A trademark is a valuable asset for your business and part of the intellectual property upon which you build your operations. Trademarks may be crucial assets, but they are assets you can choose to sell when you determine that doing so is the right choice for your financial health.
Selling a trademark is more than just selling a name – you are also selling an aspect of your business. This means that the process is more complex than you might expect, but you can ensure a smooth transaction by learning all you need to know about selling trademarks.
The process of selling a trademark
The transaction process starts with documenting the transfer between yourself and the other party, which entails outlining the terms of the assignment. It is then necessary to document and report the assignment to the United States Patent and Trademark Office. Keep in mind that disputes can arise if the transfer between parties contains unfavorable terms or if you fail to document the transfer with the USPTO.
You can license the trademark instead
If you wish to profit from a dormant trademark without selling the rights entirely, there are alternatives to selling the rights entirely. Licensing can be a wise course of action when you consider that the trademark is a part of your business identity and that you will not benefit from any brand growth if you sell it to another party. While not necessary, it can be wise to report licensing agreements to the USPTO the same as you would with a transaction agreement.
Committing to the sale of a trademark is a big decision and one that might give rise to disputes. If you do encounter a trademark dispute, it is important to have representation that can advocate for your interests.
