(Part Ten in a Series)
A key employee has just left your company, joined your fiercest competitor, and begun a brain dump of your most critical intangible assets. What can you do?
If this is the first time you have thought about protecting your intangible assets, the unfortunate answer is, “Not much.” That ship has sailed. The cow’s out of the barn. Elvis has left the building.
You must begin today if you want to protect your intangible assets. Waiting until a crisis arises only assures that you will lose them.
Identify your intangible assets. Separate and secure them from unwarranted intrusion. With the assistance of competent legal counsel, decide whether you should implement covenants not to compete or other restrictive covenants. Implement appropriate policies, protocols, and procedures to protect your intangible assets from prying eyes. Establish a Culture of Confidentiality.
Establish expectations early; enforce them consistently.
White Hats know that consistency and persistence are the keys to protecting their intangible assets. The sooner you start, the greater the chances you will succeed.
I am, first of all, a husband and father. Rebecca and I have been married 23 years; we have four children ages 21, 19, 18, and 15. My family is my greatest joy in life. For 24 years, I have practiced business law in Arizona, the past eleven as the managing partner of Gibson Ferrin, PLC. We help businesses and their owners meet their business and personal goals. My practice focuses on the intersection between intellectual property law and employment law. I help businesses prosper by properly managing their intangible assets.
I am licensed to practice law in Arizona only. Though I believe the advice in BiziBoom™ is based on sound legal principles, the law of your jurisdiction may be different. The advice given on BiziBoom™ is informational only; it may not be applicable to your specific situation. You should seek the advice of competent counsel in your jurisdiction, someone who knows the particular legal requirements of your jurisdiction. Until you have signed an engagement letter with Gibson Ferrin, PLC, neither the Firm nor I are acting as your legal counsel. Nothing on BiziBoom™ creates an attorney/client relationship between you and the Firm.