Our today topic is about property management intellectual guides for new and old real estate agents.The idea of a general inventory carried out each year by a company, organization, club or group is familiar to most of us and many companies often work conscientiously to concretely assess the volume of actions actually available in relation to their book value. Almost every employee participates in this work in one way or another and it is the day of the year when administrators are sure to get their hands dirty.
But how many companies of property management have comparable procedures for tracking and accounting for their intellectual property assets? Given the fact that the true value of a company often shines through its absence in its balance sheet, are investors, shareholders, potential buyers and market researchers misled? And just as importantly, are the opportunities for maximizing profits overlooked and how does this affect the duty of the manager or the CEO to exercise due diligence?
Below are five reasons why it is essential for all companies to understand and take into account the inherent value of what we call their “intangible assets”:
Meet the due diligence requirements in terms of accounting and reporting;
materialize the capacity to compensate for assets which the company owns but which are not used;
better understand the market and the commercial value of an intellectual property asset;
reduce unauthorized use of intellectual property by competitors and copiers and avoid unauthorized use of other people’s intellectual property;
provide the foundation for a corporate culture of innovation, design and branding.
Intellectual property management, from the background to the front
Having established the importance of an intellectual property management strategy, what practical steps can be taken to implement a realistic strategy?
Practical Guide To Intellectual Property Management
Here are 10 steps that will help move intellectual property from the background to the fore:
Measure 1: Ensure that each employee, from the CEO to the workers, through the financial director and the board of directors, is aware of the strategic importance of intellectual property and that this is included in their employment contract.
Measure 2: Ensure that a person, service, or patent attorney is responsible for developing and maintaining intellectual property audits and communicating those audits to the board.
Measure 3: Set up a vast awareness program within society so that the importance of intellectual property is well understood. Such a program should be aimed at the legal department and the accounting, sales, marketing and advertising departments, the distribution and research and development department and all outside consultants. A company-wide intellectual property day may sound rather bizarre, but it’s a great way to promote brands and techniques and create a culture that leads to more lucrative ways to exploit intellectual property.
Measure 4: A book value should be assigned to all of a company’s intellectual property assets and this value should be accounted for.
Measure 5: The expiration and renewal dates of all intellectual property rights should be properly managed and consideration should be given to using independent services to monitor and report.
Measure 6: Expiry dates for important patents that could have a negative effect on sales of fundamental products should be clearly formulated and contingency plans should be developed.
Measure 7: Company brands and the proper use of those brands should be vigorously protected.
Measure 8: Surveys on the payment of royalties as well as on the taking or granting of licenses should be carried out to ensure that the appropriate royalties are paid and received. As surprising as it may seem, a large number of companies pay license fees for techniques which have not been renewed or have expired .
Measure 9: carry out a full audit of all your intellectual property assets, assign a value to them and rank them in order of importance. This can help generate significant revenue sources from unused intellectual property assets.
Measure 10: Get independent advice from your patent attorney and intellectual property researcher on the management and enforcement of intellectual property rights. This should allow you to have some elements of reflection on the advisability or not of obtaining foreign brands or patents and on the availability of these before developing product lines and widening the range of brands. or participate in joint ventures or transfer of techniques.