How To Transfer Ownership Of Shopify Store?

Transferring ownership of your Shopify store with proper planning, it can be a smooth transition. Our detailed guide will show you all the steps, helpful information, and valuable tips to ensure the move goes smoothly.

We will cover the following key areas:

• Preparing for the transfer.
• Transferring ownership.
• Post-transfer considerations.

Let’s start!

What You Should Do Before Transferring Shopify Ownership?

Before you start the process of giving someone else control of your Shopify store, you need to carefully look over and take care of a few critical things:

✅Confirm ownership: To start the transfer, you must be the current store owner.

✅ Check for existing contracts. You should ensure no existing contracts or obligations are impacted by the sale.

✅ Check legal documentation. After confirming a buyer, contact a legal professional for assistance with the documentation related to the sale.

✅ Update billing and Shopify Payments information to the new owner's details after the transfer.

By carefully addressing these checkpoints, you can ensure a successful and seamless transfer of Shopify ownership.

How To Transfer Shopify Ownership To A New Owner?

NOTE: Ensure your store is eligible for ownership transfer. Shopify has specific criteria to safeguard the integrity of the platform. Ownership transfer may be impossible if your store is classified as non-transferable.

Transferring ownership of your Shopify store can be straightforward when done correctly. 

Step 1: Log into your Shopify admin panel and click "Settings."

Step 2: On the left sidebar, click "Users and permissions."

Step 3: Locate the "Store Owner" section and click "Transfer ownership."

Step 4: Input the new owner's email address, first name, and last name. Then, confirm your password.

Step 5: Click on "Transfer store ownership" to complete the process.

The new store owner will be able to:

• Get you out of the store or change your rights.
• Look at or change your bank and credit card information.
• Pause or close the store.

Once the new owner chooses a plan, you can work together on the shop. Until then, you will have limited access.

What Is Post-Transfer Checklist? (For The New Owner)

After switching hands, the new owner of your Shopify store should go through this post-transfer checklist:

✅ Update billing information in the Shopify admin to avoid charges to the original owner's payment method.

✅ Contact Shopify Support to update the existing Shopify Payments details to their own for tax reasons.

✅ Ensure that all store functions and operations are working as intended and that the store is up-to-date.

✅ Keep important data for records after the sale, such as billing history and payout history.

✅ Create a plan for transitioning the business, including any requirements that must be maintained with the new ownership, such as contracts or relationships with third parties.

This checklist ensures the move goes smoothly and that your new Shopify store is handled well.

Tips For A Successful Shopify Store Ownership Transfer

You need to take a few essential steps to ensure the transfer of ownership of your Shopify store goes smoothly. If you follow these tips, you can keep things as quiet as possible and help the new owner do well.

Always Data Backup

Before and after transferring your Shopify store, you should check your data backup. Because everyone can make mistakes, the new owner may accidentally delete important data, like customer, sales, or product information. A backup also helps the new owner learn about the store's past, how it works, and how well it's doing.

In another blog, we have guided you through 4 simple ways to back up your Shopify store.

Add New Owner As Staff

Before transferring ownership, we recommend adding the new owner as a staff member with appropriate permissions. This makes the change easier and ensures that the new owner can access the store's server and learn how it works.

Here's how to add a staff member:

• Log in to your Shopify admin.
• Go to Settings > Users and permissions.
• Click "Invite staff." Then, enter the new owner's email address.
• Choose a role, such as "Store Owner" or "Manager," that grants the new owner the necessary permissions to manage the store.
• Click "Send invite."

The detailed instructions are in the Guide to Staff Permissions in Shopify.

Once the new owner accepts the invitation, they can access the store's backend and begin managing it. This gradual transition allows for a smoother handover and ensures that the new owner is equipped to take over the store successfully.

Payment Information Update

When you give someone else control of your Shopify store, you should ensure the new owner's payment information is correct. This ensures that the new owner can be paid for orders and keeps the store's money in order.

Here's a step-by-step guide:

• Log in to your Shopify admin.
• Go to Settings > Payments.
• Ensure that the primary payment method is correct and that extra payment options are enabled.
• Enter the new owner's bank account details or other payment information if necessary.
• Process a test transaction to verify the payment information is set up correctly.

By changing payment information before or during the move, you can ensure everything goes smoothly and keep the shop running normally. This will also help the new owner keep the store's earnings in order and get paid for orders quickly.

Transfer Domain Ownership

Transferring name ownership ensures the smooth move of your Shopify store. When you change the name to them, you give the new owner full power over the store's online appearance.

You can read the guide to transferring Shopify-managed domains to another store or domain provider.

Once the domain transfer is complete, the new owner will have full control over the domain name and can update DNS settings to point it to their Shopify store. This ensures a seamless customer transition and maintains the store's online presence.

FAQs

How Long Does It Take To Transfer Ownership Of A Shopify Store?

If all the necessary steps are taken, a Shopify store's ownership can be shifted in just a few minutes after the transferee agrees.

What Happens To My Shopify Subscription After Transferring Ownership?

After ownership changes hands, the new owner will be in charge of everything and can choose a paid plan. Once they choose a paid plan, they start paying. 

If the ownership change comes from a development shop, it won't be able to get discounts or free trials after the ownership change.

Are There Any Fees Associated With Transferring Shopify Store Ownership?

Giving someone else ownership of your Shopify store does not incur specific fees. However, the new owner will keep the paid plan that was already bought.

The customer will keep the paid plan that you paid for a whole year. When you sell your Shopify store, the new owner will take over all its settings, including the paid plan that is already in place.

Related posts:

• Buy a Shopify Store: All You Need to Know Guide
• How To Buy On Shopify? Guide Detailed & Tips
• Top 10 Cheapest Shopify Store Build Services
• How to Create 2 Shopify Stores in 1 Account

Key Takeaway

If you do it right, giving someone else ownership of your Shopify store can be quick and easy. By following the steps in this guide and thinking about the essential things that matter, you can ensure the change goes smoothly for both the present owners and the new ones.

Visit our blog for detailed Shopify shop management instructions and tools.