| The ultimate dream of many online entrepreneurs is to | | | | contract may include: |
| build a successful web site and then sell it for | | | | * A non-compete clause, meaning you can not go out |
| thousands, perhaps millions of dollars. Example: Sergey | | | | and build the same type of web site within a specified |
| Brin and Larry Page, the original creators of probably | | | | period of time; |
| had no idea they would become so rich by creating a | | | | * Final sale price including fees and expenses; how |
| search engine web site. Hey, stuff happens | | | | they will be paid and by whom; |
| right?Selling a domain name is easy. Selling a site that | | | | * Terms of transfer: when the transfer is to be |
| you have poured months or years of your life into | | | | completed, how the transfer will be handled etc.; |
| building, promoting and nurturing, is a bit more difficult. If | | | | * Inclusions/Exclusions: this will state exactly what is |
| you care about what you've built and want to see it | | | | and what is not included in the sale; |
| continue to succeed and grow, it can be as difficult as | | | | * Rights of the buyer and rights of the seller during |
| selling one of your own children.Scenario: You are | | | | and after the sale process.If you are not an attorney, I |
| approached by someone who is interested in | | | | advise you to get one because if you sign a binding |
| purchasing your web site. Your first thought is that it's | | | | agreement, you're stuck with it. Make sure you know |
| some joke but you find it to be a genuine proposal. An | | | | what the contract says; I mean really understand it |
| offer is made and negotiations begin.Stop! If the sale | | | | from a legal point of view. Make sure there are no |
| involves more than a couple thousand dollars, it is in | | | | "loopholes" which could cause problems down the |
| your best interest to get an attorney. Do this before | | | | road and that your rights are protected and clearly |
| any contracts are signed or any money changes | | | | specified. Make sure you completely understand each |
| hands or you could lose the proverbial "shirt off your | | | | and every paragraph, including the small print!Being |
| back" AND the web site you built so carefully.In most | | | | presented with a considerable chunk of change in |
| cases, the sale will include all intellectual and virtual | | | | exchange for selling all rights to your web site could be |
| property. This means everything; the software, the | | | | a dream come true. Don't let those dollar signs in your |
| domain name, the page copy, the clients/customers | | | | eyes cloud your vision. Think clearly about what the |
| and the traffic. All rights to any of the material on the | | | | site means to you and how you will feel about it after |
| web site will transfer to the new owner as well as the | | | | you no longer own it. If you're sure you still want to sell |
| responsibility for the future success or failure of that | | | | it, get an attorney to preview any contracts or forms |
| web site.During negotiations, a contract (should) be | | | | BEFORE you sign them.Kim Haas has been working |
| drawn up which contains every detail of the sale. This | | | | online since the Internet was a series of BBS systems. |