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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! This document includes information for both the sellers and the buyers. 

Sellers:

To get the process started, please contact Support to notify us of the upcoming sale: (877) 736-4195 ex. 2 or via email at support@thinkreservations.com. Please ask the future owners to reach out to ThinkReservations Support as well, or pass along their contact info and we will reach out to them directly.

On the official sale date:

  1. Create a new user in ThinkReservations for the New Owner(s) with full permissions to the ThinkReservations account.
  2. The buyers of your business will need to have their credit card processing account set up in advance; if there is any delay, you will need to work with them to handle the transfer of funds until they have their account ready.
  3. Ensure that the new owners have updated their credit card information into Settings > Billing so you won't get charged for ThinkReservations services.
  4. Save or print any reports, such as tax reports, that you might need in the future.
  5. Email support@thinkreservations.com to signify the transfer of ownership to the buyers. Here is a sample email:

Hello,

I, [Account Owner- ENTER NAME], am writing to authorize the transfer of my account to [New Owner - Enter Name] on [Enter Date].

Property Name: ENTER PROPERTY NAME

Account Owner: ENTER YOUR NAME

On [Sale Date] I, [Account Owner- ENTER NAME], authorize ThinkReservations to:

1) Transfer ownership of the account to the new owner, [Enter Name].

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, [ENTER FULL NAME] understand that on [Enter Date], 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,

[FULL NAME]

If you need access to the system after the transition, you will need to coordinate with the new owners.


Buyers:

Here's a list of the information we'll need to make the switch:

  1. Future Owner's Contact Information: 
    • Name: 
    • Phone: 
    • Email:
  2. Anticipated Future Credit Card Processor: (Heartland, Authorize.net, Braintree)
    Please let us know which payment processor you plan on using, and schedule the payment processor switch with ThinkReservations Support. We'll let you know what we'll need from you to make the switch on the day of transfer. See this document for more information: Setting Up Your Payment Processor
    If there is any delay with the new credit card processing account, you can use the system with the current processor account connected and handle the transfer of funds until the new processor account is ready.
    Please Note: Switching the processor account will result in the loss of all retained credit cards. You could either reach out to future guests to obtain the credit card info again or wait until the guests arrive for their stay.
  3. Billing Information:
    Please login to the ThinkReservations account and navigate to Settings > Billing. Here you'll be able to enter the new credit card information for billing purposes. This will remove the current owner's credit card information from the account.
  4. Text Message Alerts:
    If you would like to receive text message alerts of new, online reservations, please include the cell number(s) to which you would like these alerts delivered. 
  5. OTAs: If you are connecting any OTAs, please schedule a meeting with our support team. We currently connect to Expedia, Booking.com, Airbnb, and Tripadvisor TripConnect. Use this link to book a meeting, or give us a call. https://calendly.com/ota-team
  6. Optional New Owner Training:
    We do offer a one hour New Owner Training. The cost of the training is $250. Let us know if you're interested in this, and we will schedule the training. 
    Below are some helpful resources for you as you begin using ThinkReservations:

Help Page & Training Videos
ThinkReservations Support Center: http://support.thinkreservations.com
Email Support: support@thinkreservations.com
Please watch the following videos to help you understand the basics. The total time for all three videos equals 17 minutes. The first two are great for training any other staff members that will be using ThinkReservations as they cover the most common tasks you and your staff will be doing in ThinkReservations.

We also offer educational webinars as a resource for you as you move forward with your new business. Below are links to previous webinars. Stay tuned to email announcements from ThinkReservations to learn about future webinars!

Congratulations on the sale, and best of luck with the closing!

S
Sean is the author of this solution article.

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