Does the Social Media for a business convey?

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Real Estate Agent with Murphy and Hayesville, NC; Hiawassee, Blairsville, Blue Ridge GA and Copperhill TN

Murphy, NC Commercial SalesDoes the social media for a business convey? We have a deal in the works for a local Business in the tri-state area and our Buyers wanted to add into the contract that the current Facebook page for the store convey. The Listing Agent responded “I am not sure that a FB business page (if that's how it is set up) can be transferred.  It is normally tied to your personal account.  If you don't mind, can you check into that and let me know.”

Interesting question and we’ve never come across this in a sale either... I thought you could set someone else as the administrator of the page (and change the email), then the current “owner” could be demoted to a regular fan and then they, the “buyer” would become the new "owner" the page.

Have you come across this in a commercial business or rental cabin sale?

So have you had a Facebook business page as well as other Social Media tied to a business transferred to the new owners and what has been your experience?

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Lee & Carol Barbour
"The Mountain Living Team"
info@mountainlivingteam.com


             

This posting with the content written here and photographs displayed are the intellectual property and opinions of Lee & Carol Barbour - Mountain Living Team. Any party who uses this material without the permission of Lee & Carol Barbour is subject to copyright infringement and possible lawsuit.

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does the social media for a business convey

Comments 8 New Comment

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Rainmaker
1,346,764
Andrew Mooers
Northern Maine Real Estate-Aroostook County Broker
MOOERS REALTY

It is all part of the marketing. The signage out front at a restaurant, their trade secrets, maybe a non competition clause for a number of years or radius in miles spelled out. But unless they are just selling the real estate, and someone else is buying the "business", include it, spell it out. Business sales can be in leased not owned real estate too. It's the business, all the marketing, contracts for yellow pages, everything in place that you want for continuity, synergy. To seamless, dove tail and keep running. That is what you are buying, a going business. Or a shell of one that has not good will, value and may be run in to the ground image wise, physically or just closed. Banks like healthy schedule C's and not potential businesses that may be on their "cautionary list". Have a commercial real estate closing tomorrow and the facebook page, any social media part of the conveyance if they want to keep, modify or deep six and start over. They want control of all the "advertising". Facebook site, fan page, business place is marketing and not just for fun.

December 27, 2011 04:01 PM
Rainmaker
545,691
Lee & Carol Barbour, REALTORS
Mountain Living Team in Murphy NC and North GA
Murphy and Hayesville, NC; Hiawassee, Blairsville, Blue Ridge GA and Copperhill TN

Thanks so much for commenting Andrew. We definitely have the non-compete in place. It only makes sense doesn't it, that all social media convey as part of the business. I'm just not sure how all that is transferred physically, but I'm researching.

December 27, 2011 04:36 PM
Ambassador
1,859,287
Judi K Barrett
Broker/Owner, Integrity Real Estate Services -IDAB
Judi Barrett~Integrity Real Estate Services~Idabel, Oklahoma

Lee & Carol,  It looks like they could make someone an admin and then remove themselves as admin.. I've actually considered this question and that was where I ended up.. but I've never had it as part of a transaction.  It will be interesting to see what you come up with. 

 

December 28, 2011 08:04 AM
Ambassador
736,324
Jerry Newman
Texas REALTOR, San Antonio Military Relocation
Green Home Realty, 210-789-4216,www.Selling-SanAntonioHomes.com

Hi Lee and Carol. I would love to know what answer you come up with too. I know Judi is right about making someone else the Admin of your page, and remove the present owner as Admin, but I thought your business page was still connected to your personal profile page. It makes good sense to convey everything over to the new buyers, including all Social Media pages. 

December 28, 2011 09:28 AM
Rainmaker
545,691
Lee & Carol Barbour, REALTORS
Mountain Living Team in Murphy NC and North GA
Murphy and Hayesville, NC; Hiawassee, Blairsville, Blue Ridge GA and Copperhill TN

Thanks for stopping by and commenting Judi and Jerry. As much as we use Social Media it never really has come up in a listing or sale for us. Our market has many second home owners that have web sites and rental history for their homes listed and likewise a business using social media to promote, build and advertise. I think this is really an area where we should be using the existing social media as a marketing and selling tool.

December 28, 2011 07:01 PM
Rainmaker
387,907
Elva Branson-Lee
CDPE - Atlanta Real Estate & Short Sale Agent
Solid Source Realty GA

Excellent question and informative comments. I'm glad I stopped by and caught this post. I, too, would want the FB page to convey with the business, and it seems a simple thing to do. Thanks, Lee & Carol, for this discussion.

December 29, 2011 09:28 PM
Rainmaker
545,691
Lee & Carol Barbour, REALTORS
Mountain Living Team in Murphy NC and North GA
Murphy and Hayesville, NC; Hiawassee, Blairsville, Blue Ridge GA and Copperhill TN

Thanks Elva. I'm really surprised that this hasn't come up before with our rental cabin sales too. You know we always convey the rental client list, but you also need to convey the website and any other social media they used to promote that property too.

So we did close on this local business yesterday and we had the attorney add that the existing FB page and any other web sites, blogs or social media convey. Not that they were using all of those, but just to cover them.

December 31, 2011 09:08 AM
Rainmaker
342,996
John Mosier
Prescott's Patriot REALTOR & Land Man 928 533-8142
High Country Realty - Prescott - AZ

Excellent post!  As Andrew mentioned, any website and internet presence should be requested by the buyer when a business changes hands.

January 17, 2012 11:30 PM
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Rainmaker
545,691

Lee & Carol Barbour, REALTORS

Mountain Living Team in Murphy NC and North GA
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