There are a number of reasons you might want
to put your name on your business.
But before you launch your eponymous company,
project yourself into the future—the very reason you’ve chosen to name your
company after yourself may be the reason you shouldn’t.
When it comes to forming and
operating your business, sometimes thinking about where to begin means thinking
about where you will end. For the family business, or the succession-minded
businessperson, the stumbling block is often the basic question: what do you
name the business? Should your business bear your name, or should the family
business bear the family name?
While some may consider the
decision a matter of personal or family pride, or even a matter of vanity, that
doesn’t mean there aren’t important issues in play. The consequences of naming
your business was tackled recently by Forbes in an article titled “How Having Your Name On Your Business Limits
The essential point, however, is
that putting your name on the company forges an inextricable link. On the plus
side, this can be a boon if your business and brand do well, especially if your
heirs carry on the business. On the down side, doing so may not be in the best
interests of the business, or even your heirs.
The original article is a quick
read for a review of some practical considerations and problems. In the end,
this decision is a tough one.
(August 17, 2012) “How Having Your Name On Your Business Limits