One of the biggest challenges involved when considering the naming rights issue is how to understand the process of securing and retaining a corporate naming sponsor.

This challenge has become even greater over time as naming rights opportunities proliferate for sports, entertainment and public assembly facilities and the economy experiences assorted ups and downs through each business sector.

The following is a brief series of eight basic questions that entities beginning the naming rights process often consider.

The Eight Questions to Ask

• Step One: What Do You Want to Sell?

• Step Two: Do You Own the Naming Rights?

• Step Three: How Will You Administer the Sale of Naming Rights?

• Step Four: What Are You Selling?

• Step Five: Who Are Your Potential Sales Targets?

• Step Six: How Do You Price the Agreement?

• Step Seven: What Will the Contract Look Like?

• Step Eight: How Will You Service the Contract?

By satisfactorily answering all of these questions, a facility has a better chance of creating a great naming rights partnership with a potential corporate sponsor.