It’s time for you to move onto bigger and better business ventures. You can’t do that as long as you own your current business. To your pleasant surprise, a buyer quickly came with a great offer. You’re excited to finally wipe your hands of the business.
Now, you sit in excited expectation. The money should be coming in soon. There’s nothing else for you to do, or so you thought.
The turning over a business is a big deal. There is a lot involved that you should consider as you hand over the colloquial keys.
While there is less paperwork and a shorter to-do list for transferring an online business than it is for a brick and mortar one, the process can still be confusing.
Before you completely relax and think your job is over, you may want to think again.
Here are some things to be sure to include in the business deal to make the transfer smoothly:
Make up a Manual
Create a “how to” manual for the new ownership. This manual will spare both you and the new owner many headaches and time.
In the manual, include passwords to all the online properties, as well as the procedures for basic business functions. The manual should also include a list of all online properties and their subscription statuses.
Set up a Training
A manual is a great training tool for new owners who can learn by reading. The manual can also be something they can always refer to in the future. To accommodate the visual learning style of an owner, an in-person training may be more effective.
You may want to specify the training in the purchase agreement by stating how long the training will take. Some of the training can be done over the phone or email.
Know What to Transfer Before Funds are Released
In a typical business transfer, it is common for the buyer to set aside a certain amount into an escrow account until you come through on your part of the bargain. During this time between the handing over of the keys and finalization of the sale, you still own the business and should use the time to slowly relinquish the business assets, with the least important first, in case the buyer backs out of the deal.
To relieve both your fears and those of the buyer, it is recommended that a third party be used to oversee the exchange of funds and assets.
Eliminate Personal Information From Business Accounts
A new person will be taking over your business, meaning they will get access to everything that is a part of your business. While most of your emails and information shared on social media channels is likely business related, there may be a few personal information that you would not want a stranger to see.
It is best to delete all your emails and other personal accounts as well as delete any contacts you don’t want shared.
Eliminate Recurring Payments
Running an online business means that you’re likely paying for subscriptions and memberships. Some of these include website hosting, analytic services, blogging platforms, domain name registration and more. As you’ll no longer be the owner, you want to go into every recurring payment account and remove the credit card information on file.
If your company earns money from tools, memberships and subscriptions, show the soon-to-be-owner how to gain permission in collecting that revenue and as well as how to set up recurring payment.
Despite the reason, transferring a business is a major milestone and involves a process that is more tedious than one may think.
When selling your online company, make sure that all the online odds and ends are taken care of. This will ensure that the sale will go quickly and smoothly.
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