I have a startup that has developed a few software products. I'm finally having a decent amount of success in getting people to use the products, but I am tired of putting money into this and would just like to sell the startup to a competitor for my costs to date (around $6,000). At the competitors' prices per program, that's 60 copies of the product.
If the competitor is a reasonable person who thinks that his sales could increase by 60 copies by buying me out (since my users would go to him), he should be interested...the question is how to make him understand that.
How does one sell to a competitor? I am a lawyer and know how to structure the transaction and do the documentation for it, but how does one approach a competitor to get this going? Email? Letter on letterhead to the competitor's CEO? Or just wait?