The ultimate dream of many online entrepreneurs is to build a successful web site and then sell it for thousands, perhaps millions of dollars. Example: Sergey Brin and Larry Page, the original creators of google.com probably had no idea they would become so rich by creating a search engine web site. Hey, stuff happens right?

Selling a domain name is easy. Selling a site that you have poured months or years of your life into building, promoting and nurturing, is a bit more difficult. If you care about what you’ve built and want to see it continue to succeed and grow, it can be as difficult as selling one of your own children.

Scenario: You are approached by someone who is interested in purchasing your web site. Your first thought is that it’s some joke but you find it to be a genuine proposal. An offer is made and negotiations begin.

Stop! If the sale involves more than a couple thousand dollars, it is in your best interest to get an attorney. Do this before any contracts are signed or any money changes hands or you could lose the proverbial “shirt off your back” AND the web site you built so carefully.

In most cases, the sale will include all intellectual and virtual property. This means everything; the software, the domain name, the page copy, the clients/customers and the traffic. All rights to any of the material on the web site will transfer to the new owner as well as the responsibility for the future success or failure of that web site.

During negotiations, a contract (should) be drawn up which contains every detail of the sale. This contract may include: * A non-compete clause, meaning you can not go out and build the same type of web site within a specified period of time; * Final sale price including fees and expenses; how they will be paid and by whom; * Terms of transfer: when the transfer is to be completed, how the transfer will be handled etc.; * Inclusions/Exclusions: this will state exactly what is and what is not included in the sale; * Rights of the buyer and rights of the seller during and after the sale process.

If you are not an attorney, I advise you to get one because if you sign a binding agreement, you’re stuck with it. Make sure you know what the contract says; I mean really understand it from a legal point of view. Make sure there are no “loopholes” which could cause problems down the road and that your rights are protected and clearly specified. Make sure you completely understand each and every paragraph, including the small print!

Being presented with a considerable chunk of change in exchange for selling all rights to your web site could be a dream come true. Don’t let those dollar signs in your eyes cloud your vision. Think clearly about what the site means to you and how you will feel about it after you no longer own it. If you’re sure you still want to sell it, get an attorney to preview any contracts or forms BEFORE you sign them.

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