Just because you have made use of something for a long time does not mean you own it. Typical errors occur around branding where a name may have been used in a limited local context for a while, but incurs problems when being sold on wider stage.
Domain names being used for company web presences may actually be registered in a service provider's name. Equally website code may be copyrighted to the source creator - the terms may not have been checked when the purchase was made.
Before embarking on a sales negotiation you need to do a full root and branch audit on all aspects of the business operations and make sure you know what you actually own and can sell.
It can be expensive and easy to postpone a decision on, but securing your intellectual property and brand territory is much easier to do at the beginning.
This list may not cover everything in your commercial sector / industry, but it is a good start point covering the basics.
1 - Intellectual property
If you have created that magic widget that does that thing that everyone wants in a cheaper, but better way, then you need to protect your ideas.
In this instance a patent is essential. Make sure it covers as much territory as possible - so the full international option is best if you can - see the World International Patent Organisation Portal for more information: https://ipportal.wipo.int/.
Make no mistake, this is a complex and expensive subject, but not nearly so expensive as getting it wrong in the early stage of the business and discovering the error when the business is fully operational, or just about to be sold.
Look at both function and design and cover as many bases as possible.
For software it is more difficult to protect, especially if your solution runs on someone else's platform. The best form of protection is therefore to compile the software in a way that cannot be reverse engineered. Take expert advice on this - you need to know.
Similarly for copyright on text, or something like a training pack, it is hard to defend, but you will need to find some way to show the original idea is yours and was first published by you. So get some advice on this.
2 - Trade Marks
It makes sense to register a brand identity and any other trade marks if you can. The very process of making the checks needed for registration will assure you that what you have is unique.
You can get started here: https://www.gov.uk/how-to-register-a-trade-mark. If the budget allows it is better to make a full internationl registration - especially if you think your business has international potential
3 - Domains
When you established your business name you should have checked it was unique enough to be able to secure the domains to cover it. In the UK this means having the two main international extensions plus the main UK one, so
[companyname].com
[companyname].net
[companyname].co.uk
There are lots of others you could secure such as .co, .uk, .org.uk, .store, etc. The truth is you could spend a great deal of money on the more obscure options, but the 3 main ones above are still the most dominant - so you need to have those under your belt and the rest are optional.
To be absolutely clear on this, make sure the domains are registered in the company name. For the .co.uk domain you will need to give the company number if you have one. This will be important when selling the business as the new owner will want to buy everything to do with the business with no ambiguity.
Double check that someone doing this for you, such as a subcontractor, or business partner, knows about this and makes the right choices when registering.
This also applies for any domain registered under which the business trades or is promoted. This is a particular problem when using directory services who build the website for you: the domain they use is often in their name, locking you in and tying your hands when you want to make any changes.
4 - Website code
As with domains, you need to check that any website you trade or promote on is actually yours and you need to do this at the start and not at the end.
If you are using one of the do-it-yourself platforms then the answer will be most likely 'no' - you do not own the code and if you want to move it will be a complete rebuild.
Even if you use a small local subcontractor, you should check that the terms of business allow the website to be packed up and moved at modest cost. This is so that the website does not require a full rebuild if you want to change the hosting company. The tricky issues are whether there is any special software that allows you to change the content, or any other database driven element.
If the sales terms are unclear then use your own purchasing order terms to clarify the ownership of the intellectual property and your rights if the supplier needs to be changed.
5 - Website content and marketing channels
Make sure your ownership covers the content as well as the code for the website. This is a critical area if you are using a digital marketing subcontractor of any kind as they may be producing copy for the website on your behalf, but retaining rights on the copy.
You also need to make sure that any channels that have been set up on the company's behalf for marketing purposes are owned by the company and can be easily transferred / transported. These channels include things like facebook, twitter or instagram accounts, but also may extend to directory or other feed type of accounts.
As far as digital marketing is concerned, you may not be able to secure everything into your ownership, but you do need to at least quantify your dependency on the subcontractor so that you can mitigate the risk.
6 - Controlled Documentation
The above list is by no means exhaustive and any list will be specific to the business. If you have to investigate to find this stuff out, then make sure all findings are securely documented so they can be easily retrieved and modified as the business changes.
If you have found any nasty surprises as you have been making these checks, then it might be worth revising any existing purchasing procedures or creating one or more new ones to prevent similar future mistakes.
