Avoiding Absolutes

“Never give away your intellectual property.” This is advice I give often, even though I normally avoid absolute statements.

In the real world, ‘always’ and ‘never’ can rarely be taken literally. They sound like exaggerations that can’t be proven or disputed, and we know that many levels of nuance fill our days.

And yet, developing and protecting your business intellectual property (also called ‘IP’) is crucial for building real business value…

Today’s Question:

How have you approached developing and protecting your business intellectual property?

Here’s the Twist . . .

Intellectual property (IP) breaks down into three general categories: copyrights, patents, and trademarks.

You have likely already developed content, processes, frameworks, and other proprietary materials that you use in your business. These are all considered your IP and can be protected through registrations and protective legal contracts.

In particular, if you have employees or use independent contractors in your company, you want to establish who owns the IP and who has the right to manage it.

But did you know that confidential information, like your client list and trade secrets, is also considered IP?

And while you can monetize your IP by selling, assigning, or licensing it, the more tightly you control your IP, the higher the potential value when you sell your business.

Business owners often think revenue levels are the main measure of business value, but there is so much more to building real business assets.

For expertise-based businesses, a potential buyer may put a high value on:

• Consistent, predictable revenue
• Long-term client relationships
• Intellectual property, like trademarks and copyrights
• A strong management team
• Documented and effective business processes

The key word above is ‘may’. Since you don’t know who your potential buyer will be, you can’t know what they value most.

Now What?

“Never give away your intellectual property.” Yes, I avoid using absolutes, but in this case, I’m looking to the future. Your future – and the value of what you’ve built.

Are you stuck in your Second Act?

Have you built a profitable and valuable business but instead of feeling like there's something missing, you’re feeling like there's something more?

If you’ve built an accounting firm, a law firm, a financial services firm, a psychology practice, or a specialty consulting firm that is generating $1 million to $10 million in annual revenue, you are in a prime market.

Larger firms and companies are growing by buying other firms. This has long been the case, but we’re seeing a higher rate than ever.

In a tragic twist, I see too many women who actually lose their company instead of exiting on their own terms. The exit process is filled with pitfalls and complex issues – especially for women.

I’ve built my business as an advocate, and I specialize in helping women founders transition to their Third Act – when you’re ready to do the work you’ve always longed to do.

As your advocate, by definition, I’m looking out for your best interests. I am not taking a brokerage fee, commission, or equity. I am not motivated by how quickly the exit moves or the final dollar amounts. I want what you want – and will help you get it.

In my experience, women don't retire; they transition into a new stage of purpose and impact. Whether you are 40 or 60, the idea of retirement may not appeal to you. Just because you can retire doesn’t mean you’ll want to.

Are you ready to optimize your intellectual property?

That requires a new way of thinking, new skills, a simple and elegant design, and an advocate by your side. Contact me to learn more. 

How exit-ready are you? Find out at: http://she-exits.com/