To ensure a seamless transition of a CoreBridge system from the current owner to a new owner, we have outlined essential decisions, recommended steps, and best practices that should be considered.
Table of Contents
Considerations
Resale agreements can differ widely based on a variety of factors. When preparing a resale agreement, it's important to consider the following elements:
- WIP Order Ownership - Do these Orders belong to the new owner or the old owner?
- Built Order Ownership- Do Built Orders belong to the new or old owner?
- Completed Order Ownership - Do these Orders belong to the new or old owner?
- Credit Balances - Will the new owner honor existing customer credit balances in CoreBridge?
Action Items for Seller
Note: Some of these items are dependent upon the terms of the resale contract.
- Print Orders- The selling owner should print out copies of any Orders they will retain ownership. For example, completed Orders.
- Print Reports- The selling owner should print out final reports for future reference, if needed. For example, ending sales reports, royalty reports, etc.
- Orders Set to Closed - Completed Orders should be paid in full and Closed.
- Credit Balances - This depends on the joint decision made by the old and new owners. If customer credit balances will be honored moving forward, then no action is needed and the Credit Balances can be left alone. If the new owners will not be carrying over Credit Balances, then they should be removed from within CoreBridge. This can be done by either the new or the old owners.
- Reconciliation - A reconciliation should be created so that closed Orders are not imported into the new owner's accounting system.
Note: Be sure to disable automatic reconciliation if it is currently turned on.
- Sign out - When the above action items have been completed, the selling owner should sign out of any installed integrations that are not being transferred over to the buyer. This includes systems for email, accounting, etc.
CoreBridge Responsibilities
To ensure a smooth and successful transition from the previous owner to the new one, CoreBridge will handle the following key action items on your behalf.
Prior to Resale Date
- Updated Subscription Billing - CoreBridge will contact the buyer to update subscription billing details. If the selling owner has prepaid for the upcoming month, our billing team can - upon request - charge the buyer for their portion of that month and issue a refund to the seller. This arrangement depends on the agreed-upon terms between the buyer and seller.
Example: If the selling owner has paid on 5/25 and the sale occurs on 6/1.
- System Ownership Transfer - CoreBridge will coordinate the transfer of system ownership to the new owner on the agreed upon date.
Day of Resale
Note: These details are dependent upon the individual contract.
- Disable Employee Access - The selling owner will no longer have access to the system.
- Enable Employee Access - The purchasing owner will be granted access to the system.
Contact Information
For questions regarding the resale of a system, please reach out to billing@corebridge.net.