Business names matter. Whether you put a great deal of thought into your business' name before opening the doors or you went with a sudden inspiration, sometimes the initial name just does not stick. Whether because the business focus has changed and the name no longer fits or because it turns out to be too similar to another business or for some other reason, there are instances when it becomes necessary to change the name of an existing business. In addition to taking the same care and consideration to choose a name as you did in the beginning, there are additional concerns when you change the name of an existing business to attend to.
No matter how recent or "new" your business is, there are people who are already used to the existing name. This means that when you change the name to something else, they will be confused or have an opinion about the changes. If you do change your business name, give customers, clients and vendors plenty of notice that the change is going to occur. During and after the initial change, you may want to use both names: XYZ Corporation (previously known as ABC Business) to make sure that people understand you are the same business with a different name.
Sometimes, the business may change focus or owners and you really WANT to distance the new version of the business from the old one and a name change seems the best way to do this. In this case, you may want to give your current customers, clients and vendors forewarning, but let the old name go without looking back.
Keep in mind that when you change the business name, you will also need to change legal documents, bank account names, and let any licensing or registration entities know of the change. For example, if you business name is registered with the state, then you will need to file a new business name when you make the change. Check with your legal advisor or with the state (and local) agencies you work with to determine what needs to be done when you change the name of an existing business. You will want to make sure that you take care of even the smallest of legal documents so that problems are not created with the name change.
It can be tough to clear up any record of the old business name--especial on the internet. Things tend to have a shelf-life and after-life of forever on the internet. You can periodically "Google" the old name and search to see if it is still appearing in search engines and then follow up to try to get it cleared up.
