Have you ever stopped to think about your business name?
I don’t mean how catchy it sounds or how cool your business logo is. I am talking about the name of your business.
Why, you might ask, is my business name important? It is who you are, that is why.
Just as your own name gives you an identity that is special, so does your business name give your business a unique identity.
It is part of your DNA. If the business has been in your family for generations, it is more than just you–it is part of your history and potential legacy to the next generation.
Many years ago, an old and well-rated company decided to end its long and successful lineage by selling its assets. Included in the sale were successor rights to the business name.
The sale was completed, and the new buyer began running the company, using the old and well-regarded name.
Everyone on the market knew the name of the business; it evoked only good feelings—the name meant that fair and honest dealings would result. Or at least, that is what the name meant prior to the sale of the business assets.
Unfortunately, the well-regarded company with the well-regarded business name closed within a few months, leaving many vendors unpaid.
The good name of the business was no longer good; it was tarnished. The name became associated with bad feelings, and the several generations of the previous owners were drawn into the bad feelings, even though they had nothing to do with the demise of the business.
Unfortunate, but the whole matter could have been avoided, simply by saying “No, the name of the business will not be included in the sale of assets.”
If you stop to think about your name and that of your business, it should give you pause before allowing anyone else to use that name.
After all, you, as well as your business, are unique. Let a buyer choose his/her own name and begin his/her own legacy.
