An IP audit would be highly recommended in case of business acquisition in Greece, particularly since most Greek businesses tend to under register IPRs. Moreover, IP audits are highly recommended when investing in Greek businesses.
The main steps in an IP audit are:
- Identification of the readily identifiable IPRs (e.g. registered trademarks, designs or patents, licenses to and from third parties)
- Identification of unregistered IPRs
- Identification of ‘shadow’ IPRs, including in-house work manuals, databases, product/process know-hows
- Verification of the status of IPRs
- Assessment of their life expectancy and strength IPR valuation