[EinhornIsFinkle]

Here is a simple one but sometimes overlooked by 1st timers:

Don't negotiate from a cost-plus perspective. Forget about how much time, $, resources you put into the project.

Think about the sale from a value-add perspective. How much additional value will this add to your potential buyer? try to understand his/her motivation to buy, what's the plan, etc. They see a way the site can generate additional revenue; it's your job to find out how much.

Also, don't throw out a number unless you have a reason to. Some will disagree with me but that's just my style.

Thirdly, look for comparable sites that have sold recently to get a very rough ballpark # and try to get additional bids.

[trickjarrett]

Thanks, that's an excellent point I had not fully considered. On the drive into work I was thinking about the benefits the site gains him, and pondering how to translate that into the cost of the site.

[viggity]

You can find comparable sites at flippa.com (formerly sitepoint.com/marketplace)

PS EinhornIsFinkle has got to be the funniest username I have ever seen. I've been laughing for the past 5 minutes. Now I wish I could change my username to "LacesOutDan".