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ABC Enterprises' president received a phone call from a competitor, XYZ. XYZ operates as a sole proprietorship. Due to an unanticipated personal circumstance, the owner

ABC Enterprises' president received a phone call from a competitor, XYZ. XYZ operates as a sole proprietorship. Due to an unanticipated personal circumstance, the owner has decided to retire and relocate closer to his family. As a result, XYZ's assets are being offered to ABC Enterprises at a bargain-basement price. While ABC Enterprises had not planned on purchasing the busines, the opportunity was too excellent to pass up. Indicate why companies need to hold cash on hand in this case

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