The Eight Exit Stages: Building Systems for a Smooth Business Transition With Jerome Myers

Jerome Myers

Jerome Myers is the Founder of Exit to Excellence, which guides founders through the business exit process. He is also the Founder and Real Estate General Partner at The Myers Development Group, LLC, which specializes in creating and executing strategic real estate investments.

Previously, Jerome led a $20 million operation at a Fortune 500 company, where he advised on revenue growth, work-life balance, and philanthropy. Through his NEO Navigator program and DreamCatchers podcast, he guides founders through key life transitions to help them build lasting legacies and contribute to their communities.

Here’s a glimpse of what you’ll learn:

[1:41] Jerome Myers’ trajectory through corporate America
[6:07] What are the eight business exit transitions?
[11:39] How Jerome identified his business niche
[14:00] The process of selling a business
[18:45] Optimizing the post-exit stage through the six-point system

In this episode:

Many business owners struggle transitioning from leading their company to life after an exit. This process involves more than just financial planning; it requires addressing emotional and practical challenges, including identity shifts and finding purpose beyond the business. How can entrepreneurs prepare for this transition effectively?

Post-exit strategist Jerome Myers introduces his eight-exit transition system, which guides founders through key stages such as leaving employment, stepping away from daily operations, achieving a liquidity event, and creating a lasting legacy. He also highlights the six centers of doubt — identity, relationships, work, health, prosperity, and significance — that many entrepreneurs face after selling their businesses. By addressing these areas in order, founders can navigate their exit with confidence and clarity.

Tune in to this episode of Systems Simplified as Adi Klevit interviews Jerome Myers, the Founder of Exit to Excellence, about transitioning to a post-exit lifestyle. Jerome talks about identifying his business niche, the process of exiting your business, and his trajectory through corporate America.

Resources mentioned in this episode:

Quotable Moments:

"Once you figure out the money problem, how do you find fulfillment?"
"Founders are special people... stubborn, some call delusional, but determined to leave a mark."
"Exiting to is exciting; exiting from is terrifying."
"We want you to exit to versus exit from."
"When you exit your company and go to zero... it's like being in a head-on car wreck."

Action Steps:

Explore the eight exit stages: Understanding the process of exiting a business through this framework can help entrepreneurs prepare for the various stages of their entrepreneurial journey. This provides clarity and structure, reducing uncertainty and enabling smoother transitions.
Address the six centers of doubt: Proactively working on self-image, relationships, work, health, prosperity, and significance can alleviate the challenges founders face post-exit. This holistic approach ensures that personal well-being is maintained alongside professional success.
Design a post-exit plan: Having a clear vision of what you will do after selling your business ensures a seamless transition and prevents feelings of aimlessness. Preparing in advance can alleviate stress and allow a more fulfilling post-exit life.
Take the NEO assessment: This assessment gives insights into how you'll encounter the six centers of doubt and offers strategies for finding fulfillment after an exit. It provides a personalized roadmap for managing the emotional and practical aspects of leaving a business.
Focus on significance over wealth: Finding a purpose that goes beyond financial gain helps maintain motivation and satisfaction after a business exit. This shift in focus can lead to a more meaningful and impactful post-exit life.

Sponsor for this episode:

This episode is brought to you by Business Success Consulting Group.

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