When Rudy Bozak turned 67 in 1977, he offered an opportunity for an employee buy-out headed by Bob Betts, his chief engineer. The arrangements required the personal loans of several key employees and would take a few months to transact. Bozak didn't wait for an employee buy-out; with a handshake promise to retain certain crucial employees, Rudy sold the rights to his corporation to an existing business headed by Joseph Schlig. Bozak stayed on in a minor consulting role. Quality was seen to go quickly downhill; the new owners appeared to longtime employees as being interested only in pulling money out of the operation. Betts and other company management officers left the company one by one.