A friend of mine was the junior partner in Gil Marine years ago, he was the shop manager (around 15 employees) and the head of their research and development department (he was an EXCELLENT welder and fabricator.)
The founder and owner decided to retire and sell the business, my friend was hired by the new owners to be the shop manager and as a consultant for the R&D product development manager for both companies.
His contract had a buyout clause after five years and he decided to buy it out to get back out on his own.
My message is discussing your future and pay with the new guy and help both of you during the transition