How would your structure....

[Allison Haley]

A friend of mine has 1 business, 3 locations.  I have been managing them for 3 years now.  She is wanting me to purchase two of them, by assuming the payments at the bank without changing the information at the bank.  She is ready to retire and would like to make this as fast and simple as possible.  How would this work?  What kind of agreement would this take? Would I operate under her EIN or create my own? If this is a Franchise, would we do a Bill of Sale on the Franchise sell and in our agreement say if at anytime there is default a Bill of Sale is voided???  

Any thoughts would be appreciated.

[Joe Hughis]

@Allison Haley - She wants you to pay her bank obligations without changing anything at the bank?  Only "selling" 2 out of 3?  Forgive me, but that doesn't seem like she is really retiring.  Also, is it a Franchise or is it not?  The rules that apply to a franchise can have specific clauses that dictate how transference of ownership can occur.  To be safe, regardless of how fast she wants to "sell" her businesses, I would consult a corporate attorney to oversee the transaction.  Good Luck!