The short answer: In week one, take control of the money and the plumbing before you do anything else. Move the bank accounts and payment processor, stand up payroll under your entity, confirm insurance is active as of the closing date, secure every vendor and software login, verify licenses and permits, and announce the change to employees. The single most important outcome: the next payroll runs on time and no policy, license, or utility lapses. Build the list during due diligence, not on closing morning.
Prep the list before closing
Everything here is easier if you assembled it during due diligence. Ask the seller for a complete inventory of accounts, logins, policies, and licenses weeks ahead, and pre-fill the applications you can. On closing day you want to be executing a plan, not discovering that the general-liability policy renews Friday. Keep the whole list in your transition plan.
Asset sale vs. stock sale changes everything
In an asset purchase, most accounts, contracts, and licenses move to your new entity, more to set up, but a cleaner break from the seller's liabilities. In a stock purchase, many stay in place and you change signers and ownership records instead. Know which you did; it drives half this checklist. Confirm with your attorney.
The week-one takeover checklist
| Area | What to do | Timing |
|---|---|---|
| Bank accounts | Open/retitle operating & payroll accounts, set signers, order cards/checks, move balances | Day 1 |
| Payment processing | Set up merchant account under new entity; test a live transaction | Day 1 to 2 |
| Payroll | Payroll system under your EIN, employees & withholding loaded, confirm next pay date | Day 1 to 3 |
| Insurance | Confirm GL, property, workers' comp, auto, cyber active as of closing; add yourself as insured | Day 1 |
| Logins & passwords | Collect every credential, reset the critical ones, set up a password manager | Day 1 to 3 |
| Licenses & permits | Verify what transfers vs. what you must reapply for; file the rest | Day 1 to 7 (start earlier) |
| Vendors & suppliers | Notify of ownership change, update billing/ACH, confirm terms & open POs | Day 2 to 5 |
| Customers | Call top accounts to reassure; update any autopay/contract signatories | Day 1 to 7 |
| Utilities & leases | Transfer power, water, internet, phone; confirm lease assignment | Day 1 to 5 |
| Tax & registration | New EIN if needed, state tax/sales-tax accounts, unemployment insurance | Day 1 to 7 |
| Domains, email & software | Transfer domain, website, email, CRM, accounting, scheduling tools | Day 1 to 5 |
| Employees | Announce the change, hold 1:1s, confirm the roster and pay data | Day 1 |
| Keys & access | Physical keys, alarm codes, gate/garage, safe combinations, badges | Day 1 |
Money first: bank, processing, payroll
Cash is where a takeover breaks fastest. Get the operating account live so revenue lands somewhere you control and vendors can be paid. Set up your merchant/payment processor and run a test charge, a dead card reader on day two costs you real sales. Then payroll: confirm the pay schedule and next pay date before closing, load the system under your entity and EIN, and make sure the first run goes out on time. This also feeds directly into the cash crunch most new owners hit, you can't manage cash you can't see or move.
Miss the first payroll and you undo every reassuring word from the announcement. Protect it above all else.
Don't-let-it-lapse: insurance, licenses, logins
These are the silent failures, nothing looks wrong until it is.
- Insurance must be active as of the closing date, not "sometime this week." A one-day gap on general liability or workers' comp is an unhedged bet on your whole net worth. Bind coverage to start the moment the old policy ends.
- Licenses and permits are the sneaky one. Some transfer; some require the new owner to reapply and can take weeks. Operating unlicensed even briefly can mean fines or a shutdown. Identify every one in diligence and start the slow ones before closing.
- Logins and passwords, get a written inventory from the seller, then immediately reset the critical ones (bank, email, domain registrar, admin accounts) so access is truly yours. Put everything in a password manager and remove the seller's personal accounts on a defined date.
Reset access, don't just receive it
A shared spreadsheet of passwords isn't control, the seller (and their old employees) still have them. Change every critical credential in week one and document who has access to what.
Tell vendors and customers you're in charge
Your suppliers and best customers should hear about the change from you, not from a bounced payment or a confused invoice. Call your top vendors to update billing and confirm terms, and call your biggest customers to introduce yourself and promise continuity. Have the seller make the warm introductions during the transition period, a handoff by name keeps the relationship intact.
Get this as a working checklist
The transition plan turns every row above into a dated, check-it-off worksheet.
Frequently asked questions
Take control of the money and essentials: open or retitle the bank accounts, set up payroll under the new entity, confirm insurance is active as of closing, secure the vendor and software logins, and announce the change to employees. The priority is that payroll runs and nothing lapses.
Bank accounts, the payment processor, payroll, utilities, insurance, licenses and permits, tax and EIN registrations, domains and email, and every software login. In an asset purchase these usually move to your new entity; in a stock purchase many stay in place but signers and ownership records change.
Confirm the pay schedule and next pay date before closing, set up the payroll system under your entity and EIN, load employees with their pay and withholding, and make sure the first run after closing goes out on time. A missed payroll is the fastest way to lose the team's trust.
It varies by industry and state. Some licenses and permits transfer with the entity; others must be reapplied for by the new owner and can take weeks. Identify every one during due diligence and start any reapplications before closing so you're never operating unlicensed.
Sources & further reading
- Acquisition Ace guides, the 30/60/90 plan and working-capital shocks.
- General small-business ownership-transfer practices; license transfer, tax, and insurance requirements vary by state and industry, confirm with your attorney, CPA, and insurer.
