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One reason for selling would be if you thought the site's profit was going to be significantly less in the future than it is now. But there can be lots of other reasons.
But -- if the figure of 15K per month "easy" is accurate, you could invest 400K, pay someone 30K to run it, have another 30K per year in bandwidth and other expenses, and still get 120K return on your investment -- which is 30%!! In the real world, that would be considered fantastic.
So -- to the extent that the final bid is less than 400K, the discount has to be attributable to some combination of:
1. Maybe the figure of 15K per month "easy" is bogus. I have no idea of its true or not.
2. Porn is socially stigmatized, which makes porn businesses worth less than comparable "socially acceptable" businesses.
3. Pessimism regarding future earnings. If a business is growing, and investors think it will earn more in the future, then it is worth a lot more than a business with an equivalent balance sheet that investors think will make less in the future.
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