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A few days ago, I’d written about WM Media‘s deal in Why You Should Be Careful When Your Business Is Going Well and lamented us for not doing the due diligence that was required on the website. Today, however, we are learning an entirely different lesson from that same experience!
The thing to analyze in these situations is just why exactly the decision was made. Making mistakes is not that big of a deal as long as we learn from them. After all, there are only so many major mistakes! If we learn from them and don’t repeat them again, it’s only a matter of time before everything is “fixed”!
So what made us decide to offer $2700 for a website that we didn’t do much due diligence on?
Well, as mentioned in the previous post, we had just concluded a $38,000 deal with this particular web development firm. They had indicated that they were interested in a long term relationship. Additionally, the quality of the sites we got were quite good and the general attitude of the company is one of integrity where they want the customers to be happy.
We can see the conversation that resulted in a checkup:
(9:22:39 AM) asheesh: hope the sites are doing well and you are happy?
(9:22:58 AM) Warren: yeah.. pregnancy site is doing well.. very happy with it
(9:23:23 AM) asheesh: Thanks
(9:23:34 AM) asheesh: and how about the Payday one?
(9:24:07 AM) Warren: hmm.. that one is doing pretty bad so far
(9:24:15 AM) asheesh: hmmm
(9:24:17 AM) Warren: no search engine traffic at all hehe
(9:24:24 AM) asheesh: really?
(9:24:27 AM) Warren: like mabye 5-20 visits / day
(9:24:30 AM) Warren: yeah.. weird
(9:24:31 AM) asheesh: and income?
(9:25:24 AM) Warren: actually 5-9
(9:25:28 AM) Warren: < $1/day I think
(9:25:35 AM) asheesh: its still in the nascent stage, might take a month or so to generate results
(9:25:44 AM) asheesh: but I am sure it will
(9:25:54 AM) asheesh: still if you want to change your mind
(9:26:02 AM) asheesh: you can ask for a refund
(9:26:06 AM) asheesh:
(9:26:20 AM) asheesh: We are not interested in short term gains
(9:26:42 AM) asheesh: hope you recall I told you about this before you purchased it
(9:27:05 AM) Warren: yeah.. I definiately remember you told me about it
(9:27:14 AM) Warren: Apparantly I didn't listen too well hehe
(9:27:19 AM) Warren: Hmm.. I"ll talk it over with my partner
(9:27:26 AM) asheesh: you can change your mind if you want to
(9:27:28 AM) Warren: Your dedication to long term value is really reallly admirable!
(9:27:40 AM) asheesh: or keep my offer
(9:27:46 AM) asheesh: wait for 60 days
(9:27:58 AM) asheesh: and if you don't see any major change
(9:28:04 AM) asheesh: you can give it back
(9:28:44 AM) Warren: cool.. that sounds very reasonable
(9:28:55 AM) asheesh: we are here for long term my friend
(9:29:12 AM) asheesh: actually the immediate gains at times are not visible
(9:29:24 AM) asheesh: but this site has a good potential
(9:29:35 AM) asheesh: do some promotions
(9:29:38 AM) asheesh: we will do some
(9:29:47 AM) asheesh: and we will see results in about 2 months
(9:29:57 AM) asheesh: and you have a no risk offer
(9:30:01 AM) Warren: really appreciate it!
(9:30:03 AM) asheesh:
(9:30:06 AM) Warren: sounds great hehe!
As you can see, our perceptions of the web development firm was correct - they were interested in a long term relationship and didn't want us to lose money! They brought up the topic of how the website is doing, indicating a genuine interest in having us do well. Not only that, but they offered to take it back because we weren’t happy with it!
It suddenly struck me why this decision was made. We’d gone ahead with the deal anyway despite their warnings that the revenues may not be so good currently. We did that because we trusted our feelings in the integrity of their company! They said they didn’t want us to lose money, and we believed them!
This would not have been a type of decision I would make or understand a year ago, but it makes a lot of sense now. Our goals are aligned in the long term (web development and investment in web properties), so we’re better off with each other than without! Why jeopardize that by “screwing” each other? That’s the main point of a mutually beneficial relationship – there’s stuff that benefits us both and that’s why we’re talking in the first place!
As a sign of returning the gesture of trust, we decided to keep the website for 60 days and try out their offer. If it doesn’t work, we’ll return it to them with any ad earnings we’ve made from it – a no lose situation!
Of course, just because we did make a good decision in this particular case doesn’t mean we should dismiss the lesson in the other article! We do still need to be careful and remember to do our due diligence. Just because one experience gives two sometimes contradictory pieces of advice doesn’t mean that either of them are any less valid!
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