Does anyone have experience with this? It sounds like it could be a huge benefit to have that person around, available, and vested. But I can also imagine it going poorly if they end up not wanting to give up control, are visibly disagreeing/disappointed constantly, etc.
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How you communicate the roles & responsibilities between you and previous owner. How you communicate to everyone else the owner's new role is also key. For example, expect staff or vendors keep going to the previous owner and make sure the previous owner has a very good, canned response to this and directs to you you're doing better than most.
Build out a transition plan, communication plan, new titles, and make sure you all agree that anything that falls into the cracks you'll discuss together.