Licensing an improved product

JOB2468JOB2468 Posts: 2subscriber Member
Hi all, I have developed an improvement to an existing consumer product that it out there on the market and sells very well. For clarity, the existing product it not mine, it is patented and that patent will expire in a year or so. So I am thinking of applying for a design patent for the improvement and then trying to license the improved product. I know that once the patent expires then the existing product will be copied & sold by so many people. I've seen it happen with other products that I was looking at. I was thinking of approaching the patent holder /  seller of the existing product to see if they would be interested in licensing my improved design. This would then give them the advantage over the copycats that will flood the market next year. Does anyone have any experience of this, i.e. licensing an improved product to the company who sell the original product. Any suggestions on negotiating tactics such as saying that I am giving them first refusal on it before approaching rival companies (probably wording it nicer than that!). 
Thanks for any suggestions.
JT.

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