If you decide that you no longer want to continue with your business, instead of closing the store, you can sell it to another entrepreneur. You can sell your store on dedicated platforms like Exchange Marketplace, or on entrepreneurial social media groups.
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Before you sell your store, you need to determine which assets are included with the sale. Assets can be physical, like inventory, or digital, like a logo, are often required to continue running the business.
The buyer needs to understand exactly what is included in the sale, and what it costs to operate the business each month before they send you an offer. Making this information available in your listing can help reduce the amount of questions the buyer has before sending you an offer.
Assets you might consider including:
- Logo and branding files
- Product photos
- Mailing lists
- Social media accounts
- Personal support after the sale
You also need to determine the monthly costs associated with operating the business. These help the buyer understand how much money they can expect to invest back into the business each month.
Expenses that you should include:
- Subscriptions (Shopify plan, apps, etc)
- Advertising (Facebook, Instagram, Google Shopping, etc)
- Software (Photo-editing software, etc)
Sell your store on Exchange Marketplace
Exchange Marketplace is a platform where you can buy and sell Shopify stores.
Benefits of Exchange Marketplace:
- A dedicated section for dropshipping and Oberlo stores, to help you find qualified buyers faster;
- A dashboard within the Exchange app to track your listing’s analytics, like number of recent views, and comparison data from other listings to determine how well your listing is performing;
- A limited amount of your store’s data, like average monthly revenue, and average monthly traffic, is automatically synced with Exchange;
- Payments that are securely managed in Escrow;
- Safe transfer of ownership. Shopify’s Exchange Marketplace team helps you with transferring the ownership to the buyer, and ensures that any sensitive account information is removed.
Stores sold on Exchange are subject to an Exchange Marketplace service fee, and an Escrow fee. The fee is automatically deducted from the purchase amount, and is only applicable if the store is purchased. You can view the estimated fees, which are based on the sale price, while creating the listing in the Exchange app.
In order to list your business for sale on Exchange Marketplace, you need to meet some requirements. The requirements ensure the payment from the buyer can be transferred to you, and that the store’s ownership can be transferred to the buyer.
User requirements (store owner)
To sell your store on Exchange Marketplace, you need to meet the following requirements:
- Be at least 18 years of age;
- Live in a country supported by Escrow.
A complete list of user requirements for the store owner, as well as a list of countries that are not supported by Escrow, can be found in the Exchange Marketplace article.
To sell your store on Exchange Marketplace, your business needs to meet the following requirements:
- Your store is on a paid Shopify plan (Basic, Shopify, Advance, or Pause and Build);
- You store is not on a Shopify Plus plan;
- If your store uses Shopify Payments, then your Shopify Payments account must be in good standing.
A complete list of business requirements can be found in the Listing eligibility article.
Sell your store
To list your store on Exchange Marketplace, follow these steps:
1. Navigate to Exchange Marketplace.
2. In the top menu, click Sell your business.
3. Enter your myshopify.com URL in the “Store address” field.
4. Click Add my Shopify store.
5. You are prompted to install the Exchange app in your Shopify admin. Click Install app.
6. In the Exchange app, click Complete your listing.
7. Fill out the information about your store. Click Preview to see an example of what your listing looks like.
8. Click Publish if you are ready to send the listing for review with the Exchange Marketplace team.
Selling process overview
When selling your store, you can expect the following steps:
- Check that you meet Exchange Marketplace’s user and business requirements.
- Visit Exchange Marketplace to add your Shopify store.
- Create a listing for your business, and submit it for review with the Exchange Marketplace team.
- Once your listing is approved, you can publish the listing so it is visible to buyers.
- Once a buyer is interested in your store, they send you a message, and you answer any questions they might have about your business.
- The buyer sends you an offer.
- Once you accept the offer, you create an Escrow transaction within the Exchange app. You are provided access to the Exchange app during Step 2.
- The buyer receives a notification of the Escrow transaction. If they accept the terms, they submit their payment to Escrow, where it is held securely.
- In the Exchange app, you receive a notification to transfer the business assets to the buyer.
- The buyer performs their inspection period, confirming all assets have been received.
- The buyer marks all assets as accepted in Escrow.
- The buyer’s payment is sent to you from Escrow. The funds typically arrive in your bank within 5 business days.
- Within 3 business days, the Shopify Exchange Marketplace team makes the buyer the new store owner. They also ensure any of your sensitive information is safely removed from the Shopify account.
- You receive an email confirmation that the transfer of ownership is complete.
Transfer Oberlo account ownership
Once the buyer has submitted their payment, or after you receive a notification to transfer the business assets in the Exchange app, you need to transfer the ownership of your Oberlo account to the buyer.
To prepare and transfer your Oberlo account to the buyer, follow these steps:
- If your store is on a paid Oberlo plan, then you should switch to the free Explorer plan.
- Contact Oberlo Support to have your payment information removed from the account.
- Contact the buyer to obtain their email address, and agree on a temporary password.
- Set the email address and password in Oberlo to the buyer’s email, and the agreed temporary password. You can learn how to change the email or password in the Changing your Oberlo account email and password article.
- Contact the buyer to inform them they can now login with the new email and password.
- The buyer takes ownership of the store, changes the email and password, and selects a paid plan using their own payment information if needed.