Darren Gleeman is the Managing Partner of MBO Ventures, a firm focused on business exits through a structure called an Independent Buyout.
An Independent Buyout uses a federally authorized employee trust (an ESOP trust) to purchase stock directly from a company’s founders. It is a unique trust that can acquire company stock and use third-party financing to complete the transaction. Instead of selling to private equity, the owner sells to this trust, creating liquidity while transitioning ownership to employees under a tax-advantaged structure.

Using the Independent Buyout structure, founders can achieve liquidity while deferring capital gains taxes, the company will completely eliminate federal and state income tax (making 280E irrelevant) and the transaction is structured to preserve significant future upside for the seller.
MBO Ventures focuses exclusively on helping owners exit their businesses without selling out—preserving culture, maximizing after-tax proceeds, and creating long-term upside through warrant strategies.

Before founding MBO, Darren was the Managing Partner of GB Trading, a hedge fund focused on quantitative strategies. He brings a deep understanding of finance, structure, and execution to every transaction. Darren has led almost every single ESOP-structured Independent Buyout in the cannabis industry to-date, and was named Top Financial Advisor by Green Market Report in 2024.