Chapter 47
Permission to exhale
Alex
Wednesday morning, I called John before Finn left for his session with Elena.
“I need you to run numbers on a partnership structure I just sent you,” I said, pulling up the documents I’d created the night before after Finn had gone to bed. “Employee ownership model, multiple tiers, retirement transition for Oliver instead of full buyout.”
John was quiet for a moment while his mouse clicked. “Skimming now. But Alex, if this is what I think it is, this could actually work.”
“That’s what I need you to confirm. Real numbers, not just my optimistic math.”
“Give me until Friday. I’ll model it out properly, run scenarios, make sure the financing holds up under stress testing.” More clicking. “This is smart thinking. Where’d the idea come from?”
“Observing how a fourth-generation ranch handles succession planning,” I chuckled. “Turns out generational businesses have figured out solutions to problems we think are new.”
“If the numbers work like I think they will, we should set up calls with your lawyer and accountant next week.”
I hung up breathing easier than I had in months, the final problem that had been choking me loosening its grip at last.
Finn emerged from the bathroom, hair damp and pulled up, wearing the tired-but-determined expression he’d had since Elena arrived. “Business call already?”
“Getting the ball rolling,” I stood and wrapped my arms around him. “How are you feeling about today?”
“Ready to be done with it,” he pressed his forehead against mine. “Three sessions down, however many more Elena thinks I need. Probably about a hundred at this rate.”
“You’re doing good work, sweetheart,” I kissed him gently.
“Doesn’t feel like it most of the time,” he pulled back, managed a small smile. “But I’m showing up.”
“That’s what matters.”
I watched him leave for his session before getting ready and heading to Nolan’s office to work.
By Wednesday afternoon, I had draft proposals ready for Oliver, Casey, and Tabitha.
By Thursday morning, Dom had confirmed he and Enzo were still in for the investment, enthusiastic about being part of the solution.
When I’d mentioned Lennon’s partnership offer, Enzo had immediately asked to cover their stake, his voice going fierce the way it did when someone he loved was involved.
Everything was ready. I just needed people to say yes.
Friday morning, John called back right on schedule.
“The structure holds,” he said without preamble. “I’ve run it through every scenario I can think of. Economic downturn, client loss, market shift. There’s always risk, but this is significantly more stable than you trying to shoulder nineteen million in debt alone.”
I let go of the breath I’d been holding and sat down. “You’re sure?”
“I’m sure. Your personal financing drops to about five and a half million total—eight hundred seventy thousand for the two percent equity you’re buying, another four to four and a half million in partnership formation loans to Casey and Tabitha.
Between the real estate leverage, SBA loans, and Dom’s investment, that’s manageable.
” I heard him typing. “Oliver gets steady retirement income instead of a lump sum he’d have to invest anyway.
Casey and Tabitha become invested partners and employee ownership makes hostile acquisition nearly impossible. ”
“And the partnership loans work financially?”
“They’re repaid from distributions, so there’s no additional cash flow burden on the company.
Casey and Tabitha pay themselves back through their ownership income.
It’s elegant, actually.” His tone shifted to something more admiring.
“Alex, this doesn’t just solve your current crisis.
It makes Catalyst stronger long-term. This is something other small businesses should be doing. ”
“Send me the full analysis. I need to start having conversations.”
“Already in your inbox. Call me after you talk to Oliver.”
I hung up and stared at my laptop for a long moment, the weight of what I was about to do settling over me. This wasn’t just restructuring a company, it was fundamentally changing what Catalyst was, how it operated, who had power and stake in its future.
It was terrifying.
It was right.
I pulled up Oliver’s contact and hit call before I could second-guess myself.
He answered on the second ring. “Hey Alex, I was just thinking about you. How’s Wyoming treating you?”
“Good. Really good, actually.” I took a breath. “Oliver, we need to talk about the buyout.”
The pause on the other end felt heavy. “Have you made a decision?”
“I have. And I think you’ll like it more than what we originally discussed.” I pulled up the partnership structure document. “What if instead of buying you out completely, we restructured Catalyst so you could retire but maintain a stake in the company?”
“I’m listening.”
“Partnership model. You’d retain twelve percent equity, get quarterly distributions based on company profits, and keep an advisory role without operational responsibilities,” I spoke rapidly, the words tumbling out.
“Gradual transition over twelve to eighteen months instead of immediate exit. You’d have retirement income security without the market risk of investing a lump sum, and you’d stay connected to what we built. ”
Oliver was quiet for so long I thought the call had dropped.
“Oliver?”
“I’m here. Just thinking.” His voice sounded different, thicker. “You’ve really worked this out?”
“I had help. Finn’s dad showed me how his family structures their ranch, multiple generations and long-term employees all having stakes at different levels. I adapted it for Catalyst.” I pulled up the financial projections. “John and Sherlock ran the numbers. It works, Oliver. It actually works.”
“Walk me through the rest of it.”
So I did. Casey and Tabitha becoming real partners, employee ownership stakes, strategic partnerships diversifying revenue. My own financing becoming manageable instead of risky or catastrophic.
“You’re building something sustainable,” Oliver said quietly when I finished. “Not just solving the immediate problem, but creating structure that’ll outlast both of us.”
“That’s the idea.”
“Alex, I—” he took a shaky breath. “When Ginny and I started talking about North Carolina, about retiring early, I felt guilty. Like I was abandoning you, abandoning what we’d built. This solution lets me step back without letting go. Stay connected without being responsible for daily operations.”
My throat tightened. “You deserve to retire, Oliver. You’ve earned it. This way you get security and freedom while the company gets your wisdom when we need it.”
“When do you want to start the transition?”
“Soon. I need to talk to Casey and Tabitha first, make sure they’re on board. Then we’d work with lawyers to structure everything properly, probably take a few months to finalize.” I glanced at my notes. “But if you’re agreeing in principle, I can start moving forward.”
“I’m agreeing.” His voice was firm now, decided. “Not just in principle, Alex. I’m in. Let’s do this.”
Relief hit me so hard I almost laughed. “Thanks, Oliver. For trusting me to figure it out.”
“You always figure it out. That’s part of why I wanted to do this crazy adventure with you in the first place. Call me after you talk to Casey and Tabitha. I want to hear how they react.”
“I will.”
I hung up and sat there for a moment, letting it sink in. Oliver was in. The biggest piece of the puzzle had just fallen into place.
Now I just needed everyone else to say yes.
I texted Casey.
Me: can you talk? have a business proposal for you.
Casey: Give me 10 min.
When he called back, I didn’t waste time. “How would you feel about becoming a real partner at Catalyst? Fifteen percent equity stake, full partnership in ownership and decision-making.”
“You’re serious.”
I walked him through the structure. Partnership loans, Oliver’s seller financing, his own investment of about two and a half million. He listened quietly, asking sharp questions about the financing and timeline.
“I’m in.” His voice was firm, decided. “Whatever you need from me to make this work, I’m in.”
I grinned. “I’ll send you the full proposal, John’s contact info for financing options.”
“Does this change anything day-to-day?”
“Not immediately. You’re already running creative. This just formalizes partner-level leadership with actual equity.” I took a deep breath. “There is one other thing.”
“Shoot.”
“Jason. I know he’s been inconsistent in the past, but the way he handled the security audit, I’m willing to bring him on full-time if you’re good with it.”
“The Jason who showed up for that investigation? Hell yes. He earned it. Make the offer.”
“Thanks. For sticking with me through all of this.”
“No place I’d rather be, Alex. You know that.”
We hung up. Two major pieces in place, the structure becoming more real with every conversation.
Casey was in. Oliver was in.
Now for the woman who’d kept me running so I could run everything else.
I pulled up Tabitha’s number. She’d been with me nearly from the beginning, had given up the career she thought she wanted to stick with me. She’d basically been running operations for years with an “Executive Assistant” title. This conversation felt personal.
I hit call.
“Hey boss, what’s up?”
“Tabitha, I need to talk to you about something important. Do you have time?”
“Always. What’s going on?”
“I figured out how to restructure Catalyst.” I pulled up her proposal document. “I want you as one of the partners. Chief Operating Partner. Twelve percent equity stake, formal recognition that you’ve been co-running this company for years.”
“Say that again?”
“Chief Operating Partner. Twelve percent equity stake. You’re essential to how Catalyst runs.”
“Are you insane?”
“Well, yes,” I huffed, “but you’ve known that for years and you’re still here with me, so that probably makes you insane too.”
“Alex—”