Quote:
Originally Posted by atlcomedy
Why are you consulting a hooker bored on this instead of someone that has actually participated in deals similar to this?
|
Quote:
Originally Posted by Marcus Aurelius
I managed a restaurant back before I sought my profession.
When they sold the place in 1978 one recipe was sold for 10K.
But then this is not a main item I have.
I appreciate the input everyone.
|
I apologize if my comment last night, even in IMO spot on, came across as a little snarky. The reality is there are a whole lot of "what ifs" & "it depends" in answering this. Add to that, on this board, you obviously don't want to be too specific. People in a position to help really don't have all the info.
Please don't take anything I say personally (&I haven't tasted your chili but if I was to do so I have every confidence it is some of the best I'd ever try), but literally somebody on every block thinks they have the best this, that, or the other thing. Many of them have even won competitions. Very few of them have any standalone commercial value. Just Google "vegan chili" and look at all the "great" free recipes that are out there.
The real value of a recipe is when it becomes branded. If I had to speculate when your former restaurant's recipe went for $10k (a good sum today...huge 3 decades ago), it has become in a sense a brand in and of itself. ( "Mom's Famous Cobbler at Ray's Steakhouse" or some such thing). It could be marketed as such.
The real question I have is what do you want to get out of this? Get rich? Become the friend of the place, have bragging rights that this place uses your chili? Maybe get a few free meals? Or maybe test the commercialization of your line of chili at a low/no cost to you? If it is the latter, I think that is the most exciting.
The best thing you have going for you is you have someone that is in business interested in your chili. Many people who think they have the world's greatest whatever (chili, ribs, gumbo) piss away a small (or large) fortune trying to commercialize their recipe (that is start a restaurant or sell to retail, etc.) because that is their only option. You don't have to do all that or take on execution risk (e.g. many great chefs aren't great restraunteurs).
I would brand my chili ("MA's Famous" etc.). Insist the restaurant sell the chili as branded. Instead of selling the recipe to them outright license its use. I won't try to go into specifics here but make sure you retain all rights. This is how you grow the value of the recipe, by growing the brand. Who knows? Maybe you do have the world's greatest vegan chili and down the road it is worth some real money?
How do you have the conversation? When it comes up the next time with the owner say, "No I'd really prefer not to sell this to you but I'd love to liscense it to you and have you sell it on your menu as a premium branded chili..."
How much would you ask for a recipe?
