This month’s update is bittersweet as it’s the final update on the site I started on the 1st Jan 2020 – because I sold the site.
I’ll answer right off the top what most of you reading this will be thinking; why sell it? and how much did you get?
I sold it for two main reasons;
- I didn’t have enough time to work on the site as much as I wanted to, and
- selling it helped me achieve some personal financial goals
I sold the site for $115,000, which was about a 37x multiple.
It’s been a wild ride, here’s a summary of how the site performed in the 2 years and 7 months I had it and more on why I sold it:
Lifetime Site Stats
P&L Jan 2020-July 2022
|*approx due to shared account
|Broker (10%) & Sales Fees
|Net Profit (Before Tax)
The good news is that the sale qualifies for 10% tax here in the UK, so I get to take a good chunk of that sale price home.
So, Was It All Worth It?
Yeah, it was worth it for me and I’d do it all over again pretty much the same.
I’ve seen case studies where people have made a lot more than I did with a lot less effort, but we also know that most sites fail.
But as far as making a living goes here in the UK, that’s a pretty bonkers return for me.
This wasn’t my first or only site, so I knew it was going to be profitable.
You can just never really tell exactly where a site is going go, how quickly, and how you’ll navigate all the bumps in the road.
I would estimate that I spent about 1,000 hours working on the site in total. I know that’s a nice round number, but seeing as each post takes around an hour and change, I think that’s a fair number.
That means I made around $161k for 1,000 hours work, so that’s $161/hr before tax.
I’m more than happy with that.
The Process of Selling the Site:
I opted to go with one of the smaller brokers, I don’t want to say who it was out of respect for the new buyer as it would be very easy to look up the site.
They listed the site at a 40x multiple, which was $125,000. They charged me 10%, as opposed to 15% like EmpireFlippers would so that was a small win.
I’m sure some people enjoy the sale process, but I didn’t. Lots of low-ball offers coming in, a little anxiety wondering if it’ll sell and how it will go, and the grieving process of letting the site go is real.
Back to the actual sale process, I’d actually accepted an offer much closer to the sale price, but the buyer pulled out without explaining why – after I’d handed in my notice with Mediavine.
So, I just took the next best offer at that point to keep the ball rolling and sell the site.
It is what it is, the site is sold and chatted with the new owner. He was really cool and is experienced with sites, so I’m interested to see what he does with it.
More on Why I Sold the Site
The main reason why I sold the site is that due to personal and work circumstances, I just don’t have time to focus on it like I want to.
Sure, I could have sat on it and collected ~$3k/mo, but I feel like the site would probably decline in traffic.
Knowing I could get a multiple in the 40x range, it made sense to sell it and maximize the sale value while it was probably at the highest monthly revenue it was going to see unless I worked on it.
On the financial side; I’ve become interested in FIRE and am in the process of selling other sites and throwing all the funds into the stock market, but that’s a topic for another subreddit.
So, What Now?
Well, obviously that’s the end of this case study.
And that makes me a little sad as I’ve met some awesome people and made some good friends as a result of doing this.
I’m still blogging, and I think I always will be, it’s a hobby, an addiction, and I need the money!
I’m actually selling all but one of my sites. I’m keeping my largest traffic site and the one I enjoy working on the most, and I’m going to hard on that site to see how big I can grow it.
I might post an update here if anything interesting happens, you never know!
Otherwise, I wish success on anyone who is grinding out on a site and you are all welcome to keep in touch.