When a person thinks of a successful business strategy, what comes to mind? A catchy advertising or marketing strategy helps as does a sought-after product or experience. But what is the special something that can set a business apart from their competitors? If a business has that special something, sometimes known as a trade secret, they should protect it and give it the recognition it deserves during the sale of a property.
Not every business will have a trade secret, and that’s what makes them special. Trade secrets are essentially intellectual property, something the business knows or utilizes that competitors don’t or can’t. For cookie manufacturers, it might be a secret recipe. For manufacturing industries, it could be a special alloy blend that is utilized in their product.
The whole point of a trade secret is that a business knows it and uses it, and competitors do not. The fact of it being secret can be a huge leg-up over the competition. If a company’s trade secret were to get out, it could be disastrous for a company. This is why during the sale of a property, trade secrets should not only be hush-hush, they should be given the legal protection they deserve so that they can stay within the company.
In a company of hundreds, one or two people may understand or have intimate knowledge of that company’s trade secret. Here at the firm of Dale M. Maas, Attorney at Law, we understand how important these trade secrets are and how they need to be protected. When thinking of selling or purchasing a business that involves a trade secret, a person should know how best to approach this sale as it is different from sales that do not involve trade secrets.