A company wants to buy my site for $1.6 million dollars. I'm currently making $8k to $11k per month with it. Should I take the deal?

 Yes, you should take the deal. It's a more than fair offer, but there's another reason you should take it…

A couple years ago I tried to buy a company and the owner wouldn't sell to me. Long story short, I ended up making my own version, allocated the rest of the acquisition budget to marketing, and captured the market anyway. Later, after his revenues were half of what they were the previous year, the owner reached out and wanted to talk again - but by that time, he no longer had anything I needed.

When you're talking about $8–11k per month, you have to understand that these are very low numbers to a company with enough cash on hand to make a 7 figure offer. They could start from scratch and take over the market very easily. They're offering to buy yours for any number of reasons - time to market and brand recognition being the most likely - but the point is, they've decided they want to be in this space and have calculated what it's worth to them.