How to Rename a Business
A company’s name is so important that only a truly exceptional circumstance should prompt a name change. If you’re going through a merger or acquisition, you’ll have to decide which of the original names to keep or whether to rebrand yourself as an entirely new entity. Companies that have gone through substantial evolution since their founding may want new names if their old name is very specific and not appropriate for their operations. Some companies that have had PR issues will change names to disassociate themselves with the old brand.
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Instructions
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Create a new name for your company. This might be a years-long process if your company is large, or it could come to you in a 4 a.m. flash of insight for your small business. Make sure that the name is distinctive and memorable, and avoid acronyms. The name shouldn’t necessarily describe your business, but should instead evoke a feeling or connotation of things you do well. Ensure that customers can pronounce it and remember it, either because it’s short and sounds distinctive or because it’s a play on known words. Test your name on customers before you decide on it. Have a new logo developed.
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Change the name with all appropriate authorities and on all your business accounts and materials. You’ll need to register the change with your state’s department of licensing, and with the state’s Secretary of State if you have a legal structure other than a sole proprietorship. File a form with the Internal Revenue Service and get a new Employer Identification Number if they direct you to. A public company must also file the change with the Securities and Exchange Commission and notify shareholders. Then change your business bank account, website, email addresses, business cards, stationary, invoices, sign and everything else that contains your business name.
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Create a marketing campaign to announce the name change. The biggest danger in changing your name is that your customers will be unable to find you. Once you’ve decided on a new name you’ll need to spend time and resources on advertising the change. For example, when AT&T and Cingular merged, the company first adopted the name Cingular, and then changed back to AT&T. The company launched TV ads announcing the change, and instructed customer service agents to answer phones with the greeting, “Cingular is now AT&T.” If you have a very small or new business, you may simply have to call each of your customers to tell them about the name change.
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References
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