[dualogy]

My 2 cents for free, for whatever that is worth...

While the old product still makes you money, invest all resources into building the new product.

Selling the company / IP: if you don't have willing buyers lined up and competing-up the sales value, common wisdom suggests that this is usually not worthwhile / a losing proposition. Buyers are usually trying to enter into growing markets / products, but you expect negative growth. So not sure who'd be looking to invest in this area right now...

[lifeisstillgood]

Could not agree more. You have a dying product, not a dying business or bad employees. Level with your employees (who probably already know this is a dying product) - and then set a revitalising target - Build in the next two months at least two online profitable (cash positive) services. Which ones? Ask your employees now, and over next few weeks ask your customers. They have pain points that clearly are being better met elsewhere, but when someone credible asks what pain can I solve, most people reply seriously.