Keep Your Eyes on the Prize When Selling a Website
Selling a website for big bucks and checking out of the work world for a life of beach parties and umbrella drinks is a fantasy that almost every web entrepreneur and casino affiliate has at some point or another.
While the dream is easy to have, the mechanics of actually selling a website are considerably less dreamy. That said, there are a few steps you can take early on in the website process to help speed things along (and get to those umbrella drinks a little faster).
In a recent posting on Search Engine Journal titled, 19 Things I’ve Learned About Selling Websites, web broker Mark Daoust shares his accumulated wisdom on the subject. If you’re lucky enough to be in the position to sell, here are of his tips you’ll want to keep in mind.
You’re Beautiful…Warts and All
No one who’s willing to buy your site is expecting perfection. What they will be expecting is honesty and transparency.
For that reason, there’s point in trying to hide any problems that are hidden away. If you’re converting slots players at a furious pace but just can’t seem draw in poker players, let the buyer know. (They’ll find out all that nasty business during the due diligence stage anyways.)
Keep Your Eyes On the Prize
Negotiating any business transaction can be like walking through a minefield, especially when one, or both, participants start trying to be the “winner.” Remember, a really good negotiation ends with everyone walking away feeling like a winner.
To help keep the process on track, Daoust suggests having both parties set deadlines for various milestones in the selling process.
Stay in Touch with Reality
In your exit strategy daydream you play the role of the foxy entrepreneur, cleverly playing competing bidders against each other in a bidding war that lines your pockets. In reality, that scenario almost never happens.
Daoust not only throws cold water on the bidding war fantasy, he says you probably wouldn’t want to be in that situation anyways. As it turns out, buyers who enter due diligence after a protracted bidding war bring a level of frustration that could work against you in the long.
Along those same lines, Daoust also warns against both lying about having other offers and overpricing your sites. Both of these techniques can blow up in your face and leave you right back where you started.
Meet Up in Person (But Leave the Lawyers at Home)
Web publishers and affiliates are used to doing business over e-mail or Skype but this is one of those times when meeting up person is probably the best option. You can cut through many layers of red tape, and build up a real relationship, by sitting down for a face-to-face meeting.
There are, however, a couple of people you might not want to invite to the sit-down, namely your accountant and attorney. While these skilled professionals definitely have a place in the sales process, involving them too deeply can slow negotiations down to a snail’s pace. (As Daoust points out, these guys are paid by the hour.)
Any gambling affiliate who is lucky enough to be in the seller’s position should definitely be keeping Daoust’s advice in mind, while keeping flexible enough to roll with the punches.