Asking the potential buyer to name a price is a good strategy, as others have noted. However, if you want to stretch things out a bit, you can start by asking questions that lead up to him naming a number. For example, ask how he would determine a value? How does he expect to make money with it? How much money does he expect to make with it over the next year, two years, five years?
As you go through this kind of dialogue, you might find, if he has wildly ambitious plans for your service, that a combination of upfront amount plus an earnout amount makes sense. Maybe that includes your staying on as a consultant for additional money as well.
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Asking the potential buyer to name a price is a good strategy, as others have noted. However, if you want to stretch things out a bit, you can start by asking questions that lead up to him naming a number. For example, ask how he would determine a value? How does he expect to make money with it? How much money does he expect to make with it over the next year, two years, five years?
As you go through this kind of dialogue, you might find, if he has wildly ambitious plans for your service, that a combination of upfront amount plus an earnout amount makes sense. Maybe that includes your staying on as a consultant for additional money as well.