maximizing the sale value of a website

On webmaster forums with "sites for sale" sections you will find a LOT of low ball speculators who will only pay 10x the monthly income, and if you ask for more there is usually uproar and people start commenting on how you should value your site and how you've got it all wrong.

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If you have a template/datafeed site 10x monthly revenue is a good offer. However, if you have something unique then you can get a much better price if you sell to the right person....

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Who Is the right person?

Q: Who would be prepared to pay the most for your site?

A1: People in related niches looking to expand horizontally
A2: People already in your niche

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Hypothetical Situation
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I have a site about Green Widgets. I dominate that field, and have all the traffic there is to have. Where can I expand? Red Widgets look good. If you have a site about Red Widgets, your site about Red Widgets would be of great interest to me because the sites are related, and they can send traffic to each other thus buying your site can boost the value of my existing site as well.

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Look for those sort of people to approach. Contact them privatly by email. Also post a note in the page header of your site with link to a page of details explaining your site is for sale.. chances are your best potential buyers already read your site ;)