Jacksonville Business Journal - by Dolly Penland Correspondent

When you think of trade secrets, the formula for Classic Coke or the 11 secret herbs and spices in that bucket of Kentucky Fried Chicken probably come to mind. But when it comes to trade secrets, the secret isn't always in the sauce.

"It's anything unique," said Debra Hill, an attorney at The Hill & Chevalier Law Firm. "It can be a formula, a method of operations. It could be how you reach your customers, or the difference between [a product's] cost and pricing. It could be your customer list, or how you train your employees. With franchises, the operations manual is always loaned to the franchisee. It's never given to the franchisee. If the owner gave it to them, as their property, they'd be giving away their trade secrets."

So, a trade secret is any information that gives a business an advantage over the competition. The best way to keep that advantage is to keep that secret.

"It costs nothing to keep it a secret, so remain tight-lipped and only release it to very trusted individuals," said Jo-Anne Yau, an attorney at Wood, Atter & Associates.