Welcome to WebmasterWorld Guest from 188.8.131.52
If we ignore the layout differences between Business.com and the more typical IYP format we can see that the type of visitor should be similar - people looking to buy products or services. They get a lot of visitors and have a great domain/brandability.
PremierGuide is at the other end of the scale, it's a white-label Local Search provider (so there's not much consumer branding that can go on there) that gets roughly a tenth of the traffic of Business.com.
Here's what they sold for:
Considering that PremierGuide had revenues of around $800K/year I'd say the $2M price was a little low, but even allowing for that it's still way below the $/visitor price for Business.com.
At the low end of the scale it looks as though most people would be better off continuing to run rather than selling!
Has anyone seen a recent deal for a small/medium Local Search publisher (let's say 500,000 to 2.5M visitors/month) that had a good multiple?
I would have thought that larger companies would have been keen to buy up smaller ones and tie in the founders for a few years and then have them on non-competes (with the acquisition price being enough to justify this).