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Yes, we want to keep our current site. The end goal is to use the acquired domain to help with our site's traffic and rankings.

How do you transfer value from another domain to your domain?

Specific scenario: I'm a new startup selling coffee online. A large online coffee retailer just shut it's doors and asked us to bid on its remaining assets, including their domain. It currently receives 20,000 unique visitors organically.

If I were to purchase their domain, how would I use this domain to make my site rank better in search engines and drive traffic to my site? Links? 301 redirects? Or would it not really make a significant difference?