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Advice Request-Selling An Invention

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forester

New Contributor
May 4, 2014
4
4
43
Well…we ( my wife and I ) did it. She came up with a badly needed footwear invention. We hired a product designer to build us a prototype. Once prototype was designed we applied for and received a provisional patent. We created an LLC for the product. Gave our product designer a % share in profits..in exchange for further improving the prototype. We now have a final product that works..incredibly well. There is nothing like it on the market and it solves a major problem ..at an affordable cost.
So..we are now at the part of the process where we sell our design. We have no interest in manufacturing and selling it ourselves. Instead we will be looking to sell the product to whatever footwear company gives us the best price/terms.
Ideally..we receive a lump sum payment..followed by royalties of percentage of sales on the sale of each widget.
We are looking for advice from those who have successfully gone before us. Not really interested in theoretical ideas..but solid practical advice based upon those who have done this before.

Is our approach to a deal, as written above, feasible,? How did you structure the sale of your product? What is the metric to determine what is a fair payment for product? Fair % for royalties?
Any advice is most appreciated.
Thanks
 
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