How to Sell a Business Name
Most people rarely wanted to purchase a business name. On the other hand, it is normally happens a lot especially if the certain business has already made an amazing reputation, so meaning, it is the marketability of the business that the interested party wants.
In this article you will know the tips on how to sell business name.
Business Name
Before you try to contact an interested party to your business, it is very important to verify similar if there’s a similar name of the business name. As you know, it is not easy to sell a business name if they have the same name because people will be confused. It is very important to understand that the value of business with similar name reduces while business with unique name has value and very easy to sell.
Right to Business
It is also very important that you can establish the right to sell your business name. Let’s say that the business is named after you like Michael Collins Barbecue. So, this means that you have the direct rights to the name of the business. On the other hand, if the name is not protected by federal, state or local law or trademarked then you might have problem on selling the business name. Meaning a possible buyer can take it without paying a single cent.
Validity of the Name
It is also very significant if you can prove the validity of your business name. This can be crucial because this type of proof wanted will differ with every possible buyer of the name. Some may consider a trademarked name because of its value and other may be more interested to acquire the name of the business because of the reputation they have. Some may consider the name but depends on the longevity or the marketability value of the name. This is very important aspect of selling business name because you need to address all of these issues.
Short or Long Business Names?
As an example for this most web domain names are short. This is because the shorter name is more accepted. The main reason here is the business name should be easy to remember by the customer. Long names can be difficult to market. It is very important that the name of the business is catchy and unique.
Remove Barriers or Problems
Obstacle is one of the issues that you need to resolve before you sell the business name because of the reputation. Make sure to get rid of these obstacles, if the business has large tax lien or outstanding debt as well as other problem that is associated make sure to iron that before you try to sell name. In fact even slight damage to reputation to a certain business name can affect it because no one wants to buy a business name that is tainted.
1 Comment
- I have a business in Singapore, an electronic company. The business has ceased trading. I intend striking off / winding off the company. I would like to explore the possibility of selling the company name. Let me know if you can help / advice.
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