Winding down a business is like winding down anything else. It is important to try to reflect on the good and bad, the lessons, successes, disappointments and to try to take from the business… It is good to take things to apply to the future, to help in the future, to make the future better than the past. To avoid the wrong path in the future, to the extent that the business that you are winding down isn’t the right one.
Did the employees, leaders and board members of Borders Books learn from the failure of their business? What about Circuit City?
“Pain is temporary but quitting lasts forever.” Lance Armstrong
I would add that Pride and Integrity can be forever too. Sometimes the pride that comes from having integrity is stronger than the pain that comes from being labeled a quitter. Sometimes going forward on a new path is VERY different than quitting the old path. Quitting the wrong path is not the same as failure.
Is Netflix quitting on their idea of splitting the dvd-delivery portion of their company from their online streaming? I think they’re just going in a new direction. Maybe seeing Forbes pronounce the decision “incredibly stupid” was good incentive to find a New York Times quote)
Realizing you are on the wrong path and taking a new path is essential, beneficial and sometimes necessary.
Not all quitting is failure. Know when you are quitting the wrong path and have the courage to change!