I'm stepping in to take over a friend's company as she retires. The company is a small enterprise with revenues below $1 million and maintains healthy profit margins. Instead of a cash transaction, this transfer is driven by shared passion and the intention to potentially transition the business into a nonprofit in the future.

Could you advise on the necessary paperwork for such a transfer? Is an asset purchase agreement appropriate, even with a nominal payout?

P.S.: Would anyone be able to share a simplified version of their asset purchase agreement?Or suggest someone who can do this efficiently, preferably a small firm or one man operation.