advice Well funded startup wants my domain

[Mojoman1234]

I was contacted by a principle from a well funded startup (>$12M), still in stealth mode and about to move into 25k square feet of prime commercial office space. The founders sold their previous company for billions. Let's call the new company "ABC Technology". I own "ABCtech.com". The real name is three characters + technology. (the three characters have industry significance) I used this briefly for tech blog, now just linked to a dormant twitter account.

Their initial offer was $500, "we're just a startup". I countered with: for that amount I'll just hold onto it and maybe use it with my next company, or offer it to "ABC Technology Consultants" who have also expressed interest. I also let him know that I am aware of their financial situation.

He is now asking if there is a price level I am thinking of.

I'd greatly appreciate your advice! What would you do?

 

[verbster]

It might help to put yourself in his place and consider the negotiations (or lack of) from his perspective.

 

[Shimmy]

Anyone else agree? Should I conyinue sit tight or get back to him with a "price level" he requested? It's beyond 24hrs, been 5 days since last communication, including the weekend.

It's okay to wait a few days or weeks if someone gives you a price much lower than your asking price. However you never gave an asking price

 

[maya-zir]

I am new in this, but I think $500 it is not a price. Maybe for some another company, not so big. But not for them. Defenitely not.
In this case better not to sell, then sell for 2 cents to somebody who has millions.
Dont make it easy for them.

 

[pchip]

Anyone else agree? Should I conyinue sit tight or get back to him with a "price level" he requested? It's beyond 24hrs, been 5 days since last communication, including the weekend.

That's a difficult call and probably no correct answer. Forgive if I missed a post but if the last correspondence you have with them was you telling them that for $500 you'd just keep the name and then they responded inquiring about what price level you're thinking of, then I think you've waited enough time and can respond.

Waiting 5 days to respond shows that you're not in any rush to sell. If you wait to long you could miss the sale completely as the buyer could lose interest or be upset that you're not responding. The buyer did ask for a price level so I would respond with something (i.e. either a fixed price or some type of range xx,xxx). If you don't respond with any price range you really do risk the buyer not coming back to the table. However, you might get more money if you play hard ball - however there is more risk of not making the sale. How sure are you that they want and need this name? Are there alternatives that would be just as good.

That's just my .02 on how I would approach the situation but it's really up to you. Much of it depends also on your personal situation and how bad you need the money. Best of Luck and keep us posted!

 

[4better]

I guess it's ripe now to respond to the buyer"s query and indicate price range you wish. If I were in buyer's shoes, I would lose interest if my email is ignored or not responded. So many options are there to choose from unless one is really desperate to have that domain by all means. Just my two cents.

 

[DomainGist]

Abc.com looks like a large, well established Asian

Second time I've said this, but how on earth have you looked at abc.com and determined that is Asian?

Its the American Broadcasting Corporation.

 

[Asfas1000]

Second time I've said this, but how on earth have you looked at abc.com and determined that is Asian?

Its the American Broadcasting Corporation.

"ABC" is an example. It's not the real domain. OP made that clear right from the beginning.

 

[DomainGist]

Should I conyinue sit tight or get back to him with a "price level" he requested?

If he asked for a price then give him a price.

 

[wayne wooldridge]

Usually the "sit back and wait" tactic comes after making a rebuttal with your counter-offer. It's just good business practise to reply within a reasonable amount of time when asked a direct question.

Obviously, they are interested, enough to take a nibble at the bait. If you don't reel him in, he's gonna find other bait and swim away...

 

[arjun29]

"I am aware of your financial situation" . You should have been more professional with them since we are looking for some big money here. This will make them see you a bit desperate and checked everything about to sell them your domain. ABCtech will be great for them and they are big too. So you will definitely get good bucks from them. But you need to act wise, professional and patient .

 

[spikedo]

What's the status? Just curious to see where it ended if it has

 

[Lite]

What's the status? Just curious to see where it ended if it has

Seller is sitting tight without making a counter offer.

Looks like this thread will go for a long time

 

[bonin]

if I am a buyer and someone makes me wait five days to respond, I will lost interest in the transaction, no matter how much I want this domain, but my time as a businessman is important and valuable.

Just give them a price or maybe this company loves to play as Tom and Jerry, to many options who knows.... good luck

 

[maya-zir]

I think he already sold it for $$$$$ and still celebrate it and we are discussing and giving advices. ......

 

[arjun29]

Lets hope he replies us straight from a five star hotel of Paris

 

[cocaseco]

#1 rule in sales....Time kills all deals. Always has, always will.

 

[The New Guy]

#1 rule in sales....Time kills all deals. Always has, always will.

Not always.

I responded to an inquiry with a quote. No word from the buyer for two months - until one morning saying they wanted to buy it THAT DAY. For two months they let it sit and suddenly they had to have it right away. With larger companies the delay seems to be their way of doing business.

 

[cocaseco]

Always, you just didn't have enough time pass in this case. The scale is dynamic, large companies do move slower than smaller companies. But even the very definition of a reasonable response time is subjective.

 

[biggie]

#1 rule in sales....Time kills all deals. Always has, always will.

and where did you get that from?

 

[cocaseco]

I couldn't tell you exactly. I have been in sales for 20+ years and it is a common axiom that is frequently used at sales seminars, sales trainings etc. But most of all it is probably from personal experience. People will tend to talk themselves out of the spend, or find an unforeseen problem, find a better deal or a better product. Of course still it is an axiom, not a law, and I certainly make no claim to having created it. Though I do believe it is by and large true.