The term Asset Sale has two different meanings in the business brokerage world. Businesses are considered Asset Sales when they include the business’s physical assets without the usual additional intangibles: name, menu, customer lists, etc. You’ll generally encounter these when the business is underperforming, and we expect the Buyer to change the use or concept. This is common among Food and Restaurant businesses. BottomLine notes this in our information packages. Asset Sales can also refer to the technical method of business purchase. The Seller retains possession of the legal entity and the Buyer purchases the individual assets of the company, such as equipment, fixtures, leaseholds, licenses, goodwill, trade secrets, trade names, telephone numbers, and inventory. Asset sales generally do not include the cash and the Seller typically retains any long-term debt obligations. Sellers typically retire the legal entity after completion of the sale. Over 90% of small business transactions are asset sales.