Leaving your job to pursue entrepreneurship can be a daunting transition, especially if you’re venturing into the same industry. However, with the right approach, your former employer can become a valuable ally in your new business endeavor. Here are four strategies to foster a positive relationship with your previous company and leverage it for your startup’s success.
Demonstrate Respect
Respectful conduct towards your former employer is paramount. Avoid discussing your new venture with clients, suppliers, or colleagues until after your departure to prevent souring the relationship. Instead, focus on research, planning, and securing funding before officially leaving. Setting a clear start date for your new venture, as Ian McAfee did, can help maintain professionalism and integrity throughout the transition.
Share Your Plan Transparently
When informing your employer about your departure, be transparent about your intentions and reassure them that your new business aims to complement rather than compete with theirs. Providing insights into your business plan can alleviate concerns about customer poaching or service duplication. Open communication can foster understanding and potentially lead to a supportive relationship, as Ian experienced when discussing his venture with his boss.
Offer Transitional Support
Ease the transition for your former employer by offering to assist with pending projects or responsibilities as a paid consultant. This gesture demonstrates your commitment to maintaining a positive relationship and alleviates any immediate operational gaps caused by your departure. Ian’s agreement to complete ongoing projects as a consultant not only benefited his former employer but also provided financial support during his startup’s early stages.
Seek Mutual Benefits
Maintain a mutually beneficial relationship with your ex-employer by leveraging their resources and networks to support your startup. Request references, client referrals, or favorable vendor terms, highlighting the value proposition of your new venture. Ian utilized his connections at his former company to secure partnerships and client introductions, showcasing the trust and goodwill established through his respectful departure.
In Conclusion
Turning your former employer into an ally requires tact, transparency, and a commitment to mutual benefit. By respecting confidentiality, sharing your plans openly, offering transitional support, and seeking collaborative opportunities, you can cultivate a positive relationship that contributes to your startup’s success. Remember, a strategic approach to managing your exit can lay the foundation for long-term partnerships and opportunities in your entrepreneurial journey.
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