The Globe and Mail reports in its Tuesday edition that the founders of Burgundy Asset Management never wanted to sell the business they built over 35 years to a bank. The Globe's inside poopmeister, Andrew Willis, writes that Burgundy chairman Tony Arrell's first choice would have been to pass the founders' stakes to colleagues. In the end, they sold the firm for $625-million to BMO. "In large part due to Burgundy's success, we have found it more difficult than expected to transition ownership of Burgundy from the founders and current leadership to the next generation of our people," Mr. Arrell said in a note to clients. Burgundy made two strategic mistakes that cost the firm its independence: It failed to share ownership early in their careers and, more importantly, Burgundy remained stubbornly committed to a value-focused equity investment strategy that attracted $27-billion in client assets. Embracing value investing meant missing out on growth stocks such as the Magnificent Seven U.S. tech companies that drove market performance. Burgundy also steered clear of alternative assets, such as private equity and private credit, which have become an increasingly significant part of wealthy investors' portfolios.