Are you considering selling your business or currently in the process of doing so? At Snackpass, we understand the importance of a smooth transition when transferring ownership of your brand. To ensure a seamless transfer of dashboard access, payouts, and tax liabilities from the seller to the buyer, we have established a formal ownership transfer process. By following the steps outlined below, you can facilitate the handover of your business with ease.
Submit the Ownership Transfer Request
To initiate the ownership transfer process, please complete the ownership transfer request form, which can be found by clicking here, at least 30 days before your official date of sale. This timeframe allows us to make the necessary financial and legal adjustments internally and account for any potential back-and-forth communication, as this process is sensitive. Failing to provide a 30-day notice puts both the seller and buyer at risk of lost or delayed payouts, inaccurate tax reporting, incorrect store and admin settings, and other potential errors.
Confirmation of Transfer
Upon submission of the ownership transfer request form, both the seller and the buyer will receive a copy of the completed form via email. It is important for both parties to reply all to this email, confirming their agreement with all aspects of the ownership transfer. Snackpass will strictly adhere to the information provided on the form; therefore, accuracy is crucial. We will not proceed with the ownership transfer until this step is complete.
Onboarding Instructions for the Buyer
Once the ownership transfer request has been confirmed, the buyer will receive a separate email from our team. This email will include detailed onboarding instructions for the buyer to follow, such as providing new business and banking information. It is essential that the buyer follows these instructions promptly to ensure a seamless transition.
Day of Transfer
On the day of transfer, the seller will lose access to the restaurant dashboard, and the buyer will gain access. Additionally, payouts starting from this date will be routed to the buyer's designated bank account. It is the responsibility of the seller to ensure that all necessary data has been downloaded prior to the lock-out date to avoid any data loss.
Seller: Please make sure you download all necessary data before the lock-out date.
Buyer: You will receive an email from our team with login instructions, granting you access to the restaurant dashboard.
By following these steps, both sellers and buyers can facilitate a smooth ownership transfer process. At Snackpass, we are committed to providing the necessary support and guidance to make the transition as seamless as possible. If you have any further questions or require assistance, please don't hesitate to reach out to our support team. We are always here to help.