Business succession planning should begin at the time that you launch a new venture. Although there are so many different details to address when you start a new company, protecting your business name by consulting with an intellectual property attorney is equally as important as looking ahead to your own retirement and developing a business succession plan to transfer over the operational and ownership interests of the company to someone else. 
The nickname for your company is referred to as a trade name, and you should ensure that this is protected in order to make business succession planning easier in the future. Since all of your legal documents will relate to the name of the business, you want to minimize the potential challenges and conflicts that new company owners may experience in the future.
When there is a difference between the name under which a company does business and the name of the company, the latter name may be designated as its trade name. A trade name is not necessarily the same thing as a trademark. A business may have the same name that is registered with the Secretary of State, but you might also choose to use another name if the owners opt to do so. The second name is much like the nickname of the business.
It is not enough to protect the name of your business, simply by launching a company with an official name. Additional effort is required, particularly if you intend to protect against other businesses expanding in the same region or expand the reach of your own company. Scheduling a consultation directly with an experienced business succession planning lawyer will help you to ensure that you have thought of everything, as it affects your business now and in the long run.
