Leonard wants to sell his business but the bank will not lend the buyer enough money.Between personal savings and the bank loan,the buyer has about 70% of the asking price.Which of the following options would be best for Steve in this situation?

Question

Quizplus · Accepted Answer

Offering to finance the remaining 30% of the asking price and accepting payments over the next few years allows the buyer to secure the necessary funds and close the sale. This option allows Leonard to transition out of the business completely, while still receiving regular payments and potentially earning interest on the remaining balance. It also ensures that the buyer is highly motivated to make the business successful, as their payments will be tied to its performance.

Leonard Wants to Sell His Business but the Bank Will