It's too bad he had to sell when he seemed to really not want to. But it's the smart thing to do rather than let it all crash and burn from a a financial death spiral.

He loses some of his creative authority to the publisher but on the other hand he can work for a number of years without the stress of every single aspect of running a business. After that time and hopefully with his personal finances secured, he can always try again if he still has it in him to run a business.