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In this video, Matthew Becker from Gym Lawyers PLLC addresses the necessity of an asset purchase agreement for gym owners looking to sell or buy a gym. He explains that an asset purchase involves selling only the gym's individual assets, which include equipment, branding (like the CrossFit name), furniture, and digital accounts (e.g., Facebook and Instagram). Crucially, in an asset purchase, the LLC itself is not sold, distinguishing it from a stock purchase where ownership of the entire company is transferred. The video emphasizes understanding these differences when engaging in a gym business transaction.
