Your User-Friendly Guide on Buying and Selling Websites in Canada

1. Your User-Friendly Guide on Buying and ​Selling Websites in Canada Every business has its own sets of risks to do deal with, and buying & selling websites have to deal with some of its own. Another reason is there are no physical assets involved, and you will typically work with someone who is not even a local. On top of this, the internet is evolving as we write, and the online landscape of business is somewhat volatile. And in this industry, some less-than-honest individuals put you in a higher-than-average risk factor. However, if you can mitigate this risk, the returns can be staggering. So, what is the best way to buy and sell websites in Canada ​without indulging in too much risk? We have tried to answer this question we have provided a process in the forthcoming paragraphs that will help you achieve this endeavor in a hassle-free manner. However, before we do that it is crucial to understand that like any other business, you need to follow certain protocols for its success. These are some of the objectives we are trying to achieve through the process. 1. Transparency 2. Protection of sensitive information 3. Clearly defined milestones Let’s get started. Prepare Information on Your Website for Sale Before approaching your prospective buyers for the internet business, it is imperative to prepare information to present to potential buyers. This is one of the most significant steps while selling your online business. In this step, you will have to accumulate all relevant documents, statements and reports. It is equally vital to get informative marketing materials in hand that you can present to potential buyers. With the help of the details, you can address the doubts and concerns of buyers. On top of this, by being well-prepared with the information, you will create the right impression in the minds of buyers about you being ready for a smooth transition with a few surprises. It will also present you as being organized. This can have a positive impact on the overall value.

2. General Discovery of the Website This is where you, as a buyer, will come to know about an online opportunity for sale. It will help you to address a pertinent question: In case the information that I am seeing is accurate, correct and complete, should I acquire this business? The ultimate objective of this step is to help you gather all the relevant information to make an informed decision. You can do this by accessing the financial statements, posing questions to the seller, and reviewing other pertinent reports. On top of this, you may even have multiple conversations with the seller to learn more about the business. The Letter of Intent This is where you will show your desire and interest to acquire the business. Here, the ultimate objective is to agree upon the terms and conditions levied upon by the seller. This includes price, a specific timeframe to perform verification of information and any requested terms for a final agreement. Due Diligence Under this step, you have the opportunity to determine whether every information provided has been represented fairly and accurately. You need to scrutinize whether any crucial information was not left out while framing the agreement. It is also a moment to establish a good repo with the seller. Adjustment Planning This is the step where the negotiation for any final agreements takes place. You also need to contemplate the best way to overtake the operations of the business by planning ahead. This step will help you negotiate any final agreements and making plans for taking over the operations of the business. The ultimate objective is to start operating the business as soon as the acquisition is closed successfully. This is where the negotiation of the final purchase agreement takes place. Also, this is the step where the merchant accounts and bank accounts are setup. You also need to prepare a list of assets that need to be transferred at the time of closing.

3. Closing the Sale This is the moment where you take the final ownership of the business, and the seller receives the payment for transferring their business. Here, the agreements are executed as per the agreed norms. Then the transferring of the funds takes place to the appropriate party. It is equally imperative to work with the seller to alter the ownership of critical assets. Here, most of the formality of the final agreement is carried out and exchanged. Funds are transferred and the transferring of ownership into your name takes place. Once the funds have been transferred and the final purchase agreement has been signed, the acquisition of the site is completed. Post Sale Training This is the stage where the seller imparts their knowledge about their day-to-day operations. Here, you need to get comprehensive information about the functioning of the business in the same way as the previous owner ran it. You can have phone calls with the seller and even have email exchanges to get vital information. Most of the time, it usually takes 2 weeks to get the hang of the business after acquiring it. Final Words These are some of the steps that you need to take while buying and selling websites in Canada. If you are looking for buying & ​selling websites in Canada​, get in touch with Surplus Central, a prominent marketplace where you will get the right resource for your need.