Yes, provided the buyer genuinely develops and directs it. That is ordinarily shown by owning at least fifty per cent of the enterprise or by holding operational control, and the enterprise's nationality must itself be treaty-national, meaning at least half the ownership is held by nationals of the treaty country.
Ownership share first, then the evidence of control
Hypothetical example: Rachid has agreed to buy an American commercial laundry and linen service and intends to retain the seller's general manager. Two nationality findings sit underneath everything else. Rachid must be a national of a treaty country, which for a Canadian citizen is satisfied by the passport rather than by residence.
The enterprise must have the same nationality, which is tested by looking through to the individuals who own it: at least fifty per cent must be held by nationals of that treaty country who are not permanent residents of the United States. Ownership held through a holding company does not stop the analysis; it continues up until natural persons are reached. Once nationality is settled, control is the live question.
Fifty per cent or more ordinarily answers it. Below that, an applicant must show operational control through a managerial position or some other device, which is harder and depends on documents rather than assurances. A hired general manager is not a problem in itself; an owner who cannot name a decision he actually makes is.