Upon application by a licensed manufacturer or wholesaler of fireworks, a manufacturer or wholesaler license may be transferred to another person for the same particular location for which the license was issued if the assets of the manufacturer or wholesaler are transferred to that person by inheritance or by a sale approved by the state fire marshal. The state fire marshal shall not approve any transfer applications under this paragraph unless:
(a) The state fire marshal receives a satisfactory application for such a transfer on a form approved by the state fire marshal.
(b) The person seeking to transfer the license is the verified owner of the license and is otherwise permitted by law to transfer its ownership interests in such license.
(c) The person receiving ownership of the license meets the requirements of the Revised Code and this code for the possession of such a license.
(d) The licensed premises for the particular location is inspected by the state fire marshal.
(e) The license and the licensed premises are in compliance with the provisions of the Revised Code and this code.