Partnership? Or Dist. Agreement?

Discussion in 'Growing and Managing a Business' started by mikesattic, Sep 22, 2014.

  1. mikesattic

    mikesattic
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    Hey guys,
    I may be in over my head and need some advice. I am a product designer that has a product that is gaining traction. A company with better financial backing and resources is interested in my product. I have no idea how to handle this. I am wondering if we should lock in as a partner, or if I should stay as a manufacturer and set agreement from there? This company has requested a proof of concept and I will be delivering that concept tomorrow. Before I hand over the product, what should I do on my side to protect myself?

    Thanks. If there is any additional information needed, I will be glad to provide.

    Thanks!
     
  2. Arizona

    Arizona
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    assume you have patents all sorted out so your design is protected? If not, how do you stop them from reverse engineering your product and going on without you?

    You need to have done some research to understand their place in the market. What can they offer that you can't? Are they financially sound enough to reach places you cannot?

    What are your interests? Purely in the design or in the product lifecycle from start to finish and seeing it go into full production and selling?

    How big do you believe the product will be?

    What you need to work out is what are you willing to accept to move on to the next project? or do you want to stick around for the long haul? Can you do that? What if they told you they would be willing to be a sole distributor but they wanted xx thousand units every month - can you do that?

    Just a few quick thoughts.
     
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