How To Protect Your Business Beyond IP
02/07/22 • 25 min
“I like to counsel people about how to build a business that they would be able to sell someday... by being saleable, that means it actually has some market value to a third party.”
— Erin Austin
If you don’t have an exit strategy for your service-based business, you’ll definitely want to listen to this episode!
My guest, Erin Austin, is an experienced lawyer and the founder of the consulting firm Think Beyond IP, which provides asset-building consulting for B2B, service-based businesses.
Erin helps owners prepare for their most optimal and lucrative exit, through using her special talents to identify and protect those hidden and overlooked assets in expertise-based businesses that can be leveraged for maximum value.
Yes, a service-based business can have powerful and valuable assets — they just happen to be intellectual, rather than physical!
“We don’t think of our businesses, when we are service providers or experts, as being an asset-driven business,” Erin explains. “We think of it as being kind of a service... and I like to change the conversation, to make sure people understand you really DO have assets in your business, but the only way for them to have value is to make sure that you’re identifying them, and protecting them, and leveraging them appropriately.”
Intellectual property goes beyond just trademarks and patents. Your intellectual property can include your insights, your internal processes, and even your mailing list. Listen now to discover the hidden value in your business — so that you can maximize your exit when you’re ready to move on to your next chapter!
In this episode, you’ll discover:
- The assets that you may already have in your business which are ripe for leveraging
- How to protect a range of assets from internal and external threats
- What goes into selling a business that operates under your name
About Erin Austin: Erin Austin is a consultant and lawyer who combines her 25+ years of practicing law — including roles as COO and General Counsel at IP-driven companies — to help the founders of expertise-based firms build and protect saleable assets so that the business is ready to sell when the founder is ready to exit.
Highlights:
01:04 Intro
02:15 Meet Erin Austin
03:41 Potential assets
06:05 Protecting assets
07:04 Trademark
10:03 Copyright
11:58 Patents & trade secrets
14:23 Sellable v. saleable
16:40 Operating under your name
20:18 Building with leverage
23:04 Takeaway
Links:
Erin Austin
https://www.linkedin.com/in/erinaustin
Twitter: @ErinAustinLaw
The Business Society: https://thebusinesssociety.co
5-Step Roadmap to Biz Finance Freedom: https://melissahoustoncpa.lpages.co/5-step-biz-finance-roadmap
Work with me: https://www.melissahoustoncpa.com/work-with-me
Want more tips and inspiration?
Follow me on Twitter @melissahcpa and Pinterest @melissahoustoncpacga
Work with me:
Follow me on:
IG: @melissahoustoncpa
LinkedIn: @melissahoustoncpa
“I like to counsel people about how to build a business that they would be able to sell someday... by being saleable, that means it actually has some market value to a third party.”
— Erin Austin
If you don’t have an exit strategy for your service-based business, you’ll definitely want to listen to this episode!
My guest, Erin Austin, is an experienced lawyer and the founder of the consulting firm Think Beyond IP, which provides asset-building consulting for B2B, service-based businesses.
Erin helps owners prepare for their most optimal and lucrative exit, through using her special talents to identify and protect those hidden and overlooked assets in expertise-based businesses that can be leveraged for maximum value.
Yes, a service-based business can have powerful and valuable assets — they just happen to be intellectual, rather than physical!
“We don’t think of our businesses, when we are service providers or experts, as being an asset-driven business,” Erin explains. “We think of it as being kind of a service... and I like to change the conversation, to make sure people understand you really DO have assets in your business, but the only way for them to have value is to make sure that you’re identifying them, and protecting them, and leveraging them appropriately.”
Intellectual property goes beyond just trademarks and patents. Your intellectual property can include your insights, your internal processes, and even your mailing list. Listen now to discover the hidden value in your business — so that you can maximize your exit when you’re ready to move on to your next chapter!
In this episode, you’ll discover:
- The assets that you may already have in your business which are ripe for leveraging
- How to protect a range of assets from internal and external threats
- What goes into selling a business that operates under your name
About Erin Austin: Erin Austin is a consultant and lawyer who combines her 25+ years of practicing law — including roles as COO and General Counsel at IP-driven companies — to help the founders of expertise-based firms build and protect saleable assets so that the business is ready to sell when the founder is ready to exit.
Highlights:
01:04 Intro
02:15 Meet Erin Austin
03:41 Potential assets
06:05 Protecting assets
07:04 Trademark
10:03 Copyright
11:58 Patents & trade secrets
14:23 Sellable v. saleable
16:40 Operating under your name
20:18 Building with leverage
23:04 Takeaway
Links:
Erin Austin
https://www.linkedin.com/in/erinaustin
Twitter: @ErinAustinLaw
The Business Society: https://thebusinesssociety.co
5-Step Roadmap to Biz Finance Freedom: https://melissahoustoncpa.lpages.co/5-step-biz-finance-roadmap
Work with me: https://www.melissahoustoncpa.com/work-with-me
Want more tips and inspiration?
Follow me on Twitter @melissahcpa and Pinterest @melissahoustoncpacga
Work with me:
Follow me on:
IG: @melissahoustoncpa
LinkedIn: @melissahoustoncpa
Previous Episode
What Women Need To Hear About Business
“As a business owner, I encourage you to dream big.”
— Melissa Houston
Women tend to think small when it comes to business, even though they’re just as capable and able to attain wealth as their male counterparts! As a business coach and fractional CFO, I hear far too many women set revenue goals that only cover their current living expenses, rather setting goals that allow them to create their dream lives and build wealth.
There is nothing wrong with wanting more money.
Your business is your largest and most important financial asset. If you’re a female founder, you are in control of the amount of wealth that you earn and whether or not you achieve your financial goals.
I want you to dream big and I want you to earn big — and I’m here to show you how!
In this episode of the Business Society Podcast, I outline 7 steps that you can take to build a prosperous and sustainable financial future.
In this episode, you’ll discover:
- The financial goals that you should set for your personal life and your business — and why they’re so important
- How to boost your financial literacy skills so that you can make informed decisions in your business
- Why earning 7 figures in revenue can be less profitable than earning 5 figures
Highlights:
01:04 Intro
03:16 Rise of the female business owner
04:55 Women tend to dream small
06:23 Create your financial future
07:10 Create a vision
08:09 Check in with your mindset
10:15 Financial literacy
11:15 Create a financial plan
12:27 Profit v. revenue
13:34 Don’t give your financial power away
17:09 How I work with business owners
Links:
The Business Society: https://thebusinesssociety.co
5-Step Roadmap to Biz Finance Freedom: https://melissahoustoncpa.lpages.co/5-step-biz-finance-roadmap
Work with me: https://www.melissahoustoncpa.com/work-with-me
Want more tips and inspiration?
Follow me on Twitter @melissahcpa and Pinterest @melissahoustoncpacga
and visit my website: https://www.melissahoustoncpa.com
Need a Fractional CFO? Check out The Fractional CFO Agency!
Work with me:
Follow me on:
IG: @melissahoustoncpa
LinkedIn: @melissahoustoncpa
Next Episode
What Are Internal Controls (And Why Are They Overlooked)?
“Your business is your biggest financial asset, and you need to be sure that you are protecting it.”
— Melissa Houston
Is your business protected against fraud or data security risks... from the inside?
This solo episode of the Business Society Podcast is all about implementing internal controls in your business and lessening the risk that your assets and information could be misused.
If you’re wondering what internal controls are — and why having them will benefit your small- or medium-sized business — then you’ve come to the right place!
Internal controls are protective practices that you can build directly into your processes. They’re a vital part of your business, no matter whether you’re operating out of a brick-and-mortar shop or exclusively online. As you scale your business, you’ll inevitably need to grow your team — and as your team grows, so do your risks.
Internal controls help you to protect your business against financial asset threats, financial fraud (including skimming, financial statement fraud, payment tampering, and billing fraud), IT risks, data security risks, and more.
When business owners step away from the financial systems in their business, their absence increases their risk of fraud committed by their own employees. While no one likes to believe that their team is a risk, implementing internal controls lets you run your business with more confidence and security!
In this episode, you’ll discover:
- The top 3 primary control weaknesses that contribute to incidents of fraud
- 5 tips to help you protect your business from internal risks
- The aspects of your business that you should be monitoring regularly
Highlights:
01:04 Happy Valentine’s Day!
02:16 Intro
03:08 Listener shout-out
05:09 What are internal controls?
06:25 The risks you may be facing
09:53 What are internal controls?
11:12 Checks & balances
12:04 IT general controls
13:26 Review your numbers regularly
14:04 Dane Cook story
15:28 Physical controls over tangible assets
16:47 Outro
Links:
The Business Society: https://thebusinesssociety.co
5-Step Roadmap to Biz Finance Freedom: https://melissahoustoncpa.lpages.co/5-step-biz-finance-roadmap
Work with me: https://www.melissahoustoncpa.com/work-with-me
Want more tips and inspiration?
Follow me on Twitter @melissahcpa and Pinterest @melissahoustoncpacga
and visit my website: https://www.melissahoustoncpa.com
Need a Fractional CFO? Check out The Fractional CFO Agency!
Work with me:
Follow me on:
IG: @melissahoustoncpa
LinkedIn: @melissahoustoncpa
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