Reasons for Transferring Shopify Ownership to Another Owner
Shopify store ownership involves control over crucial aspects like payment settings, customer data, and the overall brand identity.
Being the owner of a Shopify store includes many elements, and there might be various reasons for transferring the ownership.
Here are a few of the common reasons for transferring Shopify store ownership:
- Business sale or acquisition: The owner might be selling or merging the business related to strategic decisions, financial considerations, etc.
- Strategic partnerships: Ownership transfer can be about the business entering partnerships with shared ownership.
- Change in roles or responsibilities: Store owner might be changing roles or responsibilities and can transfer ownership to another person.
- Adapting to market changes: Store might be transferred to another owner so as to respond to market shifts as a strategic move. It can be related to new changes and evolving trends in the industry.
The store owner might be considering transferring its ownership related to these reasons.
Apart from these, there can be also more specific cases related to transfer of ownership as well.
What to Plan Before Transferring Shopify Ownership- The Checklist
✅ Legal and Financial Review: Since a store needs some paperwork, there will be a need to check contracts, agreements, and obligations legally and financially. This is for ongoing processes and financial needs.
✅ Inventory and Product Management: The store's stock always needs to be checked; however, keeping the exact inventory records is needed for your product management. You might need to sync inventories between two stores based on the process.
✅ Customer Communication: In the case of transferring ownership on Shopify or any other platform, keeping your customers updated by communicating with them about the status is a good choice.
✅ Data Backup: The store has all the data about your customers, their orders, and your products. Therefore, make sure that you have backed them up.
✅ Shopify Account and Access: To reach the account, provide account details with login credentials and permission for the target ownership.
✅ Domain and Branding: Whether you continue using the brand and domain or stop using them depends on you, so you need to determine them beforehand.
✅ Employee and Vendor Relationships: Handling employee and vendor relationships, you should consider and provide contact details, procedures, and any information that an ownership transfer needs.
✅ Digital Assets and Marketing Materials: No matter what, a store will need marketing and digital support to keep going. Elements like social media accounts, email campaigns, and other marketing channels should be ready to transfer.
✅ Training and Knowledge Transfer: For crucial details of your store, you need to control the backend, order processing, and other essential functionalities over.
To complete these checkpoints, you should go step-by-step before planning to transfer your Shopify ownership.
If you provide the necessary information and steps, you are ready to go forward to the process.
How to Transfer Shopify Ownership to a New Owner (Step-by-Step Process)
Transferring Shopify ownership to its new owner is a quick and straightforward process. We gathered the necessary steps you should take to make your transfer process easier.
Let's dive into it together!
Disclaimer: Not everyone can casually transfer ownership of a Shopify store. Shopify has specific criteria to ensure the security and authenticity of the process. Ensure you meet these requirements before proceeding.
Important: Ensure that your store is not a non-transferable store. Otherwise, you can't transfer its ownership to another owner.
Step 1: Click the “Settings” button from your Shopify admin panel.
Step 2: Then, click the "Users and permissions" part from the left side.
Note: You can use Organization Settings only if you are using the Shopify Plus plan, as this feature is only available for the Plus plan.
Step 3: From the Store Owner part, click the "Transfer ownership" button.
Step 4: Then, type the new owner's email address, first name, and last name. Enter your password to confirm.
Step 5: Lastly, click the "Transfer store ownership" button to finalize the transfer process.
Double-check everything before you hit the last button, and then patiently await approval from the new owner.
That's all! Now, you can pass your store's ownership to its owner by following these steps. Don't forget to pay attention you entered the correct details, and perform these instructions in a secure environment.
After you transfer your store ownership, you can provide relevant information to its new owner.
You can inform them about how they can access the store by including the relevant URL.
Also, you can recommend them a Shopify pricing plan that can suit their needs or best conversion-ready Shopify templates that they can choose.
To increase engagement in your store and take action to increase sales, you can check the Shopify playbook to get new ideas.
The Post-Transfer of Shopify Ownership Checklist
This checklist is prepared to measure the success of your Shopify ownership transfer process.
If you pay enough attention to the points, you can realize that these are the outcomes of what you need to do before planning the Shopify ownership transfer process.
✅ You need to verify the ownership transfer and that it is completed.
✅ You need to update contact information to make customers aware of the process.
✅ You need to review staff accounts depending on their current status with your brand.
✅ You need to check payment information to see if the updated ones are ready.
✅ You need to check the configuration and authorization of app integration access.
✅ You need to manage product listings for your inventory.
✅ You need to reevaluate your domain settings and update if it is necessary.
✅ You need to check your marketing channels and that they keep doing well.
✅ You need to consider the checkout process and test order on Shopify
✅ You need to monitor store performance and measure the past and present.
✅You can take professional advice for regulations and contractual obligations.
Top Precautions to Consider While Transferring Shopify Ownership
Before you start transferring ownership of your store, you should take certain precautions and consider essential aspects.
Here are things you should keep in mind while transferring your Shopify store:
- Keep in mind that this is a permanent action. Prepare yourself, considering that this is a permanent action that can't be undone.
- Back up crucial data. If you need to, don't forget to back up important information related to your store. Double-check all the details that you don't want to lose once you transfer your store. Your store's crucial data may not transfer smoothly if you don't back them up.
- Verification process. Ensure the new owner has all the necessary information and documentation by double-checking the provided information. To make this transition process smoother, you might need to assist them or get help from the Shopify support team.
- Complete tasks or projects beforehand. If you have incomplete tasks or projects, complete them before initiating the transfer process. That way, you will provide a cleaner handover and decrease the complications.
- Check third-party integrations: If your store relies on third-party applications or integrations, ensure they are compatible with the ownership transfer. Reach out to app developers for guidance and updates if needed.
- Review permissions: Doublecheck the permissions granted during the transfer process. Ensure that the new owner has the necessary access levels for a seamless transition.
- Transfer ownership before upgrading to Shopify Plus: Switching to a Shopify Plus plan before altering ownership designates you as both the organization and store owner. Notably, the organization owner cannot be modified within the Shopify admin interface. It is advisable to contemplate transferring ownership prior to upgrading to a paid plan.
- Include the new owner as a staff member: You can include the new owner as a staff member in the Shopify development store before the ownership transfer. This step is necessary to provide them access to the store's backend, allowing them to perform administrative tasks efficiently. Additionally, it empowers the new owner to finalize the staff account setup, a pivotal aspect for their prospective store management.
- Plan for downtime: Anticipate a brief downtime during the transfer. Inform customers in advance and schedule the transfer during periods of lower traffic if possible. Being prepared for possible downtime can help you handle this process smoothly.
- Lean on Shopify support: Shopify provides excellent customer support, so if you encounter persistent issues, don't hesitate to contact their support team for personalized assistance.
The Best Practices & Tips to Transfer Shopify Store Ownership
Communicate Clearly
If your store has more than one party, you need to provide the clearest communication with your store related to this ownership process and eliminate all the inconvenience.
Check Legal Process
When it comes to the legal side, you need to comply with contracts, agreements, and terms as it should because Shopify pays great attention to all the steps of the transfer process.
Backup Your Data and Documents
If you can’t backup your data and documents, this can take your time and effort in vain. Therefore, your transfer process should be completed properly.
Get Help from Shopify Support
Don’t hesitate to get help and get in touch with Shopify authorities because they have the most straightforward and appropriate answers about your process.
Test Your Store for Post-Transfer
For the overall review, you need to identify all the steps and ensure the transition is smooth for all sides.
Wrap Up
Now, you are ready to transfer Shopify ownership to another owner!
We explained how to transfer Shopify ownership, precautions & things to consider, and reasons for transferring Shopify ownership in this article.
Using these tips and following the quick & easy steps, you can complete this process and pass your store to its new owner effecftively.
Frequently Asked Questions
Who Can Transfer Shopify Ownership?
To initiate an ownership transfer, you must be the store owner and meet Shopify's verification criteria and guidelines. Ensure you have all necessary documentation and permissions before starting the process.
Why Would I Need to Transfer Shopify Ownership?
Ownership transfer might be necessary for various reasons, such as selling your business, bringing in new partners, or transitioning to a different role. Understanding your motivation for the transfer is crucial for a smooth process.
How Can I Communicate The Ownership Transfer to My Team?
Use Shopify's messaging system to communicate transfer details clearly to your team. Letting everyone know the details helps prevent misunderstandings.
Can I Transfer Ownership Without Affecting My Store's Data?
Yes, you can! Before starting the ownership transfer, ensure you've backed up your crucial data. This ensures a seamless transition without losing essential information.
Can I Transfer Ownership If I Have Tasks or Incomplete Projects?
It's advisable to complete any outstanding tasks or projects before initiating the transfer. This ensures a straightforward transfer process and reduces the likelihood of misunderstandings.
- How to Add a Size Chart in Shopify with 5 Different Methods
- How Much Does It Cost to Start Dropshipping on Shopify?
- How to Add a Countdown Timer to Shopify- Simple Processes
