To Sell or Not to Sell?

Often I am asked this question, would it be better for me to sell my patent for a lump sum or should I license it?  The first requirement here is that you have something to sell.  Patents give the holder legal ownership and the right to do commerce and prohibit others from making a profit without the owner’s permission.  When deciding, you should really take into consideration two things – your needs and the quality of your product.  Ask yourself these questions:  Does my product have the capability of staying on the market long term?  Is it something that can sell in mass quantity?  Do I want to have residual income or would I rather keep it simple?  Of course, if you sell out early there’s a big chance that the success of your product will outlive your desire to be involved.  In which case, holding on to your patent long term will yield not only a greater return for you, but also security for the future.  Then again, if the offer is big enough, why not take that money and reinvest it in your new ideas?  Very often, once the creative juices have started flowing they’re hard to stop.  There can be great rewards, beyond financial profit, in carrying your ideas through to fruition.