Hello there 👋
Happy Monday
When you're selling, the highest offer feels like the right one. Sometimes it isn't. This week I'm sharing what to look for when comparing buyers, because the number on the offer is only part of the story.
Let's get into it!
Cheers,
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NEWSLETTER SELLING TIP
The highest offer isn't always the best deal
When sellers get multiple offers, the instinct is simple: pick the highest number. I understand it. You worked for years to build the newsletter; of course you want the highest price.
But I've watched enough deals close (and a few fall apart after closing) to know the number on the offer is only part of the story. The buyer behind the number matters just as much and sometimes more.
Here's what to actually look at when you're comparing offers:
Do they understand your niche? A buyer who already knows the space asks sharper questions during due diligence, but they also close faster because they don't need to be educated on what they're buying. A buyer who's "exploring the newsletter space" is often a slower close, a rockier handover, and a higher chance of the deal falling through halfway.
How are they paying? A lower all-cash offer is often worth more than a higher offer with a long earnout tied to future performance. Earnouts sound generous on paper. In practice, they mean part of your sale price depends on a business you no longer control. Read the structure, not just the headline number.
What's their plan after the deal? Ask directly. A buyer who wants to grow the newsletter, hire writers, and invest in the brand is very different from a buyer who plans to merge it into a portfolio and squeeze the list for sponsorships. Neither is wrong, but one of them might gut the thing you built. If that matters to you, it should weigh on your decision.
How fast can they actually close? A buyer with funds already in escrow can close in 2 to 4 weeks. A buyer "lining up financing" can take 3 months, or never. Every extra week is a week when something can go wrong, when you stay distracted, when your numbers can shift. Speed has real value.
Who have they bought from before? If they've done newsletter deals before, ask for one or two seller references. Five minutes on a call with a past seller tells you more than 20 pages of an APA. If they haven't bought before, that's fine; we all start somewhere.
The highest offer feels like winning. But a clean close with a buyer who treats the brand well, pays on time, and doesn't drag the handover for months is often worth more than a higher number with a buyer who turns the process into a nightmare.
A useful frame: the offer is what the buyer says. The deal is what actually happens. Pick the deal, not the offer.
Reply and tell me if you've ever picked the higher offer and regretted it, or picked the lower one and been glad. I'd love to hear both.
MEET KEVIN:
Kevin is one of those people I owe a lot to. He didn't have to take the time to teach me, but he did, and a big part of how I look at a digital asset today comes from him.
He runs DotMarket, just the #1 marketplace in France for buying and selling online businesses. If you've ever wondered what a deal looks like on the other side of the Atlantic, or you're sitting on an asset and not sure what it's actually worth, his team is the one I'd send you to.
So glad I was part of the OG team!
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ACQUISITION NEWS
From buying the audience to buying the infrastructure
This week, Bullish announced it's buying Equiniti for $4.2 billion, one of the biggest crypto deals ever.
Bullish already owns CoinDesk, the media brand they picked up in 2023 for around $75M. That CoinDesk audience is a big part of why this $4.2B deal makes sense for them.
We keep seeing this pattern. A company buys a newsletter or media brand, builds trust with that audience, and then makes a much bigger move later on. Plaid did it with This Week in Fintech. HubSpot did it with The Hustle. Now Bullish is doing it too.
The newsletter is rarely the destination. It's the door that opens everything else.
Congratulations to all parties involved!
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Until next week, keep building. 💪
Important Disclaimer: This newsletter is for informational and educational purposes only; it should not be considered financial or business advice. Some content may include affiliate links or paid sponsorships. We share this openly because transparency is an important part of our values.