How to make the most out of promoting your product with a more experienced businessperson?

I have created a product that has gotten the attention of a more well known individual in this niche and market space. Our products are for similar audiences but we're not direct competitors. For me, this would be my first ever business undertaking. This is a physical product, by the way.

He's interested in cross-promoting and possible partnering on the distribution side of things. What are some things I should know when approaching a deal like this, and how do I make the most of it?