This week we caught up with Michael Bereslavsky, the founder of Domain Magnate a broker partner of Flippa. Michael has used Flippa for several years and has had 49 transactions on platform totaling $446k. In the video interview below, Michael talks about his experiences on Flippa, his advice to buyers and sellers and a run through of three businesses he currently has listed for sale on Flippa. See the full interview below and a summary of Michaels advice.
Advice for buyers
Don’t look at buying a website as a passive investment, but as a business. As such any business has risks, it needs a strategy, procedures, clients, employees/contractors, management and growth. Viewing it this way will help you get a clear picture of the main components of a deal: risks and how to assess and mitigate them; short and long term growth opportunities; trends and numbers.
Advice for sellers
Be more upfront about your numbers and risks, and what it really takes to manage the business, and provide good after sale support. Focusing on the long term perspective, and really helping your buyers, rather than simply trying to get the deal closed quick every time, will help you get repeat buyers, good deals, and even higher prices.