The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Advice Request-Selling An Invention

Learn how to build wealth and win financial freedom the Fastlane way!

Say "NO" to mediocre living rife with jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence. Join more than 70,000 entrepreneurs who are making it happen.
Join for FREE Today
Get the books
Remove ads? Join Fastlane INSIDERS
(Registration removes this block)


New Contributor
May 4, 2014
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 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 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.
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Must Read Books...

Explore books recommended by MJ DeMarco and other members of the Fastlane entrepreneurial community.
Fastlane Bookstore