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Question
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?
a. Look for a different buyer.
b. Lower the asking price.
c. Retain a 30% ownership in the business and a seat on the advisory board.
d. Offer to finance the remaining 30%, accepting payments over the next few years.
Answer
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