What you assume is a trade secret may be a patentable process. Without protection, you might be sued for doing something you've always done. Companies accused of patent infringement can either pay license fees or go to court. But even simple litigation can run into a million dollars in legal fees. Happily, opportunities have arisen along with the dangers.
Proprietary patents can help companies establish better product margins.
Companies that own important patents have a greater voice in setting industry standards. Licensing patent rights to other companies can boost the bottom line. A key patent can make a company's stock price soar. And exclusive rights to a hot technology can attract funding to a start-up. To avoid the hazards and reap the benefits, family businesses must take a cold-eyed look at the IP embodied in their business methods, traditions, and skills.