Effective Digital Asset Handover Guide for Business Sellers
In today's digital age, selling your business goes beyond the traditional handover of physical assets and premises. It's equally important to consider the digital footprint of your business. The digital handover involves transferring various online assets that are crucial for the smooth operation and continuity of the business under new ownership. Are you ready for this crucial step? Make a note of some of the key digital assets you need to consider, and find steps and more information below on what to do next.
Four Key Digital Asset Considerations
Domain & Website Transfer
Your business's website and domain name are often the first point of contact for potential customers. Hence, they're invaluable assets. Before selling, ensure you have all the necessary details such as where your domain is registered and your hosting service provider. Transferring ownership will require access to these accounts, and you may need to liaise with your webmaster or IT specialist to ensure a smooth transition.
Some examples of website/domain hosts include: GoDaddy, VentraIP, CrazyDomains, Hostinger
Social Media Pages
Social media platforms play a pivotal role in modern business strategies, offering a direct line to customers. However, transferring ownership of these pages is not as straightforward as handing over a set of physical keys. Each platform has its own process for transferring ownership or administrative rights. It's crucial to understand these processes well in advance of the sale to avoid any disruptions in your business's online presence.
The main platforms to consider would be whether you have a Facebook Page, Instagram Page or a LinkedIn Page. Each platform has its own instructions on transferring or updating ownership.
Some useful links
Email Accounts
Email communication is a backbone for internal and external business operations. When selling your business, you'll need to hand over the master email account along with any associated accounts used within your organisation. This includes understanding how to transfer these accounts safely to the new owner while ensuring that sensitive information is protected.
Most businesses are either using Microsoft365 (previously Office365) or Google Workspace (previously Gsuite) for your emails. If you are unsure of what platform you are using, it may be best to contact your IT Administrator for more information and how to best transfer ownership using the respective Admin Centers.
Beyond the Basics
The digital assets mentioned above are just the tip of the iceberg. Modern businesses often rely on a host of other digital tools and platforms, including:
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Management Software: This can range from project management tools to software that manages day-to-day operations. Ensure you have a list of all software licences and understand the transferability of these licences to the new owner.
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CRM Systems: Customer Relationship Management systems contain valuable data on your customers and sales pipeline. It's essential to ensure that this data is securely transferred to the new owner, respecting any data protection laws.
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Accounting Tools: Financial records and tools are critical for the ongoing operation of the business. Similar to CRM systems, ensure that you can transfer access securely and legally.
Preparing for the Digital Handover
To ensure a smooth digital transition, consider the following steps:
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Inventory of Digital Assets: Create a comprehensive list of all digital assets, including login credentials, associated with your business. You may already have a digital assets register within your organisation files.
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Understand Transfer Processes: Each digital asset may have a different process for transfer. Understand these processes and any potential challenges you might face.
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Consult with Professionals: Consider consulting with IT professionals, your Marketing team or legal advisors who specialise in digital assets to ensure you're covering all bases.
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Communicate with the Buyer: Ensure there's clear communication with the buyer about the digital assets and the steps being taken for their transfer so that they can also rest easy and have everything they need to have continued success with the business.
In Conclusion
The digital handover is a critical aspect of selling your business that requires careful planning and execution. By ensuring that you have a clear understanding of what digital assets need to be transferred and how the process works, you can make the transition smoother for both yourself and the buyer.
Remember, the goal is not just to hand over the keys but to ensure the business continues to thrive under new ownership.
If you have any issues with transferring the above, we have additional documentation and can work with you to help make the process easier.