Downsizing tank

[JustKoch]

So I am looking to potentially downsize my tank from a 125 gallon tank to a 40 gallon tank. What would be the best way to approach this? Put in new sand - move the live rock from old tank to smaller tank. Use the water from old tank or put in new salt tank? Will be looking to move 2 clowns 2 shrimps 5 corals and a few snails and hermit crabs. Any insight is appreciated.

Thank you!

 

[Grumblez]

I would set new tank up, add half new water, put your base rocks down, add new sand. Once sand settles finish your aquascape. Then fill with water from your other tank and add your livestock.