Three quick things about selling a small business in CT:

  1. If it has a license and the buyer wants the benefit of that license without re-applying, they almost certainly need to buy the business as a going concern, NOT a bare purchase of assets: CT licenses generally are not transferable assets.
  2. If it is a regulated business, then regulator approval almost certainly will be needed in advance of the change of ownership. 30 or 60 day lead times are common. New owners will need to fill out forms. Often, background checks.
  3. Some licenses are very personal, as in, they don’t belong to the business at all, they are held by a key employee (e.g., liquor store or tavern permittee, lottery agent, tobacco dealer, underground storage tank operator).

The more you know …