How I Lost $223,000 Selling a Website

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How I Lost $223,000 Selling a Website - DON'T DO THIS

Рет қаралды 1,574

OneHourProfessor

Күн бұрын

Пікірлер: 67

@OneHourProfessor 3 жыл бұрын

Make sure you SUBSCRIBE 👉 bit.ly/37TPfGP

@NextGenIdeas 3 жыл бұрын

No words, just shocking! I cant appreciate enough the positive attitude you demonstrated even after such a loss, not many people will be able to do that. With such a determination and positive mindset, you will surely achieve a lot more success, Ron, All the best!

@OneHourProfessor 3 жыл бұрын

Yea, it sucks but thank you for the support!!!

@EmiliaGardner 3 жыл бұрын

I've been waiting for this one!

@OneHourProfessor 3 жыл бұрын

I wish it didn't exist, lol. But hopefully you enjoyed!

@shabarishbalaji1881 3 жыл бұрын

Wow, you are very strong. Very Inspiring. Thank You

@alexanderrivera7047 3 жыл бұрын

Man as a New Yorker my first reaction would have been.. I see you outside! At least you have built a site at a huge valuation so u can totally do it again over and over! Thx for the video. It shows that you are a genuine guy. Good luck on your move to Arizona. Leaving the snow behind woop woop

@OneHourProfessor 3 жыл бұрын

Yea Alexander, that was one of my thoughts as well lol. But it’s still a great amount of money and I’ll live. Thank you for the support!

@reomi1738 3 жыл бұрын

I think you have such a healthy and admirable attitude about the whole situation. Thanks for setting a great example. And I'm sure better things are on the way, especially with OHP. Keep up the good work!

@OneHourProfessor 3 жыл бұрын

Thanks Roli!

@MintedEmpire 3 жыл бұрын

I feel your pain, Ron! I had a similar experience where a site sale went bad and a ton of money evaporated from the deal. It sucks big time. Hopefully there’s a big learning point in it, there was for me anyway. Chin up and keep doing stellar work! Thanks for sharing.

@OneHourProfessor 3 жыл бұрын

Thanks Keith. As with most bad things, this too shall pass.

@Justemms 3 жыл бұрын

OMG how it happen

@OneHourProfessor 3 жыл бұрын

Betrayal.

@amarkmanpeters 3 жыл бұрын

While it’s horrible, count your blessings. Love the way you moved on. Admirable attitude and inspiring message.

@OneHourProfessor 3 жыл бұрын

Thanks Mark!

@JamalAhmadMalik 3 жыл бұрын

And that's why we are following you. You earn, you tell us how. You lose, you tell us why. Although I am sorry for your loss, I am also happy that you turned it into something good. Thank you, Profe.

@OneHourProfessor 3 жыл бұрын

Thanks Jamal, I've always tried to build with transparency and appreciate the recognition.

@sweetgoldtv7950 3 жыл бұрын

Oh my god am so sorry for that bros

@justinmatmor3124 3 жыл бұрын

The way you could have avoided this issue was to set up a separate LLC for the website, transferred all your revenue sources to the LLC and when it came to selling the site all you needed to do was to transfer the LLC to the new buyer. The partners would not have been involved in the transfer at all and the sale would have been smooth. In hindsight it is easier said than done. Maybe in the future, if you're planning on selling a site, set up a dedicated LLC for the site to ensure the sale is carried out without any issues.

@OneHourProfessor 3 жыл бұрын

Really interesting thought process, Justin. I actually love that idea. Probably would have had to have done this from the start to make it work this way, otherwise they would have had to change billing to the new LLC. But, interesting strategy nonetheless.

@justinmatmor3124 3 жыл бұрын

You would need to set up an LLC for a particular website once a site can be self-sustained and more importantly, before you decide to sell it.

@AwesomeCardGames 3 жыл бұрын

This situation would feel like a punch in the gut. The partner really hurt your business. I understand why you can't mention their name. It would be helpful to mention the name for other people can avoid this partner.

@OneHourProfessor 3 жыл бұрын

It was pretty brutal indeed, but that's part of business. All I'll say is that it was an affiliate I used who gave me access to an API for some of their data. Most people won't deal with this, so it's not worth it to disclose. Plus, I'm not going to call out a "partner" because they made a business decision. I'll never understand WHY they made the decision, but that's between me and them and may not apply to all people they work with.

@ytdarpan 3 жыл бұрын

@@OneHourProfessor Sorry for the loss that you have to settle with! I can guess the partner from your hint... It is "indeed' indeed... LOL... All the best in your other ventures:)

@FIghtShark 3 жыл бұрын

Sad story. Would be nice to know that "partner" to avoid working with him. This could save people lots of money.

@OneHourProfessor 3 жыл бұрын

All I'll say is that it was an affiliate I used who gave me access to an API for some of their data. Most people won't deal with this, so it's not worth it to disclose. Plus, I'm not going to call out a "partner" because they made a business decision. I'll never understand WHY they made the decision, but that's between me and them and may not apply to all people they work with.

@mohitjain2157 3 жыл бұрын

U came out of this with a winners mindset, you'll make much more down the road

@OneHourProfessor 3 жыл бұрын

Thanks Mohit, that's the only path forward.

@anitachipapo8521 2 жыл бұрын

Just wanted to hear

@ZZ-wh9km 3 жыл бұрын

Thank you for sharing and i am sure that this will motivate you to scale your current websites even more

@OneHourProfessor 3 жыл бұрын

It already has! Now I’m angry lol

@ShawnManaher 3 жыл бұрын

Not everyone would be willing to share these kind of awful experiences. Wow, you handled it well.

@OneHourProfessor 3 жыл бұрын

I didn't handle it well at first, lol. But I've accepted it now.

@ToshLubek 3 жыл бұрын

The story resonates with me, although I haven't lost that amount of money. Thank you for sharing.

@OneHourProfessor 3 жыл бұрын

Thanks Tosh, glad you found it interesting.

@jennifergoldentv1835 3 жыл бұрын

Nice content

@solorosco 3 жыл бұрын

I came here because I just sold one of my site today 😂

@OneHourProfessor 3 жыл бұрын

Congrats!

@hazalsemaaltunhan8345 3 жыл бұрын

I am thinking maybe the guy who bought the website went behind your back and got in touch with that partner, and asked them to drop out, so he will buy cheaper, and maybe he gave them a percentage of the Value he has saved. It is just a speculation of course

@OneHourProfessor 3 жыл бұрын

Hazal - I think some people may be willing to do this, but I definitely don't think this was the case with him. While possible, he just doesn't seem like that type of guy and it would be weird for the other business to do that as well.

@MohammedDebon 3 жыл бұрын

Hi Ron, How the buyer deal with this ... do he find another partnar... or he try to make deal with old dealer or he is a friend of old partner

@OneHourProfessor 3 жыл бұрын

I found a partner to take place of the old one and, to the best of my knowledge, he stayed with that partner.

@RickBlythe 3 жыл бұрын

I would threaten the 'partner' with a lawsuit.

@iamcyrix 3 жыл бұрын

Probably by the agreement they were allowed to stop the partnership at any moment. Sometimes, it's better to accept the loss and move on.

@OneHourProfessor 3 жыл бұрын

I thought of this, but the contract is much more friendly for them. Future learning lesson? At least make it so that they have to give me a 7 day notice of cancellation or something.

@OneHourProfessor 3 жыл бұрын

^^^This

@mdreyad1500 3 жыл бұрын

keyword research video share plz

@OneHourProfessor 3 жыл бұрын

I think you'll be happy to know I'll be doing much more of this soon.

@margaret5828 3 жыл бұрын

I've been on the other side of this - on the tech side with a team delivering APIs. You could have been dealing with the same account manager for the last four years, but all it takes is a recent change at the C-level with a new CIO who is more adverse to risk or just wants to "shake things up". Out of your control.

@OneHourProfessor 3 жыл бұрын

Very much think this is what it was. Sucks to be on this end of it, but that’s life.

@bradburyrobinson 3 жыл бұрын

Painful Ron, painful. Having dealt with some affiliate companies/managers in the past it seems they know the ball is in their court and do what the hell they like. I've had nothing on your scale but had things cancelled, terms changed, rates adjusted, etc. with no warning. Did the partner give you no hint of why it was at all?

@OneHourProfessor 3 жыл бұрын

They did raise an objection that they had also raised when I first started. Nothing new really. We worked with that objection being fine for four years, but when I tried to transfer the relationship they decided to cancel things. It hurt, it still sucks, but it's only money and the world keeps on spinning.

@bradburyrobinson 3 жыл бұрын

@@OneHourProfessor - I withdrew some cash last night and got hit with a sneaky £3.50 charge, I thought that hurt but it's not on this scale! Onwards and upwards.

@jimmalone279 3 жыл бұрын

Would it have helped to have had some sort of agreement between you and the so called "partner" that would have outlined your relationship ?

@OneHourProfessor 3 жыл бұрын

We had one but it didn't have any type of rule on termination. lesson learned.

@sweetgoldtv7950 3 жыл бұрын

Hi good day, my Channel name is sweet Gold TV I came across one of your video were you are talking about disabled AdSense, and my Google AdSense was disabled as well please i need your help, please

@OneHourProfessor 3 жыл бұрын

If this is for KZfaq, I really can't help. I was speaking about websites specifically.

@sweetgoldtv7950 3 жыл бұрын

Do you no of anyone that can't help?