SW Transfer Process for Asset Sale

February 11, 2025

by a searcher from Massachusetts Institute of Technology - MIT Sloan School of Management in Seattle, WA, USA

We are a month from completing the acquisition of ~$1M business via an asset sale. What are the most efficient ways to handle the transfer of third party software (i.e. Keap, Canva, Docusign, GoogleSuite, etc.) and web assets. Do we need to call each one and update the new EIN/entity info, or simply change the billing and account info?
Thanks!

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Reply by a professional
from University of Colorado at Boulder in Fort Myers, FL, USA

When we complete Asset sales we do a Zoom call to hand over all those types of Assets. The Seller will add a new contact info (email and phone) to each account, which they will confirm via a SMS code. Once all the new owner has access to those key assets (i.e. Keap, Canva, Docusign, Social Media accounts, GoogleSuite, etc.) and other web assets the have the ability to update all key details (I.e. Name of New biz, EIN, etc.). Once the new owners are satisfied with having Admin access they send an email to Escrow to release the funds. Depending on what is agreed to between both parties in terms of a transition period the new owner can move the previous owners to view only access. Outside of sensitive being updated (i.e. new credit cards, bank info, etc.) the party doing the updates will be sharing their screen so everyone on the call can see what's taking place. This process will take a few hours###-###-#### hours ish) but it works well as it allows all parties to feel comfortable with the final stages of the closing process. Hope that helps.

Reply by a searcher
from Drake University in Des Moines, IA, USA

We had a lot of success calling customer service with the sellers and explaining the situation. It varied by vendor on what their preferred route was. I would say most of the time they just updated the account with our new entity information. There were a few times we had to create a brand new account, in which they copied data from the old company to the new company (payroll was one of these and I would recommend you get on that ASAP). Also remember if this was an asset purchase you will need to reach out to vendors to let them know. They may not extend you credit given you a new entity. Our inital credit card limit was $7,200. Be prepared and calculate extra working capital needs the first few months.

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