🪄Magically Thriving Business💸: Every New Beginning Comes from Some Other Beginning's End 24-Nov-2024
How to Approach Endings with Strategic Purpose, Opportunity to Ask Me Anything, Marketing Tips & More
Quick Hits
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🦃✨ Happy Thanksgiving from the Business Witch Academy! 🍁🧹
Today, we're giving thanks for the magic that fuels our dreams, the courage that helps us step into the unknown, and the community that supports us every step of the way.
To all the incredible entrepreneurs, creators, business witches, and dreamers out there: thank you for being part of this journey. May your day be filled with joy, warmth, and gratitude. Here's to abundance—both in our lives and our businesses!
Remember, gratitude is powerful magic. What are you grateful for today? Share in the comments below! 🍂💛
Happy Thanksgiving! 🧡
🦃 Please note: There will not be a newsletter next weekend due to the Thanksgiving Holiday here in the US. I'll join you all again the following week, same time, same place!
The Business Witch Academy is excited to announce a new way to join in on the conversation. We are now hosting a discussion forum on Quora. In this space, you can add your thoughts on topics we're exploring in this newsletter, ask questions, network with members and join in on Ask-Me-Anything threads! Join now so you don't miss a thing!
Is It Time to Rethink How We End Things?
We've all been there—that awkward moment when someone puts in their two weeks' notice, or worse, when an employee is blindsided by a sudden layoff. Let's face it: the way most companies handle endings is, well, messy. It leaves people scrambling, blindsided, and often with a bad taste in their mouths.
But what if it didn’t have to be that way?
This week, I want to share a new book from Robert Glazer that might just change how you look at transitions in your business: Rethinking Two Weeks' Notice: Changing the Way Employees Leave Companies for the Better.
This book dives into how we can do better—how companies can create an Open Transition Program (OTP) where honesty, transparency, and respect guide the process. Imagine an environment where employees feel psychologically safe to say, "This isn’t working for me," and where companies and employees can work together to make a smooth transition.
OTP is built on four foundational principles:
Honest communication through feedback
Respect, and
A commitment to mutually beneficial outcomes
With these principles, companies can transform their culture, ensuring that every transition is smooth, transparent, and respectful. Rethinking Two Weeks' Notice, isn't just a thought experiment. Robert gives a step-by-step playbook to overhaul employee departures, ensuring smoother transitions, an engaged alumni network for businesses, and better career paths for employees.
If you're ready to reimagine how exits happen—with less drama and more collaboration—this book is for you. It's a game changer for building trust, keeping relationships intact, and setting your organization up for long-term success.
Help Wanted!
📢We’re looking for an experienced B2B Advertising & Sponsorship Sales Rep / Account Manager who’s ready to take the reins and work independently to grow a strong book of business. Please share this with anyone you know who might be interested. Full details here.📢
Have You Forgotten this Critical Part of Business Planning?
Speaking of ending things, have you ever done succession planning for your business? (I did say we'd talk more about planning didn't I?) It's something a lot of small businesses fail to consider. We put so much energy into launching our business, growing it, and making it thrive that we often forget to think about what happens when it’s time for us to step away. Whether you're planning to hand it down to your children, retire someday, sell your business, or simply want to make sure your company survives in your absence, succession planning is a critical piece of ensuring your hard work continues to pay off.
One day, I received a frantic phone call from a woman whose father had recently passed away. Instead of taking time to properly grieve, she found herself thrust into a web of secretive finances, multiple business entities, a total lack of legal documents that transfer ownership of the businesses, and as if that wasn't enough, the sudden appearance of foreclosure letters addressed to her father's business on the primary residence of her widowed mother. Yup, you heard that right. Her mother was going to be kicked out of her marital home because her father transferred the property into the name of the business, mortgaged it to the hilt, spent the money, and never did a moment of succession planning. I put her in touch with multiple lawyers and wished her much needed luck. Please don't do this to your family!
Today, I had a great conversation with Erin Edgar, an estate attorney, about how important business succession planning truly is. She shared stories about business owners who were insistent that they wanted their children to have ownership of their business when they passed, but never considered the need to discuss this with them, let alone train their children on the aspects of how to actually run the business. Please don't do this to your family either!
Want some actionable steps you can take right now to start preparing? Check out my article "Have You Forgotten This Critical Part of Business Planning? Most Small Business Owners Have!". Subscribers, make sure you click through to the article and get your free download of my new Business Succession Planning Checklist!
Succession planning might feel uncomfortable or like a distant priority, but it’s one of the most empowering things you can do for yourself, your business, and your legacy. The sooner you start, the more control you have over how things end—and the more confident you can be that your hard work will continue to make an impact long after you’re no longer in the driver’s seat.
Write Like You’re Running Out of Time…
More from me this week…
How can a B2C business effectively utilize email marketing? What are some helpful tips and tricks for implementing email marketing in a B2C business? Substack, headlines, frequency, and more…
4 Ways to Effectively Promote Online Events Through Social Media & Other Channels
Stay Magical,
Cheryl
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