Anyone know about a funded deal w/ the previous owner retaining 49%?

June 08, 2020
by a searcher from Harvard University - Harvard Business School in Fort Wayne, IN, USA
Exploring a deal where the business is relatively new (5 yrs old) and growing really well. Would like to offer the founder/owner/CEO the chance for a partial cash out while retaining the CEO role until I'm ready to take it over (will take ~2 yrs to get up to speed on the somewhat complex business). He's late in his career, so it would be helpful for him to do a planned, time-bounded succession plan. Appreciate everyone's thoughts.
from Pennsylvania State University in New York, NY, USA
from Harvard University in Harbor Dr, Sausalito, CA 94965, USA