How Can a Shopify Store Be Transferred to a New Owner?

 In the past, having a website to manage a business was challenging for those with less technological expertise. The price to build an internet business is likewise very high if you outsource. To suit the demands of building a business website, numerous platforms have been developed. One of the most well-liked systems, particularly for MMO, is Shopify. However, not everyone invests the time and energy necessary to create Shopify stores from scratch. On the other hand, many online business models decide to leave Shopify after reaching certain milestones through the platform or for a variety of other reasons.

In order to maximize the use of available stores, Shopify introduced the store transfer tool after taking note of these problems. This allows others with business needs on Shopify avoid starting from scratch and helps the former owner of the store avoid wasting the store he worked so hard to develop.

Typically, there are two ways to transfer your Shopify account: selling your store to a new owner or transferring ownership of the Shopify store. So I'll outline two approaches to move a Shopify store to a new owner in this article.

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Sell your store on the Shopify Exchange Marketplace to a different owner.

If you don't want to throw away Shopify's store, give it to someone else for nothing. A perfect approach is to sell your store to others on the Shopify Exchange Marketplace. This strategy has just kept your store open while also generating a profit for the time and work you put into creating it. By taking the following actions, you can sell your Shopify store:

Step 1: Store-selling requirements

For anyone looking to buy or sell a business on Exchange, Shopify aims to offer a fair and secure environment. The Shopify team has established the following criteria for users who purchase and sell on Shopify in order to do this:

• Users must be older than 18.
• The following nations or locations will not be allowed to use Exchange by users. The following countries are included: Afghanistan, Algeria, Azerbaijan, Angola, Burundi, Belarus, Cambodia, Central African Republic, Chad, Congo, Democratic Republic of the Congo, Cuba, Côte d'Ivoire, Egypt, Equatorial Guinea, Ethiopia, Eritrea, Guinea, Guinea-Bissau, Haiti, Honduras, Iraq, Iran, Kazakhstan, Democratic People's Republic of Korea, Kyrgyzstan, Laos, Lebanon, Liberia, Libya
• Do not advertise goods or services on the Exchange Marketplace.
• The auction format is not supported by Exchange Marketplace. Sellers will set the pricing they desire and stick to them in order to avoid confusing customers and causing a bad experience.
• Don't give your phone number, email address, or any other contact details. Only Exchange can be used for communication between buyers and sellers.
• Exchange retains the power to modify a user's store ownership.
• Exchange does not allow for the search of commercial alliances. A company cannot be listed on the Exchange until it has been completely sold.
• Each list must be original and not a duplicate of another Exchange list.
• Exchange-listed online stores must be distinctive.
• There will be no commission paid to companies listed on the Exchange.
• To verify their identities, users must adhere to the guidelines in the Know your customers section.
• Never conduct payments outside of the Exchange payment flow. Shopify cannot help customers with any problems relating to a transaction that was carried out outside of Marketplace's Exchange.com.
• Keep in mind that if you fail to follow one of the aforementioned guidelines, you risk having your access to the Exchange Market terminated permanently. So before selling your store through the Shopify Exchange Marketplace, be sure you can fulfill all of the aforementioned requirements.

Step 2: Register your business with Exchange Marketplace.

Fill out your company details in the Exchange Marketplace application after installation before publishing. You can make a wonderful list with the aid of a few tips. The fundamental procedures for building a full Exchange list are as follows:

• Secure the details of your contact. Your email address is hidden from the buyers, but their comments are relayed anonymously to this email. You can get help from exchange-support@shopify.com if you want to alter this email address.
• Select a niche market for your company. This makes it simple for customers to find your store online.
• Give a thorough description of your business. Use this to provide essential information to prospective purchasers, such as marketing plans, target markets, your company's history, and the reasons you decided to sell your company.
• Verify all the attachments.
• Before the listing review is authorized, the pricing is revealed. The cost can be decided at any time.
• Examine your store's options to see what is offered.
• your social media profiles with links.
• Update your online store's screenshots.
• All verified traffic and sales information will be shown on Exchange for your listing.
• Click the Publish button when you are ready.
• Before publication, you will be aware of any adjustments that are required. Your listing will go live on Exchange as soon as it is approved. After that, you can watch for messages from prospective purchasers.
• Before building the list, you should convert your email address to a personal one if the account owner's email address is a custom domain name that you are selling. If not, you risk losing access to your email account throughout the transaction.
• Additionally, companies with at least $100 in documented sales income have the opportunity to create a separate listing. For merchants interested in selling their stores, Exchange gives them the option of generating separate listings. Buyers can text a private message to you to get more information about the company directly from you, however, if they choose to keep details like store names, social media handles, screenshots, or private URLs private.

Step 3: Hand over your business to a new proprietor

It's time to transfer ownership to the new owner after you have updated all the information and spoken with the potential buyer. The shop move will consist of two key sections:

1. Give authorization to the buyer's staff

The workforce must provide their consent before the buyer may take over as the new owner of the business. You only need the buyer's full name and email address to authorize them. You will be made aware of this information during the property transfer process. Don't give your phone number, email address, or any other contact details. The Exchange Marketplace process won't function if you use any other email address.

The purchaser must check their email after the invitation is delivered to look for a link to activate their account. When they activate their account, they are in charge of coming up with a password. Employees will by default have complete control, which means they will have access to everything but your payment data and payment activity. You might request the buyer to sign a non-disclosure agreement if you have concerns about privacy.

Your buyer will become a new store owner after the Deposit transaction has been completed, according to the Shopify Account team. However, as indicated in the requirements for Exchange users, you should keep in mind to never reveal shop owner login information since doing so may result in a permanent suspension from using the Exchange Marketplace.

2. Payment receipt via Exchange

You must accept the buyer's offer when it satisfies your conditions in order to move forward with creating the transaction in the Exchange Marketplace application. Generally speaking, the following is how payments made through Exchange will be processed:

First, the buyer submits an offer.

Customers first message you to indicate interest in purchasing your store. You will receive an offer from customers who are ready to acquire your store.

Your list price must represent at least 80% of the offer price. The Inbox tab in the Exchange app will then inform you that the buyer has sent you an offer. To view the Offers banner with the button to accept the offer, click on a buyer's message.

Accept the offer and start the transaction in step two.

To accept the deal you want, click the "Accept offer" button. You'll be instructed to use the Exchange application to establish a new transaction. The following information must be provided before you can begin trading:

Describe what you are giving the buyer in this field, including a Shopify account, domain name, social network accounts, inventory, and anything else pertinent.

Checking time: Now is the time for purchasers to inspect and evaluate the company's assets. Testing can last for three to thirty days. At any point during the inspection period, the buyer may decide to accept the assets of the company and put an end to the inspection process. Your payment will thereafter be distributed via Deposit.com. Within three business days, the Shopify Account team will transfer ownership of your Shopify account to the buyer.

Price: This represents your company's ultimate price. Calculated and shown below your selling price are service fees. For additional details on Shopify's service charges, see the Exchange listing for your company that is up for sale.

Step 3: Connect your Escrow.com account to Exchange.

You will get an email requesting you to link your Deposit.com account and add your bank information after entering your transaction details and creating a transaction. You must provide the same email address that was used to send the link when you signed up for a margin account. Your transaction won't be connected to the Exchange application if you register with a different email address. You can choose to sign in by clicking the Sign in option if you already have a Deposit.com account connected to the store owner's email address.

You must select your payment method after successfully creating your account. Following the deals, your buyers will pay you in this manner.

You have three alternatives for receiving payments: local transfers, international transfers, or ACH electronic checks. You can only receive payments if you are abroad via an international wire transfer. A $10 disbursement charge applies to all transactions, including those that take place outside of the US.

Deposit.com will let your customers know they can send payments once you add the information for your bank account. Exchange will send you an email with directions on how to proceed as soon as the Escrow guarantees payment from the buyer.

Fourth step: Buyer pays

Following the completion of the aforementioned processes, Deposit.com will send your buyer an email requesting payment. Buyers have three payment options: credit card, bank transfer, and Paypal. You will be notified via email when Deposit.com receives and guarantees payment from the buyer.

Step 5: Give the buyer the assets.

The next step is to transfer the property you have agreed to sell to the buyer after you receive the email confirming that Deposit.com has received payment from the buyer.

Your customers must first give employees authorization. The email address linked to the buyer profile and Deposit.com account must be used to create the employee account. The creation of an employee account using any other email address is not permitted by buyers.

To thoroughly check the Shopify account, the buyer will need staff permission. Before accepting all of the Margin milestones, the buyer cannot take ownership of the Shopify account's shop. The Shopify Account team converts purchasers into new store owners within 3 working days after the Margin milestones are accepted, at which point the Margin is informed to release the buyer's funds for you.

You might also need to transfer any remaining assets (such social media accounts and domain names) and change app account details in addition to the Shopify owner account.

Buyer accepts the assets in step six.

The buyer should designate all of the agreed-upon properties as approved once they have all been delivered to them and they have completed their inspection.

You will get an email whenever the buyer agrees to pay, letting you know that it has been done. Deposit.com makes payments by wire transfer, which might take up to 5 business days.

Step 7: The Shopify Accounts team changes the company's ownership.

The buyer then transitions from being an employee to being the owner of the shop, and Exchange is notified that the transaction has been completed. Within three business days, ownership will be transferred.

The Shopify Account team deactivates your Shopify Payments account and deletes your credit card so the new owner can enter their own financial details. The transfer will be finished, and you will receive an email to let you know.