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Help! negotiating for the formulation of my soap for my business.

MorethanMorethan subscriber Posts: 2 Member
edited October 2017 in Business Planning
Hi guys, new member here. So. I have an uncle who owns a factory and manufactures his own brand of bar soap. I loved his soap so much, that I've been speaking to him about reformulating the bar soap into a body wash under a brand that I would own.

So he's offered to work on reformulating the bar soap, but he would own the intellectual property for the formula and I would pay him as a consultant. To me, that sounds like that could present problems down the line. If my soap were to get big, he would own the rights to it, and any negotiations for a buy-out would put me in a tight corner. He'd be holding all the cards, really.

What are some of the arrangements you guys have heard about in situations like this? Could one still have a successful business if intellectual property is owned by someone else?

I'd love your help!
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