Question - Asset sale - Our buyer is waiting on licenses - Bakery

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October 19, 2022

by a searcher in Long Beach, CA, USA

Hello!

I am currently in the middle of working with a buyer to sell our bakery. Their lender (an SBA) last item of concern is held up on getting the licenses instated under the buyer's corporation which shouldn't be an issue. For us, it took 2 months. I am wondering if there is a way for the buyer to use our licenses, the city business license, and our health permit - under some sort of management agreement or another workaround? Another thing to note is we are still going to also be liable for the lease until April 2023.


THANK YOU.

-ADAM


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Reply by a searcher
from New York University in Orlando, FL, USA
Not sure if this will apply to your bakery license, but worth looking into -

https://www.google.com/search?q=338(h)(10)+election&oq=338(h)&aqs=chrome.0.0i512j69i57j0i512l8.2336j0j7&sourceid=chrome&ie=UTF-8
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Reply by a searcher
from Washington University in St. Louis in Chicago, IL, USA
Hey Adam, I am in the process of acquiring home care business that also have multiple licensing requirement with Medicaid and other governmental orgs. We are doing a stock purchase instead of assets sale. However, your case might be different as you might have FF&E. Ask your lawyer or broker if you are going through that.
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+2 more replies.
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