The Emotional Downside of Exiting Your Business

Congratulations! You’ve sold your business. Now prepare to be depressed.

Most founders see selling their business as a gateway to new wealth and a dream come true. But many underestimate how emotionally wrapped up they’ve been in their venture, and the sense of loss they will feel when it’s gone. "When the deal closes, you often lose your identity and feel isolated," points out Jerome Myers, Founder of Exit to Excellence, who experienced the emotional roller coaster of selling his own $20 million business and now helps other founders navigate this process. In fact, Myers adds, 75% of founders who've sold their business eventually regret the move.

In this interview, Myers talks about his own experiences and those of his clients, and shares his tips for entrepreneurs and family business leaders who are preparing to step down. The key, he says, is setting ambitious personal goals for yourself after you've left the business -- for most entrepreneurs, playing golf and spending more time with the grandchildren won't be enough after a while.

Other words of wisdom: Think about what you want for yourself; talk to other people who've already taken that journey; and “make sure you exit to something, instead of exiting from something."