Bill Leo always assumed longtime employee Tricia Eischied would one day take over his 23-year-old business, Ouray Mountain Sports.

That belief finally became reality at the beginning of November, when serious discussions that began earlier this summer led Eischied to purchase the outdoor gear retailer from Leo. The sale was finalized Nov. 1. With the last two years of record sales and Leo’s son, Jackson, having just graduated from Ouray High School in May, he was ready for the next phase of his...