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What’s in a Name? In the Business World, Just About Everything

By March 8, 2017September 27th, 2021No Comments

Bird's eye view of two men and a women dressed professionally standing up and talkingAnyone who thinks that names don’t matter has either never named a child or never named a business or service. While names can be changed, choosing the right one the first time can make or break your business. For many entrepreneurs, the naming process starts in the back of their heads years in advance. When the time comes to commit it to paper, there can be unforeseen legal complications, not to mention the difficulties settling on the perfect name.

Phil Davis ran a full-service advertising agency for almost two decades before “retiring” to launch a naming and branding consulting company. These common naming mistakes are from a list he wrote for Entrepreneur.com, and we think a few in particular bear repeating:

Mistake #1: Getting the “committee” involved in your decision. Ultimately, you and your core team are the only people that know the ins and outs of your business. You are the only ones who know the concept, the roadmap, and the future. Why would you ask friends and family to put a name to something that they’re unfamiliar with?

Mistake #2: Employing the “train wreck” method of creating a name. This mistake dovetails with “shooting from the hip”. Creating a company or an idea is an effort of will, but naming that company or product requires care and consideration. The “train wreck” method involves mashing up two words to create a new word with disastrous results. “QualiServe” and “TranquiSpa” are two examples from Davis, names with good origins but horrifying, impersonal executions.

Mistake #3: Taking the Campbell’s Soup approach to selecting a name. Essentially, don’t stir up your alphabet soup and use the first five letters to name your company. This approach is becoming more popular as domain names are becoming more difficult to find and secure, but resist the urge to use alternative spellings or invent words. While they may save money in the short-term, this approach can make it difficult for clients to find you and bloat your marketing budget beyond belief.

Davis’s article is full of great advice, and we think it’s worth the read. The last mistake on his list, however, might be the best piece of advice: don’t choose the wrong name and then refuse to change it. You can’t be an expert at everything; you know your business and your industry, and there are companies that can help.

Max Julian is a partner at Gertsburg Licata in the litigation practice group.  He may be reached at (216) 573-6000 or at [email protected].

Gertsburg Licata is a full-service, strategic growth advisory firm focusing on business transactions and litigation, M&A and executive talent solutions for start-up and middle-market enterprises. It is also the home of CoverMySix®, a unique, anti-litigation audit developed specifically for growing and middle-market companies.

This article is for informational purposes only. It is merely intended to provide a very general overview of a certain area of the law. Nothing in this article is intended to create an attorney-client relationship or provide legal advice. You should not rely on anything in this article without first consulting with an attorney licensed to practice in your jurisdiction. If you have specific questions about your matter, please contact an attorney licensed to practice in your jurisdiction.

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