Most businesses these days have embraced technology either by necessity or because of convenience. It has become commonplace for companies to use computers and the cloud to store information, stay organized and process information. These digital assets are vital and can sometimes be worth far more to a business than any physical goods or products. It is therefore important to account for, evaluate and protect, our digital assets both personally and especially for your business. One way to do this is by adding these assets to your Asset Protection System™. Which includes a business succession plan should business owners either pass away or transition the business to new managers/owners when they retire.
Understanding your digital assets
We store almost never-ending amounts of information among servers, computers, mobile devices, and cloud storage services. Because of the vast nature of these digital assets, it can seem like an insurmountable task to categorize and protect your digital properties. With that in mind, it is usually best to start considering these types of materials first and moving on from there.
- Software or programs that are unique to your business. Perhaps you own and operate a company that creates and distributes digital goods such as software or apps. These programs are unique to your business and should be protected.
- Business photographs, marketing materials, logos and other branding are often overlooked valued business asset.
- Intellectual property includes trademarked or copywritten materials that your business owns. This can include online content, download of prospects, materials, blogs, articles, your business website and domain registration(s).
- Contact information for prospective and current customers, including email list, have value and should be protected because they could be sold in the future.
Protecting your digital properties
It is important to establish the ownership and value of your digital assets. By indexing and explaining various items you are putting yourself in a position where you can help create an estate plan, business succession plan, and Asset Protection System™. Gathering these materials is important beyond these concerns because they directly reflect the overall value or worth that a business has. Comping this information helps you support your ability to claim expenses on these digital assets as well as sell them or have your business evaluated by potential investors. If you own or operate a business and have not considered the value of your digital properties, we recommend speaking with us as soon as possible.