Following the theme Bringing the Manager Back in Management, leader-member exchange (LMX) theory is conceptually examined with a focus on two important boundary conditions: the members’ personality and the job’s psychological ownership potential (POP). POP refers to the extent to which jobs offer employees the opportunity to take ownership of their jobs irrespective of legal ownership. A typology is developed to facilitate the collaboration between leaders and members in leader-member exchange (LMX) relationships and save valuable resources in the recruitment and selection as well as training and development processes. Members high in neuroticism and agreeableness in jobs with low POP prefer low-quality relationships. Low-quality relationships are purely transactional while high-quality relationships go beyond an economic exchange and provide subordinates with additional benefits (e.g., developmental opportunities). High-quality relationships are preferred by members high in extraversion, conscientiousness, and openness in jobs with high POP. Implications for future research and managers are derived.