If a potential partner pressures you to hurry up and decide, don’t.
I’m being pressured to make a quick decision about selling the rights to a pain-relief lotion I’ve developed. Unfortunately, I have no idea what I should be asking for. The lotion has been effective in treating myself and some of my patients. With the thought of selling it commercially, I contacted an entrepreneur profiled in Inc. who had done something similar. He introduced me to another person he felt could help me. I sent this second person a sample of my product, and he became quite excited about it. Three weeks later, he sent me an e-mail offering to buy half the business. He wants an answer right away. How should I proceed? And how do I value a business built around a product that is less than two years old and has sales under $5,000? [read]