What happens when your identity is deeply tied to your business? How do you plan an exit that protects your company and your sense of self? Jerome Myers and Matt Halloran explore the “Founder’s Exit Paradox” and the challenges of stepping away from a business while asking: What’s next when the company no longer defines you?
Jerome shares stories from his workshop with Sri Lankan business leaders, tackling identity, legacy, and the importance of planning a purposeful exit. Whether you’re years away from exiting or nearing the decision, this episode offers the strategies and insights to guide you toward a future filled with meaning.
[00:00 - 04:51] Small Shifts, Big Impact
Tiny decisions, significant changes: Small shifts lead to significant outcomes
Sri Lanka insights: Lessons from family businesses
Legacy views: U.S. vs. Sri Lankan perspectives
[04:52 - 10:07] Legacy Resistance and The Founder's Exit Paradox
Legacy pushback: Some resist the concept of legacy
Identity struggle: Entrepreneurs find it hard to separate from their business
Exit challenge: Unraveling identity is necessary but difficult
[10:08 - 15:28] Shedding Business Identity
The descent: Shedding business identity like layers
New passions: Sri Lankan entrepreneur pursues racing
Exploring purpose: Finding passions outside of work
[15:29 - 22:00] Passion Projects and Creating Value
Passions to legacies: Passion projects leave a lasting mark
Rewarding work: Passion-driven efforts can be more fulfilling
Purpose focus: Solve bigger problems after exiting
[22:01 - 28:15] The Importance of Exit Planning
Exit strategy: Critical like estate planning
Three exit options: Sell, close, or pass down
Avoid chaos: Poor planning leads to messy transitions
[28:16 - 33:16] Final Thoughts and Next Steps
Think ahead: Plan long-term for your exit
Reverse success: Work backward from your goal
Assessment insights: Jerome’s tool helps business owners prepare
Key Quotes:
“Small shifts over time can make humongous changes, not just in that person's life, but also in the world.” - Matt Halloran
“Founders often wrap their identity up in the business, and unraveling that is one of the hardest parts of the exit.” - Jerome Myers
Connect with Jerome!
LinkedIn: https://www.linkedin.com/in/jeromemyers/
Instagram: https://www.instagram.com/coachjeromemyers/
Post Exit Personality Assessment
Link: https://theexitparadox.com/assessment
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