Buying or Selling a Small Business
Business technology ownership transfer checklist
A business sale can transfer the company without automatically transferring the technology that keeps it running. Use this checklist to find account ownership, recovery, vendor, device, and access dependencies before they become an opening-day problem for the new owner.
1. Inventory the technology the business actually owns
List business computers, network equipment, printers, phones, domains, websites and DNS providers, Microsoft 365 or Google Workspace, shared storage, backups, software subscriptions, internet service, and key technology vendors. Record who currently controls each item and how support is reached.
2. Find anything tied to the seller personally
Identify administrator accounts, recovery email addresses, MFA phone numbers, domain registrations, cloud accounts, vendor portals, or subscriptions that depend on the seller's personal email, phone, payment method, or device. These dependencies should be transferred to business-owned identities instead of simply handed over as personal credentials.
3. Establish buyer-controlled administrator access first
Create or confirm appropriate business-owned administrator identities for the buyer before removing seller access. Verify the new owner can sign in and recover the account independently. Do not ask either party to exchange personal passwords when a proper administrator or ownership-transfer process exists.
4. Plan the transfer timing for critical services
Agree on when domain and DNS control, Microsoft 365 or Google Workspace, internet service, phones, shared files, cloud services, vendor portals, and other business accounts will move. Some transfers can happen early; others should wait until the closing or handoff date so the business remains operational.
5. Update MFA, recovery methods, and emergency access
At the appropriate transfer point, replace seller-controlled recovery email addresses, phone numbers, authenticator registrations, backup codes, and emergency contacts with approved buyer or business-owned methods. Confirm recovery works before the seller's access is removed.
6. Document the local network and shared equipment
Record the internet provider, router and Wi-Fi basics, switch or access-point locations, printer and scanner setup, shared storage, backup locations, important device names, and known issues. The new owner should not need to reverse-engineer the office on the first day.
7. Confirm subscriptions, licenses, and vendor ownership
Review who owns software licenses, cloud subscriptions, support contracts, copier or phone agreements, domain renewals, backup services, and other recurring technology costs. Financial, legal, accounting, HR, POS/payment, and vendor-specific ownership decisions belong with the appropriate professionals and product vendors.
8. Test the business from the buyer's side
Before the handoff is considered complete, have the buyer sign in, send and receive email, access shared files, print, reach required cloud systems, connect to Wi-Fi, confirm backups or recovery access, and reach critical vendors. Write down anything still relying on the seller or a temporary workaround.
9. Remove old access only after the new access is proven
Once the buyer's access and recovery paths have been tested, remove or reduce seller access according to the agreed transition plan. Keep a written record of what changed, when it changed, and which vendor or administrator completed each transfer.
Do not solve an ownership transfer by sharing personal passwords
Use the product or vendor's administrator, recovery, ownership-transfer, or account-migration process whenever possible. Personal passwords, personal MFA codes, banking credentials, and other private authentication information should stay private.
Technology is only one part of the transaction
Potent can help inventory technology, establish clean business-owned access, document systems, coordinate technical vendor handoffs, and test the buyer's access. Legal ownership, financial accounts, tax records, HR data, payment processing, contract assignment, and product-specific transfer requirements remain with the attorney, accountant, broker, processor, or vendor responsible for that scope.
Potent Technology helps small businesses in Ames and Central Iowa organize the technology side of an ownership transition without pretending to replace the broker, attorney, accountant, or specialized vendors involved in the transaction.