Buying a Business and Transferring Square Account/Info

[Bakers1]

I am purchasing a business from a Square user and would like to initially maintain the same menu, employees, pricing, etc.

It makes sense then to "transfer" or copy the complete Square configuration, modify the ownership information (name, EIN, phone, email), and be ready for business.

However, reading some threads indicates this may not be feasible due to 1099-K or other tax/Square limitations and implications.

Given this situation, what is the recommended best practice?

Would it be feasible to export the customers, items, transactions, etc. from the prior owner's account and import them into a brand new account? What other configuration items am I missing that would be valuable to hit the ground running?

Thanks!

[Candlestore · Accepted solution]

@Bakers1 ;

Welcome to the Square community as I see this is your 1st post.

You can have the current owner, export their catalog.  This would get you a Catalog identical to theirs with Items, Pricing and Inventory levels.  They can also export their customers for you to import to your account.  I am just not sure if the Transaction History will transfer also as now you are a new business entity and those transactions were not yours, but I do understand they are the Businesses which is what your buying.  This would go with all transactions also.  The current owner could download or Export all previous Transactions that you could see on a spreadsheet. 

Other things you may need to find out about are Loyalty points if the customer has that setup and also about if they sold Gift Cards and their balances.  My recommendation is to call Square at the number in my Signature line on Monday and ask these questions. 

I know Square has the Ability to transfer accounts to someone in the Organization but this does not work when Selling a business to a New owner.

From my Square Dashboard.

Transfer business

This transfers the business to a new person within your organization. To process payments, Square needs to verify their identity. Don’t worry, you’ll still be able to process payments during the transfer process.

NOTE: This feature is not supported when selling a business.

Transfer business

I also did not see a way to export the Employees data either..... Wages, Names etc

[Bakers1]

Thank you, Keith!

We lived across the Delaware from you in northern NJ for many years - love your area and the Delaware Water Gap!

I think your response is spot on - the more I read, the more I learn.

I plan to call support on Monday to confirm my suspicions. Thanks so much!