Had a similar situation to your and I know the feeling. You feel like you ownowe the old man. BUT I can almost guarantueeguarantee you that as soon as you worked a couple of months somewhere else you will notice that it wasntwasn't all that great.
As someone suggested wait until you have an offer and then tell him. It is business. If this is a serious businessman he wontwon't be mad at you. I am still friends with my old boss and he wasn't mad at me or anything.
Just try to paint them in a good light so they feel better about themselves and give some reasons they have no power over maybe.
For example I told them that I wanted flexible hours, which they hadnthadn't (they changed it after I left though so I kinda helped them being more attractive for new hires I guess?). I I also told them that I wanted to work with technology XY that they could never offer me due to the software they develop. And I said I was trying to get a management position which only a bigger company could offer me and not a startup and that I wanted to become a mentor and since they dontdon't have a mentor program and so on.
So I tried to tell them kinda like "it is not you, it is me" if you know what I mean? I was also very apologetic (which was kinda stupid) and said I am sorry, they were the best team and I know it wont be as great as with you guys but I want to grow from a career standpoint and I hope you dontdon't take it personally as I would love to work forever with you but also want to follow my dreams and something along those lines.
In the end, dontdon't worry. It is business and if your boss takes it personally you might have dodged a bullet. He would probably fire you on the spot with no regrets if he would need to save money and got a new intern doing all this stuff.