Identity Formation After the Transfer
How former owners can find a new identity after the business transfer and meaningfully shape their life phase.
Identity Formation After the Transfer: A New Beginning
For many former owners, the business transfer marks not only the end of a professional career but also the beginning of a new phase of life. At the heart of this transition lies the question: “Who am I if I am no longer an entrepreneur?” This process of identity formation is one of the greatest challenges in succession planning. It involves the emotional process of letting go, searching for new goals, and reshaping daily life.
The shift from active entrepreneur to advisor, mentor, or retiree brings not only structural but also emotional changes. While some former owners view this phase as an opportunity for personal growth, others experience it as a loss of identity and significance. Successful identity formation therefore requires not only time but also a conscious engagement with one’s values, goals, and possibilities.
The Emotional Challenge of Role Transition
Losing entrepreneurial responsibility can leave many former owners with a sense of emptiness. For years or even decades, the company was the central element of their lives—a place where they made decisions, set goals, and celebrated successes. After the transfer, this focus disappears, creating the challenge of finding a new source of meaning and validation.
A practical example illustrates how difficult this process can be: An entrepreneur who handed over his family business to his son after 35 years initially felt isolated. His daily routine had previously been structured around the company, and the social recognition from employees and business partners suddenly vanished. Only through actively seeking new tasks and interests was he able to fill this void and define a new role for himself.
Developing New Goals and Personal Projects
An important step in identity formation is realigning oneself with personal projects and goals. Many former owners discover interests after the transfer that they had neglected during their active entrepreneurial phase. Whether it’s volunteering, supporting social initiatives, or passing on knowledge to young entrepreneurs—these activities can not only provide meaning but also restore joy in life.
An inspiring example is an entrepreneur who founded a foundation after transferring his business. The foundation supports start-ups in his industry, allowing him not only to share his experience but also to have a positive impact on the next generation of entrepreneurs. This new role helped him maintain a meaningful connection to his professional life without being involved in day-to-day operations.
The Role of Social Environment and Professional Support
Support from family, friends, and experts is crucial for successful identity formation. The social environment can help ease the transition and develop new perspectives. Open conversations with family about expectations and wishes, as well as involvement in shared activities, create a sense of connection and appreciation.
Professional support from coaches or mentors can also be valuable. A coach can assist former owners in analyzing their strengths and interests and planning concrete steps to shape their new phase of life. For example, an entrepreneur who discovered a passion for art was encouraged through coaching to open a gallery. This activity not only provided fulfillment but also the opportunity to build new social and professional networks.
Long-Term Planning and Integration into Daily Life
Creating a new daily routine that offers structure and fulfillment is another key aspect of identity formation. A structured schedule that includes personal interests, social activities, and new projects helps manage the transition and establish a new routine. This planning should be long-term to ensure perspectives and goals remain in place for later life stages.
A former business founder who regularly gave lectures at universities after the transfer demonstrates how beneficial such integration can be. He used his experience to inspire young people, thereby creating a new professional identity. At the same time, this activity allowed him to contribute his expertise without bearing the responsibilities of an entrepreneur.
Long-term planning should encompass not only professional but also personal aspects of life. Activities such as traveling, hobbies, or spending time with family can be equally important components of a fulfilling daily life. A conscious and well-planned transition enables former owners not only to accept their new phase of life but also to actively shape and enjoy it.