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Are you mulling over the sale of your business? The decision to sell often is an entrepreneur’s biggest transaction, with emotions sometimes as overwhelming as the legal and business issues. As much as ever, it’s time for a strategy.

Here are six issues that any business owner needs to cover before selling.

#1. When do you want to transition out of business?

#2. Do you want to continue to work with the business after the sale? In what capacity?

#3. Do you trust the potential buyer?… Read the rest

Today, I want to talk about independent contractors, specifically using them when they may have a contractual tie to somebody else. Recently I was speaking at an event and somebody approached me asking, “What do I do if I have an independent contractor who may have a contract with somebody else? A prior employer?” They were concerned about what the risks were. We want to dive into that a little bit.

If this content’s valuable for you, I’m going to ask that you share it, let your friends know it exists, and let them know that we’re here, on the R.… Read the rest

No doubt you’ve read about the rise of artificial intelligence, and how it will continue to change manufacturing and other industries. Let’s first note this isn’t the first time we’ve had concerns about technology. It’s happened before in many industries.

Remember learning in school about the invention of the power loom and its role in the Industrial Revolution? We know what happened to the horse-and-buggy industries when Henry Ford came along. The transcontinental railroad? Our world changes. And as it does, so too must the legal system.… Read the rest

Sometimes in the journey of growing your business, you need to raise capital, so you decide to bring in an investor. Raising capital is a very difficult time for most businesses.

You need to position yourself well. You need to show the value to investors. And then you need to do all the negotiations to bring investors. It’s a lot of work, and sometimes people struggle with this process. You want to get the right people involved. You want to move the transaction forward.… Read the rest

Someday you may want to sell your business, and involving a business broker may be a viable strategy. But be careful.

Business brokers match buyers with sellers for a fee. Some brokers will charge expenses for completing work, especially if there is work to be done before a company is sold. I want to issue a warning so that everybody’s on the lookout: Unfortunately, there are some unscrupulous business brokers who are in the business, not of selling the businesses, but of preparing reports and positioning a company for sale.… Read the rest

Many of our clients struggle and wonder when to call in a lawyer. I don’t believe there’s one correct answer.

Each client needs to make a cost-benefit decision. We know lawyers cost money, and if you’re doing a transaction with a lawyer’s help, you will get a bill for the time. If the deal falls apart, in most cases you still will have to pay for the legal work done. That’s appropriate, of course, because the time the lawyer spent on your deal could have been spent on other billable projects.… Read the rest

R. Shawn McBride recently spoke about settling cases early is smart in some instances.

Hey, folks, Shawn here with you and I want to talk to you about an important topic. It’s about why settling a lawsuit is a good option in many cases. I get clients that come to me and many of my clients are right. They’ve done the right things. I tend to work with very conscientious, forward-thinking people, and many of them have documented what they’ve agreed to, they’ve followed the letter of the agreement, and they’ve done the right things.… Read the rest