Preparing for Your Second Act

Entrepreneurs who have spent their lives building businesses may underestimate the difficulty of quitting cold turkey

F. Scott Fitzgerald once observed, "There are no second acts in American lives," but if he were alive today, he might consider revising the quote. After a lifetime in politics, Al Gore won an Academy Award and has refashioned himself into a business and media mogul, founding an investment firm, an Internet television concern, and advising or sitting on the boards of companies such as Google (GOOG) and Apple (AAPL). Mitt Romney moved in the opposite direction, leveraging success as leader of private equity titan Bain Capital and head of the 2002 Winter Olympics into a successful term as governor of Massachusetts and now a run for the U.S. Presidency. Even former Federal Reserve Chairman Alan Greenspan is getting into the second-act "act," recently announcing that he has signed on as an adviser to Deutsche Bank (DB).

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