Now that you’ve gone over the process of selling your Amazon FBA business, it’s time to transition it to the new owner. While you may think it’s as simple as handing over your login, signing a contract, and dumping everything you can on your buyer, the process is a bit more refined than that.
You need a sound business transition strategy in place for things to go smoothly. If you don’t, you put yourself and the business in a very vulnerable position. Not to mention, you might even drag out the transition process longer than it should be.
A transfer checklist is a great way to keep track of all the details you need to consider during your Amazon FBA business transition. The simplest way to do this is to make a list of everything you have, including the website and all of your products.
This transfer list will vary from business to business but should include:
The checklist will help ensure that you don’t miss anything during the company transition. Keep in mind that some of the items will be proprietary, so it’s up to you to decide what information you share with the new owner.
Usually, though, everything should be detailed in your contract, so you might want to check that before anything else.
The transition process is the most important step because it involves handing over control of your Amazon FBA business. Once you transfer ownership, your responsibility is over, and you are no longer accountable for anything that happens.
A bad transition can be detrimental to your business, and even worse, it can sour the relationship between you and your buyer if you don’t trust them enough to give them complete control.
As a general rule of thumb, only contract a business owner with a good track record in managing their own Amazon FBA businesses. If they cannot do this correctly, there is a good chance that they won’t be able to do it for your business. You shouldn’t worry too much about the technical details because you can always give training and instructions on how to do things. If you don’t trust your buyer enough or know how to plan a transition, you can hire a third party for the transfer process.
First, you need to lay everything out on the table and discuss it with your buyer. Make sure to include:
Make sure that you and your buyer agree on the role each of you will take over once the seller is officially “out.” This should be laid out in your contract as well. For example, you’ll specify how you intend to help the buyer train their new hires after the sale of the business.
Or you may also decide to drop everything after the sale is finalized. Whatever the case, make sure you understand how your buyer intends to use the business and what they expect from you during the transition process.
Now that you’ve laid out the responsibilities for both parties, you also need to determine what exactly you’ll be transferring. Be sure to include:
Selling your Amazon FBA business is a huge task. There are many things to take care of during the transition process, some of which can be quite complicated.
Here are some tips on what you can do to ensure that the process goes as smoothly as possible: