It gets overlooked, but locking down your intellectual property and what gives your business an edge…
…is critical before AND during the exit process.
The unauthorised use or theft of your IP can lead to devastating consequences – the loss of revenue, reputational damage and the risk of becoming obsolete in the market.
A few simple pointers:
🔐 IP AUDIT. Identify and document your IP – everything from patents to domain names to customer data.
🔐 PREVENTION IS BETTER THAN CURE. Yes, NDAs and confidentiality agreements are fine, but taking legal action retrospecitively is costly, time-consuming and can have limited impact. So have a plan for how you handle IP and sensitive data, before and during the exit process. Everything from an old-fashioned need-to-know basis, through to effective cybersecurity and staff training.
🔐 PATENTS. Although they provide a legal monopoly in specific geographies for a limited time, they do make your ideas public. Which can be a problem in itself, not least from overseas competitors. So use them wisely.
🔐 TRADE SECRETS. Many businesses don’t realise the value of their secret sauce, which could be anything from processes, methodology or product formulas. Anything that provides a competitive edge should be protected.
🔐 COPYRIGHTS & TRADEMARKS. These protect your original material and brand identity. Register trademarks and copyrights, where you can and include visual (and public) reminders. Remember, your unique business identity has tangible value to a potential acquirer.
🔐 ENFORCEMENT. Although you want to avoid breaches and theft in the first place, you should still have some level of monitoring in place, not least for patent or copyright infringement – and always enforce your rights.
The most potent competitive advantages you possess are the ones that can’t be replicated, so protect them 🙂