Don’t Suggest Your Domain Name to a Friend

MapleDots

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When a personal friend mentions a search for a brand for a new business or a rebrand of their business, you might want to think twice about mentioning one of your domain name as an option. It may be nice to offer an assist to a friend who might be in the market for a domain name, but the offer could backfire if it is considered.

Domain name negotiations can be challenging, even under good circumstances. Trying to come to terms on the sale price of a domain name is usually difficult. The buyer, who may be constrained by the acquisition budget, business partner, or supervisor, wants to pay as little as possible. The seller needs to get the best possible price for a domain name, particularly on irreplaceable assets. Working with an unknown counter-party is tough, but negotiating a business deal with a friend poses unique challenges.



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MapleDots

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I made an even bigger mistake and said to my Brother he could look through my portfolio for his start up.

What do you think he picked?

pure.ca and of course he wanted it at registration cost.

When I explained to him what I spent to purchase it his eyes glazed over and he asked me if that means he cannot have it. I said I love you bro but not that much.
 

Esdiel

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It can definitely make for an awkward situation I'm sure. You want to help, but you also don't want to just give away thousands of dollars and get nothing in return.

I think I would only ever offer a domain to a friend if i knew it was relevant to them and I was ready to part with it for free or at least cheap.
 

theinvestor

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People don’t understand domains. So don’t ever offer anything. Which is why I own a lot of first names and would never offer to people I know with that name. They would expect it for nothing. It’s best to not let people in on what you do. :p
 

rlm

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Jeez, you guys are scrooges! You can't take all those domains to the grave, and I doubt you'll sell them all before then. So you might as well be happy helping friends/family succeed!
 

theinvestor

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rlm said:
Jeez, you guys are scrooges! You can't take all those domains to the grave, and I doubt you'll sell them all before then. So you might as well be happy helping friends/family succeed!

I would much prefer to help a friend or family member acquire a domain from someone else. At least I won’t feel bad if they ever drop that domain in the future. I already learned that lesson and won’t be doing it again.
 

rlm

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If you really didn't have any faith in their chances of success, with or without the domain, then yeah, no point in offering. But you can always structure something like a lease where they can afford it, and if they fail, you keep the domain. If you explained the reasoning why, I'm sure they'd understand and still be thrilled to have the opportunity.
 
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