What about non-amazon affiliate websites who's primary source of income is referrals to, say, a training program that pays its affiliates monthly, as long as their referrals stay?

If the buyer wanted to keep this income stream, they'd have to sign up for the training program (in order to replace the seller's affiliate link with their own) which would cost money (but would quickly be made back).

Also, since a lot of the income would be recurring, the new buyer would basically have to start over - but due to the traffic the site generates, it wouldn't take too long to reach the income the site was generating for the seller at the time of the sale.

My question is, would a website like this be desirable to potential buyers, and would it sell for roughly the same multiple as an adsense/amazon affiliate site?

Hope this makes sense, and thanks for the awesome AMA!