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How to Reinvent Your Business

When Jason Goldberg and Bradford Shellhammer shut down their former venture Fabulis.com, a social-networking site for gay men, and opened Fab.com a flash-sale site focused on design, the decision wasn't easy. They had to throw away a year's worth of work and lay off most of their staff. But no one ever said reinvention was easy. Here are their three tips for how to switch gears successfully.

Related: Fab Forward: How Fab.com Found a Niche in a Design Deal Social Hub