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March 4, 2026
Phil Reeves and Michael Brownrigg, co-founding partners of Apis & Heritage Capital Partners, discuss their employee-led buyout (ELBO) strategy that converts lower middle-market businesses to employee ownership. They detail how they sourced and structured the Blooming Nursery transaction (Cornelius, Oregon), including screening criteria, diligence on agriculture-specific risks like seasonality and weather. They explain ESOP mechanics, trustee oversight, tax advantages, multilingual employee...