Member/Community News

Graciously filling in for the previously scheduled WBF’s speaker, Catherine Cavella, a trademark law and patent advisor attorney deftly informed the WBF’s assembled members about the three things every business owner can do to make more money and avoid lawsuits. They involve developing a custom patent, copywriting trademark and trade secrets and enforcement issues. Catherine informed us that 95% of startups fail in the first year due to a lack of planning. She personally experienced this growing up with an entrepreneurial father who started many businesses but was never a success. Through this experience she came to see the three things that are essential to strong business development and growth: insurance, contracts and trademarks. Catherine advised that insurance is an inexpensive way to protect a company’s cash flow by covering the cost of litigation, especially advertising injury which fights liability. External contracts need to be adequate containing a Non-Disclosure Agreement. They should be tailored to you and your business situation and not boilerplate. Internal contracts, which are those between partners or friends starting a business together, help protect your relationships and clarify what you expect to get and give in the partnership. Defining each participant’s role leaves no guesswork as to whom will assume various responsibilities and actions. Finally, a trademark, which is her first love in law, protects your investment. Your trademark is not necessarily your name but your brand and needs to be thoroughly and comprehensively researched. Doing this research at the start of your business is essential because Catherine states, “after you are successful changing your name/brand is costly, not only in monetary terms but in trade.” Catherine feels that getting your customers to follow you after a name change is a precarious situation and the potential for lost business is great. When the search is completed and your title is clear she suggests securing the trademark immediately. This puts you on the other side of the lawsuit, the winning side.