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Tuesday, May 11, 2021

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For Owners Looking to Sell, an Option That Keeps Their Company Intact

Not all families are comfortable with this prospect. Mr. Baker said he has put provisions in the ESOP agreement requiring a supermajority of employees to agree for the company to be sold.

“I’ve put fences and walls around the company,” he said. “I want the company to be around for 100 years and be employee-owned.”

The Terrys say they are glad they took that road.

“I had a sense of pride about Cimarron,” Mrs. Terry said. “I stay close to several of the employees. I’m so proud of them for taking it and running it.”

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