Trenner Law Firm often receives calls from business owners looking to value their business. Many callers are surprised to learn that some intellectual property can be protected at little to no cost – and add value to the business. P{rotecting other types of intellectual property can be more costly, but is an important investment in the company.
When valuing a company, experts will look generally at tangible assets and intangible assets.
Tangible assets are those things you can touch and see. For example, office equipment, inventory (products), and even buildings, vehicles, forklifts, etc. are all considered tangible assets.
Intangible assets are those things which you cannot touch, such as intellectual property. Intellectual property is a broad term encompassing patents and even patent applications (for inventions and innovations), trademarks (for word marks, taglines, and logos), copyrights (for original works of authorship including literary, dramatic, musical, and artistic works), and trade secrets.
To add value to your business, it is important to identify all intellectual property belonging to the business. It is also important to protect that intellectual property.
Read more in Mark Trenner’s article titled “Top four ways to add value to your business – What every biz owner needs to know pre-valuation” which appeared in ColoraodBiz Magazine.
If you are business owner, schedule a time with Mark Trenner to meet at your place of business and evaluate potentially overlooked intellectual property.
We can also help you put a plan of action into place to:
- Itemize all current intellectual property;
- Identify sources of potential intellectual property;
- Encourage employees to submit new intellectual property to the company for evaluation;
- Monitor for potential infringement of your intellectual property;
- Schedule regular assessments of your intellectual property; and
- Help register any patents, copyrights, and trademarks to protect your intellectual property.
Taking action early can help prevent a business from being undervalued. Your action may also prevent competitors from steeling what rightfully belongs to your business.
