Shutting down a company is not something you prepare for when you start your company. You plan for growth, you rally a team, and you chase ambitious goals. But the reality is that most startups fail.

This week’s episode of Critical Moments features Josh March and Kasia Gora, co-founders of Sci-Fi Foods. They raised $45 million from top investors to develop cultivated meat—meat grown from cells instead of animals—with the dream of changing how the world produces food. And while they were developing a great product — the progress was undeniable, the market evaporated for what they were building.

When it became clear that the end was inevitable, they didn’t retreat or hide. Instead, they leaned into leadership. They over-communicated with their employees, ensured investors stayed informed, and preserved the team’s collective dignity. Their guide, Graceful Exit, captures the lessons they learned along the way.

The key takeaway? Vulnerability is strength. It’s scary to be open, especially when sharing hard truths, but Josh and Kasia’s experience proves that honest communication builds trust—even in failure. They showed their employees respect by being transparent. Their investors appreciated their maturity and candor. And their decision to document everything offers invaluable insights to the rest of us.

For CEOs, the tension between optimism and realism is ever-present. We are paid to dream big and solve impossible problems. But knowing when to pivot—and when to stop—is one of the most challenging and essential skills.

Josh and Kasia’s journey is a reminder that failure isn’t the end of your story. It’s part of the story, and how you handle it speaks volumes about the leader you are.

The most striking part of our conversation? Despite the shutdown, Sci-Fi Foods’ core intellectual property now lives on as an open-access resource, ensuring future startups can build on their work. That’s leadership. That’s impact.

For those of us leading companies, it’s worth asking: Am I as intentional about how I’ll exit as I am about how I’ll grow?

This podcast episode isn’t just about shutting down. It’s about showing up—with grace, courage, and integrity.