I think I may have found a site I feel fairly comfortable with. I don't want to disclose the domain just yet but there are certain caveats that I would like to run by you. A little background info: it is a 4 yo. PR 3 website with around 5k uniques that used to be between 30-50k but they haven't done anything in several months. One reason was they were looking for a study job
1)It is an entertainment type blog/magazine that discusses music mainly, but also some movie reviews, food, culture, etc. It is a panacea really.
The entertainment bit scares me a little because the market is notoriously fickle, but I happen to know a bit about the genres they cover and actually enjoy them. I also have a background in the other topics they cover and have an idea as to a particular magazine model I would like to "copy".
2)The person is really quite a novice with the business side of the site. This means I am not privy to as much information as I normally have been looking for and will probably have to transfer the site from one host to another.
This is actually one of the main reasons I feel so attracted to this purchase because they don't give off that desperate/swindle you type vibe that is ubiquitous in the market. They even live fairly close to me. I am supposed to talk with the person responsible for the back end of the site to try and get more info on the site. Is there anything in particular I should ask for like the ability to log into their Google analytics, etc? I have no experience transferring a site from one host to another (GoDaddy to HostGator).
3) They asked if they were to accept my offer (about 7 mo. revenues) how should we do the payment and what kind/if any paper work should we file.
Their apparent eagerness at my first offer a)means I offered too much b)they really have been in a financial slump. Also, they haven't done much, if anything, to promote it (like the recent example on here of the one site selling for around half its estimated value and the newer site selling for far more). So I may be getting a steal.
I am thinking escrow should still be used because it gives both of us a bit of a safety net and it probably charges a little less than Paypal anyway.
They have expressed that they will give me all of their business/writer contacts and want to be able to contribute further articles in the future.
This site is really quite nice and they have obviously put a lot of time into it because it is a subject that they really cared for and it appears that this was a labor of love with monetary considerations second.
The site is so nice and detailed that I doubt I could do all that they have done because a) I doubt i really have that much time to put into it b)I don't even know how to do all of the stuff they did. However, a lot of the stuff I don't know how to do appears extraneous and merely bonus material. The writers they had on board worked for free essentially, they received perks that came along with the site's advertisors/promotors. These perks include tickets to music events, ability to interview bands, free music downloads/albums, shirts, etc.
I am definately getting nervous with this being my first purchase and I was hoping the seller would be more experienced so they could take the reins. I am, so far, basing a good bit on "gut feeling/intuition" which has served me well in things like poker which I relied on heavily as well as real life. However, I had experience in poker, but when I first started I was more empiracle and relied on statistics/data more. I am a novice in this arena and don't wish to strike out on my first purchase. I hope I am not being hasty and throwing out hard earned money.