When selling or purchasing a business, most spend their time on tangible assets, such as business premises and land. However, a company’s intangible assets, such as intellectual property, licencing arrangements, and trade secrets, can be precious and vital to a commercial transaction.
When selling or purchasing intellectual property, it is vital to:
• Identify what existing rights in intellectual property are included and if they are adequately protected;
• Understand who the owner is and whether any third parties are involved?
• Consider competition and potential exposure of the assets;
• Identify licences or warranties that are (or should be) in place.
When operating your business, ensure that all your intellectual property rights are protected or registered to minimise your risks and ensure the optimum value for your business should you ever come to sell.
If you require assistance contact Rankin Business Lawyers for practical, on-point commercial legal guidance.