You need to separate yourself from friendships with your employees. Don’t be offended that you don't get invited to go out with them, they understand things need to change and so should you.   Even when you participate in work functions together you still need to separate yourself.  Spend time with them, but find the right time to leave.  Don't stay after dinner for drinks, excuse yourself and go home or back to your hotel room if you are traveling with them.  You need to find friendships outside of work and within your new work level.  You can do this by getting to know your new peer group and getting together with them.  The reality is that the higher you go up in the company hierarchy, the less socializing you will do.  There is a reason they coined the phrase "it's lonely at the top".  So why do you think that is?  It's because you need to keep a fair perspective on people and they need to have a respect for you, not as their friend, but as their boss.  You will be giving reviews, making decisions on wages, and may need to reprimand or let people go.  Your decisions need to be based on what's best for the business, not steered by friendships.  It is impossible to do this if you let your hair down and hang out with your employees on a casual basis; you will feel guilty and they will take advantage of you.