If there is a minority shareholder in a business, he or she may need to be consulted before selling the company. It depends on the arrangement that was made. There may be a first right of refusal for the minority shareholder or other provisions in a buy-sell agreement or even timing issues to close a deal. Business owners who have minority shareholders need to review their agreement and consult with their attorney before going to market.
Here are some insights on Terminating Ownership Interests in Closely Held Businesses.