C.F. Theodor Steinweg sells his business to three men: Franz Wilhelm Grotrian, Adolph Helfferich and H.D.W. Schulz, giving them permission to operate the business under the trademark  “C.F. Th. Steinweg Nachf.” (Nachf. is an abbreviation for Nachfolger which is German for successor). According to the agreement, the “successors” forgive C.F. Theodor Steinweg’s 10,000-thalers debt to the Grotrian family, and will even pay him additional 10,000 thalers over the course of the next ten years. C.F. Theodor Steinweg has “turned the tables” on his former creditors, transforming them into his debtors – thanks to another clause in the contract, allowing Wilhelm Grotrian and his partners to build pianos based on American Steinway & Sons design for the next ten years. (One other occasion of Steinway family licensing their design is their deal with the Paris firm Mangeot Freres, see the corresponding 1868 entry). C.F. Theodor leases his house and workshop to “C.F. Th. Steinweg Nachf.” on the condition that he can live on the second floor whenever he wants.