My Business is over. Now someone is asking if I want to sell it to them. Looking for advice

I started a business (sole proprietorship) around Facebook auctions by creating a SaaS that automates the data retrieval from the customers Facebook group. The customer sets up a Facebook group and host weekly auctions on the group by posting their items into group albums. My app made their lives extremely easy. One person was spending 10 – 15 hours figuring out the winners and their bids using the native Facebook interface and spreadsheets. My app took that figure down to 30 minutes or so and provided a summarized and easy to use interface.

Then the Cambridge Analytica scandal happened and suddenly everything changed for me and my customers. Due to the scandal Facebook changed what data apps are allowed to get from Facebook. My app requires comments on photos including who made the comments. The person making the comment is no longer allowed so that makes my app useless. I have decided to shut my site down and move on rather than try to get Facebook to change their policies.

Out of the blue, someone I have never talked to before and from a location where my app has not even entered yet (My app is primarily in Atlantic Canada and this person is from Alabama), this person is asking if they can buy my app.

This is the first time I’ve had any level of business success and I am not sure what to do in this case. Obviously I have to talk to them about this and either reject them or come to some agreement. I have a database of users and customers of those users. I would not be willing to sell that data. I’m also a little scared that I’m missing something and that their may be a second life to my app. I don’t want to be one of those people regretting their decisions years later.

So I’m asking for advice. Has anyone been through something similar to this? What kinds of questions should I be asking? What kind of legal implications will there be to Sell my app as a Canadian citizen to someone in the US?



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