Hi,
I asked 100 CEOs this question, and here are the top 4 answers:
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Lew Frankfort, former CEO of Coach, a luxury fashion brand specialising in handbags; author of BAG MAN.
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“Sometimes saving what you've built means letting go of the version that made it successful.
In the late 1990s, Coach’s growth had stalled. The brand was almost 60 years old and had lost its appeal, especially with younger consumers. I’d been CEO for more than 15 years and was preparing to take the company public, but it was clear we couldn’t get there by holding on to what had worked before. Our classic leather bags no longer felt stylish or fun, our stores were dark and dated, and our costs were too high to stay competitive.
We needed to rebuild everything. I grew a new leadership team with seasoned people from other fashion brands who had scaled businesses and led with collaboration. We modernised our products, we introduced the “Signature C” logo collection to attract younger and international consumers, redesigned stores to be brighter and more inviting, trained sales associates, and launched new marketing campaigns. To stay profitable, we relocated manufacturing and built a more nimble global supply chain.
Knowing when to let go isn’t always about giving up, but about creating space for what’s next. Rebuilding Coach meant leaving behind the comfort of what had once worked to make space for new growth and new audiences.”
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Lydia Miller, Co-Founder of ivee, a platform dedicated to helping candidates return to work, backed by Steven Bartlett. |
"We were on Dragon’s Den a year ago. It was a dream come true… but our company looks very different now.
When we filmed our episode, ivee was just an idea. We had a rough version of the platform and were deep in building mode.
Back then, our messaging focused on why we started: what my mum went through returning to work after having us. That’s what we built ivee for - and that’s the version of our story that aired on Dragon’s Den.We thought we knew who the business was for - but our customers said otherwise.
Since our episode aired, we spoke to thousands of people who could benefit from ivee. We noticed that the people reaching out to us weren’t all mums. They were men, people returning to work after health leave, even retired athletes starting the next phase of their careers. Reading messages from them saying, “I absolutely love what you’re doing, but I don’t fit the target group - can I still join ivee?” made me realise how much broader the interest was.
Our community now includes anyone pivoting or transitioning careers - from those impacted by AI layoffs to people reskilling after time out of work. The problem they face is exactly the same as mothers returning to work: they need support to rebuild their confidence and capability.
As founders, it’s hard to admit when the first attempt was too narrow. Letting go of that first iteration of ivee was uncomfortable. But it’s important that your ego is small enough to be able to admit when your first attempt is wrong. We’re now addressing a much larger, global issue.
It taught us that gut instinct is often data in disguise. You have to check in with yourself and ask, “Are we still in the right place for where we want to be in two years?” If not, it’s time to let go, and pivot to something new.”
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Tom Higgins, Cofounder of GIFTA, an influencer gifting agency that’s worked with Unilever, Kellogg’s, L’Oréal, Heinz, and Adidas. |
"Back in 2020, I was trying to get a business off the ground. Like many first-time founders, I’d poured my heart into building an app. We’d built a basic MVP, brought on a few non-paying customers, and the vision felt exciting. But we’d hit a wall: to validate the idea, we needed investment.
My co-founder and I spent months pitching, refining decks, retelling our story - but rejection followed rejection. Without capital, the business couldn’t move forward, and the stress was mounting. One day, my brother-in-law called. His advice changed everything: “Why not build something where you can offer value right away? Start manually, prove demand, and let brands fund the growth.”
I realised it was time to let go. Not because the idea was bad, but because holding onto it was stopping me from building something that actually worked.
The next day, my co-founder and I spotted a gap. Brands were paying huge fees to big influencers while thousands of nano and micro influencers were being overlooked. What if we connected those smaller creators with brands, handled fulfilment ourselves, and tracked results manually?
We pitched the idea to ManiLife Peanut Butter and offered to send their product to 100 influencers for free. The results blew us away: 94% of them posted.
Fast forward to today, and that pivot became a profitable business generating millions in annual revenue. Most importantly, we still own 100% of it.
Letting go of that first idea was tough. But it taught me you don’t always need to give your business away to get it off the ground. Sometimes the smartest move is to release what’s holding you back, simplify, and build something that creates value from day one.”
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Rachel Watkyn OBE, CEO of Tiny Box Company, an environmentally friendly packaging company. Named Natwest’s Business Scale-Up Entrepreneur of the Year. |
“I founded Tiny Box Company in 2007 and have spent 18 years building, learning, and evolving with the support of those around me. Earlier this year, I knew it was time to let go of day-to-day control: a difficult but necessary decision.
There wasn’t a single turning point that made me realise it was time to step back. It happened gradually, over a period of reflection. I began to feel that the company needed a leader who could offer a different kind of stability - someone who could bring structure and consistency - while I needed to step back to preserve my own passion and perspective.
When I stepped aside, I felt a mix of emotions: excitement, relief, and a touch of ego. It’s hard to admit someone else might be a better fit to lead what you’ve built, but it’s vital to put ego aside and support as much as you can.
Now, my life feels free. I have space to explore new projects without the pull of daily operations. I can still contribute strategically, without being caught in the noise.
If I could give one piece of advice, it’s this: if you’re not enjoying it, it’s time to step aside. We often cling on out of ego or habit, but letting go can help you rediscover who you are beyond the title.”
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Talk soon,
Steven