What I Learned Spending $1.5 Million on Sumo.com
February 8, 2017Last updated on February 16, 2017
Today I’m sharing the story of why we spent $1,500,000 on Sumo.com. I discuss how I got past my reservations and in the process out my business partner Chad as Batman.
Why did I spend 7+ years, hire 3 brokers, and send over 200 emails to buy the 82nd most expensive domain in history?
Lessons taught in this episode:
- Why a domain name matters – a good domain equals a legit company.
- Lets you own your brand and be the definitive source – consider what your customers will be saying when they repeat your domain.
- It takes as much effort to do something big as it does to do something small – put as much time into them to do them right.
- How to defer payment for large items as a percentage of revenue – sometimes sellers aren’t interested in one payment.
- How to use leverage in negotiations – figure out exactly what the other side wants or fears.
- Use real-time communication channels – make your messages stand out from the noise in email.
- Useful mindsets and questions for large purchases – this will be a huge drain, so think carefully.
- A deal is never over until it’s signed – don’t skimp on anything until the deal is closed.
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