The owners of Falmouth-based financial services firm Lebel & Harriman are selling a majority stake in the firm to a group of employees for an undisclosed sum, the company said Monday.

Lebel & Harriman, which was founded over 40 years ago and has 20 employees, provides retirement planning, investment and insurance advisory services. Owners Mike Lebel and Phil Harriman said they aren’t planning to retire but felt it was time to pass on the company’s ownership to the next generation.

“We are very pleased to share that Laurie Reed, Jennifer Breton, Josh Chase, Rebecca Burchill and Michelle Romanowill be steering Lebel & Harriman into the future,” Lebel said in a news release. “They are committed to the culture that is so important to us, and ready to collaborate and innovate as they continue to provide exceptional service.”

Harriman, a former Republican state legislator and former Portland Press Herald columnist, said selling the company to a group of existing employees would make the transition more seamless for clients, and that he and Lebel plan to continue working for the firm.

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