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Intellectual Property and Selling Your Business in Virginia

SkeletonPicture yourself at the table negotiating the sale of your company.   Are you worried about any intellectual property(IP) skeletons in your closet?

In every beginning there is an end, and in every planning for the beginning of your company there should also be a plan for the end. Whether all goes well or all goes south, how does your business fit into your plan and how might it fit into your overall assets or estate? That is a heady issue, but increasingly, in this information economy, the most vital aspect is intellectual property.

Have you planned to structure the sale of both your business and your intellectual property? To what degree are the products of your company products of an intellectual property? Who owns the property, you or the company? Just as likely, is it possible that a previous employer has claim to your intellectual property?

Heed some advice given in a recent Forbes article titled “Start With The End In Mind: Four Must-Dos For Intellectual Property.

The simple fact is that with a small business, so much of your own life – your blood, sweat, tears and ideas – go into the business. Accordingly, that planning for the business is truly a bit of life planning for yourself.

So how can you protect your intellectual property and what is your property in the first place? And, if you are already at the point of sale, how do you go about protecting and valuing that intellectual property?

You can learn more about this topic as well as other strategies on our website under the tab entitled: business planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.

Reference:  Forbes (June 9, 2014) “Start With The End In Mind: Four Must-Dos For Intellectual Property

 

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Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.