Trade Secrets (Clip 10)
Employers have their people sign papers promising to keep Trade Secrets …secret.
They can’t blab about recipes, formulas or business techniques…not even after being fired.
Kentucky Fried chicken has their 11 herbs and spices under lock and key. Breweries don’t want their blends of barley and hops floating around.
And my wife simply warms up delicious Chip Ahoy chocolate chip cookies in the oven till they’re nice and warm (then she hides the bag). I’m not supposed to talk about it. But, that’s not a real trade secret, like the others.
Serious Trade Secrets better remain that way. One company might sue another to recover lost revenues. Jail time can face the employee who sold company secrets.
Don’t be bragging about your cut-rate material suppliers, special formulations and critical manufacturing techniques. No! You should classify them as trade secrets. They’re assets adding value to your product, your business and your reputation.
Your attorney will love to add them to any contact, license agreement of business sale….same as any other intellectual properties. You’ll be happy you kept those secrets.
Just wait till my wife hears about the cookies!