Results 1 to 13 of 13
  1. #1
    ABW Ambassador
    Join Date
    November 1st, 2005
    Posts
    2,064
    Nearly sold forum but now not sure
    I contacted a manager I know of sub company of a very large company in the US who use one of my forums but now I have decided I don't want to sell as I know it's worth a lot more especially in the long term as its growing each day and it has huge potential and just needs some time spent to improve a few areas, I can see Google paying millions in the future...

    Now I want to back down from the sale and I just got an email to say they are just going through the final legal stages of the contract before they get the go ahead from main office.... I was the one who aproached them as I wanted to raise some capital for other projects but i no longer need it as they have taken about a month to get to this stage.

    I might offer then a sponsorship arrangement or even a partnership but i won't sell it.

    Has anyone been in this sort of situation before? I don't want to upset them since they are a big part of the forum.

  2. #2
    notary sojac Herb ԿԬ's Avatar
    Join Date
    January 18th, 2005
    Location
    Central/Western NY State
    Posts
    7,741
    Lightbulb
    so did you sign a contract or not? if not, you can always say you have changed your mind.

    will they get upset? maybe.

    are they a decent part of your income?

    put it on the scales and make up your mind.

  3. #3
    ABW Ambassador
    Join Date
    November 1st, 2005
    Posts
    2,064
    ok thanks, no their is no contract yet. I can do what i like but they have their staff offering support on my forum as some of the boards are about their products as well as many other products including all their competitors....
    Hosting Discounts from Professional Rates Hosts - Deals and Coupons on Domain Names from GoDadday, Namecheap, Domain.com and more top registers.

  4. #4
    Affiliate Manager Alan Hamilton's Avatar
    Join Date
    March 13th, 2006
    Location
    Colorado / Florida
    Posts
    4,411
    I find it odd that they did not have a letter of intent and / or P & S agreement with contingencies with you on this. If they did not, and if you have no written commitments in which you agreed to a purchase price, or offered a purchase price that they subsequently agreed to, you should run a quick check through a local attorney to make sure you are without obligation.

    If you and they exchanged written or emailed correspondence in which it was clear that you were both committed to the sale - they could make a stink about it. If not, an attorney can quickly tell you where you stand.

    Keep in mind that this is not a lawyers forum, so play it safe, spend a few hundred and see where you stand.

    Best Of Luck
    Join the Spicy Aprons Affiliate program on ShareASale Visit us on Facebook www.facebook.com/spicyaprons Follow us on Twitter @Spicyaprons

  5. #5
    What's the word? Rhia7's Avatar
    Join Date
    January 13th, 2006
    Posts
    9,578
    You need to know when to hold them and when you should have sold them.

    Take as an example Friendster, a company that turned down a $30 million buyout offer from Google Where's Friendster now?

    There are many elements in the mix when making a decision to sell or to hold on.
    I don't know enough about your details to say one way or the other.
    ~Rhia7 -- Remember the 7
    Twitter me

  6. #6
    ABW Ambassador
    Join Date
    November 1st, 2005
    Posts
    2,064
    I find it odd that they did not have a letter of intent and / or P & S agreement with contingencies with you on this. If they did not, and if you have no written commitments in which you agreed to a purchase price, or offered a purchase price that they subsequently agreed to, you should run a quick check through a local attorney to make sure you are without obligation.
    they were never committed to the sale & are still are only going through legal aspects but I was told it looks like it will happen, i have never been told that they are committed to buying it but its more like they are researching to see if it is a good thing for them. It is not about the money but it is about whether they want to have to maintain it etc as most of their questions were about maintenance. They also want to pay me for support but i don't have time for that and can only offer limited support for it once sold.

    You need to know when to hold them and when you should have sold them.
    your exactly right. Iwant to hold it now as i now realize it is worth much more than my asking price although they have never mentioned anything about the $ and the asking price would be nothing for the main company. my problem is how to let my contact know that I'm backing away as he has always been very helpful in past but I'm more worried he would get in trouble from the big guys in the head company and if it could have any repercussions . I might just tell them i decided that it's worth a lot more now and i don't want to sell it or i would reconsider it if i was offered something substantial.
    Hosting Discounts from Professional Rates Hosts - Deals and Coupons on Domain Names from GoDadday, Namecheap, Domain.com and more top registers.

  7. #7
    The slot machine that IS paid! Billy Kay's Avatar
    Join Date
    January 18th, 2005
    Location
    Small Town in Tennessee
    Posts
    5,226
    Gliny,

    For $39, join the Legal Service Plan. Unlimited calls to your attorney. Why GUESS when you can KNOW.

  8. #8
    Resident Genius and Staunch Capitalist Leader's Avatar
    Join Date
    January 18th, 2005
    Location
    Florida
    Posts
    12,817
    I can see Google paying millions in the future...
    Uh oh!
    *Gets big water bucket*
    *aims at your parade*

    Sorry but...
    Forums have been around for ages. Has Google ever shown an interest in buying ANY?

    You might try iVillage or some other less new-crazy place as a buyer, but I really doubt that G will show an interest. Forums aren't "cutting edge," "cool," "Web 2.0," or anything else that would make G delude that they should spend millions on it...

    They also want to pay me for support but i don't have time for that and can only offer limited support for it once sold.
    On the other hand I am opposed in principle to the concept of selling a company only to end up as an employee of said company.

    I wouldn't hold in the hopes that the Google Buyout Fairy will blow stardust at a forum. But there may be other good reasons to not sell, like that talk about you working for your ex-company, brrr.... Plus a corporate owner would change the dymanic a lot, open discussion of that company's products would probably be history sooner or later. Although if it's basically a fan board that never disses them anyway, that part may not matter.

  9. #9
    ABW Ambassador
    Join Date
    January 18th, 2005
    Location
    Los Angeles
    Posts
    4,053
    Google does not seem to be in forum buying mode and has never shown signs of it. They bought out the Usenet and they've got their own forums with Google Groups, but it doesn't seem there's too much activity with supporting them like a dynamic forum usually does.

  10. #10
    ABW Ambassador
    Join Date
    November 1st, 2005
    Posts
    2,064
    Gliny,

    For $39, join the Legal Service Plan. Unlimited calls to your attorney. Why GUESS when you can KNOW.
    I was not even thinking about legal aspects until i read the posts here, now I'm getting worried

    I wasn't serious about trying to sell to Google, was meant to be a joke although it's always a possibility but I'm not counting on it.

    The main reason I don't want to sell it anymore is that the forum seems to be picking up in sub forums that were previously not that busy, now members seem to be active in them and even asking to make new sub forums for certain companies products. It could be quite an empire and has a lot of potential & good domain name.

    If the company in mind buy it they could quite easily control the competition which is a huge industry and many related industries if they wanted to. The forum covers multimedia which means everything from graphic software to film production and everything in between, hardware, software, support and sales.... I won't get to specific as I would like to not get into the details at this time.
    Hosting Discounts from Professional Rates Hosts - Deals and Coupons on Domain Names from GoDadday, Namecheap, Domain.com and more top registers.

  11. #11
    ABW Ambassador
    Join Date
    November 1st, 2005
    Posts
    2,064
    On the other hand I am opposed in principle to the concept of selling a company only to end up as an employee of said company
    i think i can use this as part of the excuse why im not interesting in selling now plus the initial figure... something like..
    look after thinking about it I'm quite worried that its going through your legal team now and I can't ever see myself as working for a company again and I have my own business to run. Unfortunately I now have to back out of the sale and it has also taken way too long. i would have sold it 3 weeks ago but since then I raised the capital I needed for my other projects. I also decided it's worth a lot more than my asking price, we could still negotaite but it would be a fair bit higher if I sold it now. I'm now on my way to South America for a holiday, catch ya later, thanks anyway
    Hosting Discounts from Professional Rates Hosts - Deals and Coupons on Domain Names from GoDadday, Namecheap, Domain.com and more top registers.

  12. #12
    Resident Genius and Staunch Capitalist Leader's Avatar
    Join Date
    January 18th, 2005
    Location
    Florida
    Posts
    12,817
    LOL for that last line. But hopefully you're not really going to write that at the end! Otherwise, it's pretty good. It could use an editor to put some polish on it, though. (Commas are your friend )

    The only other hitch I see is that you say you're still willing to negotiate, but your other comments in this thread indicate that, that may not be the case. If you're not really wanting to sell at any price that they'd be willing to pay, it's probably best to let them off the hook so they can quit wasting their time looking at it...

  13. #13
    Merchant & ABW Ambassador
    Join Date
    May 31st, 2006
    Location
    Houston TX
    Posts
    4,731
    In order for them or lawyers to get you on a legal mumbo jumbo, there is 3 things that one would usually look at:

    OFFER

    ACCEPTANCE

    CONSIDERATION

    Here is something you can do some reading on:
    http://ledgerism.net/UCCformation.htm

  14. Newsletter Signup

+ Reply to Thread

Similar Threads

  1. See what sold..
    By NYDAz in forum BettyMills
    Replies: 8
    Last Post: February 11th, 2013, 07:14 PM
  2. ****SOLD****
    By Zipdrive in forum Events and Gatherings
    Replies: 18
    Last Post: August 5th, 2009, 02:56 PM
  3. Which products sold?
    By Rhia7 in forum Commission Junction - CJ
    Replies: 6
    Last Post: February 20th, 2006, 01:21 PM
  4. Any way to see what you sold?
    By ~Michelle in forum Google Affiliate Network - GAN
    Replies: 2
    Last Post: June 8th, 2004, 07:15 PM
  5. How do I know what I sold?
    By ~Michelle in forum Commission Junction - CJ
    Replies: 6
    Last Post: October 5th, 2003, 02:43 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •