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Buying or taking over an existing business comes with lots of perks:
an established brand and reputation,
existing customer base,
established processes and systems,
proven business model etc.
When acquiring an existing business, many people overlook one of the most important types of asset of any business in the 21st century - digital assets. Time and time again, we encounter business owners and managers who only begin to realise that they don't have ownership of or access to these assets after everything has been finalised.
It can be devilishly difficult to gain access or request ownership of digital assets after the dust has settled, because the previous owners often have no further interest in the business and might not know where everything is or how to access it themselves. Before finalising the purchase, identify all digital assets owned by the business. This includes websites, domain names, social media accounts, email lists, software licenses, databases, digital content, and any proprietary technology or intellectual property. Ensure that the purchase agreement explicitly includes the transfer of all digital assets. Specify each asset and its associated value. It's important to have a clear understanding of what is being transferred and what is excluded.
Digital Asset Checklist
We've created a comprehensive checklist of digital assets that should be considered when buying or taking over a business, which should be included from the beginning, with none left out to wallow in the digital graveyard.
Website
The business' primary online presence, including the domain name, website design, content, and underlying code. Start thinking about a possible site redesign or moving platforms and hosting if you don't like the current website and associated costs.
Domain Names
All domain names associated with the business, including variations e.g. businessname/business-name, and extensions e.g. .com/.org. Assess their relevance, branding potential, and renewal costs. Arrange for domain names to be transferred to your business.
Social Media Accounts
Official social media profiles and pages used for marketing, customer engagement, and brand promotion. Ensure that all social media accounts are transferred to your business.
Business Listings
Free business listings, such as Google Business Profile, for search and map listings. These listings are a crucial element of client acquisition for local and national businesses.
Email Lists
Subscriber lists and databases used for email marketing campaigns and customer communication.
Content Assets
Digital content created and owned by the business, such as blog posts, articles, videos, podcasts, and downloadable resources.
Digital Products/Services
Any digital products or services offered by the business, including software, e-books, online courses, subscriptions, and memberships.
Intellectual Property
Trademarks, patents, copyrights, and any other intellectual property owned by the business.
E-commerce Platform
The platform used for online sales, including the website's e-commerce functionality, payment gateways, and shopping cart systems.
Analytics and Data
Historical data related to website traffic, sales, customer demographics, and other relevant metrics, along with the tools and platforms used for data collection and analysis.
Advertising Accounts
Existing accounts and campaigns on advertising platforms such as Google Ads, Facebook Ads, and other PPC networks.
Customer Relationship Management (CRM) System
Software used for managing customer interactions, sales leads, and marketing campaigns.
Inventory Management Systems
Systems used for tracking and managing inventory levels, orders, and product availability.
Employee Collaboration Tools
Communication platforms, project management tools, and other software used for internal collaboration and workflow management.
Backup and Security Systems
Measures in place to protect digital assets, including data backups, cybersecurity protocols, and disaster recovery plans.
Legal and Compliance Documents
Contracts, agreements, terms of service, privacy policies, and other legal documents relevant to the business' digital operations.
Software Licenses
Licenses for software applications, tools, and systems used in the business' operations.
APIs and Integrations
Third-party APIs, plugins, and integrations used to enhance the functionality of digital systems and platforms.
Historical Performance Data
Financial records, sales reports, and other performance metrics that provide insight into the business's past performance and potential for growth.
Mobile Applications
Any mobile apps developed and owned by the business, including source code, app store listings, and user accounts.
Digital Brand Assets
Logos, graphics, brand guidelines, and other digital assets that contribute to the business's visual identity and brand recognition.
Including these digital assets in the acquisition ensures that you gain full control and ownership of the business' digital infrastructure, content and intellectual property, enabling you to continue operations seamlessly and leverage these assets for future growth and expansion.
Need advice and support in gaining control of digital assets for business? Contact us for a free chat to find out how we can help you.