Navigating identity shifts and well-being in the entrepreneurial exit process: A comparative study of entrepreneurs nearing retirement

Pauley, Matthew K Article Navigating identity shifts and well-being in the entrepreneurial exit process: A comparative study of entrepreneurs nearing retirement BRQ Business Research Quarterly Provided in Cooperation with: Asociación Científica de Economía y Dirección de Empresas (ACEDE), Madrid Suggested Citation: Pauley, Matthew K (2025) : Navigating identity shifts and well-being in the entrepreneurial exit process: A comparative study of entrepreneurs nearing retirement, BRQ Business Research Quarterly, ISSN 2340-9444, Sage Publishing, London, Vol. 28, Iss. 3, pp. 635-650, https://doi.org/10.1177/23409444241295776 This Version is available at: https://hdl.handle.net/10419/327089 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. 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Introduction The entrepreneurial exit process, involving pathways such as selling a business, passing it to family members, merging, or retiring, is a critical phase in the entrepreneurial life cycle. This phase signifies transitioning from active business ownership to a different stage of life or career, requiring significant financial, operational, personal and psychological adjustments (Morris et al., 2020). Despite its importance, the wellbeing of entrepreneurs during this exit phase is underexplored, with limited literature addressing the psychological and emotional dimensions of entrepreneurial exits (DeTienne & Wennberg, 2016; Wennberg & DeTienne, 2014). Entrepreneurial identity, deeply linked to one’s sense of self, encompasses roles, beliefs, and values tied to being an entrepreneur. During the exit process, notably through retirement, entrepreneurs often undergo profound identity shifts where these changes impact how they cope with the transition, their future aspirations, and overall mental wellbeing (L. Warren, 2004; A. M. Warren & Kelloway, 2010). This study focuses on subjective mental well-being, defined as an individual’s emotional state rather than diagnosed disorders (Friedli, 2009; Galderisi et al., 2015; Tudor, 2013). Understanding these dynamics is crucial for designing support systems for entrepreneurs undergoing life change. The transition from entrepreneurship profoundly impacts emotional, psychological, and social well-being as individuals navigate the complex process of exiting their Navigating identity shifts and well-being in the entrepreneurial exit process: A comparative study of entrepreneurs nearing retirement Matthew K Pauley1 Abstract Entrepreneurs in their 50s and beyond face significant identity shifts and well-being challenges as they transition out of the businesses they have built. Grounded in Super’s career-development framework and utilizing the Eisenhardt Method for case study analysis, this research explores the entrepreneurial exit process during the maturity and decline stages. With an average business tenure of 11 years, these entrepreneurs encounter emotional and practical hurdles, such as health concerns, financial pressures, and shifting priorities. The study highlights valuing identity diversification and social support in easing the transition, revealing that financial success alone does not guarantee positive post-exit wellbeing. Gender differences show women prioritize sustainability and family, while men focus on growth and professional identity. These insights underscore the need for early exit planning and holistic support for successful entrepreneurial succession and retirement strategies. JEL CLASSIFICATION: L26: Entrepreneurship; D91: Intertemporal Household Choice; Life Cycle Models and Saving; M14: Corporate Culture; Diversity; Social Responsibility; J14: Economics of the Elderly; Economics of the Handicapped; Non-labor Market Discrimination; I31: General Welfare, Well-being Keywords Entrepreneurial exit, well-being, identity, Eisenhardt method, small business 1Faculty of Business and Law, Middlesex University, The Burroughs, London, UK Corresponding author: Matthew K Pauley, Faculty of Business and Law, Middlesex University, The Burroughs, London, NW4 4BT, UK. Email: [email protected] 1295776BRQ0010.1177/23409444241295776Business Research QuarterlyPauley research-article2024 Special Issue: Entrepreneurship and Well-Being: Research Progress and Challenges Ahead 636 Business Research Quarterly 28(3) businesses (Haslam et al., 2019). Identity shifts during this phase can cause varied outcomes, from feelings of loss and diminished purpose to relief and the discovery of newfound autonomy (Muratore & Earl, 2015). These shifts highlight valuing, understanding the factors that influence these outcomes related to life satisfaction and mental health throughout the maturity and post-decline stages (Muratore & Earl, 2010). Examining age and gender in shaping identity changes during entrepreneurial exits is crucial for understanding entrepreneurs’ diverse experiences. These factors influence cognitive and emotional responses while guiding strategies for navigating identity transformations. Addressing these gaps in the literature offers a more detailed understanding of entrepreneurial exits, thereby enabling the development of tailored support systems that facilitate this pivotal transition. Expanding on the significance of age and gender in entrepreneurial exits, retirement emerges as a particularly pertinent exit strategy, especially within the context of aging populations. Retirement, a growing trend in entrepreneurial exits (Morris et al., 2020; Ronstadt, 1986; Soleimanof et al., 2015; Solem et al., 2014), represents a full withdrawal from active business operations, often shifting focus toward personal fulfillment, leisure, family, and self-exploration (Bridges, 2001). This stage highlights prizing well-being by confronting existential fears associated with aging and mortality (Becker, 2007). Addressing retirement has societal implications, such as its impact on workforce demographics and the economic contributions of senior entrepreneurs (Crego et al., 2008), but also introduces unique challenges and opportunities for identity reformation, an essential area for focused research and strategic interventions (Vough et al., 2016). Using the Eisenhardt method (Eisenhardt, 1989; Eisenhardt, 2021), this study employs multi-case analysis to explore the identity and well-being changes during the maturity (50s) and decline (over 60 years of age) stages in the entrepreneurial exit process. The method offers flexibility to explore personal factors like age and gender that influence identity changes, revealing how entrepreneurs navigate these shifts and related psychological challenges. This study employed crystallization, combining multiple methods and perspectives to capture complex social phenomena, balancing depth with rigor through techniques like pattern matching and iterative comparison to strengthen the credibility of the findings (Ellingson, 2009). Interviews and observations were used to gather comprehensive data, grounding the participants’ dynamic experiences thematically. This study investigates the nuanced identity transitions of entrepreneurs during business exits, revealing significant variations influenced by age, financial outcomes, and gender. Entrepreneurs in their 50s often grapple with anxiety and identity crises because of deep business attachments and unresolved succession plans, while those over 60 years of age experience smoother transitions, motivated by health and financial stability. Financial success can complicate identity shifts, while less-favorable outcomes may facilitate them. Gender also plays a role: female entrepreneurs prioritize relational and community aspects after exit, while male entrepreneurs focus on legacy and professional identity through new ventures or advisory roles. The article addresses a gap in the literature by reviewing entrepreneurial identity and well-being among those nearing retirement, using a robust methodological approach to explore these dynamics and their implications, and concludes by suggesting avenues for future research. Literature review The entrepreneurial exit process involves various pathways through which entrepreneurs disengage from their ventures, such as selling the business, passing it to family members, or bankruptcy (DeTienne, 2010). This phase is crucial in the entrepreneurial life cycle as it marks shifting from active business ownership to a new phase of life or professional trajectory, involving financial, operational, and considerable personal and mental growth (Von Bonsdorff et al., 2019). Although entrepreneurial exit research being underexplored was spotlighted over a decade ago (DeTienne & Wennberg, 2016; Wennberg & DeTienne, 2014), there remains a notable gap in research addressing the critical impacts on well-being and identity shifts during this transitional period. To better understand the complexities of the entrepreneurial exit process, Super’s career-development theory offers a compelling framework, highlighting the evolving nature of identity across various life stages. By framing career transitions as a continuous process of self-concept realization through occupational roles, Super (1957) provides a structured approach for analyzing how entre preneurs in different stages—growth, exploration, establishment, maintenance, and decline—providing a lens to understand how entrepreneurs, particularly those in their 50s and over 60 years of age, shift from business growth to post-entrepreneurial pursuits. This approach emphasizes the crucial role of identity realignment, as entrepreneurs reconfigure their self-concept in response to changing roles and aspirations during the exit process. Building on Super’s framework, entrepreneurial identity is key to understanding how individuals redefine themselves during exit. Shaped by social interactions and personal experiences, it influences decision-making and evokes complex emotions during retirement transitions, where these identity shifts can elicit both liberation and a loss of purpose, underscoring the emotional complexity of exits (L. Warren, 2004; A. M. Warren & Kelloway, 2010). This research examines the impact of these identity shifts on subjective well-being, focusing on happiness and autonomy (Friedli, 2009; Greenspoon & Saklofske, 2001). While exit can alleviate stress, it may also trigger distress, especially after financial strain (Hessels et al., 2018; Pauley 637 Pauley, 2017). Even in voluntary exits, entrepreneurs often face identity crises, highlighting the importance of understanding these shifts for well-being during this pivotal phase (Morris et al., 2020; Wennberg & DeTienne, 2014). Recognizing the relationship between identity, wellbeing, and resilience during business exits is essential for supporting smoother transitions and enhancing post-exit well-being. Resilience plays a crucial role in helping entrepreneurs navigate the psychological challenges of exit (Williams & Shepherd, 2016), where shifts in entrepreneurial identity throughout the business life cycle significantly affect well-being (Shepherd et al., 2019). Shepherd and Haynie (2011) argue that self-compassion is instrumental in enabling entrepreneurs to reconstruct their identity and foster emotional resilience following venture failure, which is supported by other scholars underscoring the pertinence of identity reconstruction in the recovery process (Shepherd & Cardon, 2009; Ucbasaran et al., 2013). The emotional complexity of exits, encompassing both liberation and potential identity crises, underscores the need for a deeper exploration of how identity shifts impact subjective well-being, especially in relation to happiness, autonomy, and emotional resilience. While existing studies have examined the cognitive and emotional struggles, such as the role of resilience and selfefficacy in managing stress and well-being during exits (Baron et al., 2013; Hessels et al., 2018), further exploration of identity conflicts, principally in relation to genderspecific challenges and work-family conflicts, demands attention which can impact the exit experience and subsequent identity reconstruction (Lewis et al., 2016; Sardeshmukh et al., 2021). The underexplored impact of exit strategies on identity reconciliation and the role of reflective practices in facilitating transitions suggests that the way entrepreneurs navigate their past and post-decline identities, shaped by their chosen exit strategies, may profoundly influence their long-term psychological wellbeing and career satisfaction (DeTienne & Cardon, 2006; Radu-Lefebvre et al., 2021). By focusing on these complex identity processes, tailored strategies can better facilitate successful post-exit transitions, promoting not only psychological well-being but also sustained personal and professional growth. Age also emerges as a pivotal factor shaping the entrepreneurial exit experience in well-being and identity evolution. Kibler et al. (2024) accentuate how aging affects emotional exhaustion and strategy, introducing the concept of the “felt age gap” to illustrate how subjective aging intersects with identity shifts, gender roles, and support networks. As entrepreneurs over 50 prioritize legacy and stability, significant identity changes can impact their well-being (Erikson, 1963; Super, 1957) and undergoes significant changes (Jung & Beebe, 2016). Entrepreneurs exiting during the decline stage face age-related stereotypes that hinder decision-making and complicate identity reconstruction (Levy, 2009; Ng & Feldman, 2009). For older entrepreneurs, deeply connected to their businesses, the uncertainty of life after exit can trigger anxiety (Atchley, 1989). With an aging global population, understanding these age-specific identity shifts is vital to developing tailored interventions as entrepreneurial exits rise (Morris et al., 2020; Ronstadt, 1986; Solem et al., 2014). Despite the complex personal dynamics at play, exits during the maintenance and decline stages remain underexplored (Shepherd & Williams, 2018). Gender is another critical factor impacting how identity changes are experienced during the entrepreneurial exit, with men and women facing different societal expectations that shape their identity and exit strategies (Ahl, 2006; Chatterjee et al., 2022). Women frequently face increased stress and identity conflict during exits because of societal pressures to balance career and family roles, with guilt over prioritizing their career, which exacerbates these challenges (Lewis et al., 2016; Marlow & McAdam, 2013; Sardeshmukh et al., 2021). Other obstacles include structural barriers, such as access to capital and networks, which may limit their strategic exit options and further compound the emotional complexities of the process (Jennings & Brush, 2013). Exploring gender dynamics can help tackle the specific hurdles faced by women entrepreneurs, leading to more fair and sustainable outcomes. This will contribute to a better understanding of gender-specific barriers and opportunities in entrepreneurship, especially during exit stages. The literature reveals the complex dynamics of entrepreneurial exits, which profoundly affect personal growth and well-being. Despite the significance of this transition, its impact on identity shifts and well-being is still underexplored. Career-development theory offers insight into how entrepreneurs reframe their identities as they transition from business ownership to new roles. Age and gender are pivotal, with older entrepreneurs facing stereotypes and women grappling with unique societal pressures. This study employs the Eisenhardt Method to examine how entrepreneurs in their 50s and beyond manage these identity shifts, focusing on mental challenges, coping mechanisms, and support systems. By highlighting the interplay of age and gender, it offers strategic insights for designing support systems that foster smoother exits and enhanced well-being. Methods To address calls for enhanced methodological rigor in entrepreneurship well-being research, this study employs the Eisenhardt Method (Eisenhardt, 1991, 2021; Eisenhardt & Graebner, 2007) via a multi-case analysis to investigate the evolution of identity and well-being during the mature and declining phases of entrepreneurial exits. Key constructs like “well-being” and “role identity” are operationalized using semi-structured interviews to capture 638 Business Research Quarterly 28(3) phenomena such as identity shifts (Eisenhardt, 1989; Yin, 2018). This approach leverages theoretical sampling to refine theoretical frameworks and boost generalizability, highlighting the vital role of narrative identity work in sustaining psychological resilience during entrepreneurial transitions (Down, 2006). Purposive sampling enriches insights into identity shifts among older entrepreneurs (Etikan et al., 2016; Patton, 2002), and cross-case analysis strengthens validity through diverse perspectives (Creswell & Clark, 2017). The research design—including the development of the interview guide—was profoundly shaped by the author’s extensive experience as the owner of five businesses across diverse industries over the past 20 years, as well as their role as a director of an entrepreneurship center and mentor for business startups and accelerators for over a decade across Asia, Africa, Europe, and North America. This multifaceted background provided a unique vantage point that deeply informed the study’s conceptual framework and methodological approach. The author’s practical expertise in navigating complex entrepreneurial landscapes enabled them to engage with participants on a deeper level, fostering a sense of trust and openness that was crucial for eliciting rich, candid insights. This depth of experience also allowed for the agile adaptation of interview questions in real time, responding to emerging themes and contextual cues, which proved essential in capturing the nuanced realities of entrepreneurial practice within the limited duration of the interviews. The research benefited from a robust and dynamic data-collection process, yielding substantive findings that otherwise remained unexplored. The interview guide, informed by the entrepreneurial exit literature, drew on DeTienne and Cardon (2012) to explore motivations and identity shifts, while Forster-Holt (2013) shaped questions on strategy and well-being. Guided by the Eisenhardt method, the interviews examined exit motivations, strategies, identity evolution, and well-being among entrepreneurs in their 50s and over 60 years of age, using Super’s career transition framework. The protocol was refined through discussions with a business succession expert and tested in a pilot study with four entrepreneurs (of similar age, one female and three males), enhancing question depth and relevance. Secondary research informed tailored questions for each participant, improving data credibility through response verification, in line with the studies by Eisenhardt (1989) and Yin (2018). Data collection commenced between December 2015 and April 2016. Participants Separating the sample by age—individuals in their 50s (14 cases) and those over 60 years of age (seven cases)—was essential to understand the distinct impacts of entrepreneurial exit on identity change and overall well-being. Individuals in their 50s are commonly in the pre-retirement stage, where they manage both business exit strategies and future retirement plans. Meanwhile, those aged 60 years and above are typically in the decline or post-decline phase, confronting immediate transitions and the challenges that come with them, including the consequences of previous decisions. This separation allows for a nuanced analysis of age-specific patterns and needs, informing targeted support and interventions for entrepreneurs at different stages of retirement. When engaging in the iterative process of analysis, the sample was reorganized again according to a financial harvest exit (sale, acquisition, buyout, liquidation, succession) that comprised 13 cases versus other exit types (dissolve, bankruptcy, default) with eight cases and by gender with five female cases and 16 male cases for a comprehensive understanding of the entrepreneurial exit process. By using dual segmentation, the study gains a comprehensive understanding of how factors intersect to influence entrepreneurial exits and improve support systems. Through within-case analysis and cross-case comparison, the method identifies emerging patterns and constructs. Individual cases within the groups were compared to elucidate the richness and depth narratives to uncover patterns and generate theory (Eisenhardt, 1989, 2021). Each case was purposively selected through professional networks, involving micro, small, and medium enterprises (mSMEs) from Southern Ontario, Canada (see Table 1 for demographic details), to capture businesses that have thrived well beyond the typical 3-year, 50% failure rate (Amélie Lafrance-Cooke & Alex McDougall, 2023; Macdonald, 2012). Entrepreneurs with peak revenues between $60k to $23 million, and significant business tenures averaging over a decade, offer unique insights into sustained success because their prolonged engagement allows for deeper exploration of identity shifts and wellbeing during the exit process, which is often underrepresented in studies focused on startups or failed businesses (Hessels et al., 2017). Unlike early failures, resilient entrepreneurs plan deliberate exits that revolve around legacy and identity transition (Kašperová & Kitching, 2014). Exiting successful ventures comes with unique challenges, like emotionally letting go of an established identity (DeTienne, 2010). The industries represented according to their North American Industry Classification System (NAICS) codes include agriculture, health care, shipping, restaurant, technology, grocery, construction, service, and manufacturing. The average interview length was 40 minutes, which, in the Eisenhardt method, allows for flexibility to ensure all relevant data are captured (Eisenhardt & Graebner, 2007). Although a 40-minute average interview may seem short, it can yield valuable insights when the interview process is methodologically rigorous, with iterative and adaptive Pauley 639 data collection enhancing the depth and relevance of the findings (Beaumont et al., 2014). The researcher adapted questions in real time to explore emerging themes and refined the interview guide after the initial analysis, enhancing the focus of subsequent data collection (Braaten et al., 2020). Analysis The analysis follows Eisenhardt’s comparative case approach, utilizing cross-case synthesis as a robust qualitative technique. This method involves several stages of data analysis, supported by NVivo, a qualitative data analysis software that enhances the organization, coding, and systematic exploration of semi-structured interview data. By leveraging NVivo, the analytical process gains rigor and efficiency, allowing for deeper and more comprehensive data investigation (Jackson et al., 2019). The process starts with a detailed within-case analysis to identify key themes, patterns, and insights unique to each case by meticulously coding interview data and observations (Miles et al., 2013; Saldaña, 2015). Integrating a heuristics approach—emphasizing personal experience, self-reflection, and intuitive discovery— adds flexibility and depth to the study’s coding process, extending beyond the traditional Gioia method to capture the nuanced narratives of entrepreneurial exits (Gioia et al., 2010; Mees-Buss et al., 2022). While heuristic inquiry can be subjective, careful planning and reflexivity ensured methodological rigor and researcher well-being (Douglass & Moustakas, 1985). Higher-order heuristics, such as pattern matching and iterative comparison, aligned with the Eisenhardt method to provide a comprehensive understanding of each case. For example, a high-achieving entrepreneur struggled with identity loss and heightened anxiety during retirement despite financial success, highlighting the emotional toll of exiting a long-held business identity. To address these challenges, participants engaged in peer debriefing sessions, and systematic coding with NVivo and clear inclusion criteria helped maintain consistent, biasaware analysis, preserving methodological depth and rigor (Ellingson, 2009). Cross-case analysis is then used to iteratively compare and contrast cases to uncover similarities and differences to generate new theories (Eisenhardt, 2021; Ravenswood, 2011). This is not to be confused with the constant comparison method, which is also an iterative process where data segments are repeatedly differentiated to develop categories and identify patterns by refining categories through ongoing data analysis (Dye et al., 2000). The Eisenhardt Table 1. Participant demographic details. Case Gender Exit age EducationaDuration years Years since exit NAICS Business sizeb Revenue (CDN) Exit type 1 Male 56 Elementary 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 Post-graduate 11 6 722511 Small 470,000 Sale 5 Male 55 College 16 10 238160 Medium 650,000 Dissolve 6 Male 53 College 15 5 541514 Small 160,000 Bankruptcy 7 Male 55 College 27 14 445110 Medium 5,000,000 Acquisition 8 Male 51 College 7 6 325910 Small 650,000 Dissolve 9 Female 52 College 7 6 325910 Small 650,000 Dissolve 10 Female 51 College 8 3 531212 Micro 60,000 Default 11 Male 57 College 17 8 333999 Medium 14,000,000 Buyout 12 Male 50 College 13 11 333999 Medium 23,000,000 Bankruptcy 13 Male 52 College 17 0 411190 Medium 19,000,000 Buyout 14 Male 52 College 14 0 524210 Medium 950,000 Sale Avg - 53.1 - 14.6 5.4 - - 5,361,429 - 15 Male 70 Post-graduate 41 2 621111 Small 750,000 Liquidation 16 Male 78 Grade school 55 10 111999 Small 60,000 Sale 17 Male 80 Grade school 50 5 111999 Small 100,000 Sale 18 Male 61 College 8 4 561611 Micro Undisclosed Dissolve 19 Female 66 High school 14 0 621310 Micro 70,000 Buyout 20 Male 65 High school 10 8 416210 Medium Undisclosed Succession 21 Male 62 Post-graduate 31 7 621210 Small Undisclosed Dissolve Avg. - 68.1 - 29.9 5.1 - - 245,000 - aThe education system in Ontario, Canada, progresses from elementary school (ages: 4–13 years) through secondary school (ages: 14–18 years) to post-secondary education, including colleges offering diplomas and certificates and universities providing bachelor’s, master’s, and doctoral degrees. bSource: Business size according to employees, micro: 1–4; small: 5–99; medium: 100–499 (Statistics Canada, 2016). 640 Business Research Quarterly 28(3) method was employed by selecting case studies of entrepreneurs in their 50s and those older than 60 years to explore overall experience, financial success, and gender, identifying constructs and relationships between identity change and well-being. Using constant comparison, data were coded and continuously evaluated to identify common themes and divergent patterns related to emotional responses and identity shifts (Boeije, 2002; Glaser, 1965). These themes were refined and expanded upon through continuous comparison with new data (Dye et al., 2000). Thematic analysis, using the Eisenhardt and constant comparison methods, revealed key patterns in identity and well-being changes during entrepreneurial exits (Braun & Clarke, 2006; Holton, 1975). Initial codes such as “loss of professional identity” and “emotional stress” were refined into broader themes like “identity reconstruction” through iterative comparisons (Braun & Clarke, 2019; Saldaña, 2015). Inductive pattern matching then aligned empirical data with theoretical constructs, such as debunking the myth that financial success ensures happiness and highlighting the role of emotional stress and identity shifts in well-being (Creswell, 2013; Nowell et al., 2017) by aligning identified patterns with predicted ones (Eisenhardt, 1989; Yin, 2018). The final stage employed theoretical coding, using axial and selective coding to develop a coherent theory (Strauss & Corbin, 1998; Thornberg & Charmaz, 2014). Axial coding revealed connections between categories, while selective coding identified “identity reconstruction” as the core theme, linked to “social support” and “emotional stress.” This framework shows how strong coping strategies and support networks promote positive identity reconstruction and well-being, while their absence can result in emotional challenges and mental health decline (Sinkovics, 2018; Terry et al., 2017). Results This study employed a rigorous methodological framework to examine how entrepreneurs in their 50s and beyond 60 understand and navigate identity shifts during the exit process. Utilizing data crystallization, pattern matching, and iterative comparison, the analysis uncovered nuanced insights into the identity transformations experienced by these entrepreneurs. Multiple sources of evidence, such as interviews and observations, enhanced the credibility and depth of the findings. Theoretical sampling and constant comparison grounded emerging themes in the data, reflecting the participants’ dynamic experiences. Key findings reveal that identity and well-being strategies differ significantly across exit stages, with entrepreneurs in their 50s focusing on maintaining purpose, while those over 60 years of age prioritizing legacy and retirement adjustments. Financial outcomes and gender also play crucial roles: major financial success often complicates identity transitions, while modest outcomes facilitate smoother exits. Women tend to focus on community engagement after exit, while men emphasize legacy and professional identity through new ventures or advisory roles. These insights provide a comprehensive understanding of how age, financial outcomes, and gender shape identity and well-being during entrepreneurial exits. Case comparison The entrepreneurial exit process highlights distinct differences concerning entrepreneurs in their 50s and over 60 years of age in terms of well-being and identity transformations. Entrepreneurs in their 50s often face a tumultuous transition marked by a mix of complex emotions and practical concerns, best exemplified in the following quote: It was Christmas, and things were falling apart. I’ve had no mental health issues or severe depression or anything like that but, at this point, I had a nervous breakdown. I was out on the road one day trying to collect cheques and I just lost it; emotions overcame me, and I was driving down the highway balling and I didn’t know why. I felt broken in every way, and I just knew my life would be over if I continued to do this [business]. This quote vividly reflects the burnout entrepreneurs in their 50s may experience, as their spiraling negative emotions, marked by a nervous breakdown and feelings of being “broken in every way,” drive a desperate need to alleviate the overwhelming stress through exiting their businesses. Their strong identification with their businesses means that contemplating an exit can lead to a profound identity shift, involving a re-evaluation of self-worth, purpose, and future aspirations. This period is often characterized by anxiety, uncertainty, and a deep sense of loss as they relinquish their professional roles. The external pressures of increasing competition, economic downturns, and stringent regulatory environments exacerbate their stress, leading to mental and physical exhaustion, as exemplified in one of the male quotes: During those big jobs, I felt like the king of the castle. I was very proud, but then it was quickly countered. Within six months, the company took a nosedive because the bills are catching up to us and you can only put them off for so long. It became such an intense pressure. There is $90,000 worth of bills owing out and we are waiting on a $100,000 cheque. Even when it comes, it does nothing to go around. The overwhelming guilt from the business failure had a profound impact on both their mental and physical health. The collapse of their business, which had been a central part of their identity, sparked a self-worth crisis, intensifying their psychological distress and feelings of isolation. Entrepreneurs identifying as primary breadwinners tended to internalize the pressure to meet financial obligations, leading to chronic stress, anxiety, and feelings of hopelessness. Sometimes, this stress manifested physically as Pauley 641 exhaustion, sleep disturbances, high blood pressure, alcohol dependency, and poor nutrition, leading to obesity. Men in labor-intensive industries, such as construction or transportation, often tied their self-worth to the growth and prominence of their businesses, viewing success as reflecting their identity. The fixation on external achievement leads to unhealthy habits like overworking, neglecting relationships, and ignoring physical and mental health, resulting in chronic stress and burnout. Women took a more holistic and long-term perspective, prioritizing sustainability and the overall well-being of the family. This inverse perspective is best reflected in the following husband and wife business partnership in the maturity stage: Husband (H): I got carried away because I wanted to grow, grow, grow. I was aggressive, and I wanted to grow. I wanted to out due them all, and I did. It was up to a 5 million dollar company for a while. But, the second it didn’t, it didn’t take too long [to decline]. It takes a big [physical] toll. Wife (W): We had our battles. Me doing the paperwork; I kept trying to tell him the highway guys were not making money. We used to argue about this all the time, because [husband] didn’t understand. [He] didn’t do the paperwork every day. He thought, get bigger, and do this, and do more. He saw the big cheques coming in, but didn’t see how much was going out to keep those cheques coming in. We had some stressful times in our marriage because of that. H: But, we pulled through and straightened it out in the last 3 years. W: Because our marriage would be over (laughing). The couple in their 50s in the maturity phase experienced identity changes differently, shaped by their distinct roles and priorities. The man, heavily invested in the business’s growth, derives much of his identity from external success and professional achievement. As the business faces challenges, he feels inadequate, stressed, and frustrated, compounded by a sense of failure in fulfilling his role as the primary provider. These emotions lead to physical exhaustion, burnout, and strained relationships, significantly impacting his well-being. In contrast, the wife’s identity is more balanced between family and business, focusing on long-term sustainability and emotional stability. As the business struggles, her emotions stem from a concern for the family’s future and frustration over her husband’s relentless pursuit of growth at the expense of stability. While both face emotional challenges, the man’s identity shift is tied to feelings of failure and loss of control, whereas the woman takes a more pragmatic approach, seeking solutions that prioritize the well-being of both the family and the business. In a hospitality venture run by a wife who sold the business in her late 50s, the decision to step away was primarily driven by the growing monotony of the work: Husband (H): The main contributor was [wife] didn’t want to do it anymore. She wanted a break from it and the competition exploded in the last few years in the area. Wife (W): I was just tired. This is going to sound really bad, but I had the same staff for the whole 11 years. I love them dearly, but it was day-in and day-out with these people. I just needed a break from it. I was [mentally and physically] exhausted. I felt it was time. . . It was kind of like: let me out of here! I’m doing the same thing seven days a week. H: You thought it was time for you because you didn’t want to do it anymore, and then financially, we were still okay. When questioned about the emotions she felt during the exit, the wife replied, W: That’s a really hard one to answer because we were going through our [son] being diagnosed with that tumor. I didn’t even take time to grieve the loss of that diner and our friends [employees] because of that. It was like that all happened for a reason. It was like we walked out the door and then our son has some health issues. That was same day almost, it was all boom boom and then it was just gone. When prompted by whether the couple would start another venture, she replied, W: It’s timing for me now. The job that I have is exceptionally flexible. It’s a hard thing to walk away from because of the type of position that I’m in. It’s less risk at this point in the time of our lives. When I retire I might open a gift shop. . . but, they say you’re 65 and you should retire, but neither one of us feels old. We aren’t ready for retirement. Maybe lower pace job, but more for myself. Health plays into a lot of things. When you get into your 60s things [health] can change overnight. The couple’s decision to exit their business reflects a complex emotional struggle, marked by exhaustion, shifting identities, and unpreparedness for aging and financial realities. The wife’s burnout reached a breaking point, “let me out of here,” coinciding with their son’s health crisis, leaving little time to process the emotional fallout. Although they stepped away, their reluctance to fully retire indicates ongoing identity shifts. The wife’s new flexible job offers stability but reveals a compromise between practical needs and emotional readiness. Their interest in new ventures shows they are not ready to fully relinquish their entrepreneurial identity, balancing identity, wellbeing, and aging challenges. This emphasis on family as a driving force behind business decisions was echoed by another entrepreneur in their 50s, whose exit was similarly abrupt: [Son] was diagnosed with a brain tumor. My whole perspective on everything changed. Now, my focus was either on the job or deal with his illness. I wasn’t going to do both, so I phased 642 Business Research Quarterly 28(3) things out slowly from there because his recovery was more important to me than anything else . . . There are some things I should have done differently, but at that time I was so optimistic about the company and where the direction was. We weren’t thinking of long-term stuff and we probably should have. When we will look back on it, we could probably have put ourselves in a better position to weather through the tougher times, but no one can ever foresee or take into account an illness like [son] had. We didn’t have deep pockets. We were carrying a mortgage on this house, we had bills in the city, and we had other things. We took our trips, and we lived our lives well. I mean, we have no regrets that way. We are okay with everything. The entrepreneur’s sudden exit in their 50s, prompted by their son’s health crisis, exemplifies identity and wellbeing transformations characteristic of Super’s maturity phase. Experiencing conflict between professional goals and personal responsibilities, they experienced guilt and anxiety as their focus shifted from business to family. Managing financial pressures alongside caregiving responsibilities led to considerable mental and physical strain, emphasizing the importance of robust support networks. Prioritizing their son’s recovery ultimately brought emotional clarity, and the transition from a business-centric identity to one centered on family, while challenging, signified a profound redefinition of self. In stark contrast to the maturity stage of exit, entrepreneurs over 60 years of age encounter a distinct set of wellbeing and identity changes. The heightened awareness of aging and health issues plays a more pivotal role in their decision to retire. Confronting health issues such as heart attacks, persistent pain, and even cancer, these entrepreneurs are more inclined to prioritize personal well-being over business responsibilities. Realizing their mortality often acts as a motivator to focus on personal relationships and fulfillment. This shift in priorities is best illustrated by one entrepreneur’s reflection on the impact of health challenges on their decision to step away from the business: I didn’t want to die at the job. I’d tell everybody the same thing today. I’d die at the job. If you can make enough money and walk away and live half comfortably. Why would you die at it? Do you really want to work that long? Because you can’t come back from the stone [death]. Financially, I can retire at this point in time. This entrepreneur vividly captures the profound identity shifts and emotional transitions entrepreneurs have over 60 years of experience as they approach retirement. In the later stages of life, these individuals face the physical toll of aging but also the psychological challenge of redefining their sense of purpose outside of their long-standing professional roles. As the entrepreneur reflects on their decision to exit, the fear of death becomes a central motivator, influencing a shift in priorities toward personal well-being and relationships. The realization that “You can’t come back from the stone” underscores a heightened awareness of mortality that propels these entrepreneurs to question the value of continued work in the face of health issues such as heart attacks or cancer. This fear of dying while still immersed in business responsibilities acts as a catalyst for prioritizing a more balanced life, one centered on personal fulfillment rather than professional achievement. Financial stability can ease the transition into retirement, allowing the individual to focus on personal wellbeing and relationships. One entrepreneur candidly reflected on the emotional preparation required, emphasizing the strain retirement can place on marriages and the need for compromise on shared goals. He highlighted that mental readiness, along with navigating different postretirement desires, is crucial to maintaining harmony during this life transition, You have to stick handle [navigate the exit process], seize an opportunity, or run like hell. You can’t have an exit strategy in less than three years if you truly want to do it right. [Selling] is not an immediate thing. I think it’s even longer to mentally prepare yourself, accepting it [leaving], and do it. You better have a supportive spouse at home that will put up with you . . . I don’t want to retire the same time that she does. I want to retire first for a couple of years (laughing). That’s a component a lot of people don’t consider. A lot of marriages go through some real stresses at retirement, because if she [wife] is at home, and all of a sudden I come home now permanently, I am interrupting her [routine] and that can cause real issues. If you both retired together, I’m not sure how to prepare for that. I am fortunate because I have some things that I want to accomplish. You better share some retirement goals together, too. If you both want completely different things, it is not going to work. She wants to travel. I’m not interested, but I will, because I will compromise and that’s okay. Whether I’m doing it right, I have no idea, but that’s part of going forward. The quote underscores the intricate identity shifts and well-being challenges faced by entrepreneurs over 60 years of age as they transition into retirement. The speaker highlights the relational strain that can arise when retiring concurrently with a spouse, stressing the disruption of established routines and the necessity of strategic planning. This dynamic reflects the broader identity transformation entrepreneurs undergo as they detach from their businesses and adapt to new roles in their personal lives. 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