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@kermos This exactly. Should have planned this sale for the last 3-5 years and paid more to Uncle Sam for this eventuality. This deal will be impossible to finance at a valuation the owner will be happy with.

@tjh Correct me if I’m wrong, but every entity needs a SSN to get an EIN (responsible party). But you wouldn’t use the SSN to open the bank account. The bank account should be associated with EIN, not SSN.

@tjh Sole-prop with EIN can def open an account w/o a SSN.

@georgefeege This is the answer right here. And just want to add that banks are notoriously stupid when it comes to requirements for opening an account. You can put whatever the hell you want and it doesn’t matter. For a loan, yes it matters. To open an account it does not.

@maxilinko I think you are underestimating how difficult it will be to find good quality help that also shares your commitment to timeliness. If you find a few of those people, go for it. But hold-off until you have that piece of the puzzle solved.

@annshe Plan B sounds like the worst. You certainly don’t need an MBA to work for your family’s business. It would be of limited utility for your needs there. A or C just really depends on you making the decision to work with your family or not.