Properly Identify and Protect Company Assets
There are many elements of a business that can garner its own price, which helps to determine the value of your business as a whole.
Each element that can be identified is considered an asset that needs to be protected. The proper type of protection for such assets can generally be handled through a Confidentially Agreement, a Non-Compete, and/or a General Staff / Employee Agreement. However, the wording of each agreement must be specifically tailored to apply to your company’s assets, in order for those agreements to be legally effective.
Simply put, anything that can give you a competitive edge in the marketplace is considered a company asset and needs to be protected as such.
It is also possible, that with the right planning, these assets can be protected and separated from any debt associated with the company (as long as arrangements are made beforehand) in the case of a lien or judgment against the company.
Every business owner who completes each of The Company Coach’s trademarked processes will have a thorough evaluation of their company ensuring that every asset has been properly identified and is adequately protected.
Some items to consider that fall into this category are listed below. It is important to note that this is not a conclusive list, but a brief review to use as a guide:
- Physical assets of the company such as owned property, buildings, equipment, furnishings, vehicles, etc.
- Company stock
- Customer lists
- The name of the business
- Documented policies and procedures
- Lead generation
- Proprietary information such as formulas, systems and trade secrets
- The right to receive payment from clients
- The transfer of Employee Agreements
- Future or recurring commissions
- Research and development efforts
- Company reputation
- Intellectual property
- Patents
If you would like to have an evaluation of your company, to verify that all your assets have been properly identified and are being properly protected in a tax efficient manner, contact us at any time, and allow us to show you how you can benefit most from what your company has to offer.