So you've found a business you'd like to buy on Exchange and want to know what the next step is? On Exchange, the seller is responsible for transferring all assets to you, but we'll assist through the payment process and making you the new Shopify store owner.
1. Find a business you like and message the seller.
To get started, you need to message the seller directly from their listing. Be sure to ask the seller any questions you might have about the business to see if it's right for you. Here are some ideas for what you should ask.
In some cases, the seller may be speaking with other potential buyers as well. Be sure to stand out by letting the seller know that you're a serious buyer and showing interest in their business.
Be sure to watch the New Listings page on Exchange to keep up to date with recently published listings in order to have the best chance of successfully buying.
2. Send the seller an offer.
When you are ready to buy, send the seller an offer. You'll find the Offer button in the email response from the seller:
As soon as the offer is accepted, a transaction will begin. You will receive an email from our payment partner Escrow.com with the terms of the transaction and instructions on how to pay.
3. Pay the seller through Escrow.com.
Once you've been notified that the transaction is open, you'll need to pay the seller. Once the seller is notified that you've paid, they'll be instructed to begin transferring the business to you.
But don't worry, the seller won't received the money until you confirm that you've received everything.
When you're ready, you may want to read a more detailed guide on how the payment process works.
Important: Never pay through Paypal or any other method. If a seller is encouraging not to pay through Escrow.com, the sale is likely a scam and should be reported to Exchange.
4. Inspect the store, become the new owner.
You'll have a period of time called an inspection period during which you can take a closer look and either approve or reject the final transaction.
Once both you and the seller approve the milestones in the Escrow transaction, your staff account will be changed into the new account owner and the payment will be released to the seller.
Someone from the Exchange team will contact you to let you know once we've officially made you the new owner of the business.