Change of business ownership
This article explains the steps you'll need to take if your business ownership changes. For example the directors of the company change or you sell the company.
Introduction
When changing business ownership there are some legal requirements that both ourselves and our payment providers must comply with. The sections below list all the potential changes you may need to make although the exact details will depend on what you're changing.
Change the account owner
If the WodBoard account admin is changing this step should be actioned first.
If the new owner is not already a member of staff you should add them to your account as staff (Settings -> Staff). Then, making sure you're logged in as your current admin account, head to the account admin profile under Staff. Here you have the option to transfer ownership to another member of staff.
Update payment providers
If you run your payments to a company (eg ltd) and that company is remaining the same (ie just personnel or payout changes) you can update Stripe yourself. Head to Settings -> Payments, click configure next to Stripe and then click through to the Stripe dashboard. On this page you can update company directors and bank payout accounts. When you do this it may result in payouts being delayed a few days whilst company directors and bank accounts are verified.
If you run your business as a person, or you previously used a company and that company is now changing, then you'll need to setup a new Stripe account. To do that contact us first and we'll close down and de-link your old Stripe account. Once this is done you'll be able to setup a new account.
When closing off an account and adding a new one the outstanding payouts (ie payouts up to this point) will still payout to the old bank account. Only payments from this point forward will go to the new bank account. Bear in mind payouts are also delayed 3-5 days so when the money hits your bank account you're actually getting charges from customers a few days prior. As such you may have to make some adjustments to your sale price to reflect when the money settles and who's getting it.
For GoCardless you will need to login to their site and make changes there.
Update your legal entity and payment details
Head to Settings -> Billing and click through to edit the legal entity associated with your account. It is important these are correct as they are the details used when a customer signs a legal document. If your gym has multiple sites you may need to click through to a legal entity listing page and update several entities.
Depending on your country and legal rules you may need to ask customers to resign their legal documents if the new legal entity has change. If that's the case please reach out to our support team who will be happy to help.
Update your payment details to pay us
Head to Settings -> Billing and update the card you use to pay your monthly WodBoard fee. You will not be billed again until the 1st of the next month.