Setting up to purchase software IP from slacking partner, any advice please? He's open to it, want to cover all bases...

New / Ops
OMGEDSON

New Ops

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Sysco, Apple
OMGEDSONmore
Aug 25 4 Comments

I'm the third wheel here, my business partner was 50/50 In a prior business. He did all the coding and his slacking partner never pulled the weight. The option is now on the table to cut him out and bring that IP into our venture.

I want to make sure that I'm covering all bases with the approach here, the price seems very reasonable. The market in question is in fluctuation right now and the avg number of monthly sales are declining because the product has been stagnant.

However we retain all the skill set to bring the product back to life and also a vehicle to carry sales into the stratosphere. I would love any and all advice on how to best approach something like this. Company name and Branding will stay with the other partner, we will absorb all code IP, and software names.

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TOP 4 Comments
  • OpenTable Meliodas
    You will want an IP attorney with small business experience.
    Aug 25 3
    • New / Ops
      NOSDEGMO

      New Ops

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      Sysco, Apple
      NOSDEGMOmore
      I feel that perhaps could be overkill, the intent is a very simple clean break. There already is a number that's been circled around. Both want out, and all code would be flipped into our GIT. I guess what interests me most is how to properly value this. Looking at past sales, looking at future sales, future sales? for how long? Those types of bases to cover.
      Aug 25
    • OpenTable Meliodas
      Lawyers are the only ones that can draft simple clean breaks that actually reduce risk.

      Do this yourself and don’t expect any future investors once they find out that the transfer was halfassed and that there is legal uncertainty regarding ownership of core IP.
      Aug 25
    • New / Ops
      NOSDEGMO

      New Ops

      PRE
      Sysco, Apple
      NOSDEGMOmore
      Noted!
      Aug 26