When it comes to running or owning a successful and profitable business, there are a few ways a company can get an edge up on their competition. One way is to have a trade secret that makes a company’s service or product unique. Oftentimes these trade secrets can be highly coveted information in which only a select few are given access to trade secret information. As a business owner, it is important to ensure these trade secrets are protected especially in situations of sale or merger.
In situations in which a trade secret is not properly protected, it could threaten the future of a business. Well crafted contracts can help to ensure that trade secrets are kept just that – a secret. If detailed information about a company’s trade secret were to get into the wrong hands, it could be a huge disaster. Once those details are shared with the wrong party, it could change the face of a business.
How do you know if your business has a trade secret worth protecting? At Dale M Maas Attorney at Law, we have helped countless businesses protect their assets, including trade secrets. A trade secret could be a certain method of producing a product, the vendors that a business uses, the specific products going into a product or other specific formula. If you have top secret information that isn’t any business of your competitors, you may have a business in which a trade secret needs protection.
During the sale of a business, or during a merger or similar business move trade secrets need to be explicitly discussed to ensure they are handled appropriately. Every company will have specific needs that should be attended to, this ensures a smooth transition. Whatever the goals of the business, there are ways to ensure the company and the shareholders and employees interests are in mind. Protecting a company’s assets and future can be accomplished by protecting trade secrets.