The standard advice is for buyers to purchase assets rather than stock. From the buyer's perspective, the benefits of an asset purchase are well known. I won't restate them here. But asset deals are more work. And, depending on the business, the resulting friction at closing can be real. In most lower middle market deals, this friction is manageable. But buyers should think through the various operational issues that arise in an asset purchase before deciding to proceed (e.g., having clients redirect payments to a new bank account). Like most things, it depends on the deal you want to do. The standard advice may not fit.