SITUATION
At age 63, Michael Lipper sold his firm to Reuters. His assessment of the sale follows:
One of the reasons we sold our business to Reuters was because or knew we probably couldn't manage the technology of the future by ouisehts. My animatenear who builds a business for as long as I have would be dishonest If he did no Suffer a certain sadness (from selling). d (Reuters) makes a wonderful success out of this, Mere may be some ego polo.
If they muck it up they have damaged our name and hurt our people. Lois Silverman cofounded CRA Managed Care (now known as Concentra Managed Care). when the hm, went public in 1995. Silverman's stake was over $10 million. After taking Concentra public. Silverman gave up all involvement in day-to-day operations.
Along with 12 other successful businesswomen. she formed the not-for-profit Commonwealth Institute, to help women entrepreneurs set up boards and secure cap& tal. She also became involved with a newspaper called Somen's Business. She later told this story: The other day a man said to me on a golf course. hope I hit this boa because since tie left my business, ( don't know what to do with myself; And 1 said to my. sea, °Cm so Way.
1. Compare the people in the above true sto-nes in terms of their feelings about exiting their firms.
2. What might explain the difference between those who have positive feelings about cashing out and those who do not?