There are various ways you can handle this. It really depends on how much you want to market and sell the product you will license.
You want to continue to sell the product
In this case, you need to ensure that you maintain the rights to do this. Some things to consider:
In this case, you have to figure out the maintenance and logistics. Look into things like
In either case, you have to figure out if this deal will net you more money than if you just sold it yourself. The tricky thing is the maintenance and support issues that are always going to take more resources when you license your product to someone else.
We have white labeled hundreds of products over the years. Aside from what Jarie said there are two important other considerations.
Great answers. I would probably add: