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So I've been moving the needle along on this mythological sculpture candle business I've been building, making about 5 sales a week. Each product is a scented artisanal approx 2 kg candle with artistic mythology themed sculptings on each side, selling at $45 with about a 50% profit margin.
For context, I'm a guy in his early twenties, still quite inexperienced.
I just got a call from my mothers friends husband, this guy is a successful business owner in his late 40s as far as I'm aware.
He was suggesting that we meet up, talk numbers and that I potentially allow him to take over the business side of things. He essentially is suggesting that I give him permission to sell them and he gives me royalties off of each product sold. This way I focus on just product creation and henceforth make royalties from each product.
I'm currently selling solely in Australia and hand making the products myself, after talking to him he seems to have the know-how to successfully establish manufacturing in south east asia, build the sales to the American market and eventually bring the product to a department store. This was my plan all along and my first thought is that it would be great to focus on building products and leave the rest to him, but there remains the concern about losing control. Not to mention I won't have the opportunity to sell the business when I want to experience a liquidation event.
At risk of TMI, my other concern is that I have a troubled upbringing, rocky relationship with my mother and there's the chance that she could sabotage this at some point by speaking negatively about me to this dudes wife. Based off of the way he was talking, I believe she may possibly have painted me as the creative type, devoid of organizational skills and needing someone practical to help me build my business. With that said, he seems friendly, positive and sharp as a tack * he wasn't rude or assumptive in any way, I just got that feeling.
I would love to get some perspective, advice, and suggestions, thanks! Also If you have any ideas as to what I should expect to receive as royalty on a product like this/profit percentage etc, I would love to hear it.
For context, I'm a guy in his early twenties, still quite inexperienced.
I just got a call from my mothers friends husband, this guy is a successful business owner in his late 40s as far as I'm aware.
He was suggesting that we meet up, talk numbers and that I potentially allow him to take over the business side of things. He essentially is suggesting that I give him permission to sell them and he gives me royalties off of each product sold. This way I focus on just product creation and henceforth make royalties from each product.
I'm currently selling solely in Australia and hand making the products myself, after talking to him he seems to have the know-how to successfully establish manufacturing in south east asia, build the sales to the American market and eventually bring the product to a department store. This was my plan all along and my first thought is that it would be great to focus on building products and leave the rest to him, but there remains the concern about losing control. Not to mention I won't have the opportunity to sell the business when I want to experience a liquidation event.
At risk of TMI, my other concern is that I have a troubled upbringing, rocky relationship with my mother and there's the chance that she could sabotage this at some point by speaking negatively about me to this dudes wife. Based off of the way he was talking, I believe she may possibly have painted me as the creative type, devoid of organizational skills and needing someone practical to help me build my business. With that said, he seems friendly, positive and sharp as a tack * he wasn't rude or assumptive in any way, I just got that feeling.
I would love to get some perspective, advice, and suggestions, thanks! Also If you have any ideas as to what I should expect to receive as royalty on a product like this/profit percentage etc, I would love to hear it.
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