I pace around my desk the next day as I await the boards response to my offer. As I mentioned in my Part 1 post, We had discovered an amazing portfolio of generic domains that was being offered for sale. I was told by the company selling the domains that they were examining a few offers and to get an offer in quickly if we were to be considered, which we did. Our bid would be reviewed and would be be responded to with 24-48 hours.
After wearing out the carpet on my floor, I receive the phone call that I was waiting for. I am informed that the board has reviewed our offer and found it to be viable. However, they do not accept it. They inform me that they have decided to ask a few parties to make another bid.
The company forwards a letter with the following:
1 – The complete list of names with revenue per name
2 – Ask for offers on individual names and for the whole package
3 – 3 days to bid
4 – Bids will be evaluated and a next step decided
5 – Letter of Intent signed quickly by party chosen
6 – non refundable down payment by chosen party
7 – closing in about 2 weeks
Parties are told that there will be a minimum portfolio bid. The minimum turns out to be $100,000 higher than our last bid, which was the highest bid at the time.
Stay tuned for Part 3