First, I would always have at least 51%. Second, the scenario you described has determined there is a value of $100K *the IP) with a sale price of $59 (the upfront payment). That is where people have angst. The value of the IP cannot be determined except by what someone is now willing to pay.
But, if my girlfriend could potentially drive value of $1m in run rate with my receiving 20% it is a good deal.
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