What I'm talking about is changing the name of your company, its logo, and its tag line.
I've seen multiple companies do this over the years with mixed results.
Some have gone well and some have not, and others are in between.
In terms of risks, one of the biggest is having your new name or logo associated with someone or something else that is not desirable.
One way to avoid this is to hire professionals to perform due diligence before launching any such change.
Sometimes a brand change is necessary to leave behind a negative legacy.
Other times it is to re-position a company in a new market or to expand the market opportunities.
These changes should be done in a well thought out and researched manner, as the consequences can be serious.
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