hello I'm new to the boards. i have a small dilemma . i received a call and email from a reputable attorney (i checked him out) about a client he represents who is interested in purchasing my product name. my small company makes handcrafted luxury spa products. the offer is just for the name. i have never even thought about selling the business let alone the name. the attorney wants me to contact them with an amount i an willing to sell for. has anyone here sold their trademark or their product name. we have been using the name for over 3 yrs so they would have top buy it from us due to trademark/first us issues (i assume) any suggestions would be greatly appreciated. thanks a million!
How much $ would the name make you? Like, does your company name result in most of your sales? Or do you get people calling you personally through word of mouth? If the name is your main way of gaining business (similar to how Coca-Cola gets all its business through its name, not really its product), I think you could sell for a lot more. I guess it also depends who is buying your name, and how deep their pockets are.
See if he'll let you keep a license for it. That way if whatever he is doing takes odd in a big way, you benefit as well.
consider the amount of time and money it took you to build your brand. That is the bare minimum you should take, add some money so that you can turn a profit. Rebrand your product, shouldn't be a huge trouble. Make sure that you have them sign a noncompete agreement that they wont just steal your name and begin selling similar products.