Telling Your Employees You Have Sold the Business!

In Business Law by Coolidge Wall

“Don’t confuse ‘strict confidentiality’ with ‘keeping employees in the dark.’ Private is useful. Secretive is deceptive.” Stacy Feiner – from her book Talent Mindset. The quote by Stacy Feiner is appropriate for working with employees in the day-to-day operations of a business, but what about when the owner of a business is ready to realize their exit strategy? Business owners are generally passionate about what they have created and nurtured, but there comes a time when the business owner needs to take their chips off the table. When is the “right” time to tell employees that the business has been …

Is an SBA Loan Right for Your Business?

In Business Law by Coolidge Wall

According to Derek Hutson, CEO of Datical, “Entrepreneurship is at the core of the American dream. It’s about blazing new trails, about believing in yourself, your mission and inspiring others to join you in the journey. What sets [entrepreneurs] apart is the will, courage and sometimes recklessness to actually do it.” To realize their dream, an entrepreneur must have capital to either start or purchase a business enterprise. If the entrepreneur does not have the total of the funds required for the venture, loans guaranteed through the Small Business Administration of the United States (“SBA”) may be a viable source …

The Game of Risk (Allocation)

In Business Law by Coolidge Wall

According to Benjamin Graham in his book, The Intelligent Investor, “Successful investing is about managing risk, not avoiding it.” This same concept holds true and can be applied to transactions involving the purchase or sale of a small to medium sized business. Even with unlimited resources to conduct due diligence, there will always be risk for both the buyer and the seller in any business transaction. One of the most significant sources of risk in a business transaction is the risk of the unknown: in all cases, the buyer or seller “does not know what he or she doesn’t know”. …

Opportunity awaits small business owners who are PREPARED to sell their business

In Business Law by Coolidge Wall

According to a report published by BizBuySell.com, an online market place for small business sellers and brokers, the number of small businesses which sold in 2017 increased by 27% over 2016. Based on survey data, this growth in business transactions was driven by: (1) strengthening revenue and profits of small businesses; (2) an increasing number of owners looking to sell; and (3) an increase in the number of qualified buyers in the market. The survey data suggests that the number of businesses sold will continue to grow into 2018. Prepare to Take Advantage of These Trends If a business owner …

Small Business Owners Need to Plan an Exit Strategy

In Business Law by Coolidge Wall

The United States Small Business Administration defines a “Small Business” as generally one with less than 500 employees. Of the approximately 29 million businesses in the United States, 99% are, by definition, a small business. Ohio has approximately 927,000 small businesses representing 98% of all companies in Ohio, and those companies employ 46% of the Ohio workforce. A recent study published by Babson College estimates that more than 50% of America’s small business owners are over the age of 50. Do they all have an exit strategy? Entrepreneurs are passionate advocates for their customers, their products, and their creative ideas. …

Doing Business in Canada

In Uncategorized by Coolidge Wall

In 2015, Canada’s Gross Domestic Product in US Dollars was approximately $1.6 Trillion and the population of Canada was approximately 36 Million. With a shared border, a common language (in the west) and historically positive relations, Canada could represent a fertile trading ground for United States-based companies. While the country is contiguous and friendly, there are many factors which must be taken into consideration before launching a commercial endeavor with our fellow North Americans. What business structure should be employed? Companies must decide what business structure they will utilize to do business in Canada. The options of structures are varied …

New Attorneys Join the Firm

In News by Coolidge Wall

The law firm of Coolidge Wall Co., L.P.A. is pleased to announce that Christopher J. Hartman and Patrick Martin recently have joined the firm. Mr. Hartman’s work focuses primarily on tax and estate planning, real estate, and financial transactions. Mr. Martin is a member of the firm’s Corporate and Business Department. Mr. Hartman’s prior experience as a Certified Public Accountant at a large accounting firm gives him a unique perspective on tax and estate issues and complex financial transactions. He also has experience representing clients in trials and formal appeals. In law school, Mr. Hartman actively participated as a member …