264 License Meaning and How it Works with Paul Miller Part 2 of 2
On the last episode of Amazing FBA, Paul Miller of Next Level Licensing and I sat down to chat about property licensing. Today we’re back to talk about the nuts and bolts of licensing deals including the term, license property, product application, geographic territory, sales channel, and compensation structure.
Licensing can be an incredibly complex topic, so make sure if you’re considering licensing a property from any brand, big or small, that you consult with a legal advisor. This episode along with Next Level Licensing’s three-part course can be an excellent jumping-off point into the world of licensing, but there’s no substitute for a quality legal professional by your side.
On this Episode Paul & I Discuss:
The anatomy of a licensing agreement (2:44).
For the link to a full list of the terms, Paul mentioned in the show, check out AmazingFBA.com/PaulM
A walk-through of a typical licensing deal (9:17).
Getting past the stigma and legal speak involved with licensing a property (14:30).
The factors that should inform a retail private label seller’s decision about entering the property licensing market sector (15:54).
The Product Development Process (16:23).
Differences in development timetables for owned products vs licensed products (18:20).
“You need to be committed to the process and follow the rules. If you don’t want somebody telling you what to do, licensing might not be right for you.”
Cultivating better business practices through collaboration in the product development process (22:25).
The time it takes to produce a licensed private label product from agreement to sale (25:00).
Difficulties unique to licensed products within the development process (28:28).
A simple way to get into licensing (30:35).
Building a licensing portfolio in a low-cost way through the Merch by Amazon Collab platform (34:18).
The different types of licensing (35:02).
Where people can learn more about licensing from Paul Miller:
Free 3-part course: https://www.nextlevellicensing.com/free-course