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Also, be sure to have your all your stats ready to present as it will help with negotiation. They will most likely base the price they are willing to pay on:
1.) Traffic (Uniques are the most important)
2.) Geography of those Uniques
3.) Placement - Will they be above the fold or below
4.) PR (Shouldn't be but it is)
5.) Number of pages indexed if its a sitewide
There are two types of "advertising" buyers - Those after conversions and those after SEO benefits. Try to gauge which this guy is and tailor your price to that.
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