One of the recent popular trends here in Baltimore has been 2 craft breweries collaborating on a limited release beer. I'm friends with a guy who runs a local sauce company. Their only available product currently is a ketchup. We had a convo the other day that resulted in us realizing we should collaborate on a hot sauce the way the breweries are collabing on beers.
I'm curious what the business terms of collaborations like these between businesses look like. The other sauce company has better means to produce the sauce but I going to be bringing one of my recipes to the table. What should I be looking for as far as splitting revenue. What other terms for this deal should I be aware of to protect myself & my company?
I'm curious what the business terms of collaborations like these between businesses look like. The other sauce company has better means to produce the sauce but I going to be bringing one of my recipes to the table. What should I be looking for as far as splitting revenue. What other terms for this deal should I be aware of to protect myself & my company?