Thanks bonnie for the debug suggestion.

I modified my code like this:

-----------------------------------------------------------------------------
Private Sub Button1_Click(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles Button1.Click

selected = "INIT"
Debug.WriteLine(selected + " before")

cm.Show(TextBox1, New Point(0, 0))

Debug.WriteLine(selected + " after")
End Sub

Private Sub mnuHandler(ByVal sender As Object, ByVal e As System.EventArgs)
selected = CType(sender, MenuItem).Text
Debug.WriteLine(selected + " inside")
End Sub
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This is the Debug output if I select "Text2"
INIT before
INIT after
Text2 inside


Is there a way to make the Debug output like this?
INIT before
Text2 inside
Text2 after