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Three Questions To Ask Before Selling Your Business

Three Questions To Ask Before Selling Your Business

By David Inabinett Operating a business in any industry is hard. Operating a successful business is even harder. As a business owner, you have to make difficult decisions every day. Whether your operating a brick and mortar location or ecommerce site, selling your business or company does not have to be difficult. Questions to Ask Yourself Do you have a plan? You will need to have a plan and clearly defined goals set in place before you start the process of selling your business or company. There are lots of things to consider when selling a business: price negotiationtime framelegal assistancehelp from certified financial experts There are pros and cons to every business deal. Following a plan or guideline will help you determine the best possible option.    2. When is the right time to sell? Timing is key when selling your business. Knowing and understanding when the market is up or down is an important part of selling your business. Selling at the right time and you can set yourself and your family up for the future. Selling at the wrong time can hinder the financial growth you have worked hard to build. 3. How much is my business worth? Knowing how much your business is worth ins not only important for you but important for buyers too. Potential buyers will want to know much your business is really worth. Is your business making a profit?Are you breaking even?Are you overextending your services or products?Is your business relevant in today’s quickly evolving market?What are the customary industry standards in valuing your business? You will also need to be...
Three Questions to Ask Before You Start a New Business

Three Questions to Ask Before You Start a New Business

Bradley Hunt| Everyone wants to be an entrepreneur. The idea of running your own business, not punching the clock, and not having to answer to a superior is what most people dream of. However, it is not as easy as it seems. To operate a successful business or company there are guidelines, procedures, and laws that you need to adhere to. Name selection, business structure, and licensing are important elements in starting any new business. What Name Should I Choose? A name is more than just a name when starting a new business. The name of your new business is the first thing customers will notice. We recommend coming up with several names in case your first (or second) choice is not available. New business owners don’t always consider that there are state and federal requirements to meet or that someone else may have already registered the name you wanted. The North Carolina Secretary of State website offers guidelines for choosing a business name: “An entity name shall not contain language stating or implying that the entity is organized for any purpose other than a purpose that is lawful and that is permitted by its formation documents. (i.e., Articles of Incorporation)The name must be distinguishable upon the records of the Secretary of State from the name of any other entity on the business registry. By Administrative Code, the business entity suffix of the name (i.e., Inc., LLC) is not used to determine distinguishability on the records.An entity name shall not contain words offensive to accepted standards of decency.” From a practical perspective, you may not want to choose a...
National Disability Employment Awareness Month

National Disability Employment Awareness Month

October ushers in fall and the beginning of holidays and celebrations. It is fitting that October is National Disability Employment Awareness Month. National Disability Employment Awareness Month was established by Congress in 1988 to applaud the many contributions by individuals with disabilities in our workforce, and to educate the public on issues encountered by those with disabilities. This year’s theme is: ”America’s Workforce: Empowering All.” Visit, What Can You Do to educate and inspire your team to focus on what each person CAN DO to effect and empower the team as a whole. We would like to take this opportunity to reiterate the importance of focusing on the “can do” by reminding employers of best practices: When hiring, you cannot discriminate because a person has a disability. What you can do is make reasonable accommodations for the individual so he or she can do the job without any barriers. The Americans with Disabilities Act Overview provides a good understanding of what you can do. Encourage team members to get to know each other. This helps put the focus on the person (and their abilities) rather than the disability. When referencing a person with a disability, you should not say “disabled person” or call the person by the name of the disability. Once an individual with a disability has been hired, remember to provide the same access to advancement, trainings, benefits and any other offering your company extends to all employees. Not all disabilities are visible or immediately apparent. Make certain all your supervisors and managers are aware of how to address requests for reasonable accommodations. Get your company involved! The...
Succession Planning

Succession Planning

By Bradley Hunt, Attorney at Law What will happen to your business if you retire, become ill, or die? Succession planning allows you to determine the answer to this question well in advance of any of these scenarios becoming reality and can ensure your business survives into the future. An article on business.com reported fewer than two-thirds of corporate leaders interviewed were actively executing a succession plan by grooming potential leaders. Another survey reported only 17% of non-profits have a succession plan in place. Many business owners put off developing a succession plan. After all, who wants to admit they may not be here to run the business forever? In truth, the planning process can be a challenge and often brings up underlying issues that must be addressed. In some cases, the CEO may not believe there is a qualified internal candidate to groom to take over the business, while the Board may disagree. In a family business, those in the next generation may not have the same level of interest in the business. Similarly, a deep dive into the succession planning process may uncover process or technology challenges that must be resolved. Succession Planning Considerations If you have a leadership team and/or Board of Directors, engage them in the succession planning process and keep it transparent. Hold a special meeting (or more than one) devoted to this topic. Determine what traits you want in the individual(s) who will succeed you. Values and a good cultural fit can make a big difference in the acceptance of this person as a future leader. Identify potential successors. Are there internal team...
Sexual Harassment in the Workplace

Sexual Harassment in the Workplace

By Bradley Hunt, Attorney at Law There have been several high profile claims of workplace sexual harassment in the news lately, most recently with a claim by a former engineer at Uber that her manager sexually harassed her. Claims of sexual harassment must be taken very seriously by employers, who can be held accountable if the behavior of a harasser is ignored. In the case of Uber, the CEO just hired a third-party to investigate the claims. What is Sexual Harassment? According to the U.S. Equal Employment Opportunity Commission (EEOC), “It is unlawful to harass a person (an applicant or employee) because of that person’s sex. Harassment can include “sexual harassment” or unwelcome sexual advances, requests for sexual favors, and other verbal or physical harassment of a sexual nature. Harassment does not have to be of a sexual nature, however, and can include offensive remarks about a person’s sex.” The law does not consider occasional teasing or single incidents that are not serious to be harassment, although employers must be aware that behavior that escalates may quickly jump into this category. Behavior becomes harassment when it creates a “hostile or offensive” work environment or results in the victim being fired, demoted or believing he or she has no recourse but to quit the job. It is important to note that both men and women can be victims of sexual harassment, and the harasser may be a manager, coworker, someone else within the company, the employee of a vendor or supplier, or even a client. The law not only protects victims of harassment, but also protects third parties who are...
7 Ways You Know You’re Ready to Start Your Own Business

7 Ways You Know You’re Ready to Start Your Own Business

How often do you think about starting your own business? When you consider starting a business, is your first thought that you’re not ready or it’s not the right time? So how do you know when it is time to start that business and become an entrepreneur? Here are some clues you might be ready to be your own boss: You have done your research and understand the pros and cons of becoming an entrepreneur. This includes talking to other business owners and developing best case – average – and worst case financial scenarios. You should also look at funding options to begin your journey. You have investigated the best choice to set up your new business and understand the short and long term pros and cons of each. Each form of business – a sole proprietorship, partnership, LLC, corporation, non-profit, etc. – has different benefits and legal requirements. It’s also important to consider shareholder/member buy-out agreements to govern the transfer of ownership in the future. Your family and friends are ready to support your endeavor. You can start a business without a support network, but it’s much harder. You have talked with a small business organization like SCORE or visited your local community college Small Business Center for input and direction. It doesn’t hurt to find a mentor and learn from that person. You have a game plan that includes your goals for the business and for yourself. You have worked with someone to help you identify and address areas of risk in the market(s) and industry your business will serve. You are passionate about the business/industry/cause you’ll...