By un- derstanding the laws of the В quadrant, Onassis purchased the ships using a U.S. corporation he controlled. This is another example of the laws being different for different quadrants. Protect Your Ideas My intellectual property attorney is Michael Lechter, one of the leading IP attorneys today. He is responsible for securing worldwide patents and trademarks for CASHFLOW Technologies, Inc. He is also the husband of my business part- ner and co-author, Sharon Lechter. Although he is married to Sharon, we still pay the same hourly rate as any other of Michael's clients. No matter what we pay him, the value he re- turns to our company is priceless. He has made us so much money and protected our rights to continue making money by protecting what we do and guiding us through some delicate negotiations. Michael has written a book, The Intellectual Property Handbook, which is a wonderful expla- nation of the various protection mechanisms available. He discusses each individually (patents, trademarks, copyrights, and mask works) as well as how they can be used in combina- tions to give you the broadest protection. It is available through our website. In Summary Many a business has been started and has survived by a simple piece of paper. One legal document can be the seed of a worldwide business. Legal Management 363 Sharon's Notes Some of the most valuable assets you can own are the in- tangible assets called patents, trademarks, and copyrights. These legal documents grant you specific protection and ownership to your intellectual property. As Robert found out with his Velcro wallet business, without this type of protection, you risk losing everything. Once you have pro- tected your rights, not only can you keep others from using your property, but you can also sell or license those rights and receive royalty income when doing so. Licensing your rights to a third party is a perfect example of your as- sets working for you! However, legal issues can also surface in almost every facet of a business. Obtaining competent legal counsel is very important not only as you are forming your business but as an ongoing part of your advisory team. Legal fees may seem expensive at first. However, when you compare them to the cost of legal fees from lost rights or subsequent liti- gation, it is much less expensive to set out your agree- ments properly in the beginning. In addition to the monetary expense, you must also factor in the cost of lost time. Instead of focusing on your business, you may be forced to focus on legal matters. This is another area where franchising and network market- ing can help you jumpstart your business. Typically, when you purchase a franchise or join a network marketing organ- ization, most of the necessary legal documents to start and grow your business will be provided for your use. This saves you not only a lot of money but also a tremendous amount of time, and it allows you to focus your efforts on the business development.