April 18, 2019
We all know you and your business must have protection through insurance. What happens if you can’t operate your business due to circumstances beyond your control? Are you ready if you or your business is sued (as discussed in our previous article)? You must have the right business insurance policies in place. You need to work with an insurance agent to be sure you not only have the common policies, but there are several other insurance policies business owners don’t know they need.
April 16, 2019
The word ‘lawsuit’ can make the mightiest of business owners, shrink to the fetal position in a dark corner. Whether you are being sued for breach of contract, wrongful termination, discrimination, malpractice, harassment, misappropriation of funds, or any other reason, lawsuits can wreak havoc on your business. Therefore, let me walk you through ways you can mitigate your lawsuit risks.
April 12, 2019
If you own a business, you own some type of intellectual property. At the very least, you have a copyrighted brand or a trademarked product. Perhaps you’ve invented the cure for cancer, or you’ve developed a secret formula for the world’s best barbeque sauce. No matter what you’ve invented or created, you need to take certain steps to protect your business’s intellectual property. The more proactive you are about securing your intellectual property, the better chance you have of keeping it from your competitors.
April 10, 2019
Oftentimes, business owners do not think about the liability side of the business sale. What happens to your business debt when you sell your company? Will the buyers assume the debt? Will you use proceeds from the sale to pay-off the debt? What if your debt scares away potential buyers? If you are preparing to sell your business within the next five or ten years, any existing debt or any new debt you take on is going to create risk in your company. An increase in risk can lead to a decrease in business value. So before you finance another piece of equipment or before you utilize a business line of credit, decide whether the increased risk is worth the potential decrease in value to your business.
April 8, 2019
Since I’ve been talking about how to protect your business in the last few blogs, it’s time to mention contracts – the most essential protective measures you can put in place in your business. Every day, you enter into some type of contract. Whether you’re making an online purchase or buying a hamburger, you are essentially agreeing to a contract. Contracts exist everywhere! And when implemented properly, contracts can protect your secrets, your reputation, your property, your equipment, and more.
April 5, 2019
Many employers use contracts with employees to protect their business interests and their trade secrets. Yet, more than that is at stake with these agreements. Employee contracts also protect the value of your business if you want to sell it in the future.