A phased transition can be a great structure, particularly when two owners have different timelines or one wants to remain involved. I'd pay close attention to how decision-making authority, the valuation of the remaining equity, and the eventual buyout are structured upfront. We've actually been developing an Operator-to-Owner path at Five Experts around a similar concept: stepping into a business, learning and operating it alongside the existing owner, and transitioning into ownership over time. It may be worth exploring for your situation, particularly if one partner is looking to exit while the other wants to stay involved. Here's a little more about the approach: redacted Happy to connect and compare notes!