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Help! negotiating for the formulation of my soap for my business.
Morethan
subscriber Posts: 2 Member
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!
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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