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When I am ready to do this, I am wondering how best to deal with a few of the issues that I can forsee coming up. Here are some I have thought of and I would be interested in knowing how people deal with these issues and also any other suggestions.
1. I'm kind of OK on the valuation of a site, but any tips are always welcome.
2. At what point do you reveal site visitors statistics to potential buyers?
3. As above, but with the site's earnings.
4. Payment - How do you deal with receiving payment and handing over the "keys to the front door" (domain reg, databases etc)? At some point someone is going to have to trust someone, or do you involve a third party?
5. Registered users. What are the regulations as regards handing their details on?
What other things should I prepare myself for?
1) That, ultimately, will depend on what you are willing to sell it for, and what the other party is willing to pay.
2 and 3) After they have signed an NDA (non-disclosure agreement). Because so many can easily promise not to tell, I also feel--now, 2 years later--that they could put down a deposit of $50-$100, just to weed out the ones who are not serious but were competition wanting to know how much money we made...but, that may have discouraged some from pursuing it who were serious. So, either way...just get them to sign an NDA.
4) You are going to have to trust them, and they will have to trust you, no matter what. A small deposit with an agreement to sell is in order. But, you will need a lawyer also, and they will want to put the remaining amount in an escrow with him or her. Once you have "delivered", you can get the rest of your money.
5) Address this specifically in your contract. This is something you will have to decide upon, as well as what they want.
I can't think of anything else...