Many assets that a business owns are tangible goods. This could include inventory, financial assets, real estate, machinery, equipment and more. One step when doing a business evaluation is to look at the value held in these assets that the business owns.
Intellectual property feels a bit different because it is intangible. It could be a design, an idea or a recipe. Other types of intellectual property are just identifying information like logos, slogans, color schemes or jingles.
The important thing to remember is that intellectual property can also qualify as an asset, and it brings a lot of value to a business. For many companies, holding the correct patent is their most valuable asset, for example, because it gives them an edge over the competition.
You can buy, sell or lease IP
Because intellectual property is an asset, remember that your company can buy, sell or lease it if you choose to do so. Some companies will purchase patent designs, for instance, because they have the manufacturing capability but do not want to put the time and money into research and development. Buying a patent quickly gives them the information they need to make a profit. If your company owns valuable IP already, you may consider selling it to another company or just leasing it so that they can use it, even though you retain ultimate ownership.
Because IP is so valuable, it is important to know how to protect it and what legal steps to take. If you run into any issues or want to be sure your IP is properly protected, it may help to work with an experienced law firm.