Dan Bizzarro and Bill Jordan were still in college when they went to work at the Bimac Corporation, a castings manufacturer in Dayton, Ohio. After graduation, they joined full time as manufacturing and engineering executives. And eventually they teamed with a third employee to buy the business.

They had a good ride. The company, with 40 employees, has annual sales of about $5.5 million. But as the two men entered their 60s, after nearly three decades as owners, they began to wonder how long the arrangement could endure.

Their partner, Roger Reedy, had been talking for several years about retiring and moving to Florida. After considering various options, including buying Mr. Reedy out, Mr. Bizzarro and Mr. Jordan decided their best choice would be to join with him in finding a new owner.

“The three of us aren’t that far apart in age,” Mr. Jordan said. “At some point in time, Dan and I will be looking at slowing down ourselves.”

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