A sale without sacrifice

For Dan Britton, being a mere employee of the business he launched 18 years ago could be the best job in the world. The founder of Calgary-based Chariot Carriers Inc., which designs and manufactures bike trailers, decided more than a year ago to relinquish his duties as CEO. As the company grew, operations and strategic planning had cut into the product-development time he loves. Plus, family was taking a hit. “We talked a lot about how our company helped people achieve balance,” says Britton. “But I was living that balance less and less.”

So, in mid-2010, Britton replaced himself as CEO, happily exchanging the corner office for a spot on Chariot’s open-concept product-development floor. While he remained a majority shareholder and a board member of the $25-million-a-year company, all strategic decisions fell on his replacement. Britton’s job was to make great products.

Last fall, Swedish bike-rack and roof-box maker The Thule Group approached Chariot out of the blue to talk buyout. Britton quickly noticed the cultural alignment between the two companies and soon was convinced that Thule’s extensive distribution network and vast R&D resources could help Chariot make a quantum leap forward in its mission to enable active lifestyles for families. Thule’s acquisition of Chariot (at an undisclosed price) closed in June.

Britton believes his switch from owner to very wealthy employee—he’s now “director of innovation”—was smoothed by his earlier move out of the CEO’s chair. And unlike most owners who sell out and can’t wait to get out, Britton thinks he’ll stay on. “I enjoy working with the team, and I know I’m going to learn a lot,” he says. “And, frankly, I’m too young to retire.”