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Scared of Life After Selling Your Business?
What you missed on How2Exit This week
Ronald Skelton
January 21, 2025
Sponsors:
DueDilio is your go-to marketplace and advisory service for all things related to small business acquisitions.
Build Your M&A Team
and
Final Ascent, a premier boutique professional services firm specializing in mergers and acquisitions, exit strategies, and growth consulting tailored for lower middle-market firms across the U.S.
E264: Scared of Life After Selling Your Business? The N.E.X.T. Framework Will Change Everything
About the Guest(s):
Jerome Myers is a dynamic leader and the founder of Exit to Excellence, a consultancy focused on helping business owners transition from their companies with both confidence and a sense of purpose. Previously, Jerome built a successful $20 million division for a Fortune 550 company. Post-corporate life, he ventured into real estate, significantly impacting the market through apartment syndications. Jerome now dedicates his time to coaching and consulting entrepreneurs, ensuring they find fulfillment and significance beyond monetary gains from selling their businesses. His expertise in helping business founders navigate exits aligns deeply with his personal experiences of transformation.
Episode Summary:
In this engaging episode of How2Exit Podcast, host Ronald Skelton welcomes back Jerome Myers, founder of Exit to Excellence. Jerome dives into the nuances of the "Founder's Exit Paradox," where entrepreneurs face unexpected challenges of emptiness and depression post-business exit. Highlighting the importance of a purpose-driven transition, Myers shares insights on how he helps founders prepare for life beyond their companies through his N.E.X.T. framework—an organized approach focusing on nourishment, evaluation, exploration, and transcendence.
The episode delves into the psychological intricacies of exiting a business, emphasizing why maintaining personal and professional relationships beyond work is crucial. Jerome and Ron discuss various exits scenarios, spanning from forced exits due to life circumstances to planned strategic exits. They further explore the necessity of self-reflection, understanding one's skills, and redirecting energy towards purposeful endeavors to overcome post-exit challenges and find newfound significance and fulfillment.
Key Takeaways:
Business exits can lead to emotional challenges like the "Founder's Exit Paradox," where monetary gain may quickly be overshadowed by feelings of emptiness.
Jerome Myers developed the N.E.X.T. framework—Nourish, Evaluate, Explore, Transcend—to guide founders in planning purposeful transitions beyond business exits.
Relationships significantly change post-exit; building a supportive network outside of work is essential to mitigating feelings of loneliness.
Proper succession planning and self-reflection on skills and goals can prepare entrepreneurs for a fulfilling life after exiting their businesses.
Understanding and navigating the six centers of doubt: self-image, relationships, work, health, prosperity, and significance, can facilitate a meaningful and successful exit journey.
Article:
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