The size of the company, which is held in trust, is dictated by the terms of Laughlin’s will. There are, and will be, just nine employees, and the number of books the company may publish each year is also fixed. Profits are generally reinvested, and the relatively low salaries paid to staff are balanced out by policies like an annual bonus system—which alone might make up ten or fifteen percent of a year’s earnings—and a retirement savings plan. These constraints were baked into New Directions’ business model in the interest of quality and longevity. “We’re expected to make our own way financially,” Epler told me. “The trust is just how he left it to make it safe, so we couldn’t be bought by a larger corporation.” As intended, those constraints have factored deeply into the company’s acquisition strategy. Its employees leverage connections, taste, a worldly sensibility, a capacity for risk, and thrift in order to bring revenues to the company and fine new books to a global readership.