Bank account transfer

It is tempting to assume the business’s bank account simply changes hands along with everything else, but bank accounts are tied to the legal entity or person that opened them, not to the business as a going concern. In an asset sale especially, the buyer is almost always opening new accounts rather than inheriting the seller’s, which means the new banking relationship has to be functional before the first day of ownership, not arranged afterward.

What needs to be in place before closing

• A new operating account, opened and ready to receive deposits
• Merchant or payment processing set up under the new legal entity
• Payroll banking connected in time for the first pay run under new ownership
• Any pre-authorized debits or automatic payments redirected to the new account

Where the gap actually bites

The riskiest window is the first stretch after closing, when customer payments and card deposits may still be routed toward the seller’s old account out of habit or because a payment processor has not yet been switched over. Confirming exactly which payment rails are being redirected, and when, is usually more urgent than any other item on the closing checklist.