Change in Business Ownership

If you're going to be selling your business, please let us know so we can assist you with making the transition as smooth as possible! To get the process started, please contact Support at (877) 736-4195 ex. 2 or via email at support@thinkreservations.com. We ask that you notify us of the upcoming sale at least one week before the closing date, preferably more so we have time to work with both you and the buyers through the following checklists.

Transfer of Ownership Checklist - Current Owner/Seller

The following checklist can be used to ensure that each step is completed prior to the sale closing date.

  1. Provide us with the new owner’s contact information so that we can provide them with their own New Owner/Buyer’s Checklist.
  2. Create a new user in ThinkReservations for the New Owner(s) with full permissions to the ThinkReservations account. This must be done by the date of transfer. If they are keeping the same user, they will just need to have access by the date of transfer. 
    • You can create a user in advance, but we recommend that you wait to give them access until the sale has officially closed.
  3. Print or Export any reports that you may need for future purposes (such as tax reporting).
  4. If you are connected to OTAs via the Channel Manager, discuss with the new owners whether they would like to continue using OTAs and Channel Manager. If so, we suggest reaching out to your OTA accounts to initiate the transfer of ownership process for those as well.
  5. Send us an email to provide written authorization of the transfer of the account. Here is a sample email that you can copy and paste into your email and then complete the necessary sections before sending:
SAMPLE EMAIL
Property Name: Enter Property Name
Account Owner: Enter Your Name
New Owner: Enter New Owner's Name(s)
New Owner Contact Information: Enter New Owner's Contact Email and Phone Number

I, [Account Owner - Enter Name], am writing to authorize the transfer of my account to [New Owner - Enter Name] on [Enter Date of Sale/Closing]. As part of the transfer, I authorize ThinkReservations to:
  1. Transfer ownership of the account to the new owner.
  2. Switch over credit card processing connection.
  3. Delete all user accounts associated with former employees and prior owners.
  4. Update billing information with the new account owner's payment method.
I understand that on the date of transfer my account will be transferred to the new owners and I may lose access to the account unless arrangements are made directly with the buyers.

Sincerely,

[Account Owner - Enter Name]

We will then reach out to the New Owners and provide them with a New Owner/Buyer's Checklist below to ensure the transition remains a smooth one. The New Owners will be asked to set up their own payment processor and this must be done prior to the date of transfer. Then, as the final part of the transfer, we will schedule a meeting with the New Owners for after the sale is closed to complete the administrative work, payment processor switch, and review any questions about the ThinkReservations system.

We look forward to working with you through the sale of your business!

Click here if you are buying a ThinkReservations Property

Transfer of Ownership Checklist - Buyers

The following checklist can be used to ensure that each step is completed for a successful Transfer of Ownership. If you have not already heard from someone at ThinkReservations about the Transfer of Ownership, please give us a call at (877) 736 - 4295 ext 2 or email us at support@thinkreservations.com.

  1. Schedule a meeting with a ThinkReservations representative for the date of transfer to complete the following necessary administrative tasks involved in transferring the account:
    • Update our billing records
    • Update the payment method on file
    • Review Business Information Settings
    • Switch Payment Processor
    • Discuss OTAs/Channel Manager
    • Address Any Questions
  2. You will have to decide which payment processor you would like to use to process payments within ThinkReservations. You must use a processor with which ThinkReservations has a current connection. To view more information about those payment processors, visit our Support Center: Setting Up Your Payment Processor
    • Please start on the processor account set up right away. This can take some time and if your processor is not ready by the date of transfer, you will have to arrange for a private transfer with the Sellers of any funds collected from guests as their processor must remain connected until yours replaces it.
  3. You will have to decide if you would like to connect to OTAs via the ThinkReservations Channel Manager. For more information about the Channel Manager, visit our Support Center: Channel Manager Overview
    • If you elect to connect via the Channel Manager, we recommend you discuss assuming ownership of the current OTA accounts with the Sellers/Current Owners as well. If you assume ownership, we do not need to make any changes to the Channel Manager. You should ask the Sellers/Current Owners to reach out to their respective OTA accounts to initiate the transfer of ownership process with them as well.
    • If you elect not to assume ownership and create your own accounts, we will have to disconnect and reconnect to your new accounts. This may cause you to lose access to reservations that were booked through the Seller's OTA accounts.
  4. Watch the following training videos prior to your date of transfer and make a note of any questions that you may have: ThinkReservations Training Videos

We look forward to working with you through the purchase of your new business!

S
Sean is the author of this solution article.

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