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I've sold somewhere in the neighbourhood of 50 sites the past 18 months and not once did the sale price come close to the 12x revenue number. Sure people make bids using that formula, but the people who really know whats going on never offer something that low.
In the end, people can offer whatever they want, its their money and if they feel comfortable only spending a certain amount thats cool, but it doesn't mean that no one else will spend more or that I have to accept it.
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