January Newsletter

What Has Stopped You From Achieving the Things You Wanted to Achieve?

As our decade comes to a close, take a moment to pause and reflect on the past, prior to making new resolutions and setting goals. Acknowledge how you overcame obstacles and give yourself a pat on the back for the progress you have made. At the same time, recognize that self-imposed roadblocks make up a large portion of the hurdles faced by each of us. Were these the roadblocks that stopped you from achieving more? You may have been super busy, but what did you really accomplish?

Consider reviewing old notes or goals, “interviewing” your business partner, or even picking your spouse’s brain about what occurred around a particularly challenging obstacle or period of time. Drawing a basic timeline could enhance your understanding of what took place. Invest a little time and focus on this experience, and you’ll set the stage for making important – and perhaps life-changing – realizations.

I have always found it helpful to seek the counsel of others with similar experiences. A counselor, a friend, a spiritual leader, a mentor, or an advisor might be your go-to person, helping you to move forward with more awareness. Utilizing an experienced business advisor makes all the difference in both your family and business life.

Are you ready to set new goals and achieve even more progress this year? Any day could be the hinge point in your life. Make today that hinge point. Eagle Corporate Advisors can help you achieve the things you want to achieve, just reach out!

If you’ve been following us for any length of time, you’ve read about the Six A’s in our newsletters. Reading about it is one thing. But seeing the journey is something else entirely. That’s why we’re introducing our brand-new video as the best way to show this important concept in action. Click the image below to join us on a journey to preforming higher in your business.

Goals, Performance, Success
Fundamentals: Legal – Part 1

“It is not wisdom but authority that makes a law.”
– Thomas Hobbes

Legal concerns are of utmost importance for business owners because they can make or break a business. More often than not, business owners assume that the legal side of their business is going wonderfully. Yet, there are several areas that typically need attention– not just good old intentions. Legal representation and documents, intangible property, proper handling of employees, shareholders agreements and litigation – all warrant your attention when you are protecting and increasing the value of your business.

Documentation should be maintained with proper legal representation from the initial structuring of your entity through the various changes that occur over time. You need complete documentation of meeting notices and minutes, ownership changes, major decisions, acquisitions, and added capital. And don’t forget to maintain local and state licensing. Purchase agreements, buy-sell agreements, bylaws, and operating agreements often need to be updated as well.

Employment documentation should be maintained with accurate employee files including tax documentation, employee reviews, employee handbooks, employment agreements with appropriate non-compete and non-disclosure provisions, and other regulatory requirements, such as benefits.

Compliance reviews of documentation should be performed regularly for all relationships with partners, lenders, suppliers, customers, insurance providers, and any other parties. This will confirm that there are no unintentional (or intentional) violations of the covenants and terms within your agreements with these parties, and ensure that all “verbal deals” are documented properly.

Documentation relating to your intangible property, your secret sauce, or your special process is vital and should be protected, including branding, lists, ingredients, or anything that makes your business unique, with proper filings and updated restrictive agreements. These intangible assets, including what’s often referred to as intellectual property, can have a very real effect on your business’ value. Copyrights, patents and trademarks are likely on your radar, but are you overlooking the potential value of slogans, graphic designs, proprietary formulas and sales methods, training programs, or customer lists? And never forget that the licensing and commercialization of your business activities can generate recurring revenue, increasing profit margins and increasing the ultimate value of your company.

It’s essential to become aware of the value of properly documenting activities in your business, especially the intangible. This awareness allows you to leverage that value, creating a competitive advantage for your business. But most importantly, awareness allows you to protect this property.

Keep an eye out for the next article in The Navigator regarding legal issues.

The “Five D’s” are possible scenarios faced by all businesses. A well-prepared business contingency plan gives a business the ability to maintain the course, or to effectively change direction, in event of the “unforeseen.” A close examination of processes and scenarios will fortify your business in the event of:

  • Disagreement
  • Divorce
  • Disability
  • Distress
  • Death

In our recent newsletters, we’ve discussed the first four of these “D’s.” We have now, unfortunately, arrived at the sad but inevitable 5th “D” of Death. We’ve learned that 50% of business exits are NOT voluntary. It is vital for business owners to be ready, with plan in place, when the inevitable happens.

Death too often happens unexpectedly, and the death of a business owner can severely damage, if not completely destroy, the value of a business. This is particularly true if the business owner is critical to daily operations. If unprepared, your business shares the same mortality risks as its individual owners. The unexpected death of a proprietor is obviously devastating for a family; employees and other stakeholders are also affected. The larger the business, the more people these sad events can negatively impact.

When we begin working with business owners, our first step is determining the “de-risking” measures needed to solidify the company’s foundation. We initiate this challenging conversation by asking important questions, such as:

  • Who will be running your business, even temporarily, if you or one of your business partner(s) died?
  • Who knows the location of important documents, passwords and keys? How long will it take them to access and utilize these items?
  • How does your estate plan address leadership succession and the future of your family and your business at your death?
  • What preplanning has been completed for your funeral or memorial service?
  • Which types of insurance products have you used to help your family and business upon your death?
  • How well does your plan address liquidity concerns with estate and death taxes?

Death, distress, disability, divorce and disagreement are proven business killers. There is no time like the present to address these possibilities. It’s not an easy conversation, but you and your stakeholders (including family) will receive priceless peace of mind once you take the first step by reaching out to Eagle Corporate Advisors.

The “Five D’s” are possible scenarios faced by all businesses. A well-prepared business contingency plan gives a business the ability to maintain the course, or to effectively change direction, in event of the “unforeseen.” A close examination of processes and scenarios will fortify your business in the event of:

  • Disagreement
  • Divorce
  • Disability
  • Distress
  • Death

In our recent newsletters, we’ve discussed the first four of these “D’s.” We have now, unfortunately, arrived at the sad but inevitable 5th “D” of Death. We’ve learned that 50% of business exits are NOT voluntary. It is vital for business owners to be ready, with plan in place, when the inevitable happens.

Death too often happens unexpectedly, and the death of a business owner can severely damage, if not completely destroy, the value of a business. This is particularly true if the business owner is critical to daily operations. If unprepared, your business shares the same mortality risks as its individual owners. The unexpected death of a proprietor is obviously devastating for a family; employees and other stakeholders are also affected. The larger the business, the more people these sad events can negatively impact.

When we begin working with business owners, our first step is determining the “de-risking” measures needed to solidify the company’s foundation. We initiate this challenging conversation by asking important questions, such as:

  • Who will be running your business, even temporarily, if you or one of your business partner(s) died?
  • Who knows the location of important documents, passwords and keys? How long will it take them to access and utilize these items?
  • How does your estate plan address leadership succession and the future of your family and your business at your death?
  • What preplanning has been completed for your funeral or memorial service?
  • Which types of insurance products have you used to help your family and business upon your death?
  • How well does your plan address liquidity concerns with estate and death taxes?

Death, distress, disability, divorce and disagreement are proven business killers. There is no time like the present to address these possibilities. It’s not an easy conversation, but you and your stakeholders (including family) will receive priceless peace of mind once you take the first step by reaching out to Eagle Corporate Advisors.

UPCOMING EVENTS

Join me at the AM&AA Southern Nevada Chapter
Denial, Anger, Bargaining, Depression, and More Anger:
The Five Stages of Working Capital Adjustments
February 4
REGISTER HERE

Business owners often feel as though they have no one to talk to, no one who really understands the frustrations and loneliness of entrepreneurship, not to mention the occasional sleepless night. They find it difficult to truly open up and share everything with employees, friends, family, or even business partners, who may mean well, yet don’t have the experience, ability, or objectivity to provide meaningful support and direction.

It’s as though the business owner is sitting at his or her desk, with piles of obligations and concerns, while across the desk sits an empty chair.

Chuck Mohler often walks in and claims the previously empty seat as the best person to fill the void. Chuck uses his 25+ years of experience in business and his multiple professional certifications to guide owners, after careful listening, with sound advice and action. In his role as a qualified, trusted advisor, coach and mentor, he shares hard-won lessons, addresses specific challenges and helps implement vital systems and processes, all while lending an empathetic ear. Or, sometimes, a needed kick in the pants.

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