How have buyers dealt with the transfer of customer contracts in the context of an asset sale? What happens with projects that got contracted before closing with deposits already received? Do you inform customers that their projects have been assigned to a new company? If so, at what point in the process and how do you deal with project cancellations post closing?

Also, what is the best way to ensure that the new entity purchasing the assets has the necessary licenses (using seller's licenses) so employees can work on day 1 after closing?

I'm particularly interested in experience in the residential HVAC contracting space.

Thank you.