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Business Continuity, The Legal Team, and Community Resilience

Posted by Alex Fullick on
Business Continuity, The Legal Team, and Community Resilience

Join me Thursday, September 7/23 at 1pm EST on the VoiceAmerica Business Channel, as I talk with recovering lawyer, an SME on national security and disaster preparedness / response, and the author of “How to Not Kill Your Business”, Erika Andresen, CBCP, JD, MPA.

We talk about the relationship between Business Continuity and the Legal Team (it’s not what you’re thinking) and how Business Continuity contributes to Community Resilience.

We touch on such subjects as:

1. Engaging the Legal Team

2. Regulatory & Compliance

3. The Board and Shareholders

4. Force Majeure issues

5. Building relationships with the legal team (and how they help BCM)

6. Linking BC principles to community resilience

7. Validating and testing plans

8. Community relationships and working together

9. How communities come together during disasters, and the small things that help

Erika does a great job of placing new light on Business Continuity by discussing how it can work with the legal team, and how the principles of BC helps to increase community resilience. Some great insights you don’t want to miss. Enjoy!


5 Wise Tips For Buying a Business

Posted by rstapholz on
5 Wise Tips For Buying a Business

To many, buying an existing business appears to be an easy task. It’s like purchasing a ready-made module rather than building one from scratch. It involves half the amount of effort.

However, one wrong decision, one uncalculated step could turn the tables. You may find yourself investing way too much time and energy, killing the whole essence of buying an established business.

Certainly, you do not want that. Neither do we. So, here are a few handy tips from the experience that could save you from the ultimate disaster.

1.         Know Your Business Skills

Before you seal the deal, question yourself: is this what interests you? Is this your field? Do you have enough command? Can you effectively deal with the current downfalls of your potential purchase? Or, if the business comes to face any of the predicted dangers, will you be able to deal with that?

Answer these questions, not only with yes or no’s. But also, with how? Once you do, you will unravel whether you have ample skills to take upon this business or not.

For example, some businesses demand the capability of constantly dealing with pressure. Some businesses have immense risks of huge blowouts. Some have a reputation crisis. Unless you’re purchasing a leading company, there are high chances that your purchase will have a major drawback that you must know to tackle. If you don’t, you may as well be paying for thin air.

2.         Get the Right Professional Advice

Once you have decided the domain you wish to explore, it’s to get in touch with professionals. Seek professional advice on the matter so that you may make a calculated, informed, and wise decision. Certainly, the professional will charge you quite a bit for this service. But you can consider this as an investment in a fruitful future.

In case you are wondering which professional you should reach out to, then a business broker may suit your interest. A business broker refers to a company or an individual that helps business purchasers with paperwork and investigations. They take up the responsibility of analysis and guiding you the right way in the industry. If you do not wish to trust a broker immediately, you can begin by doing your part of research about the processes at Net Lawman.

3.         Analyze the Legal Position & Documents

If a business is stable and running, it does not mean that the business is legally all fit and healthy. Many times, business owners figure alternate illegal routes to save themselves from paying heavy taxes that minimize their profits. And no, this deceptive move is not often visible on the surface. The business may appear the cleanest on the surface, but deep scrutiny will reveal the dark, hidden secrets.

For that very reason, we advise the ones purchasing a business to acquire all necessary information about the business beforehand. Get the documents verified and tested by relevant legal authorities. The documents you may want to check include contracts of the suppliers, paid taxes, employee agreements, insurance policies, etc.

4.         Don’t Hesitate to Negotiate

Even if you are a complete newbie in the business industry, you need not shy away from negotiating. Remember, sometimes even the brokers may try to suppress the possibility of negotiations solely to boost their benefits, so you must hold your ground firmly.

Participate enthusiastically in crafting the Letter of Intent, i.e., term sheet. And if the intermediary party does not initiate it, you should take charge. In this sheet, you settle terms and conditions with the seller about the assets and proceeding mechanism.

5.         Prioritize Assets Over Business Itself

Lastly, when purchasing a business, determine if it’s a corporation or LLC. If so, do not invest in the stock. Instead, buy the assets of the business and set up a fresh company. No, it wouldn’t be the same as starting from scratch. You could imagine this as starting somewhere midway.

Now, why would you do that? Well, that’s because such a measure will automatically be safeguarding the businesses’ intellectual property, as well as its material property. How so? If the previous owner has been sued by someone or has some negative charges, they will not apply to you since you will not have an inherited company. Instead, you will have a fresh one. The plus point is you can set up a brand new framework. Develop your own new rules. Make use of tools you like, such as TrackTime24. Manage staff as per your conditions anew.

Final Thoughts

Summing up, purchasing a business may not be as hectic as starting a business. But it is, surely, a sensitive process. If you fail to pay attention to the details, you might sign up for even greater trouble. Hence, we highly recommend abiding by the tips above. Good luck!

Gay Marriage from the Inside Out: Meet Two Diverse Couples Who Will Share Their Journey with Us!

Posted by Editor on
7th Wave
Gay Marriage from the Inside Out: Meet Two Diverse Couples Who Will Share Their Journey with Us!

Gay Marriages NYC

Thanks to the Supreme Court, same-sex marriage is now legal in all states. But what does that actually mean for gay people? Gay marriage is not just a political slogan or an opportunity for benefits and legal status. Any kind of marriage is a choice and challenge. On this show, we’ll talk about gay marriage from the inside out. Meet two very diverse couples. Larry and Corey live in a Southern state where same-sex marriage has NOT been legal. They’ve been together 8 years, but they never before had to confront the question: Should we marry? Debra and Heidi have been together over 30 years. They live in California, took commitment vows in 1993 (their ceremony was the subject of an Academy-award nominated documentary), have two children they birthed, and have been legally married under California law since 2008. Each couple has had to face social and family challenges, and each deals with the issues we all face in relationship: issues of caring, cold feet, love and commitment. Tune in Tues 7/14 @ 3pm PT on ‘InsideOut‘ with Beth Green.

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