Companies are always buying products that they can use to make profits. There are products and invention owners out there who are interested in selling to companies, but they do not know how to go about it. A successful sale is dependent on certain factors. Here are factors to consider when selling patents to companies.
The first thing to consider is the reputation of the company that you are selling the patents. Reputation shows that they will honor their agreement. If they do not honor, money and time will be wasted in court cases. Before selling to them, get advice from referees. These are customers and other company who has bought or sold patents to the firm. Learn if their agreement was executed in the right way. If it was, then it means that they will honor the agreement made.
Consider the use of the invention. The invention can be used in very many different ways. When selling it ask them how they tend to utilize it. The reason for asking this is to prevent the inventor regretting since it was used in the way they did not intend it to be used. You will have a piece of mind if the invention was used in a way that negatively affected the society. Therefore, let the company disclose the intended use before you can sell it to them.
Another way to sell is to use an intermediary or a broker. Instead of selling it yourself, you can appoint a broker to help market it. Brokers are well placed to offer marketing services since this is their specialty. They have networks and contacts of people who have bought different items through them. If the broker is reliable, there is a high possibility that they it will sell in a shorter time.
After marketing it, there will be potential buyers who will show interest in the product. Let them know about the prices and all the details about the invention. Since companies will show interest, furnish them with materials stating your price and other details. It will enable you know who is genuinely interested in buying. Let them know about the terms of sale.
For the firms that show interest, negotiate terms with them. Once there is a genuine buyer, go ahead and negotiate the about the details of the agreement. Negotiation is the most important part when it comes to sales. The negotiation skills are what will determine the amount of money you get. You will have to convince them to accept the terms of sale. If they do not offer favorable terms, stand on your ground until both parties can agree on terms favorable to them.
Consider the selling options available. There are terms that come with sales of products especially for huge companies. For instance, you may have to sign a non-compete clause or be subjected to another condition. Whichever the condition, ensure that you are comfortable with it.
There are many factors to consider before selling to a company. With proper evaluation and negotiation, it will possible to sell it to a company with the best offers. Make consideration of the above factors when selling.
The first thing to consider is the reputation of the company that you are selling the patents. Reputation shows that they will honor their agreement. If they do not honor, money and time will be wasted in court cases. Before selling to them, get advice from referees. These are customers and other company who has bought or sold patents to the firm. Learn if their agreement was executed in the right way. If it was, then it means that they will honor the agreement made.
Consider the use of the invention. The invention can be used in very many different ways. When selling it ask them how they tend to utilize it. The reason for asking this is to prevent the inventor regretting since it was used in the way they did not intend it to be used. You will have a piece of mind if the invention was used in a way that negatively affected the society. Therefore, let the company disclose the intended use before you can sell it to them.
Another way to sell is to use an intermediary or a broker. Instead of selling it yourself, you can appoint a broker to help market it. Brokers are well placed to offer marketing services since this is their specialty. They have networks and contacts of people who have bought different items through them. If the broker is reliable, there is a high possibility that they it will sell in a shorter time.
After marketing it, there will be potential buyers who will show interest in the product. Let them know about the prices and all the details about the invention. Since companies will show interest, furnish them with materials stating your price and other details. It will enable you know who is genuinely interested in buying. Let them know about the terms of sale.
For the firms that show interest, negotiate terms with them. Once there is a genuine buyer, go ahead and negotiate the about the details of the agreement. Negotiation is the most important part when it comes to sales. The negotiation skills are what will determine the amount of money you get. You will have to convince them to accept the terms of sale. If they do not offer favorable terms, stand on your ground until both parties can agree on terms favorable to them.
Consider the selling options available. There are terms that come with sales of products especially for huge companies. For instance, you may have to sign a non-compete clause or be subjected to another condition. Whichever the condition, ensure that you are comfortable with it.
There are many factors to consider before selling to a company. With proper evaluation and negotiation, it will possible to sell it to a company with the best offers. Make consideration of the above factors when selling.
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