Episode 70: The Step by Step Guide to Making A Pivot in Your Business

Jun 5

Episode Summary:

Are you looking to make some changes in your business? Add a new vertical, eliminate a product, or buy a whole new business altogether?

If so, this video is the perfect step-by-step guide on what you need to do in order to ensure that you’re staying legally legit as you make these pivots. Tune in to find out more!

Main Takeaways:

It’s crucial to have a plan of action for any big pivot you’re looking to make in your business. This will give you insight into what your next steps should be at every stage.
- When you’re buying a business, it’s important that your due diligence goes beyond the financial statements of a company. Also look into their reputation, existing affiliations, and overall goodwill in the market.
- Check if your business pivot falls under your current entity formation or if it needs to be registered as a separate entity.
- Fulfill or terminate any obligations you have before you eliminate a part of your business.
- Review your existing contracts; check to see if they need to be modified, or if new contracts need to be added.
- Ensure that your insurance plan is up-to-date with the pivots that you’re making in your business and that everything is covered.
- If you’re committed to your brand, consider getting your intellectual property trademarked and copyrighted to get statutory protection.