Using a brand is risky. The primary risk is that your brand is similar to that of a competitor. Guess what? If this happens, you are liable.
There are several reasons you do not want to be found liable for infringing another company’s rights:
- You will need to change your name
- You would owe the other company the profits you earned form using their name
- You may have to pay the other company three times the profits you earned form using their name
- You may have to pay the other company’s legal fees
The first bullet point alone is painful. New signs, new marketing, restarting the brand recognition journey. Ouch! The following points are gut wrenching.
I’ve seen way too many companies go through this. Many are not able to survive this journey.
I am able to help companies who receive that painful “cease-and-desist” letter, but I prefer to help businesses BEFORE this happens. Please read my next post when I begin discussing brand protection.