Inventors.. Need advice fast.

[lisabarr]

I very rarely post over here, I kinda hang out on the Budget Board, so hi.

My DH has invented something and has gotten a patent pending. A California Co. has expressed an interest and he is flying to meet them on Tuesday. They are very keen to see a demo, DH has built two prototypes.
Our problem is, we don't know how much his invention is worth. We know the product is wanted and fills a hole in the market.
Other than having a patent attorney file this for us and give us a non-disclosure, we have no clue.
The company that buys this product will sell millions of units, the price point will be around $40-$50
Any thoughts?
I'm so nervous, this could change our entire life.

 

[java]

Don't let him agree to anything when he flys out to see them. If they are that interested with him just filing a patent for it it must be GOOD.

GOOD LUCK and it's so exciting!!!! I would contact a BUSINESS attorney. Or a corporate attorney with good contract knowledge before he signs anything. You don't want to undersell as the result of some strange contract loophole. Believe me they will have attorneys working on their side to get them the best deal-

 

[raysnkaysmom]

I have NOOO clue how this works...but I agree with Java...dont let him jump on anythign right then....come back and find out info...if it's good, they'll wait

 

[tchrrx]

I have no advice, but the curiosity is killing me! I know you can't say anything now while you're waiting on a patent. But, someday, promise you'll come back on & tell us what it is, ok?!?

 

[lisabarr]

I have no advice, but the curiosity is killing me! I know you can't say anything now while you're waiting on a patent. But, someday, promise you'll come back on & tell us what it is, ok?!?

I promise, as soon as I can, I will come back and tell everyone! I am sure
I will want to scream it from the trretops!

Java, TY for the tips. My father has a contact in LA who knows a patent lawyer. I am sure he should know a good contract lawyer.
Still do not know how much to ask for, as I think he should go in with a figure in his head.

 

[luvmarypoppins]

My dh has a few patents, get a patent attorney immediately, his advice, dont do anythig yourself, find an attorney who has experience in the field of the product you have invented.

 

[agnes!]

He needs to say...
"I'll have to discuss this with my wife"
Rinse. Lather. repeat.
Let him use you as the boogeyman, then he can get on the plane and come home and has some time to think about it.

agnes!

 

[lisabarr]

He needs to say...
"I'll have to discuss this with my wife"
Rinse. Lather. repeat.
Let him use you as the boogeyman, then he can get on the plane and come home and has some time to think about it.

agnes!

LOL, he should have no problem saying that because he knows I'll kill him if he makes a decsion w/o my input!

 

[manning]

He needs to say...
"I'll have to discuss this with my wife"
Rinse. Lather. repeat.
Let him use you as the boogeyman, then he can get on the plane and come home and has some time to think about it.

agnes!

Good negotiation ploy!!! Also don't jump at the first offer and make them make the first offer. Once the high and low points are set it is almost next to impossible to readjust them. AND LEAVE YOUR EMOTIONS OUT OF IT!!!

 

[DISUNC]

I know nuttin bout 'ventions & patints"...just stoppin by to wish you & your DH LOST LUCK....

Very exciting news!


ps. we are way more Funner here on the CC than they are on the BB!!!!

 

[java]

said in my best Captain evil voice
ONE MILLION DOLLARS!

Oh and one more thing YOU ALWAYS WANT A % OF FUTURE PROFITS! You never want to sign off all your rights to something without it!

 

[lisabarr]

Thanks you guys for the tips and support! I may have to come over here every now and then!