Licensing Tip #10: Finding the Right Agent

OK, I work for one of the world's top 20 licensing agencies, so of course I'm going to recommend brands look at hiring an expert instead of trying to do it themselves. Otherwise the odds shoot up your licensing program will crash and burn (see photo above).

What should you look for in an agent?

1.) Experience: There are many licensing agents and agencies, and quite a few handle corporate brands vs. celebrities, sports or entertainment. But only a few agencies have any significant experience in food licensing, and fewer still in leveraging restaurant brands to retail. Oh, lots of them will talk about their sauce deals. Barbecue sauces and salad dressings are what we call a "soft" category: lots of companies with minimal market share, in-and-out products that are here today and gone tomorrow. Make sure your agency has specific successes in the areas you're looking to penetrate.

2.) Vision: An agent often seems like a marriage broker bringing in potential licensees and collecting a fat fee. But a really successful program requires more than just shoe leather pounding the virtual pavements looking for prospects. We guide our clients, helping them develop a licensing strategy (sometimes formulating the strategy from the ground up), teaching them about the food business and making sure their licensing deals complement, not harm their brands.

3:) Skill: Licensing is so much more than making phone calls and fielding offers. Our agency develops strategies, pours over contracts, advises on industry standards and norms, and holds both our client's hand and often the hand of the licensee. Sometimes it takes months or even years to get to "yes," and then the REAL work begins.

4.) Did I say "Experience"?

While my son's college tuition requires me to advise you to hire Broad Street Licensing Group, the above criteria also apply to hiring someone for an in-house program. By the way, my company can set that up for you, too.

Excerpted from BSLG's weekly subscription news reader service Food Business News. To subscribe or for information about licensing, contact Broad Street Licensing Group (tel. 973-655-0598)