CONTRACTS and TRANSACTIONS
“Risky” is the word that I have had clients describe to me when talking about not having the proper contracts in place. The right contract can give a business owner confidence that they are moving forward in the right direction. A well drafted contract can reduce a business owner’s exposure and be the difference in enforcing their rights or having to walk away with nothing. A contract is strategic in nature, so a business owner is only fooling themselves if they think they can skip having a contract or use a contract they found on the web. A contract needs to be drafted with specificity in order to put a client in the best possible position to succeed.
OUTSOURCED IN-HOUSE COUNSEL — Business SecureTM
I realized early in my business career that every business needs an attorney. I have hired and used plenty of attorneys while running my business, and I truly believe that without having the access to an attorney and a network of other trusted advisors to lean on, a business owner is really putting themselves at a disadvantage. Business is competitive, it changes all the time, and a small business owner needs access to business professionals on a consistent basis in order to be successful. With Business SecureTM, I am able to provide my clients with such access — not only to me, but to my network of other business professionals. I tell my clients that their success will be determined on sales and revenue. The goal of my monthly program is to allow a business owner to focus on the parts of the business that will lead to the growth and success of their business and leave the legal and accounting issues to their trusted advisors.
Buying or selling a business is truly a daunting task. Education is the key. My job is to educate my clients and guide them through the process. It is important to understand that not every purchase and sales transaction is the same. All businesses are different, principals are different, individual and business goals are different, and the more business owners can surround themselves with competent and professional trusted advisors, the more success in the transaction they will have. I am lucky to work with a host of super business brokers, tax and accounting professionals, and financial advisors to make the buying or selling of a business a successful experience.
There is a lot of misinformation out there regarding starting up a business. Not all business entities are meant for every situation and no question is foolish or trivial. Certain business entities are more useful in certain situations than others. It is important to understand the different advantages for each business entity. Each entity has different management, tax and ownership advantages, so consultation and discussion with the client is an absolute must in order to make sure they are in the best entity possible. Moreover, the business entity is only the beginning. Most businesses then have to deal with tax filings, payroll issues, insurance and licensing concerns. As such, it is my job to make sure my clients have the information and understanding they need to start their business and put them on the road to success.