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               A little-known provision in a 100-year-old contract opened up the door for private investors to mint money from mouthwash sales. by Zachary Crockett.
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                Issue #218
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                July 31, 2022
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            <h2 style="font-size: 30px; font-family: 'Oswald', 'Roboto', helvetica, sans-serif; font-weight: bold; line-height: 120%; margin-bottom: 6px; margin-top: 25px;">
             <strong>
              The people making millions off Listerine royalties
             </strong>
            </h2>
            <p style="font-family: Helvetica, sans-serif; font-size: 18px; line-height: 120%; padding-bottom: 10px; font-style: italic; color: #737373; margin: 0;">
             A little-known provision in a 100-year-old contract opened up the door for private investors to mint money from mouthwash sales.
            </p>
            <p style="font-family: Helvetica, sans-serif; font-size: 13px; line-height: 120%; padding-bottom: 24px; margin: 0;">
             <strong>
              BY
              <a style="color: #121212; text-decoration: underline !important; text-transform: uppercase;">
               Michael Waters
              </a>
             </strong>
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             For the 26 years that
             <strong>
              Catherine Schweitzer
             </strong>
             has worked at the Baird Foundation, a nonprofit based in Buffalo, New York, her organization has relied in part on a peculiar income stream: the mouthwash Listerine.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Every year, a small portion of the global revenue from the iconic mouthwash trickles back into the bank account of the Baird Foundation.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Neither Schweitzer nor the Baird Foundation has any direct connection to Listerine or to Johnson &amp; Johnson, the company that now manufactures it.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             But the nonprofit is one of dozens, if not hundreds, of entities that own royalty rights to Listerine — a group that has included former New Jersey governor Chris Christie and Wellesley College.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             For every
             <strong>
              2,016 ounces
             </strong>
             of Listerine sold (equivalent to
             <strong>
              144
             </strong>
             14-oz. bottles), Johnson &amp; Johnson pays a total of
             <strong>
              $6
             </strong>
             to Listerine’s royalty holders.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Most of the time, the Baird Foundation’s
             <strong>
              0.5%
             </strong>
             share in the Listerine royalty trust totals to about
             <strong>
              $120k
             </strong>
             per year in passive income, split into quarterly installments paid by Johnson &amp; Johnson. It’s a great investment, according to Schweitzer: “stable predictable cash on an annual basis.”
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             For most of her career, Schweitzer didn’t understand how the foundation had acquired the Listerine stake in the first place.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             But in January 2017, a representative for the estate of a wealthy man from Buffalo, New York, reached out to Schweitzer, asking if the Baird Foundation wanted to buy another half-share of the Listerine royalty trust. She volunteered to investigate where their stake came from.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Over the next month, Schweitzer dug through her organization’s records. She discovered that
             <strong>
              Ivan Obolensky
             </strong>
             , a stockbroker and the
             <a style="color: #192733; text-decoration: underline !important;">
              descendent
             </a>
             of Russian nobility, had privately sold a stake to the Baird Foundation decades ago.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             “He was rubbing elbows with the who’s who, people in finance, people in philanthropy, and so the opportunity came to him” to sell a stake in the Listerine royalty trust, Schweitzer said.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Schweitzer decided to bid on the new Listerine royalty offer in 2017, but ultimately, the Baird Foundation didn’t win it. Their bid — which Schweitzer remembered as being between
             <strong>
              $1.25m and $1.35m
             </strong>
             —wasn’t enough, and the stake went to someone else.
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="Listerine royalty statement" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fcontract.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oI7Nn:aWbB7RaoAE37uu9f8w2l44Jsvn3y7Vg10F6shpspItA" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             A Listerine royalty statement from 2014 (via The Baird Foundation)
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             By all accounts, most of the sales of Listerine have happened this way: as a private auction between organizations and wealthy individuals in the know.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Today, though, Listerine auctions are increasingly coming out of the shadows:
            </p>
            <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              In 2020, the website Royalty Exchange opened up a small share of Listerine royalties to public bidding for possibly the first time in the history of the mouthwash. One partial share
              <a style="color: #192733; text-decoration: underline !important;">
               sold
              </a>
              for
              <strong>
               $561k
              </strong>
              .
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              This past May, in another auction, an anonymous bidder
              <a style="color: #192733; text-decoration: underline !important;">
               won
              </a>
              the rights to a larger royalty share for
              <strong>
               $1.795m
              </strong>
              .
             </li>
            </ul>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             In 2022, investors are parking more and more of their money in an asset class called
             <strong>
              royalty trusts
             </strong>
             , a category that includes everything from Bob Dylan’s
             <a style="color: #192733; text-decoration: underline !important;">
              songwriting catalog
             </a>
             and
             <a style="color: #192733; text-decoration: underline !important;">
              oil wells
             </a>
             .
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             But the Listerine royalty trust remains singular — a mass-market product whose publicly traded manufacturer is on the hook for royalty payments in perpetuity.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             And it’s all thanks to the quirks of a haphazard, 19th-century contract.
            </p>
            <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; padding-top: 8px; margin: 0px;">
             <strong>
              How the Listerine royalty came to be
             </strong>
            </h4>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             The inventor of Listerine,
             <strong>
              Joseph Joshua (J.J.) Lawrence
             </strong>
             , was a doctor and drug developer who
             <a style="color: #192733; text-decoration: underline !important;">
              fought
             </a>
             in the Civil War.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             In the late 1860s, Lawrence formed a chemical lab in Baltimore, Maryland, where he
             <a style="color: #192733; text-decoration: underline !important;">
              began
             </a>
             testing various mass-market products. After attending a talk by a scientist named John Lister, Lawrence decided to create a formula that could comfortably clean and disinfect wounds.
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="Joseph Joshua (J.J.) Lawrence" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Ffounder.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oI7Nn:aWbB7RaoAE37uu9f8w2l44Jsvn3y7Vg10F6shpspItA" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             Joseph Joshua (J.J.) Lawrence, the inventor of Listerine (via Find a Grave)
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             The new antiseptic didn’t catch on. So when a local pharmacist named
             <strong>
              Jordan Wheat Lambert
             </strong>
             asked to buy the formula, Lawrence didn’t have a problem licensing it out.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Lawrence
             <a style="color: #192733; text-decoration: underline !important;">
              scrawled
             </a>
             the original contract for the sale of Listerine by hand on a copy of
             <em>
              Medical Brief
             </em>
             , the medical publication that he owned.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Signed April 1881, it stated that for every gross (144 bottles) of Listerine sold, Lambert would “hereafter” pay Lawrence’s “heirs, executors or assigns” $20. By 1844, Lawrence had reduced his stake in the Listerine royalty down to $6 per 144 bottles.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Lawrence likely didn’t think much of the concession. Lambert was a small-time pharmacist, and the product wasn’t generating much enthusiasm on the market.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             But that would soon change.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             When Lambert
             <a style="color: #192733; text-decoration: underline !important;">
              died
             </a>
             in 1889, Lambert’s son took over the company. Rather than just pitching Listerine as an antiseptic, he decided to emphasize its ability to remove mouth odors.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             The contract that Lawrence and Lambert signed, it turned out, had one glaring flaw:
             <strong>
              The two men never specified an end date for the royalty payments
             </strong>
             . As long as Listerine was sold, Lawrence and his heirs would get their $6 cut.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Neither man likely could have imagined that, 140 years later, the mouthwash would become a household staple
             <a style="color: #192733; text-decoration: underline !important;">
              worth
             </a>
             more than
             <strong>
              $500m
             </strong>
             globally.
            </p>
            <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; padding-top: 8px; margin: 0px;">
             <strong>
              The splintering of a mouthwash fortune
             </strong>
            </h4>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             By the turn of the 20th century, Listerine was gaining traction across the country. A 1901 article
             <a style="color: #192733; text-decoration: underline !important;">
              dubbed
             </a>
             it as “the very best mouth wash known.”
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             But J.J. Lawrence had other concerns.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             In 1906, Lawrence’s only heir, his 15-year-old granddaughter, Vera, ran away to marry Russell Hopkins, the
             <a style="color: #192733; text-decoration: underline !important;">
              scion
             </a>
             of a wealthy banking family who, among other things, constructed a private zoo on his 88-acre estate in Westchester, New York.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             When J.J. Lawrence died in 1909, Vera Hopkins became the
             <strong>
              direct inheritor
             </strong>
             of the Listerine royalties. Five years later, Listerine became the first over-the-counter mouthwash in the country, and sales exploded.
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="An ad for Listerine and a bottle of Listerine" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Foldad.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oI7Nn:aWbB7RaoAE37uu9f8w2l44Jsvn3y7Vg10F6shpspItA" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             LEFT: An ad for Listerine (1928); RIGHT: A bottle of Listerine (1931; Dick Whittington Studio/Corbis via Getty Images)
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Between 1909 and 1928, the Hopkins family
             <a style="color: #192733; text-decoration: underline !important;">
              received
             </a>
             over
             <strong>
              $4m in royalties
             </strong>
             from Listerine (~$65m today).
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Those revenues would only balloon as sales increased: Between 1925 and 1950, the Lambert Pharmacal Company sold
             <strong>
              $187m
             </strong>
             worth of Listerine — ~$4B worth of product today.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             When Vera and Russell died, their four children divided up the Listerine royalties. Their oldest son,
             <strong>
              John Randolph Hopkins
             </strong>
             , took the biggest share, and split the rest with his sisters: Susan Whitmore, Minnie Miller, and Josephine Graeber.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             But even the massive stake that John Randolph now owned in Listerine couldn’t keep up with his expensive tastes.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             As an adult, John Randolph became known for his lavish, playboy lifestyle. He owned multiple yachts,
             <a style="color: #192733; text-decoration: underline !important;">
              hired
             </a>
             a private pilot, and, in 1946,
             <a style="color: #192733; text-decoration: underline !important;">
              paid
             </a>
             <strong>
              $150k
             </strong>
             ($2.5m today) to buy Tarpon Island, a private island off the coast of Palm Beach.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             But this royalty-funded lifestyle wouldn’t last.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             In
             <a style="color: #192733; text-decoration: underline !important;">
              1950
             </a>
             , Hopkins
             <a style="color: #192733; text-decoration: underline !important;">
              sold
             </a>
             his
             <strong>
              50% stake
             </strong>
             in the Listerine royalty trust to a real estate mogul named
             <strong>
              John J. Reynolds
             </strong>
             for
             <strong>
              $4m
             </strong>
             ($48.5m today) and began his downward spiral.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             The same year, he was
             <a style="color: #192733; text-decoration: underline !important;">
              indicted
             </a>
             for tax fraud. By the end of the decade, Hopkins had
             <a style="color: #192733; text-decoration: underline !important;">
              lost
             </a>
             nearly all of his money, and was admitted to a mental hospital in Las Vegas. When he pleaded guilty to fraud in 1960, newspapers reported that he was living in a “filthy shack” in New Mexico.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             After Hopkins, the Listerine royalty trust continued to splinter.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Reynolds, who’d bought the stake off Hopkins, in turn sold it to the Catholic Archdiocese of New York. The church held a 50% stake in the Listerine royalty trust for nearly two decades, earning a total of
             <strong>
              $13m
             </strong>
             in less than 16 years.
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="Catholic Archdiocese of New York" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fchurch.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oI7Nn:aWbB7RaoAE37uu9f8w2l44Jsvn3y7Vg10F6shpspItA" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             Catholic Archdiocese of New York owned a 50% stake in Listerine royalties for nearly two decades, raking in ~$13m over 16 years (Michael M. Santiago/Getty Images; edited by The Hustle)
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             In 1966, the archdiocese
             <a style="color: #192733; text-decoration: underline !important;">
              sold off
             </a>
             its share to an assortment of pension funds, colleges, and hospitals. Over the ensuing years, a number of institutions and firms bought stakes, including:
            </p>
            <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              Wellesley College
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              The American Bible Society
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              The Salvation Army
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              The Rockefeller Foundation
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              The Bell Telephone Company
             </li>
            </ul>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Meanwhile, the corporate owner of the mouthwash also started to change:
            </p>
            <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               1950s
              </strong>
              : The Lambert Pharmacal Company merged to become Warner-Lambert
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               2000
              </strong>
              : Pfizer acquired Warner-Lambert
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               2008
              </strong>
              : Johnson &amp; Johnson bought the rights to sell Listerine
             </li>
            </ul>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             These new owners weren’t happy about the Listerine contract, especially after the formula for Listerine entered the public domain in the 1940s.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             In 1959, Warner-Lambert sued to terminate the royalty contract that J.J Lawrence had negotiated. Because the Listerine formula was no longer secret, the company argued, it should not need to pay out royalties to the descendents of the inventor.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             But in a
             <a style="color: #192733; text-decoration: underline !important;">
              landmark case
             </a>
             that’s still taught in law schools today, a New York court
             <strong>
              sided with the royalty owners
             </strong>
             .
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="Warner-Lambert Pharm. Co. v. John J. Reynolds, Inc." src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fcourt.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oI7Nn:aWbB7RaoAE37uu9f8w2l44Jsvn3y7Vg10F6shpspItA" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             Warner-Lambert Pharm. Co. v. John J. Reynolds, Inc. (1959) determined that Listerine royalty holders were entitled to continued payments (via Justia)
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             To sunset a perpetual contract without cause, the court said, “would be to rewrite the contract for the parties without any indication that they intended such a result.”
            </p>
            <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; padding-top: 8px; margin: 0px;">
             <strong>
              The new class of Listerine holders
             </strong>
            </h4>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Today, the group of Listerine owners includes universities, Catholic dioceses, wealthy individuals, environmental nonprofits, and more:
            </p>
            <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              Former New Jersey governor
              <strong>
               Chris Christie
              </strong>
              owns a fractional share of Listerine, from which he earned
              <a style="color: #192733; text-decoration: underline !important;">
               ~$24k
              </a>
              in 2015, when he last disclosed his tax returns.
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               Fisk University
              </strong>
              , a historically Black college in Nashville, made
              <a style="color: #192733; text-decoration: underline !important;">
               $121.7k
              </a>
              from Listerine royalties in 2016.
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              In 2020, the
              <strong>
               Diocese of Rockville Centre
              </strong>
              , based in Long Island, New York, valued its Listerine holdings at
              <a style="color: #192733; text-decoration: underline !important;">
               $4.4m
              </a>
              .
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              A nonprofit named for the creator of Life Savers, the
              <strong>
               Edward John Noble Foundation
              </strong>
              , reported
              <a style="color: #192733; text-decoration: underline !important;">
               $249.2k
              </a>
              in Listerine profits in 2019.
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              Even the
              <strong>
               Musicians Emergency Fund
              </strong>
              , a group that provides financial support to musical artists, owns a stake of Listerine that it values at
              <a style="color: #192733; text-decoration: underline !important;">
               $270k
              </a>
              .
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              And some of that money is still in J.J. Lawrence’s family: the
              <strong>
               Josephine Lawrence Hopkins Foundation
              </strong>
              , named for one of the sisters of John Randolph Hopkins (and a great-granddaughter of Lawrence), has a
              <a style="color: #192733; text-decoration: underline !important;">
               $1m
              </a>
              stake in Listerine.
             </li>
            </ul>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Many of these organizations have had a stake in Listerine for so long that they no longer know where it came from.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             <strong>
              The Henry Luce Foundation
             </strong>
             , named for the founder of
             <em>
              Life
             </em>
             and
             <em>
              Time
             </em>
             , owns
             <a style="color: #192733; text-decoration: underline !important;">
              $1.8m
             </a>
             worth of Listerine royalties. The company told
             <em>
              The Hustle
             </em>
             that its stake goes back at least 20 years, but it can’t recall its origins.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Sometimes, Listerine royalties can account for a significant share of a company’s revenue:
            </p>
            <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              Christ Church Oyster Bay, a church on Long Island, makes about
              <a style="color: #192733; text-decoration: underline !important;">
               $90k per year
              </a>
              from Listerine. That’s equal to about 10% of the church’s annual earnings.
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              The Boyce Thompson Institute, a research organization devoted to plant science,
              <a style="color: #192733; text-decoration: underline !important;">
               bought
              </a>
              its 1% Listerine royalty stake in 1967. The group paid $350k for the stake; in 2014, it said it had made
              <strong>
               $2.42m
              </strong>
              from the royalties.
             </li>
            </ul>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="royalty payout" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Froyaltypayout-2014.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oI7Nn:aWbB7RaoAE37uu9f8w2l44Jsvn3y7Vg10F6shpspItA" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             Listerine’s 2014 royalty payout (via The Baird Foundation)
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             In a report from 2014 obtained by
             <em>
              The Hustle
             </em>
             , J&amp;J calculated that it sold
             <strong>
              7.9B
             </strong>
             net ounces of Listerine worldwide. In the parlance of the original Listerine contract, that was equal to about 3.9m grosses of 14oz bottles.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             That year, the company
             <strong>
              paid out $23,637,782
             </strong>
             to royalty holders.
            </p>
            <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; padding-top: 8px; margin: 0px;">
             <strong>
              A cautionary tale in contract law
             </strong>
            </h4>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             The story of the Listerine royalty trust is a “cautionary tale” for law students today, said
             <strong>
              Jorge L. Contreras
             </strong>
             , a law professor at the University of Utah who wrote about the Listerine case in a
             <a style="color: #192733; text-decoration: underline !important;">
              recent book
             </a>
             on IP law.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             “It’s an important case even though it is a little quirky and unusual,” Contreras said, “because it does show us that there’s nothing illegal or impermissible about having a perpetual royalty.”
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Most types of intellectual protections (trademarks, copyrights, patents) have a built-in expiration date: Patents automatically expire after
             <strong>
              20 years
             </strong>
             , at which point a company can no longer charge a royalty.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Listerine’s formula, however, was a trade secret — and a trade secret, the court ruled, can have a perpetual royalty contract.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Of course, the Listerine royalty fortune
             <em>
              has
             </em>
             lost some of its luster since the 1960s.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Because the original contract was negotiated for a flat fee of $6, rather than a percentage of the mouthwash’s revenue, the value of the stake has, and will, continue to decline with rising inflation:
             <strong>
              $6 in 1881 is the equivalent to ~$172 today
             </strong>
             .
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             But royalty holders don’t seem to mind much.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Schweitzer said the Baird Foundation has been paid out
             <strong>
              ~$120k
             </strong>
             every year for the past decade. When a news story about mouthwash sales pops up, she’s quick to share it with her trustees.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             “We’re basically content to let those checks come in and put the money to work,” she said.
            </p>
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                Take our word for it — great Google Sheets help teams get sh*t done…
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                … and have gorgeous viewports into unsightly reams of data, which makes work a little less daunting. Tidy templates are just gratifying in that way.
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                Here are 10 of them. These
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                 ready-to-use spreadsheets
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                are made to aid entrepreneurs, small and midsized businesses, and jack-of-all-trades marketing operators.
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                 Templates for organization and planning:
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                <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 Blog editorial calendar
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                <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 Marketing budget template
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                <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 Paid media template
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                <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 Competitive analysis template
                </li>
                <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 Email marketing planning template
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                <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 On-page SEO template
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                <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 Sales and customer service metric calculators
                </li>
               </ul>
               <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
                If this is your start to a new type of structure, we’re stoked for you.
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                 10 spiffy business templates →
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