The Buyer’s Guide to Small Business Digital Assets 

When buying an existing business, most people focus on the obvious things like physical stock, equipment, premises or staff.  

But there’s one area that’s often overlooked: digital assets. From websites and social media accounts to customer databases and software subscriptions, these virtual tools can be just as important as any physical asset, and are just as essential to the daily operations of the business. 

What are digital assets? 

Digital assets are online tools, platforms or content that belong to the business. Digital assets have many different functions, like contributing towards the day-to-day operations, earning income and promoting the business.  

Common examples of digital assets 

Here are just a few common examples of digital business assets: 

• Website and domain name: A business’s website is one of its most important assets. It’s often the first thing new customers will find when searching for your business. A well-designed, user-friendly website can carry authority and add value to your brand and marketing strategy.  

• Social media accounts: Facebook, Instagram, TikTok, YouTube, LinkedIn and other social media profiles allow a business to connect with customers and help build a following. Losing access to a business’s existing social media accounts could mean losing hundreds or thousands of online followers.  

• Customer databases: This includes things like email lists, loyalty programs, and customer relationship management (CRM) tools. These lists are invaluable resources for small businesses, as they’re needed for ongoing marketing and customer engagement.  

• Cloud storage and business documents: These days, it’s not uncommon for businesses to store files online in the cloud. Make sure you have access to the business’s cloud storage and important documents to help you understand business processes and other information.  

• Software subscriptions: Many small businesses rely on software for accounting, project management, online bookings or point-of-sale systems. These tools often require logins or ongoing subscriptions, and it’s important to know what you’re getting access to. 

• Email marketing platforms: Marketing tools like Mailchimp often contain a business’s email templates, customer data, automated campaigns and analytics. Taking ownership of these platforms can not only save you time, but can provide access to existing customers and important data.  

Questions to ask about digital assets before you buy a business 

Before you buy a business, there are questions you undoubtedly ask before you sign any contracts or money changes hands. What equipment and stock are included in the sale? Are the premises owned or leased? Are there any tools or equipment that are owned personally by the seller? 

Digital assets are no different. Here are a few questions about digital assets you should ask the seller before you decide to purchase an existing business.  

Are the digital assets owned or leased? 

Just because a business uses a certain digital tool or design doesn’t mean they own it outright. Some digital assets may leased, licensed, or subscription-based, and this can affect whether or not you are able to continue using them. 

Ask for a full list of digital assets and confirm whether they are fully owned, licensed or rented. This way, you know exactly what you’re getting and what might need to be renewed or renegotiated. 

Who has access and control? 

Digital assets are only useful if you can access and manage them. You wouldn’t buy a car if you didn’t have access to the keys, right? 

Before buying a business, ask who currently owns the various usernames, passwords, admin rights, and logins. 

If someone outside the business still has access (especially someone who’s no longer involved) it could lead to security issues or complications when transferring ownership. 

Are the accounts in the business’s name? 

It’s important to make sure that digital assets are registered under the business name or a business email address, not a personal one. If they’re registered under a personal email address, then this can potentially make things difficult for the new owner of the business.  

Here’s why it’s so important to check that are accounts are in the business’s name: 

• If the Google Business Profile is set up under the seller’s personal Gmail account, it can be hard (or even impossible) to transfer ownership. 

• If social media accounts are linked to a personal Facebook profile, you might be locked out or have limited admin rights. 

• Software and subscriptions should ideally be billed to the business, not an individual. 

Before finalising the sale, double-check that everything is set up correctly and ask for ownership to be transferred to you as part of the settlement process. 

Making sure you’re protected 

Buying a business is often a big decision. It’s important to make sure that you’re getting a fair deal and that there are no nasty hidden surprises after the sale. Start with these simple tips. 

Create a digital asset inventory 

Start by asking the seller for a full list of the business’s digital assets. Think of it like an online version of an equipment checklist. Check for: 

• Website and domain name 

• Social media accounts and logins 

• Google Business Profile and analytics tools 

• Cloud storage accounts (e.g. Dropbox, Google Drive) 

• Email marketing platforms (e.g. Mailchimp, Campaign Monitor) 

• Paid software or app subscriptions 

• Online course platforms, digital product access 

• Customer databases or CRM platforms 

• Login credentials (usernames and passwords) 

• Billing information for subscription services 

• Licence agreements for software, photos, or design templates. 

Include digital assets in the sale agreement 

Make sure the purchase or sale agreement clearly lists all digital assets that are being transferred as part of the sale. This provides legal protection if there’s ever a dispute and ensures that everything is included and not just assumed.  

If you’re unsure exactly what needs to be done or what needs to be included, then make sure you speak with a professional, such as a solicitor or a business broker.  

Assessing the risks involved with digital assets 

When you buy a business, you don’t expect to inherit a cybersecurity headache. 

Confirming that you will have access to the business’s digital assets is one thing. But you may also want to assess whether or not there are any risks involved with these digital assets.  

For example, if the business is still using outdated software or unsupported systems, then this could leave you vulnerable to a cyberattack when you purchase the business.  

Here are some additional cybersecurity questions you can ask before you make the final sale: 

• Cybersecurity tools: What kind of cybersecurity software and tools do they have in place, such as anti-malware software, two-factor authentication protocols, firewalls, etc? If yes, are these included in the sale of the business? 

• Cybersecurity documentation: What policies do they have in place for dealing with cyber incidents? E.g. what is involved in their cyber incident response plan?  

• Past incidents: Has there ever been any past cyber incidents? If yes, what was the outcome and how did the business handle it? 

• Current data security measures: What kind of measures does the business take to protect customer information and data? 

• Third-party supplier vetting: How does the company vet third-party suppliers to ensure that they have acceptable cybersecurity measures in place? How do they manage third parties to prevent supply-chain cyberattacks? 

• Independent security certification: Does the business hold any certification, such as SO 27001? Do they have the results from any penetration test reports they can share? 

BizCover is here for small business owners 

BizCover is here to support small business owners – whether you’re starting your own business from scratch or investing in an existing business.  

But even with the most careful planning, things can still go wrong. That’s where insurance can help.  

Cyber Liability insurance is designed to help protect you from claims and support your profitability in the event that a cyber breach impacts your digital assets. 

Examples of the types of risks Cyber Liability insurance can assist with are unintended loss or release of customer personal information, cyber crime, cyber extortion/ransomware and business interruption due to a cyber event.  

Get a quick and easy quote online today. For on the go cover, go BizCover.  

This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording or Product Disclosure Statement (available on our website). Please consider whether the advice is suitable for you before proceeding with any purchase. Target Market Determination document is also available (as applicable).

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