Pauley, Ma hew K
A icle
Na iga ing iden i y shi s and well-being in he
en ep eneu ial exi p ocess: A compa a i e s udy o
en ep eneu s nea ing e i emen
BRQ Business Resea ch Qua e ly
P o ided in Coope a ion wi h:
Asociación Cien í ica de Economía y Di ección de Emp esas (ACEDE), Mad id
Sugges ed Ci a ion: Pauley, Ma hew K (2025) : Na iga ing iden i y shi s and well-being in he
en ep eneu ial exi p ocess: A compa a i e s udy o en ep eneu s nea ing e i emen , BRQ
Business Resea ch Qua e ly, ISSN 2340-9444, Sage Publishing, London, Vol. 28, Iss. 3, pp. 635-650,
h ps://doi.o g/10.1177/23409444241295776
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/327089
S anda d-Nu zungsbedingungen:
Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen
Zwecken und zum P i a geb auch gespeiche und kopie we den.
Sie dü en die Dokumen e nich ü ö en liche ode komme zielle
Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich
machen, e eiben ode ande wei ig nu zen.
So e n die Ve asse die Dokumen e un e Open-Con en -Lizenzen
(insbesonde e CC-Lizenzen) zu Ve ügung ges ell haben soll en,
gel en abweichend on diesen Nu zungsbedingungen die in de do
genann en Lizenz gewäh en Nu zungs ech e.
Te ms o use:
Documen s in EconS o may be sa ed and copied o you pe sonal
and schola ly pu poses.
You a e no o copy documen s o public o comme cial pu poses, o
exhibi he documen s publicly, o make hem publicly a ailable on he
in e ne , o o dis ibu e o o he wise use he documen s in public.
I he documen s ha e been made a ailable unde an Open Con en
Licence (especially C ea i e Commons Licences), you may exe cise
u he usage igh s as speci ied in he indica ed licence.
h ps://c ea i ecommons.o g/licenses/by-nc/4.0/
h ps://doi.o g/10.1177/23409444241295776
Business Resea ch Qua e ly
2025, Vol. 28(3) 635 –650
© The Au ho (s) 2024
A icle euse guidelines:
sagepub.com/jou nals-pe missions
DOI: 10.1177/23409444241295776
jou nals.sagepub.com/home/b q
C ea i e Commons Non Comme cial CC BY-NC: This a icle is dis ibu ed unde he e ms o he C ea i e Commons
A ibu ion-NonComme cial 4.0 License (h ps://c ea i ecommons.o g/licenses/by-nc/4.0/) which pe mi s non-comme cial use,
ep oduc ion and dis ibu ion o he wo k wi hou u he pe mission p o ided he o iginal wo k is a ibu ed as speci ied on he SAGE and
Open Access page (h ps://uk.sagepub.com/abou us/openaccess.h m).
In oduc ion
The en ep eneu ial exi p ocess, in ol ing pa hways such as
selling a business, passing i o amily membe s, me ging, o
e i ing, is a c i ical phase in he en ep eneu ial li e cycle.
This phase signi ies ansi ioning om ac i e business owne -
ship o a di e en s age o li e o ca ee , equi ing signi ican
inancial, ope a ional, pe sonal and psychological adjus -
men s (Mo is e al., 2020). Despi e i s impo ance, he well-
being o en ep eneu s du ing his exi phase is unde explo ed,
wi h limi ed li e a u e add essing he psychological and emo-
ional dimensions o en ep eneu ial exi s (DeTienne &
Wennbe g, 2016; Wennbe g & DeTienne, 2014).
En ep eneu ial iden i y, deeply linked o one’s sense o
sel , encompasses oles, belie s, and alues ied o being an
en ep eneu . Du ing he exi p ocess, no ably h ough
e i emen , en ep eneu s o en unde go p o ound iden i y
shi s whe e hese changes impac how hey cope wi h he
ansi ion, hei u u e aspi a ions, and o e all men al well-
being (L. Wa en, 2004; A. M. Wa en & Kelloway, 2010).
This s udy ocuses on subjec i e men al well-being, de ined
as an indi idual’s emo ional s a e a he han diagnosed dis-
o de s (F iedli, 2009; Galde isi e al., 2015; Tudo , 2013).
Unde s anding hese dynamics is c ucial o designing sup-
po sys ems o en ep eneu s unde going li e change.
The ansi ion om en ep eneu ship p o oundly
impac s emo ional, psychological, and social well-being as
indi iduals na iga e he complex p ocess o exi ing hei
Na iga ing iden i y shi s and well-being
in he en ep eneu ial exi p ocess: A
compa a i e s udy o en ep eneu s
nea ing e i emen
Ma hew K Pauley1
Abs ac
En ep eneu s in hei 50s and beyond ace signi ican iden i y shi s and well-being challenges as hey ansi ion ou o
he businesses hey ha e buil . G ounded in Supe ’s ca ee -de elopmen amewo k and u ilizing he Eisenha d Me hod
o case s udy analysis, his esea ch explo es he en ep eneu ial exi p ocess du ing he ma u i y and decline s ages.
Wi h an a e age business enu e o 11 yea s, hese en ep eneu s encoun e emo ional and p ac ical hu dles, such
as heal h conce ns, inancial p essu es, and shi ing p io i ies. The s udy highligh s aluing iden i y di e si ica ion and
social suppo in easing he ansi ion, e ealing ha inancial success alone does no gua an ee posi i e pos -exi well-
being. Gende di e ences show women p io i ize sus ainabili y and amily, while men ocus on g ow h and p o essional
iden i y. These insigh s unde sco e he need o ea ly exi planning and holis ic suppo o success ul en ep eneu ial
succession and e i emen s a egies.
JEL CLASSIFICATION: L26: En ep eneu ship; D91: In e empo al Household Choice; Li e Cycle Models and Sa ing;
M14: Co po a e Cul u e; Di e si y; Social Responsibili y; J14: Economics o he Elde ly; Economics o he Handicapped;
Non-labo Ma ke Disc imina ion; I31: Gene al Wel a e, Well-being
Keywo ds
En ep eneu ial exi , well-being, iden i y, Eisenha d me hod, small business
1Facul y o Business and Law, Middlesex Uni e si y, The Bu oughs,
London, UK
Co esponding au ho :
Ma hew K Pauley, Facul y o Business and Law, Middlesex Uni e si y,
The Bu oughs, London, NW4 4BT, UK.
Email: [email p o ec ed]
1295776BRQ0010.1177/23409444241295776Business Resea ch Qua e lyPauley
esea ch-a icle2024
Special Issue: En ep eneu ship and
Well-Being: Resea ch P og ess and Challenges Ahead
636 Business Resea ch Qua e ly 28(3)
businesses (Haslam e al., 2019). Iden i y shi s du ing his
phase can cause a ied ou comes, om eelings o loss and
diminished pu pose o elie and he disco e y o new-
ound au onomy (Mu a o e & Ea l, 2015). These shi s
highligh aluing, unde s anding he ac o s ha in luence
hese ou comes ela ed o li e sa is ac ion and men al
heal h h oughou he ma u i y and pos -decline s ages
(Mu a o e & Ea l, 2010). Examining age and gende in
shaping iden i y changes du ing en ep eneu ial exi s is
c ucial o unde s anding en ep eneu s’ di e se expe i-
ences. These ac o s in luence cogni i e and emo ional
esponses while guiding s a egies o na iga ing iden i y
ans o ma ions. Add essing hese gaps in he li e a u e
o e s a mo e de ailed unde s anding o en ep eneu ial
exi s, he eby enabling he de elopmen o ailo ed sup-
po sys ems ha acili a e his pi o al ansi ion.
Expanding on he signi icance o age and gende in
en ep eneu ial exi s, e i emen eme ges as a pa icula ly
pe inen exi s a egy, especially wi hin he con ex o
aging popula ions. Re i emen , a g owing end in en e-
p eneu ial exi s (Mo is e al., 2020; Rons ad , 1986;
Soleimano e al., 2015; Solem e al., 2014), ep esen s a
ull wi hd awal om ac i e business ope a ions, o en
shi ing ocus owa d pe sonal ul illmen , leisu e, amily,
and sel -explo a ion (B idges, 2001). This s age highligh s
p izing well-being by con on ing exis en ial ea s associ-
a ed wi h aging and mo ali y (Becke , 2007). Add essing
e i emen has socie al implica ions, such as i s impac on
wo k o ce demog aphics and he economic con ibu ions
o senio en ep eneu s (C ego e al., 2008), bu also in o-
duces unique challenges and oppo uni ies o iden i y e -
o ma ion, an essen ial a ea o ocused esea ch and
s a egic in e en ions (Vough e al., 2016).
Using he Eisenha d me hod (Eisenha d , 1989;
Eisenha d , 2021), his s udy employs mul i-case analysis o
explo e he iden i y and well-being changes du ing he
ma u i y (50s) and decline (o e 60 yea s o age) s ages in
he en ep eneu ial exi p ocess. The me hod o e s lexibil-
i y o explo e pe sonal ac o s like age and gende ha in lu-
ence iden i y changes, e ealing how en ep eneu s na iga e
hese shi s and ela ed psychological challenges. This s udy
employed c ys alliza ion, combining mul iple me hods and
pe spec i es o cap u e complex social phenomena, balanc-
ing dep h wi h igo h ough echniques like pa e n ma ch-
ing and i e a i e compa ison o s eng hen he c edibili y o
he indings (Ellingson, 2009). In e iews and obse a ions
we e used o ga he comp ehensi e da a, g ounding he pa -
icipan s’ dynamic expe iences hema ically.
This s udy in es iga es he nuanced iden i y ansi ions
o en ep eneu s du ing business exi s, e ealing signi i-
can a ia ions in luenced by age, inancial ou comes, and
gende . En ep eneu s in hei 50s o en g apple wi h anxi-
e y and iden i y c ises because o deep business a ach-
men s and un esol ed succession plans, while hose o e
60 yea s o age expe ience smoo he ansi ions, mo i a ed
by heal h and inancial s abili y. Financial success can
complica e iden i y shi s, while less- a o able ou comes
may acili a e hem. Gende also plays a ole: emale en e-
p eneu s p io i ize ela ional and communi y aspec s a e
exi , while male en ep eneu s ocus on legacy and p o es-
sional iden i y h ough new en u es o ad iso y oles. The
a icle add esses a gap in he li e a u e by e iewing en e-
p eneu ial iden i y and well-being among hose nea ing
e i emen , using a obus me hodological app oach o
explo e hese dynamics and hei implica ions, and con-
cludes by sugges ing a enues o u u e esea ch.
Li e a u e e iew
The en ep eneu ial exi p ocess in ol es a ious pa h-
ways h ough which en ep eneu s disengage om hei
en u es, such as selling he business, passing i o amily
membe s, o bank up cy (DeTienne, 2010). This phase is
c ucial in he en ep eneu ial li e cycle as i ma ks shi ing
om ac i e business owne ship o a new phase o li e o
p o essional ajec o y, in ol ing inancial, ope a ional,
and conside able pe sonal and men al g ow h (Von
Bonsdo e al., 2019). Al hough en ep eneu ial exi
esea ch being unde explo ed was spo ligh ed o e a dec-
ade ago (DeTienne & Wennbe g, 2016; Wennbe g &
DeTienne, 2014), he e emains a no able gap in esea ch
add essing he c i ical impac s on well-being and iden i y
shi s du ing his ansi ional pe iod.
To be e unde s and he complexi ies o he en ep eneu -
ial exi p ocess, Supe ’s ca ee -de elopmen heo y o e s a
compelling amewo k, highligh ing he e ol ing na u e o
iden i y ac oss a ious li e s ages. By aming ca ee ansi-
ions as a con inuous p ocess o sel -concep ealiza ion
h ough occupa ional oles, Supe (1957) p o ides a s uc-
u ed app oach o analyzing how en e p eneu s in di e en
s ages—g ow h, explo a ion, es ablishmen , main enance, and
decline—p o iding a lens o unde s and how en ep eneu s,
pa icula ly hose in hei 50s and o e 60 yea s o age, shi
om business g ow h o pos -en ep eneu ial pu sui s. This
app oach emphasizes he c ucial ole o iden i y ealignmen ,
as en ep eneu s econ igu e hei sel -concep in esponse o
changing oles and aspi a ions du ing he exi p ocess.
Building on Supe ’s amewo k, en ep eneu ial iden-
i y is key o unde s anding how indi iduals ede ine hem-
sel es du ing exi . Shaped by social in e ac ions and
pe sonal expe iences, i in luences decision-making and
e okes complex emo ions du ing e i emen ansi ions,
whe e hese iden i y shi s can elici bo h libe a ion and a
loss o pu pose, unde sco ing he emo ional complexi y o
exi s (L. Wa en, 2004; A. M. Wa en & Kelloway, 2010).
This esea ch examines he impac o hese iden i y shi s
on subjec i e well-being, ocusing on happiness and
au onomy (F iedli, 2009; G eenspoon & Saklo ske, 2001).
While exi can alle ia e s ess, i may also igge dis ess,
especially a e inancial s ain (Hessels e al., 2018;
Pauley 637
Pauley, 2017). E en in olun a y exi s, en ep eneu s o en
ace iden i y c ises, highligh ing he impo ance o unde -
s anding hese shi s o well-being du ing his pi o al
phase (Mo is e al., 2020; Wennbe g & DeTienne, 2014).
Recognizing he ela ionship be ween iden i y, well-
being, and esilience du ing business exi s is essen ial o
suppo ing smoo he ansi ions and enhancing pos -exi
well-being. Resilience plays a c ucial ole in helping en e-
p eneu s na iga e he psychological challenges o exi
(Williams & Shephe d, 2016), whe e shi s in en ep e-
neu ial iden i y h oughou he business li e cycle signi i-
can ly a ec well-being (Shephe d e al., 2019). Shephe d
and Haynie (2011) a gue ha sel -compassion is ins u-
men al in enabling en ep eneu s o econs uc hei iden-
i y and os e emo ional esilience ollowing en u e
ailu e, which is suppo ed by o he schola s unde sco ing
he pe inence o iden i y econs uc ion in he eco e y
p ocess (Shephe d & Ca don, 2009; Ucbasa an e al.,
2013). The emo ional complexi y o exi s, encompassing
bo h libe a ion and po en ial iden i y c ises, unde sco es
he need o a deepe explo a ion o how iden i y shi s
impac subjec i e well-being, especially in ela ion o hap-
piness, au onomy, and emo ional esilience.
While exis ing s udies ha e examined he cogni i e and
emo ional s uggles, such as he ole o esilience and sel -
e icacy in managing s ess and well-being du ing exi s
(Ba on e al., 2013; Hessels e al., 2018), u he explo a-
ion o iden i y con lic s, p incipally in ela ion o gende -
speci ic challenges and wo k- amily con lic s, demands
a en ion which can impac he exi expe ience and subse-
quen iden i y econs uc ion (Lewis e al., 2016;
Sa deshmukh e al., 2021). The unde explo ed impac o
exi s a egies on iden i y econcilia ion and he ole o
e lec i e p ac ices in acili a ing ansi ions sugges s ha
he way en ep eneu s na iga e hei pas and pos -decline
iden i ies, shaped by hei chosen exi s a egies, may p o-
oundly in luence hei long- e m psychological well-
being and ca ee sa is ac ion (DeTienne & Ca don, 2006;
Radu-Le eb e e al., 2021). By ocusing on hese com-
plex iden i y p ocesses, ailo ed s a egies can be e acili-
a e success ul pos -exi ansi ions, p omo ing no only
psychological well-being bu also sus ained pe sonal and
p o essional g ow h.
Age also eme ges as a pi o al ac o shaping he en e-
p eneu ial exi expe ience in well-being and iden i y e o-
lu ion. Kible e al. (2024) accen ua e how aging a ec s
emo ional exhaus ion and s a egy, in oducing he con-
cep o he “ el age gap” o illus a e how subjec i e aging
in e sec s wi h iden i y shi s, gende oles, and suppo
ne wo ks. As en ep eneu s o e 50 p io i ize legacy and
s abili y, signi ican iden i y changes can impac hei
well-being (E ikson, 1963; Supe , 1957) and unde goes
signi ican changes (Jung & Beebe, 2016). En ep eneu s
exi ing du ing he decline s age ace age- ela ed s e eo-
ypes ha hinde decision-making and complica e iden i y
econs uc ion (Le y, 2009; Ng & Feldman, 2009). Fo
olde en ep eneu s, deeply connec ed o hei businesses,
he unce ain y o li e a e exi can igge anxie y
(A chley, 1989). Wi h an aging global popula ion, unde -
s anding hese age-speci ic iden i y shi s is i al o de el-
oping ailo ed in e en ions as en ep eneu ial exi s ise
(Mo is e al., 2020; Rons ad , 1986; Solem e al., 2014).
Despi e he complex pe sonal dynamics a play, exi s du -
ing he main enance and decline s ages emain unde ex-
plo ed (Shephe d & Williams, 2018).
Gende is ano he c i ical ac o impac ing how iden i y
changes a e expe ienced du ing he en ep eneu ial exi ,
wi h men and women acing di e en socie al expec a-
ions ha shape hei iden i y and exi s a egies (Ahl,
2006; Cha e jee e al., 2022). Women equen ly ace
inc eased s ess and iden i y con lic du ing exi s because
o socie al p essu es o balance ca ee and amily oles,
wi h guil o e p io i izing hei ca ee , which exace ba es
hese challenges (Lewis e al., 2016; Ma low & McAdam,
2013; Sa deshmukh e al., 2021). O he obs acles include
s uc u al ba ie s, such as access o capi al and ne wo ks,
which may limi hei s a egic exi op ions and u he
compound he emo ional complexi ies o he p ocess
(Jennings & B ush, 2013). Explo ing gende dynamics can
help ackle he speci ic hu dles aced by women en ep e-
neu s, leading o mo e ai and sus ainable ou comes. This
will con ibu e o a be e unde s anding o gende -speci ic
ba ie s and oppo uni ies in en ep eneu ship, especially
du ing exi s ages.
The li e a u e e eals he complex dynamics o en ep e-
neu ial exi s, which p o oundly a ec pe sonal g ow h and
well-being. Despi e he signi icance o his ansi ion, i s
impac on iden i y shi s and well-being is s ill unde ex-
plo ed. Ca ee -de elopmen heo y o e s insigh in o how
en ep eneu s e ame hei iden i ies as hey ansi ion om
business owne ship o new oles. Age and gende a e pi -
o al, wi h olde en ep eneu s acing s e eo ypes and women
g appling wi h unique socie al p essu es. This s udy
employs he Eisenha d Me hod o examine how en ep e-
neu s in hei 50s and beyond manage hese iden i y shi s,
ocusing on men al challenges, coping mechanisms, and
suppo sys ems. By highligh ing he in e play o age and
gende , i o e s s a egic insigh s o designing suppo sys-
ems ha os e smoo he exi s and enhanced well-being.
Me hods
To add ess calls o enhanced me hodological igo in
en ep eneu ship well-being esea ch, his s udy employs
he Eisenha d Me hod (Eisenha d , 1991, 2021; Eisenha d
& G aebne , 2007) ia a mul i-case analysis o in es iga e
he e olu ion o iden i y and well-being du ing he ma u e
and declining phases o en ep eneu ial exi s. Key con-
s uc s like “well-being” and “ ole iden i y” a e ope a ion-
alized using semi-s uc u ed in e iews o cap u e
638 Business Resea ch Qua e ly 28(3)
phenomena such as iden i y shi s (Eisenha d , 1989; Yin,
2018). This app oach le e ages heo e ical sampling o
e ine heo e ical amewo ks and boos gene alizabili y,
highligh ing he i al ole o na a i e iden i y wo k in sus-
aining psychological esilience du ing en ep eneu ial
ansi ions (Down, 2006). Pu posi e sampling en iches
insigh s in o iden i y shi s among olde en ep eneu s
(E ikan e al., 2016; Pa on, 2002), and c oss-case analysis
s eng hens alidi y h ough di e se pe spec i es (C eswell
& Cla k, 2017).
The esea ch design—including he de elopmen o he
in e iew guide—was p o oundly shaped by he au ho ’s
ex ensi e expe ience as he owne o i e businesses
ac oss di e se indus ies o e he pas 20 yea s, as well as
hei ole as a di ec o o an en ep eneu ship cen e and
men o o business s a ups and accele a o s o o e a
decade ac oss Asia, A ica, Eu ope, and No h Ame ica.
This mul i ace ed backg ound p o ided a unique an age
poin ha deeply in o med he s udy’s concep ual ame-
wo k and me hodological app oach. The au ho ’s p ac ical
expe ise in na iga ing complex en ep eneu ial land-
scapes enabled hem o engage wi h pa icipan s on a
deepe le el, os e ing a sense o us and openness ha
was c ucial o elici ing ich, candid insigh s. This dep h o
expe ience also allowed o he agile adap a ion o in e -
iew ques ions in eal ime, esponding o eme ging
hemes and con ex ual cues, which p o ed essen ial in cap-
u ing he nuanced eali ies o en ep eneu ial p ac ice
wi hin he limi ed du a ion o he in e iews. The esea ch
bene i ed om a obus and dynamic da a-collec ion p o-
cess, yielding subs an i e indings ha o he wise emained
unexplo ed.
The in e iew guide, in o med by he en ep eneu ial
exi li e a u e, d ew on DeTienne and Ca don (2012) o
explo e mo i a ions and iden i y shi s, while Fo s e -Hol
(2013) shaped ques ions on s a egy and well-being. Guided
by he Eisenha d me hod, he in e iews examined exi
mo i a ions, s a egies, iden i y e olu ion, and well-being
among en ep eneu s in hei 50s and o e 60 yea s o age,
using Supe ’s ca ee ansi ion amewo k. The p o ocol
was e ined h ough discussions wi h a business succession
expe and es ed in a pilo s udy wi h ou en ep eneu s (o
simila age, one emale and h ee males), enhancing ques-
ion dep h and ele ance. Seconda y esea ch in o med ai-
lo ed ques ions o each pa icipan , imp o ing da a
c edibili y h ough esponse e i ica ion, in line wi h he
s udies by Eisenha d (1989) and Yin (2018). Da a collec-
ion commenced be ween Decembe 2015 and Ap il 2016.
Pa icipan s
Sepa a ing he sample by age—indi iduals in hei 50s (14
cases) and hose o e 60 yea s o age (se en cases)—was
essen ial o unde s and he dis inc impac s o en ep e-
neu ial exi on iden i y change and o e all well-being.
Indi iduals in hei 50s a e commonly in he p e- e i emen
s age, whe e hey manage bo h business exi s a egies and
u u e e i emen plans. Meanwhile, hose aged 60 yea s
and abo e a e ypically in he decline o pos -decline
phase, con on ing immedia e ansi ions and he chal-
lenges ha come wi h hem, including he consequences o
p e ious decisions. This sepa a ion allows o a nuanced
analysis o age-speci ic pa e ns and needs, in o ming a -
ge ed suppo and in e en ions o en ep eneu s a di e -
en s ages o e i emen .
When engaging in he i e a i e p ocess o analysis, he
sample was eo ganized again acco ding o a inancial ha -
es exi (sale, acquisi ion, buyou , liquida ion, succes-
sion) ha comp ised 13 cases e sus o he exi ypes
(dissol e, bank up cy, de aul ) wi h eigh cases and by
gende wi h i e emale cases and 16 male cases o a com-
p ehensi e unde s anding o he en ep eneu ial exi p o-
cess. By using dual segmen a ion, he s udy gains a
comp ehensi e unde s anding o how ac o s in e sec o
in luence en ep eneu ial exi s and imp o e suppo sys-
ems. Th ough wi hin-case analysis and c oss-case com-
pa ison, he me hod iden i ies eme ging pa e ns and
cons uc s. Indi idual cases wi hin he g oups we e com-
pa ed o elucida e he ichness and dep h na a i es o
unco e pa e ns and gene a e heo y (Eisenha d , 1989,
2021).
Each case was pu posi ely selec ed h ough p o es-
sional ne wo ks, in ol ing mic o, small, and medium
en e p ises (mSMEs) om Sou he n On a io, Canada (see
Table 1 o demog aphic de ails), o cap u e businesses
ha ha e h i ed well beyond he ypical 3-yea , 50% ail-
u e a e (Amélie La ance-Cooke & Alex McDougall,
2023; Macdonald, 2012). En ep eneu s wi h peak e e-
nues be ween $60k o $23 million, and signi ican business
enu es a e aging o e a decade, o e unique insigh s in o
sus ained success because hei p olonged engagemen
allows o deepe explo a ion o iden i y shi s and well-
being du ing he exi p ocess, which is o en unde ep e-
sen ed in s udies ocused on s a ups o ailed businesses
(Hessels e al., 2017). Unlike ea ly ailu es, esilien en e-
p eneu s plan delibe a e exi s ha e ol e a ound legacy
and iden i y ansi ion (Kašpe o á & Ki ching, 2014).
Exi ing success ul en u es comes wi h unique challenges,
like emo ionally le ing go o an es ablished iden i y
(DeTienne, 2010).
The indus ies ep esen ed acco ding o hei No h
Ame ican Indus y Classi ica ion Sys em (NAICS) codes
include ag icul u e, heal h ca e, shipping, es au an , ech-
nology, g oce y, cons uc ion, se ice, and manu ac u ing.
The a e age in e iew leng h was 40 minu es, which, in
he Eisenha d me hod, allows o lexibili y o ensu e all
ele an da a a e cap u ed (Eisenha d & G aebne , 2007).
Al hough a 40-minu e a e age in e iew may seem sho ,
i can yield aluable insigh s when he in e iew p ocess is
me hodologically igo ous, wi h i e a i e and adap i e
Pauley 639
da a collec ion enhancing he dep h and ele ance o he
indings (Beaumon e al., 2014). The esea che adap ed
ques ions in eal ime o explo e eme ging hemes and
e ined he in e iew guide a e he ini ial analysis,
enhancing he ocus o subsequen da a collec ion (B aa en
e al., 2020).
Analysis
The analysis ollows Eisenha d ’s compa a i e case
app oach, u ilizing c oss-case syn hesis as a obus quali a-
i e echnique. This me hod in ol es se e al s ages o da a
analysis, suppo ed by NVi o, a quali a i e da a analysis
so wa e ha enhances he o ganiza ion, coding, and sys-
ema ic explo a ion o semi-s uc u ed in e iew da a. By
le e aging NVi o, he analy ical p ocess gains igo and
e iciency, allowing o deepe and mo e comp ehensi e
da a in es iga ion (Jackson e al., 2019). The p ocess s a s
wi h a de ailed wi hin-case analysis o iden i y key hemes,
pa e ns, and insigh s unique o each case by me iculously
coding in e iew da a and obse a ions (Miles e al., 2013;
Saldaña, 2015).
In eg a ing a heu is ics app oach—emphasizing pe -
sonal expe ience, sel - e lec ion, and in ui i e disco e y—
adds lexibili y and dep h o he s udy’s coding p ocess,
ex ending beyond he adi ional Gioia me hod o cap u e
he nuanced na a i es o en ep eneu ial exi s (Gioia e al.,
2010; Mees-Buss e al., 2022). While heu is ic inqui y can
be subjec i e, ca e ul planning and e lexi i y ensu ed
me hodological igo and esea che well-being (Douglass
& Mous akas, 1985). Highe -o de heu is ics, such as pa -
e n ma ching and i e a i e compa ison, aligned wi h he
Eisenha d me hod o p o ide a comp ehensi e unde s and-
ing o each case. Fo example, a high-achie ing en ep e-
neu s uggled wi h iden i y loss and heigh ened anxie y
du ing e i emen despi e inancial success, highligh ing
he emo ional oll o exi ing a long-held business iden i y.
To add ess hese challenges, pa icipan s engaged in pee
deb ie ing sessions, and sys ema ic coding wi h NVi o and
clea inclusion c i e ia helped main ain consis en , bias-
awa e analysis, p ese ing me hodological dep h and igo
(Ellingson, 2009).
C oss-case analysis is hen used o i e a i ely compa e
and con as cases o unco e simila i ies and di e ences
o gene a e new heo ies (Eisenha d , 2021; Ra enswood,
2011). This is no o be con used wi h he cons an com-
pa ison me hod, which is also an i e a i e p ocess whe e
da a segmen s a e epea edly di e en ia ed o de elop ca -
ego ies and iden i y pa e ns by e ining ca ego ies h ough
ongoing da a analysis (Dye e al., 2000). The Eisenha d
Table 1. Pa icipan demog aphic de ails.
Case Gende Exi age Educa ionaDu a ion
yea s
Yea s since
exi
NAICS Business
sizeb
Re enue
(CDN)
Exi ype
1 Male 56 Elemen a y 21 0 484110 Small 5,000,000 Sale
2 Female 50 High school 21 0 484110 Small 5,000,000 Sale
3 Female 56 High school 11 6 722511 Small 470,000 Sale
4 Male 54 Pos -g adua e 11 6 722511 Small 470,000 Sale
5 Male 55 College 16 10 238160 Medium 650,000 Dissol e
6 Male 53 College 15 5 541514 Small 160,000 Bank up cy
7 Male 55 College 27 14 445110 Medium 5,000,000 Acquisi ion
8 Male 51 College 7 6 325910 Small 650,000 Dissol e
9 Female 52 College 7 6 325910 Small 650,000 Dissol e
10 Female 51 College 8 3 531212 Mic o 60,000 De aul
11 Male 57 College 17 8 333999 Medium 14,000,000 Buyou
12 Male 50 College 13 11 333999 Medium 23,000,000 Bank up cy
13 Male 52 College 17 0 411190 Medium 19,000,000 Buyou
14 Male 52 College 14 0 524210 Medium 950,000 Sale
A g - 53.1 - 14.6 5.4 - - 5,361,429 -
15 Male 70 Pos -g adua e 41 2 621111 Small 750,000 Liquida ion
16 Male 78 G ade school 55 10 111999 Small 60,000 Sale
17 Male 80 G ade school 50 5 111999 Small 100,000 Sale
18 Male 61 College 8 4 561611 Mic o Undisclosed Dissol e
19 Female 66 High school 14 0 621310 Mic o 70,000 Buyou
20 Male 65 High school 10 8 416210 Medium Undisclosed Succession
21 Male 62 Pos -g adua e 31 7 621210 Small Undisclosed Dissol e
A g. - 68.1 - 29.9 5.1 - - 245,000 -
aThe educa ion sys em in On a io, Canada, p og esses om elemen a y school (ages: 4–13 yea s) h ough seconda y school (ages: 14–18 yea s) o
pos -seconda y educa ion, including colleges o e ing diplomas and ce i ica es and uni e si ies p o iding bachelo ’s, mas e ’s, and doc o al deg ees.
bSou ce: Business size acco ding o employees, mic o: 1–4; small: 5–99; medium: 100–499 (S a is ics Canada, 2016).
640 Business Resea ch Qua e ly 28(3)
me hod was employed by selec ing case s udies o en e-
p eneu s in hei 50s and hose olde han 60 yea s o
explo e o e all expe ience, inancial success, and gende ,
iden i ying cons uc s and ela ionships be ween iden i y
change and well-being. Using cons an compa ison, da a
we e coded and con inuously e alua ed o iden i y com-
mon hemes and di e gen pa e ns ela ed o emo ional
esponses and iden i y shi s (Boeije, 2002; Glase , 1965).
These hemes we e e ined and expanded upon h ough
con inuous compa ison wi h new da a (Dye e al., 2000).
Thema ic analysis, using he Eisenha d and cons an
compa ison me hods, e ealed key pa e ns in iden i y and
well-being changes du ing en ep eneu ial exi s (B aun &
Cla ke, 2006; Hol on, 1975). Ini ial codes such as “loss o
p o essional iden i y” and “emo ional s ess” we e e ined
in o b oade hemes like “iden i y econs uc ion” h ough
i e a i e compa isons (B aun & Cla ke, 2019; Saldaña,
2015). Induc i e pa e n ma ching hen aligned empi ical
da a wi h heo e ical cons uc s, such as debunking he
my h ha inancial success ensu es happiness and high-
ligh ing he ole o emo ional s ess and iden i y shi s in
well-being (C eswell, 2013; Nowell e al., 2017) by align-
ing iden i ied pa e ns wi h p edic ed ones (Eisenha d ,
1989; Yin, 2018). The inal s age employed heo e ical
coding, using axial and selec i e coding o de elop a
cohe en heo y (S auss & Co bin, 1998; Tho nbe g &
Cha maz, 2014). Axial coding e ealed connec ions
be ween ca ego ies, while selec i e coding iden i ied
“iden i y econs uc ion” as he co e heme, linked o
“social suppo ” and “emo ional s ess.” This amewo k
shows how s ong coping s a egies and suppo ne wo ks
p omo e posi i e iden i y econs uc ion and well-being,
while hei absence can esul in emo ional challenges and
men al heal h decline (Sinko ics, 2018; Te y e al., 2017).
Resul s
This s udy employed a igo ous me hodological amewo k
o examine how en ep eneu s in hei 50s and beyond 60
unde s and and na iga e iden i y shi s du ing he exi p o-
cess. U ilizing da a c ys alliza ion, pa e n ma ching, and
i e a i e compa ison, he analysis unco e ed nuanced
insigh s in o he iden i y ans o ma ions expe ienced by
hese en ep eneu s. Mul iple sou ces o e idence, such as
in e iews and obse a ions, enhanced he c edibili y and
dep h o he indings. Theo e ical sampling and cons an
compa ison g ounded eme ging hemes in he da a, e lec -
ing he pa icipan s’ dynamic expe iences.
Key indings e eal ha iden i y and well-being s a e-
gies di e signi ican ly ac oss exi s ages, wi h en ep e-
neu s in hei 50s ocusing on main aining pu pose, while
hose o e 60 yea s o age p io i izing legacy and e i e-
men adjus men s. Financial ou comes and gende also
play c ucial oles: majo inancial success o en compli-
ca es iden i y ansi ions, while modes ou comes acili a e
smoo he exi s. Women end o ocus on communi y
engagemen a e exi , while men emphasize legacy and
p o essional iden i y h ough new en u es o ad iso y
oles. These insigh s p o ide a comp ehensi e unde s and-
ing o how age, inancial ou comes, and gende shape
iden i y and well-being du ing en ep eneu ial exi s.
Case compa ison
The en ep eneu ial exi p ocess highligh s dis inc di e -
ences conce ning en ep eneu s in hei 50s and o e
60 yea s o age in e ms o well-being and iden i y ans o -
ma ions. En ep eneu s in hei 50s o en ace a umul uous
ansi ion ma ked by a mix o complex emo ions and p ac-
ical conce ns, bes exempli ied in he ollowing quo e:
I was Ch is mas, and hings we e alling apa . I’ e had no
men al heal h issues o se e e dep ession o any hing like ha
bu , a his poin , I had a ne ous b eakdown. I was ou on he
oad one day ying o collec cheques and I jus los i ;
emo ions o e came me, and I was d i ing down he highway
balling and I didn’ know why. I el b oken in e e y way, and
I jus knew my li e would be o e i I con inued o do his
[business].
This quo e i idly e lec s he bu nou en ep eneu s in
hei 50s may expe ience, as hei spi aling nega i e emo-
ions, ma ked by a ne ous b eakdown and eelings o
being “b oken in e e y way,” d i e a despe a e need o
alle ia e he o e whelming s ess h ough exi ing hei
businesses. Thei s ong iden i ica ion wi h hei busi-
nesses means ha con empla ing an exi can lead o a p o-
ound iden i y shi , in ol ing a e-e alua ion o sel -wo h,
pu pose, and u u e aspi a ions. This pe iod is o en cha -
ac e ized by anxie y, unce ain y, and a deep sense o loss
as hey elinquish hei p o essional oles.
The ex e nal p essu es o inc easing compe i ion, eco-
nomic down u ns, and s ingen egula o y en i onmen s
exace ba e hei s ess, leading o men al and physical
exhaus ion, as exempli ied in one o he male quo es:
Du ing hose big jobs, I el like he king o he cas le. I was
e y p oud, bu hen i was quickly coun e ed. Wi hin six
mon hs, he company ook a nosedi e because he bills a e
ca ching up o us and you can only pu hem o o so long. I
became such an in ense p essu e. The e is $90,000 wo h o
bills owing ou and we a e wai ing on a $100,000 cheque.
E en when i comes, i does no hing o go a ound.
The o e whelming guil om he business ailu e had a
p o ound impac on bo h hei men al and physical heal h.
The collapse o hei business, which had been a cen al
pa o hei iden i y, spa ked a sel -wo h c isis, in ensi y-
ing hei psychological dis ess and eelings o isola ion.
En ep eneu s iden i ying as p ima y b eadwinne s ended
o in e nalize he p essu e o mee inancial obliga ions,
leading o ch onic s ess, anxie y, and eelings o hopeless-
ness. Some imes, his s ess mani es ed physically as
Pauley 641
exhaus ion, sleep dis u bances, high blood p essu e, alco-
hol dependency, and poo nu i ion, leading o obesi y.
Men in labo -in ensi e indus ies, such as cons uc ion
o anspo a ion, o en ied hei sel -wo h o he g ow h
and p ominence o hei businesses, iewing success as
e lec ing hei iden i y. The ixa ion on ex e nal achie e-
men leads o unheal hy habi s like o e wo king, neglec -
ing ela ionships, and igno ing physical and men al heal h,
esul ing in ch onic s ess and bu nou . Women ook a
mo e holis ic and long- e m pe spec i e, p io i izing sus-
ainabili y and he o e all well-being o he amily. This
in e se pe spec i e is bes e lec ed in he ollowing hus-
band and wi e business pa ne ship in he ma u i y s age:
Husband (H): I go ca ied away because I wan ed o g ow,
g ow, g ow. I was agg essi e, and I wan ed o g ow. I wan ed
o ou due hem all, and I did. I was up o a 5 million dolla
company o a while. Bu , he second i didn’ , i didn’ ake
oo long [ o decline]. I akes a big [physical] oll.
Wi e (W): We had ou ba les. Me doing he pape wo k; I kep
ying o ell him he highway guys we e no making money.
We used o a gue abou his all he ime, because [husband]
didn’ unde s and. [He] didn’ do he pape wo k e e y day.
He hough , ge bigge , and do his, and do mo e. He saw he
big cheques coming in, bu didn’ see how much was going ou
o keep hose cheques coming in. We had some s ess ul imes
in ou ma iage because o ha .
H: Bu , we pulled h ough and s aigh ened i ou in he las 3
yea s.
W: Because ou ma iage would be o e (laughing).
The couple in hei 50s in he ma u i y phase expe i-
enced iden i y changes di e en ly, shaped by hei dis inc
oles and p io i ies. The man, hea ily in es ed in he busi-
ness’s g ow h, de i es much o his iden i y om ex e nal
success and p o essional achie emen . As he business
aces challenges, he eels inadequa e, s essed, and us-
a ed, compounded by a sense o ailu e in ul illing his
ole as he p ima y p o ide . These emo ions lead o physi-
cal exhaus ion, bu nou , and s ained ela ionships, signi i-
can ly impac ing his well-being. In con as , he wi e’s
iden i y is mo e balanced be ween amily and business,
ocusing on long- e m sus ainabili y and emo ional s abil-
i y. As he business s uggles, he emo ions s em om a
conce n o he amily’s u u e and us a ion o e he
husband’s elen less pu sui o g ow h a he expense o
s abili y. While bo h ace emo ional challenges, he man’s
iden i y shi is ied o eelings o ailu e and loss o con-
ol, whe eas he woman akes a mo e p agma ic app oach,
seeking solu ions ha p io i ize he well-being o bo h he
amily and he business.
In a hospi ali y en u e un by a wi e who sold he busi-
ness in he la e 50s, he decision o s ep away was p ima ily
d i en by he g owing mono ony o he wo k:
Husband (H): The main con ibu o was [wi e] didn’ wan o
do i anymo e. She wan ed a b eak om i and he compe i ion
exploded in he las ew yea s in he a ea.
Wi e (W): I was jus i ed. This is going o sound eally bad,
bu I had he same s a o he whole 11 yea s. I lo e hem
dea ly, bu i was day-in and day-ou wi h hese people. I jus
needed a b eak om i . I was [men ally and physically]
exhaus ed. I el i was ime. . . I was kind o like: le me ou
o he e! I’m doing he same hing se en days a week.
H: You hough i was ime o you because you didn’ wan o
do i anymo e, and hen inancially, we we e s ill okay.
When ques ioned abou he emo ions she el du ing he
exi , he wi e eplied,
W: Tha ’s a eally ha d one o answe because we we e going
h ough ou [son] being diagnosed wi h ha umo . I didn’
e en ake ime o g ie e he loss o ha dine and ou iends
[employees] because o ha . I was like ha all happened o
a eason. I was like we walked ou he doo and hen ou son
has some heal h issues. Tha was same day almos , i was all
boom boom and hen i was jus gone.
When p omp ed by whe he he couple would s a ano he
en u e, she eplied,
W: I ’s iming o me now. The job ha I ha e is excep ionally
lexible. I ’s a ha d hing o walk away om because o he
ype o posi ion ha I’m in. I ’s less isk a his poin in he
ime o ou li es. When I e i e I migh open a gi shop. . . bu ,
hey say you’ e 65 and you should e i e, bu nei he one o us
eels old. We a en’ eady o e i emen . Maybe lowe pace
job, bu mo e o mysel . Heal h plays in o a lo o hings.
When you ge in o you 60s hings [heal h] can change
o e nigh .
The couple’s decision o exi hei business e lec s a
complex emo ional s uggle, ma ked by exhaus ion, shi -
ing iden i ies, and unp epa edness o aging and inancial
eali ies. The wi e’s bu nou eached a b eaking poin , “le
me ou o he e,” coinciding wi h hei son’s heal h c isis,
lea ing li le ime o p ocess he emo ional allou .
Al hough hey s epped away, hei eluc ance o ully e i e
indica es ongoing iden i y shi s. The wi e’s new lexible
job o e s s abili y bu e eals a comp omise be ween
p ac ical needs and emo ional eadiness. Thei in e es in
new en u es shows hey a e no eady o ully elinquish
hei en ep eneu ial iden i y, balancing iden i y, well-
being, and aging challenges.
This emphasis on amily as a d i ing o ce behind busi-
ness decisions was echoed by ano he en ep eneu in hei
50s, whose exi was simila ly ab up :
[Son] was diagnosed wi h a b ain umo . My whole pe spec i e
on e e y hing changed. Now, my ocus was ei he on he job
o deal wi h his illness. I wasn’ going o do bo h, so I phased
642 Business Resea ch Qua e ly 28(3)
hings ou slowly om he e because his eco e y was mo e
impo an o me han any hing else . . .
The e a e some hings I should ha e done di e en ly, bu a
ha ime I was so op imis ic abou he company and whe e he
di ec ion was. We we en’ hinking o long- e m s u and we
p obably should ha e. When we will look back on i , we could
p obably ha e pu ou sel es in a be e posi ion o wea he
h ough he oughe imes, bu no one can e e o esee o ake
in o accoun an illness like [son] had. We didn’ ha e deep
pocke s. We we e ca ying a mo gage on his house, we had
bills in he ci y, and we had o he hings. We ook ou ips,
and we li ed ou li es well. I mean, we ha e no eg e s ha
way. We a e okay wi h e e y hing.
The en ep eneu ’s sudden exi in hei 50s, p omp ed
by hei son’s heal h c isis, exempli ies iden i y and well-
being ans o ma ions cha ac e is ic o Supe ’s ma u i y
phase. Expe iencing con lic be ween p o essional goals
and pe sonal esponsibili ies, hey expe ienced guil and
anxie y as hei ocus shi ed om business o amily.
Managing inancial p essu es alongside ca egi ing espon-
sibili ies led o conside able men al and physical s ain,
emphasizing he impo ance o obus suppo ne wo ks.
P io i izing hei son’s eco e y ul ima ely b ough emo-
ional cla i y, and he ansi ion om a business-cen ic
iden i y o one cen e ed on amily, while challenging, sig-
ni ied a p o ound ede ini ion o sel .
In s a k con as o he ma u i y s age o exi , en ep e-
neu s o e 60 yea s o age encoun e a dis inc se o well-
being and iden i y changes. The heigh ened awa eness o
aging and heal h issues plays a mo e pi o al ole in hei
decision o e i e. Con on ing heal h issues such as hea
a acks, pe sis en pain, and e en cance , hese en ep e-
neu s a e mo e inclined o p io i ize pe sonal well-being
o e business esponsibili ies. Realizing hei mo ali y
o en ac s as a mo i a o o ocus on pe sonal ela ionships
and ul illmen . This shi in p io i ies is bes illus a ed by
one en ep eneu ’s e lec ion on he impac o heal h chal-
lenges on hei decision o s ep away om he business:
I didn’ wan o die a he job. I’d ell e e ybody he same
hing oday. I’d die a he job. I you can make enough money
and walk away and li e hal com o ably. Why would you die
a i ? Do you eally wan o wo k ha long? Because you can’
come back om he s one [dea h]. Financially, I can e i e a
his poin in ime.
This en ep eneu i idly cap u es he p o ound iden i y
shi s and emo ional ansi ions en ep eneu s ha e o e
60 yea s o expe ience as hey app oach e i emen . In he
la e s ages o li e, hese indi iduals ace he physical oll
o aging bu also he psychological challenge o ede ining
hei sense o pu pose ou side o hei long-s anding p o-
essional oles. As he en ep eneu e lec s on hei deci-
sion o exi , he ea o dea h becomes a cen al mo i a o ,
in luencing a shi in p io i ies owa d pe sonal well-being
and ela ionships. The ealiza ion ha “You can’ come
back om he s one” unde sco es a heigh ened awa eness
o mo ali y ha p opels hese en ep eneu s o ques ion
he alue o con inued wo k in he ace o heal h issues
such as hea a acks o cance . This ea o dying while
s ill imme sed in business esponsibili ies ac s as a ca alys
o p io i izing a mo e balanced li e, one cen e ed on pe -
sonal ul illmen a he han p o essional achie emen .
Financial s abili y can ease he ansi ion in o e i e-
men , allowing he indi idual o ocus on pe sonal well-
being and ela ionships. One en ep eneu candidly
e lec ed on he emo ional p epa a ion equi ed, emphasiz-
ing he s ain e i emen can place on ma iages and he
need o comp omise on sha ed goals. He highligh ed ha
men al eadiness, along wi h na iga ing di e en pos -
e i emen desi es, is c ucial o main aining ha mony du -
ing his li e ansi ion,
You ha e o s ick handle [na iga e he exi p ocess], seize an
oppo uni y, o un like hell. You can’ ha e an exi s a egy
in less han h ee yea s i you uly wan o do i igh .
[Selling] is no an immedia e hing. I hink i ’s e en longe o
men ally p epa e you sel , accep ing i [lea ing], and do i .
You be e ha e a suppo i e spouse a home ha will pu up
wi h you . . .
I don’ wan o e i e he same ime ha she does. I wan o
e i e i s o a couple o yea s (laughing). Tha ’s a
componen a lo o people don’ conside . A lo o ma iages
go h ough some eal s esses a e i emen , because i she
[wi e] is a home, and all o a sudden I come home now
pe manen ly, I am in e up ing he [ ou ine] and ha can
cause eal issues. I you bo h e i ed oge he , I’m no su e
how o p epa e o ha . I am o una e because I ha e some
hings ha I wan o accomplish. You be e sha e some
e i emen goals oge he , oo. I you bo h wan comple ely
di e en hings, i is no going o wo k. She wan s o a el.
I’m no in e es ed, bu I will, because I will comp omise and
ha ’s okay. Whe he I’m doing i igh , I ha e no idea, bu
ha ’s pa o going o wa d.
The quo e unde sco es he in ica e iden i y shi s and
well-being challenges aced by en ep eneu s o e 60 yea s
o age as hey ansi ion in o e i emen . The speake high-
ligh s he ela ional s ain ha can a ise when e i ing con-
cu en ly wi h a spouse, s essing he dis up ion o
es ablished ou ines and he necessi y o s a egic plan-
ning. This dynamic e lec s he b oade iden i y ans o -
ma ion en ep eneu s unde go as hey de ach om hei
businesses and adap o new oles in hei pe sonal li es.
The emphasis on ha monizing pe sonal aspi a ions wi h
join e i emen plans e eals he emo ional complexi y o
his phase, whe e comp omise and alignmen wi h a pa -
ne ’s expec a ions a e essen ial o sus aining bo h pe -
sonal well-being and ela ional equilib ium. Ul ima ely,
his insigh illus a es ha na iga ing he e i emen phase
demands bo h p ac ical and emo ional p epa a ion.
Pauley 649
Ekinci, Y., Go don-Wilson, S., & Slade, A. (2020). An
explo a ion o en ep eneu s’ iden i ies and business
g ow h. Business Ho izons, 63(3), 391–401. h ps://doi.
o g/10.1016/j.busho .2020.02.003
Ellingson, L. (2009). Engaging c ys alliza ion in quali a i e
esea ch: An in oduc ion. Sage.
E ikson, E. H. (1963). Childhood and socie y (Vol. 2). No on
New Yo k.
E ikan, I., Musa, S. A., & Alkassim, R. S. (2016). Compa ison o
con enience sampling and pu posi e sampling. Ame ican
Jou nal o Theo e ical and Applied S a is ics, 5(1), 1–4.
h ps://doi.o g/10.11648/j.aj as.20160501.11
Finlay, L. (2002). “Ou ing” he esea che : The p o enance,
p ocess, and p ac ice o e lexi i y. Quali a i e Heal h
Resea ch, 12(4), 531–545. h ps://doi.o g/10.1177/1049732
02129120052
Fo s e -Hol , N. (2013). En ep eneu as “end” ep eneu : The
in en ion o e i e. Small Business Ins i u e® Jou nal, 9(2),
29–42.
F iedli, L. (2009). Men al heal h, esilience and inequali ies. In
O ganisa ion mondiale de la san é. Bu eau égional de
l’Eu ope: WHO Regional O ice o Eu ope Copenhagen.
Galde isi, S., Heinz, A., Kas up, M., Beezhold, J., & Sa o ius,
N. (2015). Towa d a new de ini ion o men al heal h.
Wo ld Psychia y, 14(2), 231–233. h ps://doi.o g/10.1002/
wps.20231
Gioia, D. A., P ice, K. N., Hamil on, A. L., & Thomas, J. B.
(2010). Fo ging an iden i y: An inside -ou side s udy o
p ocesses in ol ed in he o ma ion o o ganiza ional iden-
i y. Adminis a i e Science Qua e ly, 55(1), 1–46. h ps://
doi.o g/10.2189/asqu.2010.55.1.1
Glase , B. G. (1965). The cons an compa a i e me hod o quali-
a i e analysis. Social P oblems, 12(4), 436–445. h ps://
doi.o g/10.2307/798843
Go don, G., & Nicholson, N. (2008). Family wa s: Classic con-
lic s in amily business and how o deal wi h hem. Kogan
Page.
G eenspoon, P. J., & Saklo ske, D. H. (2001). Towa d an in e-
g a ion o subjec i e well-being and psychopa hology.
Social Indica o s Resea ch, 54(1), 81–108. h ps://doi.
o g/10.1023/A:1007219227883
Haslam, C., S e ens, N. K., B anscombe, N. R., Haslam, S. A.,
C uwys, T., Lam, B. C., Pachana, N. A., & Yang, J. (2019).
The impo ance o social g oups o e i emen adjus men :
E idence, applica ion, and policy implica ions o he social
iden i y model o iden i y change. Social Issues and Policy
Re iew, 13(1), 93–124. h ps://doi.o g/10.1111/sip .12049
Hessels, J., Rie eld, C. A., Thu ik, A. R., & Van de Zwan,
P. (2018). Dep ession and en ep eneu ial exi . Academy
o Managemen Pe spec i es, 32(3), 323–339. h ps://doi.
o g/10.5465/amp.2016.0183
Hessels, J., Rie eld, C. A., & an de Zwan, P. (2017). Sel -
employmen and wo k- ela ed s ess: The media ing ole o
job con ol and job demand. Jou nal o Business Ven u ing,
32(2), 178–196.
Hol on, G. (1975). On he ole o hema a in scien i ic hough .
Science, 188, 328–334. h ps://doi.o g/10.1126/sci-
ence.188.4186.328
Jackson, K., Bazeley, P., & Bazeley, P. (2019). Quali a i e da a
analysis wi h NVi o. Sage.
Jennings, J. E., & B ush, C. G. (2013). Resea ch on women
en ep eneu s: Challenges o (and om) he b oade en e-
p eneu ship li e a u e? Academy o Managemen Annals,
7(1), 663–715. h ps://doi.o g/10.5465/19416520.2013.782
190
Jung, C., & Beebe, J. (2016). Psychological ypes. Rou ledge.
Kašpe o á, E., & Ki ching, J. (2014). Embodying en ep eneu ial
iden i y. In e na ional Jou nal o En ep eneu ial Beha io
& Resea ch, 20(5), 438–452. h ps://doi.o g/10.1108/
IJEBR-07-2013-0108
Kau onen, T., Down, S., & Minni i, M. (2014). Ageing and en e-
p eneu ial p e e ences. Small Business Economics, 42, 579–
594. h ps://doi.o g/10.1007/s11187-013-9489-5
Kible , E., Si én, C., Ma esch, D., Salmi aa a, V., & Fink, M.
(2024). Aging and en ep eneu s’ emo ional exhaus ion:
The ole o en ep eneu ial s a egy, psychological capi-
al, and el age gap. Jou nal o Business Ven u ing, 39(5),
106418. h ps://doi.o g/10.1016/j.jbus en .2024.106418
Le inson, D. J. (1978). The seasons o a man’s li e. Random
House Digi al, Inc.
Le y, B. (2009). S e eo ype embodimen : A psychosocial
app oach o aging. Cu en Di ec ions in Psychological
Science, 18(6), 332–336. h ps://doi.o g/10.1111/j.1467-
8721.2009.01662.x
Lewis, K. V., Ho, M., Ha is, C., & Mo ison, R. (2016). Becoming
an en ep eneu : Oppo uni ies and iden i y ansi ions.
In e na ional Jou nal o Gende and En ep eneu ship,
8(2), 98–116. h ps://doi.o g/10.1108/IJGE-02-2015-0006
Macdonald, R. (2012). Fi m dynamics: The dea h o new
Canadian i ms: A su i al analysis o he 2002 coho o
en an s o he business sec o . S a is ics Canada, Economic
Analysis Di ision. h ps://publica ions.gc.ca/collec ions/
collec ion_2012/s a can/11-622-m/11-622-m2012028-eng.
pd
Ma low, S., & McAdam, M. (2013). Gende and en ep e-
neu ship: Ad ancing deba e and challenging my hs;
explo ing he mys e y o he unde -pe o ming emale
en ep eneu . In e na ional Jou nal o En ep eneu ial
Beha io & Resea ch, 19(1), 114–124. h ps://doi.o g/10.11
08/13552551311299288
Mees-Buss, J., Welch, C., & Piekka i, R. (2022). F om empla es
o heu is ics: How and why o mo e beyond he Gioia me h-
odology. O ganiza ional Resea ch Me hods, 25(2), 405–
429. h ps://doi.o g/10.1177/1094428120967716
Miles, M. B., Hube man, A. M., & Saldaña, J. (2013). Quali a i e
da a analysis: A me hods sou cebook. Sage.
Mo is, M. H., Soleimano , S., & Whi e, R. J. (2020). Re i emen
o en ep eneu s: Implica ions o en ep eneu ial exi .
Jou nal o Small Business Managemen , 58(6), 1089–1120.
h ps://doi.o g/10.1111/jsbm.12476
Mu a o e, A. M., & Ea l, J. K. (2010). P edic ing e i e-
men p epa a ion h ough he design o a new meas-
u e. Aus alian Psychologis , 45(2), 98–111. h ps://doi.
o g/10.1080/00050060903524471
Mu a o e, A. M., & Ea l, J. K. (2015). Imp o ing e i emen ou -
comes: The ole o esou ces, p e- e i emen planning and
ansi ion cha ac e is ics. Ageing & Socie y, 35(10), 2100–
2140. h ps://doi.o g/10.1017/S0144686X14000841
Ng, T. W., & Feldman, D. C. (2009). Age, wo k expe ience,
and he psychological con ac . Jou nal o O ganiza ional
650 Business Resea ch Qua e ly 28(3)
Beha io , 30(8), 1053–1075. h ps://doi.o g/10.1002/job.
599
Nowell, L. S., No is, J. M., Whi e, D. E., & Moules, N. J. (2017).
Thema ic analysis: S i ing o mee he us wo hiness
c i e ia. In e na ional Jou nal o Quali a i e Me hods,
16(1), 1609406917733847. h ps://doi.o g/10.1177/160940
6917733847
Pa on, M. Q. (2002). Quali a i e esea ch & e alua ion me h-
ods. Sage.
Pauley, M. (2017). En ep eneu ial exi : The ole o men al well-
being. Academy o Managemen P oceedings, 2017(1).
h ps://doi.o g/10.5465/AMBPP.2017.14837abs ac
Radu-Le eb e, M., Le eb e, V., C osina, E., & Hy i, U. (2021).
En ep eneu ial iden i y: A e iew and esea ch agenda.
En ep eneu ship Theo y and P ac ice, 45(6), 1550–1590.
h ps://doi.o g/10.1177/10422587211013795
Ra enswood, K. (2011). Eisenha d ’s impac on heo y in case
s udy esea ch. Jou nal o Business Resea ch, 64(7), 680–
686. h ps://doi.o g/10.1016/j.jbus es.2010.08.014
Rons ad , R. (1986). Exi , s age le : Why en ep eneu s end
hei en ep eneu ial ca ee s be o e e i emen . Jou nal o
Business Ven u ing, 1(3), 323. h ps://doi.o g/10.1016/08
83-9026(86)90008-X
Rubin, D. C., & Kozin, M. (1984). Vi id memo ies. Cogni ion,
16(1), 81–95. h ps://doi.o g/10.1016/0010-0277(84)90037-4
Rubin, H. J., & Rubin, I. S. (2011). Quali a i e in e iewing: The
a o hea ing da a. Sage.
Saldaña, J. (2015). The coding manual o quali a i e esea ch-
e s. Sage.
Sa deshmukh, S. R., Goldsby, M., & Smi h, R. M. (2021). A e
wo k s esso s and emo ional exhaus ion d i ing exi in en-
ions among business owne s? Jou nal o Small Business
Managemen , 59(4), 544–574. h ps://doi.o g/10.1111/
jsbm.12477
Shephe d, D. A., & Ca don, M. S. (2009). Nega i e emo-
ional eac ions o p ojec ailu e and he sel -compassion
o lea n om he expe ience. Jou nal o Managemen
S udies, 46(6), 923–949. h ps://doi.o g/10.1111/j.1467-
6486.2009.00821.x
Shephe d, D. A., & Haynie, J. M. (2011). Ven u e ailu e, s igma,
and imp ession managemen : A sel - e i ica ion, sel -de e -
mina ion iew. S a egic En ep eneu ship Jou nal, 5(2),
178–197. h ps://doi.o g/10.1002/sej.113
Shephe d, D. A., Wennbe g, K., Suddaby, R., & Wiklund, J.
(2019). Wha a e we explaining? A e iew and agenda
on ini ia ing, engaging, pe o ming, and con ex ualizing
en ep eneu ship. Jou nal o Managemen , 45(1), 159–196.
h ps://doi.o g/10.1177/0149206318799443
Shephe d, D. A., Wiklund, J., & Haynie, J. M. (2009). Mo ing
o wa d: Balancing he inancial and emo ional cos s o
business ailu e. Jou nal o Business Ven u ing, 24(2), 134–
148. h ps://doi.o g/10.1016/j.jbus en .2007.10.002
Shephe d, D. A., & Williams, T. A. (2018). Hi ing ock bo om
a e job loss: Bouncing back o c ea e a new posi i e wo k
iden i y. Academy o Managemen Re iew, 43(1), 28–49.
h ps://doi.o g/10.5465/am .2015.0102
Sinko ics, N. (2018). Pa e n ma ching in quali a i e analy-
sis. The Sage Handbook o Quali a i e Business and
Managemen Resea ch Me hods, 468–485.
Soleimano , S., Mo is, M. H., & Syed, I. (2015). The ole o
e i emen in en ion in en ep eneu ial i m exi . In Resea ch
Handbook o En ep eneu ial Exi (pp. 157–183). h ps://
doi.o g/10.4337/9781782546979.00015
Solem, P. E., Syse, A., Fu unes, T., Mykle un, R. J., De Lange, A.,
Schau eli, W., & Ilma inen, J. (2014). To lea e o no o lea e:
Re i emen in en ions and e i emen beha iou . Ageing and
Socie y. h ps://doi.o g/10.1017/S0144686X14001135
S a is ics Canada. (2016, July 11). Canadian economy (NAICS
11-91): Es ablishmen s. h ps://www.ic.gc.ca/app/sc /sbms/
sbb/cis/es ablishmen s.h ml?code=11-91&lang=eng#es 2
S auss, A., & Co bin, J. (1998). Basics o quali a i e esea ch:
Techniques and p ocedu es o de eloping g ounded he-
o y. Sage.
Supe , D. E. (1957). The psychology o ca ee s; An in oduc ion
o oca ional de elopmen .
Supe , D. E. (1980). A li e-span, li e-space app oach o ca ee
de elopmen . Jou nal o Voca ional Beha io , 16(3), 282–
298. h ps://doi.o g/10.1016/0001-8791(80)90056-1
Te y, G., Hay ield, N., Cla ke, V., & B aun, V. (2017). Thema ic
analysis. The SAGE Handbook o Quali a i e Resea ch in
Psychology, 2(17–37), 25.
Tho nbe g, R., & Cha maz, K. (2014). G ounded heo y and he-
o e ical coding. The SAGE Handbook o Quali a i e Da a
Analysis, 5(2014), 153–169.
Tudo , K. (2013). Men al heal h p omo ion: Pa adigms and
p ac ice. Rou ledge.
Ucbasa an, D., Shephe d, D. A., Locke , A., & Lyon, S. J. (2013).
Li e a e business ailu e: The p ocess and consequences o
business ailu e o en ep eneu s. Jou nal o Managemen ,
39(1), 163–202. h ps://doi.o g/10.1177/0149206312457823
Von Bonsdo , M. E., Lah onen, J., Von Bonsdo , J., &
Va amäki, E. (2019). En ep eneu s’ exi and pa hs o e i e-
men : Theo e ical and empi ical conside a ions. Handbook
o Resea ch on Elde ly En ep eneu ship, 55–77.
Vough, H. C., Ba aille, C. D., Sa gen , L., & Lee, M. D. (2016).
Nex -gen e i emen . Ha a d Business Re iew, 94(6), 19.
Wach, D., S ephan, U., Weinbe ge , E., & Wegge, J. (2021).
En ep eneu s’ s esso s and well-being: A eco e y pe spec-
i e and dia y s udy. Jou nal o Business Ven u ing, 36(5),
106016. h ps://doi.o g/10.1016/j.jbus en .2020.106016
Wa en, A. M., & Kelloway, E. K. (2010). Re i emen decisions
in he con ex o he abolishmen o manda o y e i emen .
In e na ional Jou nal o Manpowe , 31(3), 286–305. h ps://
doi.o g/10.1108/01437721011050585
Wa en, L. (2004). Nego ia ing en ep eneu ial iden i y:
Communi ies o p ac ice and changing discou ses. The
In e na ional Jou nal o En ep eneu ship and Inno a ion,
5(1), 25–35. h ps://doi.o g/10.5367/000000004772913764
Wennbe g, K., & DeTienne, D. R. (2014). Wha do we eally mean
when we alk abou “exi ”? A c i ical e iew o esea ch on
en ep eneu ial exi . In e na ional Small Business Jou nal,
32(1), 4–16. h ps://doi.o g/10.1177/02662426135171
Williams, T. A., & Shephe d, D. A. (2016). Vic im en ep eneu s
doing well by doing good: Ven u e c ea ion and well-being
in he a e ma h o a esou ce shock. Jou nal o Business
Ven u ing, 31(4), 365–387. h ps://doi.o g/10.1016/j.jbus-
en .2016.04.002
Yin, R. K. (2018). Case s udy esea ch and applica ions (Vol. 6). Sage.
