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What do you do as a business owner if a business manager that has been highly productive decides to step down?

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The business manager in the organization that I work has decided to step down. And the owner of the organization doesn't even know if he is going to accept that decision or not. The manager has brought so much good success to the business. He says he wants to be just a normal member of staff and no longer a manager.

What would you do in this situation as a business owner?
 
I sincerely would beg that manager to remain as manager. I would even offer him increased pay to keep being manager.
 
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