There is a different reason for the sale of companies to management, continues Dmitry Kletoshkin, a partner at the law firm “Rustam Kurmaev and Partners.” Business owners who organized it 20-30 years ago are beginning to either step back from business simply due to age, or pass on the business to heirs, he says. In this situation, the question arises of who will manage the company overall. According to Kletoshkin, a hired manager is not the solution to the problem, but is only concerned with a salary and is ready to leave for competitors at any moment. Therefore, in order to be interested in the company’s performance, the top manager must be a co-owner, he believes.