“A shoe is just a shoe until my son steps into it.” —Deloris Jordan
When negotiating Michael Jordan's famous shoe deal with Nike, his mom Deloris “made an additional demand: Her son must receive not only a $250,000 fee, but also a cut from every sneaker sold,” making her case with that mic drop moment above (as retold in the movie Air via The New York Times article ‘Air’ and the Argument for Letting the Talent Share in the Profits).
That, my friends, is the power of licensing :) Today’s episode is the first of a two-parter — an in-depth addition to 140: How to License Your IP (Intellectual Property), thanks to a set of wonderfully thorough follow-up questions from BFF member Al Dea.
Al is the founder of MBASchooled.com, author of MBA Insider, and host of the MBA Insider podcast. He asked a series of questions across five categories, and in this episode I’ll be addressing the first two: product development and client attraction strategies. A caveat as always, when it comes to this notoriously opaque arena: what I’m sharing is not the way, it’s just what I’ve learned along the way in nearly a decade of building out licensing as a revenue stream.
Check out episode 140 if you haven't yet, paired with 135: How to Rapidly Prototype a Course, 016: IP Licensing with Lee LeFever, 185: How Licensing Helps Serve the Queen Bee Role with Mike Michalowicz, and 045: Behind the Free Time Brand with Adam Chaloeicheep.
📝 Permission
To be overwhelmed. Even if you need to listen to this three times, even if you're still scratching your head, it will start to make more sense, slowly over time.
✅ Do (or Delegate) This Next
Join us in BFF to learn more and develop your materials alongside fellow Heart-Based Business owners!
📘Books Mentioned
Built to Sell: Creating a Business that Can Thrive Without You by John Warrillow
Inked: The Ultimate Guide to Powerful Closing and Sales Negotiation Tactics by Jeb Blount
Value-Based Fees, Million Dollar Consulting Proposals and Million Dollar Consulting by Alan Weiss
🔗 Resources Mentioned
Community: BFF (apply promo code PODCAST)
Article: NYT—‘Air’ and the Argument for Letting the Talent Share in the Profits
Movie: Air (Trailer)
Attorney: Francine Love at Love Law Firm
📓 Examples of Certification and Licensing Programs
Pivot Programs: Rollout Options, Pivot Workbook, Companies (Overview), Pivot in the Classroom, and Pivot Programs Overview (Made in Canva)
Jenny’s LinkedIn Learning Courses: Figuring Out Your Next Move, Holding 1:1 Career Conversations With Your Team, Managing Introverts, Coaching New Hires, Coaching New Managers
Assessment Certifications: Sparketype, MBTI, Kolby, #lovework, True Colors, Gallup Strengths
The Energy Project: Licensing tracks—LeaderFuel and PeopleFuel
Others Mentioned: Box of Crayons and MBS.works, Getting Things Done Practitioner Certification, Duct Tape Marketing Certification, Profit First Professionals Certification
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