There is a great article written by Thomas over at YourDailyFinance.com about Selling a Blog for Millions: interview with Jim Wang of Bargaineering that I suggest you check out. It’s a great read and really gives some great insight into selling a blog or business and things to consider!
After reading this article, it really made me wonder – when is the right time to cash out of a blog, or for that matter an entire business?
Selling a Blog – Jim Wang’s Story
The long and short of it is that Jim Wang started the site Bargaineering.com and worked his butt off to build it into a large site that eventually sold for $3.5 million dollars!!
Jim currently still works for the company that bought out his blog, but he does not have direct control over it.
So, When is the Right Time to Sell a Blog or Business?
People usually start a business because they have a great idea or skill that they’d like to bring to market. Hopefully, the business idea or skill has real meaning for them.
To me, the time to sell a blog or a business is when the amount offered from a prospective buyer is greater than the meaning that the current business has to its owner. Maybe the owners heart is no longer in the business. Maybe the owners desires have changed over time and they could take the money to do something even greater that holds more meaning for them?
Selling a Business – Bittersweet
One of the questions that Thomas posed to Jim was how did you feel after the deal completed? At the time I read this, I thought “what kind of question is that?” Of course he felt on top of the world – $3 million bucks!
But, Jim’s answer was very unexpected. He said he felt sad in a way. The more I thought about Jim’s answer, the more I realized that I would probably feel the same way.
If you put your heart and soul into something for years at a time, I would guess its almost like losing a small piece of yourself when you let go of it.
Selling a Business – After The Dust Settles
After a business is sold and the dust settles, many entrepreneurs will continue on to start a new business or venture. With the new influx of cash, this allows them the potential to shift industries or start much larger scale operations.
In Jim’s case, he is back and at it again with his new site: Microblogger.com . This site focuses on teaching bloggers how to make money based on Jim’s own personal experience. A bit of a shift in focus for Jim, but mostly he is continuing in the same industry (blogging).
Selling a Business – What About You?
If you own your own business, does it still hold the same meaning as when you first started it? Does it make sense to jump at that first or second offer to buy you out, or should you hold out with the belief that your business will blossom and grow as you continue to build it?
In the famous example of Microsoft’s bid to buy Facebook for $15 Billion, I have to admit I thought Mark Zuckerberg was crazy to reject the offer! Fast forward to today and Facebook has IPO’ed and the company’s market cap is currently $93B+. Not too shabby!
So, for those business owners, how long have you been at your business and what price would it take for you to sell your business that you’ve built from the ground up?