Inside: How to sell a blog, learn from my experience of selling 4 businesses over the past 10 years! There are some important things to consider when selling your site and we will walk through them here.
I’ve sold 3 content based online businesses and 1 product based business over the past 4 years. I’ll never forget when I got my first valuation of my site and realized I had built and asset worth a LOT of real life dollars! It inspired me to start other blog based businesses over the years and exiting each has been an experience of it’s own.
Although the process of each sale structure has been different, the steps I’ve taken to get to market and close the deal are basically the same. If you’re thinking of selling your blog or digital based business this year, it might be the right time for you to do that exact thing! Let’s talk through the steps you need to take.
I’ve come up with 10 simple steps you can take right now to make a sale of your blog happen quick and for the highest payout in your hands after the process.
Tips For Selling A Blog
The biggest tip I can give you from all my experience is to have a plan!
A plan of what you want, what you will do next and how you hope this will go. Of course, your plan is only as good as life going smoothly, which almost never happens. Ha! But creating the plan anyway will guide you as you embark on this exciting journey. Knowing your reasons to sell your business is listed as number 1 here, because I honestly believe it is the most important step in the process.
Questions about it? Feel free to email me: [email protected] and I’ll do my best to help you on your way.
1. Ask Yourself Why and What
The first step in selling your site is to be honest with yourself about why you want to sell and what exactly you are hoping to get from it? Here are questions to ask.
- Why are you selling your business? Are you off to conquer new territories, or do you need some chill time on a tropical beach?
- Are you seeking a total sale or would you prefer a partial stake to keep a piece of your beloved business?
- What will you do to replace the income (if needed) that your blog brings in?
- How will you rebuild a social following if you had one solely attached to your blog?
Be brutally honest with yourself – this is all about your journey and often times we don’t take full stock of how life changing a decision like this might be.
2. Compile Your Analytics and Basic Financial Numbers
Time to dust off those spreadsheets and dive into your numbers as you begin to process how to sell a blog you probably have strong emotional ties to.
Investors and future business buyers are interested numbers more than passion every time. It can feel scary to do this, but it’s a good and necessary party of the process.
Here’s what you’ll need to gather:
- Traffic
- Growth trends
- Revenue and profit margins
- Expenses
- Time spend running the business
Don’t shy away from it – understanding your business’s financial health is just like taking care of your own body. Regular checks keep you in the clear. So pop the cork and celebrate your numbers, no matter what they look like. It will help you to make a decision if this is the right time to sell or not. Which is a great thing!
3. Get a Good Idea of What Your Site is Worth and Create an Ideal Deal Structure
Ever wondered what it feels like to be on Antiques Roadshow? Now’s your chance!
Finding out what your digital business is worth is a thrilling albeit stressful journey.
Utilize online valuation tools, industry averages, and most importantly, your financials can help you to learn this. But remember if you use a tool like Empire Flippers valuation tool, it is ONLY AN ESTIMATE and your final valuation may be significantly different.
If you want a more real life valuation email me at [email protected] and I can introduce you to my favorite broker who gives free valuations and can direct you in the next steps.
Then, create your ideal deal structure.
Would you prefer cash upfront, an earn-out plan, or maybe stock options in a purchasing company? There’s no wrong answer, just the one that fits your needs and future plans the best.
4. Pick a Way to Sell: Brokerage vs. Private Sale
Think of this like choosing between a kickboxing class and a soothing yoga session – both have their benefits and downsides!
A brokerage firm can provide a smooth, guided experience, but that comes at a cost. Normally somewhere between 15-20% based on your site sale price.
A private sale instead you’ll be handling everything from marketing your business, to negotiating, to handling the payment, but could yield a bigger payoff.
The benefit is no broker will be taking a percentage of the sale. But honestly, I’ve found that what you get in return is a buyer pool of serious buyers, a skilled negotiator working for you and a structured due diligence process. All of this will almost certainly lead to a higher final sales price. Well worth the price tag in my opinion.
I have worked with all three of the major brokerage houses over the past years of selling, and I have VERY strong opinions about which one I’d choose. Feel free to reach out via email [email protected] and I’ll fill you in on my thoughts.
5. Build Out P&L & Gather Tax Info If You Don’t Have It
Think of your profit and loss (P&L) statement as the Instagram feed of your business – it tells your financial story at a glance.
If you haven’t been keeping up with your tax information, bank accounts and expenses now is the time to get serious. Don’t worry if this sounds overwhelming, a good accountant can help you navigate these waters with ease.
6. How To Sell A Blog- Build Out Process and Systems Guide
Ever tried a new workout without a guide? Confusing, right? It’s the same with businesses. Your buyer will want to understand how things work. Spend time creating a detailed guide of your systems and processes. Remember, clarity is queen here!
Having this will help your business to sell faster and allow the due diligence process and training time to be seamless.
7. Decide What to Do About Your Team
Is your team coming along for the ride, or is this the final group selfie? Depending on your decision, there may be legal, financial, and emotional aspects to consider.
Any future buyer will want to know if they are getting the team behind the brand when they go to buy and the buyer may even ask to talk to them during the sales process.
Before you accept an offer or even put the business live for sale you’ll need to have a conversation with your team. Be upfront, kind, and clear. After all, your team has been part of your journey too!
8. Create an Ideal Transition Plan
Think of this step in learning how to sell a blog as your digital “passing of the baton”.
Details matter here, so make a comprehensive plan that includes transferring passwords, accounts, and outlining what your role will be during the transition. Make it as smooth as possible will make your life 1000 times easier when you go to close.
9. Ensure Everything Is In Order
In order. That’s it. No cliffhanger here, girl! Just a friendly reminder to cross your T’s, dot your I’s, and tie up any loose ends. Confirm you have all legal things like agreements, paperwork, and assets in place and ready to hand over.
10. Go to Market!
Now, the real fun begins! Put on your favorite power outfit and shout from the digital rooftops that your business is for sale. Utilize your networks, social media, and don’t underestimate the power of word of mouth.
If you are using a brokerage firm they will do this for you in their own way.
Selling a digital business can be as exhilarating as launching one. So step into your power as founder, not just owner and remember – you’ve got this!
