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“At that point, we started thinking, this is really a lot more than the manager. She should be a co-owner, right?,” Roach said. “So then we sort of started trying to think about how we could engineer that and and really got serious about it about a year ago.” The most common options for exiting a business include creating a succession plan for a family member or someone already involved in the business; selling the business to an outsider; or simply winding down the business and shuttering it.
“It was kind of like buying a house in the sense that it just took a lot of time when we transitioned the business ... in terms of paperwork and meeting with attorneys," Trapani said."And I wasn’t really expecting that and how complicated that got.”