There have been many good replies in this forum, to your question. Mine is similar to some of the others. It all depends on the situation. However, in general, I would say it is best long term for the owner to NOT be part of the ongoing operations or be a key decision maker. It may be best to have a pre-agreed to phase out plan or to quickly convert them to a consultant role, but have the new management be the ones in control. Otherwise, employees may get conflicting directions and fall back into their alliance with the previous owner and how he/she did things.