It is a "clean" transition for customers and employees. Contracts, leases, and permits typically stay in place because the legal entity itself hasn't changed.
A modern, increasingly popular model is the "Search Fund." This involves an aspiring entrepreneur (the "Searcher") raising a small pool of capital from investors to fund a one-to-two-year search for a single business to buy and operate. different ways to buy a business
Here is an essay-style breakdown of the primary pathways to business ownership. It is a "clean" transition for customers and employees