Winning patents is becoming increasingly important for companies. In this context, the boundaries and possibilities of separate external exploitation and acquisition of patents are being intensely discussed. Based on an empirical study of patent-active companies in Germany, Mark Hentschel analyzes the competitive strategic motives of patent management as well as the goals and concerns of companies regarding the external exploitation of existing technologies or the acquisition of new technologies from other companies. Furthermore, he addresses the problems that arise in practice during the exchange of patents. The author reflects on his research findings from a transaction cost theory perspective and compares them with insights from earlier studies.