I think Bob Walsh mentioned something similar in one of his blogs or podcasts and there are a few other examples around that I have heard about, but I have not heard many of the details. (One is a Mac-based blogging tool I think)
Specifically I am interested in:
- How the parties found each other and what suggestions anyone has for finding them. (I have my own ideas)
- How was the transition? I suspect there was some hand-holding for a period of time
- How was the customer reaction and what were the short and long term changes in revenue, number of sales, etc.
I ask this because I might want to either open source (I doubt anyone would take it over) or give away or sell one of the products I wrote so I can devote the rest of my time to a more promising venture. For me it is more about freeing time AND ensuring that the hardware manufacture I wrote the software for (and his customers) are not left without support - I am not looking to make huge money - just to hand it off.
UPDATE: I have a tentative agreement with a buyer for 2x revenue. I also contacted the hardware supplier that this software supports and he is interested in buying the product so that he can distribute it for free. I will report the outcome here when it is done.
The primary goal I have is to give the users the best long-term option.
The sales process has been at least as distracting as running the product/business. However, there is an end in sight. I just transferred the domain to the buyer today. He got a clean build on the first try after getting from my svn repository. All in all a fairly clean sale. the buyer did a lot of homework and asked a lot of good questions. he then made up a purchase and sales agreement.
All that is left are some circuit boards to send him.
So far I guess between a month to two month for the entire process.
I expect if there was more money involved it would take far longer.