When it came to naming my law practice, I did as so many of my peers have done, I included my name in the ‘brand’. What I should have considered is what my name will be worth, not just to my clients but to prospective successors as well.
When it comes to naming your business after yourself, sometimes thinking about where you will end is lost in the mix. Should your business bear your name, or should the family business bear the family name? How will these choices affect your heirs in the future?
While some may consider the decision a matter of personal or family pride, or even a matter of vanity, that doesn’t mean there aren’t important issues in play. The consequences of naming your business was tackled recently by Forbes in an article titled “How Having Your Name On Your Business Limits Your Options.”
The essential point, however, is that putting your name on the company forges an inextricable link. On the plus side, this can be a boon if your business and brand do well, especially if your heirs carry on the business. The obvious down side, of course, is what if those who will conduct your business in the future don’t share your name?
The Forbes article offers a review of some practical considerations and problems when choosing your business name. Remember, although it is a tough decision, you should begin your business with the end in mind.
Reference: Forbes (August 17, 2012) “How Having Your Name On Your Business Limits Your Options”