StackOverthrow

Over the past 16 months or so I have been working on a project with a co-founder.  Unfortunately I am only able to devote myself part time to it.  This was all the more frustrating since I was supporting a product I had written about three years ago for medical/lab equipment.  The sales were pretty low as it is a very niche product.

I got support calls and emails from time to time and they were eating into the valuable time I could have been spending on the new venture.

So, I decided to either sell the intellectual property or open source it.  Open source was the least desirable outcome since most of the users were biology or chemistry researchers, not software developers.

I posted an ad on sitepoint a few months back and received a few responses.  I asked for a fair price based on annual revenue/profit.  The perspective buyer and I agreed on a price after he satisfied himself that there was a market and that the product was viable.

We finalized all the transfer of funds, etc a few days ago. I am thrilled.  While the mechanics of the deal took far more time and effort than I had hoped that is all past and I am free to focus on the new venture.

I will post a few more details soon - things like the activities we had to complete, some of the terms, the questions and issues raised, and perhaps some comments or suggestions for others who may o the same from wither side of the bargain.