things I need to think about? Like, I don't know.
- [27:46]
A
I'm not a lawyer. I know. I know. I play one on tv, but I'm not. So I would suggest if there's any lawyers that, you know, I can connect you with. I bought the company from Mina. So, yeah, we absolutely needed. We did get a lawyer involved. Legal guidance.
- [28:03]
B
Yeah.
- [28:04]
A
Yeah.
- [28:04]
B
My husband is a merger and acquisitions attorney.
- [28:07]
A
Why are you asking? What use am I to you? I heard it. As I asked. I heard it. And I'm like, if he, like, hears this back, he's gonna be like, what? He's like. Or he'll appreciate. Did your brain just bleep out? Literally.
- [28:26]
B
But I could see him, you know, being like, double check this.
- [28:30]
A
I don't know, 100. So, yes. And you sleep with a lawyer. So Lexi. Right? So you just roll over and be like, hey, dude, what do I need to do question for you? He's like, you don't have to pay. Awesome. Yeah. So any contract, any, you know, just as advice, like, it's business. Business is business. And, like, there's, you know, the handshakes fit in the hand. And I think there's. I think there's a level of trust when you do business with people, that there's that. But people are people, and the world is wacky. And the world is even wackier these days, I feel like. And so, yeah, anytime you can protect yourself, you're. Protect your family, protect your. All of it. Yeah, I would do it. And you get to choose to. Like, sometimes you can sell a business for more because you stay on for a little bit. Or, like, you could stay on as a consultant. So let's say you sold it, I don't know, next week. And you may be like, I'll stand for six months to consult through it. Or it's just right. And you can maybe get more for that. Or it's like, here it is. Good luck to you. I've given you all the manuals. You've got everything you need. Do not Contact again, Right? So you, Elise, get to sit down and say, what would this look like in best case scenario? When I coached this other student through it, she was like, I'm so over it. I want nothing to do with it. She was so done that she didn't want multiples. She didn't want any of that. She's just like, I don't want anyone to call me about it. I don't want to talk about it. Just take it. So if that's your vibe, cool. If you're like, no, I'd be open to, like, staying on as a consultant, having a percentage or getting $10,000 more because they get access to me within boundaries. You know, literally anything is possible. You just have to say it out loud and then make it happen. One of the things I love about Elisa's story is that she's not just walking away. She's walking towards something new. And that's the part we often forget when we are burned out. Right? Letting go of one business gives you the mental and financial space to invest in another, if that's what you're ready to do. So here's the mindset shift. Instead of seeing unsold inventory as a burden, I want you to think of it as seed money, right? Whether to sell it wholesale, bundle it off, or package your whole business as a business in a box, those dollars can become the nest egg for your next big idea. Or, I don't know, if you don't have another big idea, you get to go on a vacation. It could fund prototypes, it could fund patents, it could fund branding, right? Whatever gets you excited again, let it be that seed money. And this was funny. It was. It's a quote from a song, and it was my senior quote. Every new beginning comes from some other beginning's end, right? I have Full Body Chill saying that to you. So what I want you to know at the end of the day is it's not about hanging onto something that no longer lights you up. It's about using what you've already built to fuel your next chapter. And that's where your passion and your profits can grow again. And now, listen, here's the deal. You know, she's a student of mine, and I said to her, like, you've got all this information inside of the program that you get to come back to and just use it for a different business. People have done that. Another thing that you could do is take everything that you've learned and make a better business. That's what I've done over the Years of, like, I started something, I was like, okay, that worked. And then I created another. And I created another. I mean, this business was started when I was 37 years old. I know. It's like, I thought I was done, and it's not. It's one of the greatest things I've ever created in my life is the product boss. And so we are in different seasons at all times. And now that Elise has come to decision that she's ready to move on from her current business model, let's talk about what the process looks like and what it means to her. You know, some of the things we don't know are, like, when we're going to sell something by right. Because we're not sure what the right market is. So, you know, we'll kind of leave it open to the end of the year. But how will you celebrate? I want to know how you're going to celebrate when you do end up selling it. What would celebration look like to you? Oh, my gosh.
- [32:12]
B
I would love to take just, like, a week off completely of every. All the jobs, all the things, and just, like, maybe spend a week at the beach with my family completely unplugged. Actually, we have been dying to go to, like, Nantucket or Cape Cod or something like that.
- [32:31]
A
Okay. So that's, like, the big dream. Okay. Amazing.
- [32:35]
B
I would love that.
- [32:36]
A
So vision that. Journal it. Do something if you need to look at it. Like, you know, you make a vision board or you do a Pinterest. Like, I like things right in front of me, but I want you to start visioning it or manifesting it as if it's real. Like, we are at the beach. Like, the kids are doing this. Like, I am sitting here watching them, you know, just like, as if it has already happened. So what I heard you say before, I asked you how you would celebrate. You're like, I'll get rid of it. I'll sell it by August, and then I'll start working on the next. Yeah, jump right back in. Yeah. Typical. And I think that what I want to reflect back to you is, like, the go, go, go is fine, but you don't have to go, go, go. You don't have to be busy all the time.
- [33:18]
B
Right.
- [33:19]
A
Your hours do not need to be filled from the beginning of the day to the moment you fall asleep or not sleep. Right? So part of what you're developing here and you're earning by building this business and then releasing this business will be time. You're getting time back. You can get the time now with the business, but, like, you're going to be buying yourself, and you're not actually not buying yourself because you don't need to buy it. You're going to be having time, and that time doesn't have to get filled. So the question I want to ask you is, like, what are you. You know, it could be like, what are you avoiding? Like, what are you not comfortable sitting still on? What are you. You know, like, for me, here's my. My plan for the summer. Like, at first I was like, can I earn 30% more doing 30% less? That was like a true question to me. It's not necessarily a. Like, I don't actually have a plan. It's not like there's a quantity there or, like an ad spend or whatever, but it's a challenge to myself of like, my go, go, go, do, do, do, offer, offer, offer, help, help, help. That kind of stuff keeps me really, really busy, but doesn't actually equal the life or even the revenue that I'm looking for. So what would it look like if I slowed down? If I pulled back, If I said, okay, I'm just going to focus on this one thing and make it the best. Like, do the best, do the thing, and then allow for extra spatiences in my day? It's a very uncomfortable thing for me to not do. And then I was like, all right, maybe during the summer, I do three days a week of work, and then four days I'm with my kids. And then that felt overwhelming. I was like, I don't know how I'm gonna do that. And then I was like, okay, let me think, too. Maybe I'll take each kid on a date during the summer separately each week. And then one family adventure. So Lisa, have something to anchor in on it. So really what I'm saying is, like, it's not a go, go, go season for me. It's a get really specific and really refined and then allow for time instead of being like, I don't know what to do. I'm gonna go back to my computer. Cause that's literally a thought I'll have.
- [35:11]
B
Yeah, I totally understand that. Yeah, I totally get that.
- [35:15]
A
So it's very uncomfortable to not do that. Right? I feel that you look very scared. What do I do with myself? What do you mean there's nothing to do?
- [35:28]
B
Yeah, I totally get very uncomfortable if there's not something to do.
- [35:32]
A
Even to the point of like, okay, now I've got time. Maybe I'll organize my room now. Maybe I'll clean Up the kitchen, you know, or. And then sometimes I'll walk around my house and be like, I don't want to do any of this stuff, and I just want to buffer. So part of another thing for me is, like, finding the feeling free and finding, like, passion in my days again. And passion isn't like, oh, I'm so passionate, like Rico Suave. But, like, I did this theme with my mastermind this summer or a couple months ago. I feel like it was the summer, but we were playing. It was summer. I did Dolce Vita. So, like, the sweet life. And we had this whole feeling of, like, being in Italy with lemons and, like, sitting outside and just, like, listening to music and actually, like, living life not buffering with tv, you know, it's like, how do we, like, get into community, have really deep conversations, eat delicious food, listen to music, dance, like, and all in my house. Like, I don't need to go travel to experience life. So I want you to play with that idea, too, of, like, all right, what is something that in this time, like, I would normally go do? How do I want to feel? Who do I want to be in this moment? Like, what would you. You, at least before, you know, maybe when we were, like, in high school or college and the world was, like, all possibility to you and we didn't have all these responsibilities, what were things that you did then that maybe you could pick up and do now? And that's what you play with that margin. I know it's really hard, especially as a mom and a high performer, right?
- [36:53]
B
Like, what do you mean?
- [36:58]
A
What? You know, you need it, right?
- [37:03]
B
Oh, definitely.
- [37:04]
A
What's coming to mind for you? Like, what's, like, something you're like, huh? Oh, yeah, Anything.
- [37:08]
B
I mean, I probably just like, you mentioned, like, dates with your kids. That would be wonderful.
- [37:14]
A
Okay.
- [37:14]
B
We do stuff, of course. Like, we do, you know, probably like a weekly thing because they're small. They're five and six. So we'll, like, you know, go to the aquarium or the zoo, something. But I would love to, while I'm there, be there, right. And not be like, oh, when I get home. Oh, that's a great idea for a post or whatever it is. I would love not to have that wait all the time.
- [37:36]
A
So you can do that now. We don't have to sell the company for you to do that now. I completely agree. Because I'll be out and I'm like, when I'm in stillness is when I'm like, oh, I've got an idea for a Real. Or I should, you know, like. And I'll write a note down. My kids are older now, and they will say, mom, get off your phone. There's been times I decided to just leave my phone in the car. There's. They put it on airplane mode or. I've, like, engaged. Even taking photos brings your phone out, Right? And so, like, sometimes I'm just like, I'm just gonna be in this moment and not even take the pictures and not even worry about posting the pictures somewhere. And so it might be that you just are like, all right. It's very unnatural for me to, like, I'm just gonna think about when my kids were little. There's, like, this water sand thing, and I would just sit there, and I'm like, oh, they're busy. Let me hop on my phone. Versus, like, actually. Okay. This is gonna feel uncomfortable to me because normally I'm like, I'm gonna be back here. They're busy. And I was like, I'm just going to go forward and just start playing in the sand and the water with them. You know, just, like, feels. It feels very opposite to what you naturally want to do, but it's going to be the thing that you need the most in that moment.
- [38:33]
B
Definitely. That sounds like.
- [38:36]
A
Right on. Yeah. Okay, so that's your challenge. Right. You're okay. So let's kind of, like, wrap with some, like, an action plan. What did you hear me say that you're going to kind of take action on in the next. Next couple months as far as, like.
- [38:50]
B
Selling the other business?
- [38:51]
A
Like, that kind of whatever you heard.
- [38:53]
B
I would say I'm going to work on getting together, like, a kind of a snapshot of the business. So when someone is interested, it's easy for them to see exactly what they're buying into and kind of the value there. And then I'm also going to work on creating, like, more time to just, like, be and not be. Like, worrying about a checklist and thinking that, like, the day's value is only by how much you got done. Right. Rather than, like, actually maybe just creating time with your. Your family, you know, things like that while they're little.
- [39:29]
A
Yeah.
- [39:30]
B
Yeah. I think that's sort of something I'm looking forward to. Packaging it up nicely to give a nice gift to someone who's ready for that and then accepting my gift of free time.
- [39:40]
A
Yeah. It's beautiful. So get it done. Yeah, done. Get it done. But be who you want to be in it. So journal. I want you to live as if it's happened. So some of it might be contextually, like, just journaling. This is how it is. This is what my day looks like. Like, really kind of future casting for yourself how that person would be. You might journal on, like, I'm going to take the kids to the aquarium and this is how I want the day to feel now. This is what we're going to do. This is how I want the day to feel. This is how who I want to be in that moment. This is how I want them to see. See me. Just kind of play with those. Those new visuals and it's going to start to, like, manifest for you and then just like, check you in the moment. And something my life coach used with me a lot, so I'll share it with you, is be where your feet are. So if you feel like you're kind of out of whack a little, look down at your feet and be like, where are my feet right now? Because if you're like, oh, I'm thinking about the checklist, or I need an Instagram post or whatever, where are my feet? Okay, My feet are standing in my kitchen. Oh, I'm making eggs. Or my feet are at the aquarium and my kids are right in front of me or whatever, I'm at the salon and I'm doing this person's hair. Brushing your teeth. And I want you to again, as a mom, like, we focus on our children in this beautiful, imaginary next version of your self world. Also for you, like, build for you too. Like, I like to dance. I'm gonna blast music in the morning, and I'm gonna dance, like, really loud to whatever it is. Like, you know, I've started playing music every morning. My son hates me. Literally, he hates music because he's got, like, sound things. And I'm like, listen. You're going to listen to me sing like I'm unstoppable in the morning. Like, that's what's going to happen because I need it, you know? So, like, yeah, yeah. So, you know, do some of those playful bits for yourself too. To movement, sound, music, good conversation, delicious food, whatever it is, like the Dolce vita part of it all. Build that in for you too, because you deserve that.
- [41:27]
B
I love that. That sounds great. Thank you so much.
- [41:30]
A
Of course. I'm really excited for you. I know this is like a big transition point, but it's like Taylor Swift eras, right? Like, there's all these eras and, like, nothing means that you did anything wrong. Like, everything you did was the exact right thing to do to get you to this point. And now, like, everything you're doing from this point, you're going to look back, you're like, oh, yeah, when I made that decision and this thing happened, and it's just going to be incredible. Totally.
- [41:50]
B
No, I'm excited. I've been looking forward to this conversation, and just now I feel like I just feel a little bit better about the decision and selling it, because I knew it was the right decision. But now having, like, a plan to do it actually feels a lot more comfortable.
- [42:03]
A
Good.
- [42:04]
B
Rather than just dumpster fire, because I.
- [42:06]
A
Was there, we went from slow mo, at least, like, walking slowly away from it to, like, like, here's my beautiful gift. Who wants this? It's. It's gorgeous. Yeah, that energy, it's all energetic. So, like, just shift into that energy of, like, giving and giving and receiving, like, time and freedom and all that. And it's just going to feel so. It doesn't feel so much better in your body, too, as you walk through it all.
- [42:29]
B
Oh, definitely.
- [42:30]
A
Yeah. So good.
- [42:32]
B
Thank you so much.
- [42:34]
A
Of course. So if people want to buy your business, it's beautiful.
- [42:39]
B
It's got a great bow on it.
- [42:42]
A
She's gonna make it amazing for you. And I know this business because I worked with you for the past few months on it. So, like, just follow you. Tell us where we can follow you. Because they can send you a dm. You don't have to share your personal email, but, like, how can they connect with you?
- [42:53]
B
Instagram is tosi, which is t o c. I underscore mom. And then Also website is tosimom.com perfect.
- [43:03]
A
And slide into her DMs or buy from her because you need these for your stage of life right now. All right, thank you so much.
- [43:10]
B
Thank you so much. Great to chat with you.
- [43:13]
A
So what did we learn today, product bosses? Well, we learned that letting go isn't giving up. It's moving forward. And sometimes you've built something amazing. But the season has shifted, and it's okay to acknowledge that. It's okay to close it down. It's okay to sell it. It's okay. It's okay. It's okay. It's absolutely okay to take what you've built and reinvest it into the next idea that lights you up. Before you do, though, I want you to think, have I given it my last hurrah? Have I given it my last go? Have I really put in and serve this business the way it needs to be? Right. Because Elise had a lot of success, and she's just tired of running the business. Even at a successful business, some of you might just not have the right path forward yet. So if you don't have the right path forward, I want you to ask yourself, is it really support that I'm missing? Am I missing strategy, support, mindset? What would it look like if I had that support to then grow the business right? You get to choose what's best for you. But I want you to remember this. No matter what, you, my friend, are not your business. Your identity is not tied to the one product, the one brand, or even the one success story. You, my friend, are the visionary. And that means you get to create, to pivot, to evolve, and to chase the next dream whenever you're ready. So if you're listening today and you've been feeling over it, maybe this is your permission slip. It's either your permission slip to say, you know, I'm going to get serious about this. I'm going to level up. I'm going to go to the next level. I'm going to try it. I'm going to give it one last hurrah. And if that doesn't work, then I'm going to make a different decision. But maybe it's your permission slip to wrap up a chapter, write one chapter beautifully, and start fresh with something new. You get to decide what's best for you. Because your best business, the one that feels aligned, fulfilling and fun, might just be the next one you build. Or it might be the one that you're building now. But you get to build it better. And not alone. So thank you for tuning in, my friends. I am so grateful that you're here with me each week. And if this episode resonated with you, share it with another product boss who might need to hear that it's okay to let go, or it's okay to adjust, or it's okay to look at things. Until next time. Keep going, keep growing, and I will see you in the next episode. If this episode has you thinking, maybe I don't need to do more. Maybe I just need to do what I'm already doing better. Then grab my free checklist. Fix what's not working in your business. In this, you're going to map out exactly where to focus, how to raise your average order value and what sales levers to pull right now without adding any more to your plate. How do you get it? Well, you can DM me the word fix over on Instagram at the productboss or go to theproductboss.com fix to download it now. And of course, the link is always waiting for you in the show notes.