That somebody is either wrong or you've misunderstood. Both asset and stock deals often have working capital adjustments. That said, really small deals sometimes forgo working capital altogether. And really small deals are often asset purchases. So that may be where the confusion stems from. In those cases, the buyer may just have a LOC organized with his lender. Happy to discuss further. Feel free to reach out at redacted

Regardless of whether it is an asset or stock purchase, working capital will be required for you to run the business.

It's either you buy the business with the working capital included at an agreed to level or you need to make the working capital investment yourself. Also, sometimes some but not all of the working capital is included on these smaller deals. (ie. you get inventory but not A/R)

You were probably told this because the person didn't want to have to deal with this issue, because working capital calculations can get complicated, but that doesn't mean that there won't be working capital required to run the business.