Home.com: The Greatest Stories Never Told - Andrew Miller, Larry Fischer at NamesCon 2023

Summary

In this engaging session, industry veterans Andrew Miller and Larry Fisher recount their experiences with high-stakes domain name deals, including the eight-figure sales of chat.com and home.com. They emphasize the importance of confidentiality and the unique challenges of such significant transactions. The discussion also features David Laz, whose company Fairway acquired home.com, sharing insights on the strategic value of a powerful domain name in the digital era.

Takeaways

• 🎤 The session features Andrew Miller and Larry Fisher discussing their experiences in the domain industry, highlighting significant domain deals they've been involved in.
• 💼 Andrew has been in the domain business for 25 years, having founded creditcards.com and insurancequotes.com, and has been involved in various successful domain transactions.
• 🔍 Larry entered the domain business in 1997, nearly left in 1999, but a significant deal on 'portuguese.com' kept him in the industry, leading to the creation of the first parking company, SmartName.
• 🏆 Notable sales by Larry include 'messenger.com' to Facebook and 'teams.com' to Microsoft, emphasizing the importance of confidentiality in high-value domain transactions.
• 🤝 The speakers advocate for private mergers and acquisitions for significant domain transactions, stressing the need for confidentiality on both the buy and sell sides.
• 🔑 The discussion reveals details about two major deals, 'chat.com' and 'home.com', which are considered among the top five in their careers due to their high value.
• 🗣️ David Laz, from Fairway, shares the story of acquiring 'home.com', illustrating the importance of having an internal champion for a domain within a company to push through a significant purchase.
• 💰 The 'chat.com' deal involved a last-minute change due to one buyer's legal overreach, allowing Dharma Shaw, from HubSpot, to secure the domain quickly with favorable terms.
• 🏦 A humorous anecdote from the 'chat.com' deal involved a wrong bank number being given during the escrow process, which was fortunately resolved without issue.
• 🔄 The 'home.com' deal was initially rejected by Fairway's CEO but was reconsidered due to the domain's potential value, leading to its acquisition and future integration into the company's brand.
• 🌐 The speakers emphasize the long-term value of domains as assets, comparing the potential of domain acquisitions to the fleeting expense of Super Bowl advertisements.

Q & A

What is the main topic of the session that Andrew Miller and Larry Fisher are discussing?

The main topic of the session is 'Greatest Stories Never Told,' focusing on significant domain name deals that have not been widely shared in public.

What significant domain names have Andrew Miller and Larry Fisher been involved in selling?

Andrew Miller and Larry Fisher have been involved in selling significant domain names such as messenger.com to Facebook, teams.com to Microsoft, home.com, and chat.com.

How did the deal for chat.com unfold, and what was the role of Dharma Shaw in it?

The deal for chat.com unfolded when Dharma Shaw, the founder and CTO of HubSpot, decided to publicly disclose his purchase of the domain for an eight-figure sum, opening the door for further discussion about the transaction.

What was the initial offer for chat.com, and how did it eventually sell?

The initial solid offer for chat.com was three million dollars. It eventually sold for a significantly higher amount after Dharma Shaw decided to quickly accept the terms and use the escrow as specified by the sellers.

Why was the deal for chat.com considered a 'Mega deal' in the domain industry?

The deal for chat.com was considered a 'Mega deal' because it was an eight-figure transaction, which is rare and significant in the domain industry.

What was the role of David Laz in the acquisition of home.com by Fairway?

David Laz, being a top shareholder at Fairway, was instrumental in recognizing the value of home.com for the company's future and championed its acquisition within the organization.

What was the initial response from Fairway's CEO to the idea of purchasing home.com?

The initial response from Fairway's CEO was a decline, stating that they had to make hard decisions and the answer was no.

How did the situation change for Fairway to eventually purchase home.com?

The situation changed when the president of digital at Fairway expressed her desire for the domain, leading to further internal discussions and eventually the decision to purchase home.com.

What is the vision for home.com within Fairway's business strategy?

The vision for home.com within Fairway's business strategy is to use it as a central hub for all home-related services and transactions, aiming to become a one-stop destination for consumers, referral partners, and employees.

What is the significance of the domain name 'home.com' for Fairway's branding and future growth?

The domain name 'home.com' is significant for Fairway's branding and future growth as it is short, memorable, and directly related to their core business, making it an ideal platform for expanding their digital presence and services.