If you decide to sell your business, any social media pages you have for the business can be considered an asset of the business. However, the terms and conditions of many platforms restrict the assignment of pages as part of a sale. Despite this, many vendors and purchasers still choose to transfer the control the accounts anyway.
How do you assign control to a business page?
While you cannot change the ownership of the page, you can change who the administrator is to the new owners of the business. After the sale is settled you can then change your passwords so the old owners no longer have access.
What are the risks of transferring the access?
If you have breached the terms and conditions of a social media platform, some will shut down your account. For a new owner, it can take a long time to rebuild this loss of followers.
To reduce your risk as a vendor, you should have a clearly written contract that covers you from any potential liability if the account is shut down once the purchaser is in control.
As a purchaser you should take control in a manner that minimises risk, but also have a plan in place in case the account is shut down.
When valuing the page as part of the sale, this should be done so in a manner that takes this risk into account.
Speak to the team at Hume Taylor & Co on 8223 3199 today if you are looking to buy or sell a business.