Roger founded company and owned 100% for 15+ years. Business grew to 15 people. Roger in early 60’s – needed a succession plan and way to ensure continuity of business. Did two things: Sold 15% of the shares to up and coming manager in his late 30’s (and vendor financed the purchase price) and acquired a smaller business of complementary practice from owner in his late 40’s using shares (and sold some more shares to vendor). Outcome: Roger now owns 60% of a bigger company, received cash for 25% and has two new managers/directors to share the load with. Retained 60% of shares (capital) and income (cashflow), agreed to share control with new directors. Enlarged scale of business should increase profitability (economies of scale). Business is in the professional services (engineering consultancy) but has a brand value beyond skills of founder.