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Category Archives for General Business

Success Phase: Are you making expensive mistakes in your business? (S5E122)

 

If you’re in the Success Phase of business – your business is stable, you’re making consistent revenue you and others depend on (from $50,000 to low six-figures) and you’ve built a team  – this episode is for you.

Learn some expensive mistakes you could be making in your business, whether you’re a done-for-you service provider, a coach, or a course creator. 

And even if you’re still in the earlier Launch Phase or Solopreneur Phase, or in a later phase of building your business, you’ll want to tune in to make sure you’ve taken care of your legal basics, or get an idea of potential problems that lie ahead.

In this episode, we’ll cover:

  • Why it’s important to distinguish between independent contractors doing ongoing work for your business and those who just handle a one-time project
  • How misclassifying a worker can be one of the most expensive mistakes you make
  • Why it’s absolutely essential to use a written agreement when you’re collaborating with another business or individual
  • The one trademark you need to register once you reach the Success Phase

BONUS: Success Phase Entrepreneur Checklist — head to www.awbfirm.com/podcast122 to learn about what can go wrong legally as you enter the Success Phase of your business, and simple actions you can take now to avoid costly problems later, in our Success Phase Entrepreneur Checklist.  We’ll be releasing a brand-new legal checklist for each phase of your business building journey, free with every episode this month!

Resources:

Previous episodes about working with contractors and employees the right way:

Legal Road Map® episode 91 – www.awbfirm.com/podcast91

Legal Road Map® episode 49 – www.awbfirm.com/podcast49

Legal Road Map® episode 37 – www.awbfirm.com/podcast37

Legal Road Map® podcast archives (all episodes) – www.awbfirm.com/podcast

This podcast is information, not legal advice specific to your situation.

Want to make sure your business is protected but working one-on-one with a lawyer just isn’t in the budget? Our customizable contract templates are a great, affordable way to get protection for yourself and your business without breaking the bank. Shop our selection of contract templates for online businesses and protect your business today! Visit www.awbfirm.com/contract-templates.

Solopreneur Phase: Are you making expensive mistakes in your business? (S5E121)


If you’re in the Solopreneur Phase of business – your business is no longer a baby, you’re making revenue you depend on (up to $50,000) and you’re still the one doing all the things  – this episode is for you.

Learn some expensive mistakes you could be making in your business, whether you’re a done-for-you service provider, a coach, or a course creator. 

And even if you may still be in Launch Phase, or in a later phase, you’ll want to tune in to make sure you’ve taken care of your legal basics, or get an idea of potential problems that lie ahead.

In this episode, we’ll cover:

  • Why the Solopreneur Phase is a really great time to take care of legal (even if it seems too early)
  • How your website might not be covered legally if you’re missing specific documents required by law
  • Why it’s so critical to protect your primary revenue stream at this stage
  • How to avoid common client problems, like: 
    • Non-payment
    • Scope creep
    • Refund requests
    • Ghosting in the middle of a project
    • Disputes about who owns the work product
    • Firing a nightmare client
    • Copycats
    • Flaking on payment plans, or 
    • Causing drama in your community or group

BONUS: Solopreneur Phase Entrepreneur Checklist — head to www.awbfirm.com/podcast121 to learn about what can go wrong legally as you enter the solopreneur phase of your business, and simple actions you can take now to avoid costly problems later, in our Solopreneur Phase Entrepreneur Checklist.  We’ll be releasing a brand-new legal checklist for each phase of your business building journey, free with every episode this month!

Resources:

Legal Road Map® Episode 81: www.awbfirm.com/podcast81

Contract templates: www.awbfirm.com/contract-templates

This podcast is information, not legal advice specific to your situation.

Worried about the legal blindspots that may be lurking in your business? The AWB Firm can help! We start every VIP Day with a Legal Road Map® session, but you can schedule this session separate from a VIP Day too. One of our experienced attorneys will take a one-hour deep-dive into your business and provide you with a report of recommended steps personalized for your business. And you’ll be confident you’re not missing anything essential now, and you’ll learn what you might need to do later. For more info or to book your Legal Road Map® session, visit https://awbfirm.com/legal-road-map-session

Are you making expensive mistakes in your business? Launch Phase – Legal Road Map® Podcast S5E120

If you’re starting or growing your business in 2020, my guess is you don’t know half of the things that can go wrong legally in your business. 

All season, we’re talking about dreaming + scheming, and the expensive legal pitfalls you’ll want to avoid in each stage of starting, building, and scaling your online business. 

If you’re in Launch Phase of business – maybe you still have a day job while you get started, or you’re full-time but still getting your business off the ground – this episode is for you.

(Even if you’re further along in business, you might find that you still need to button up some of the legal issues I discuss in this episode!)

In this episode, we’ll cover:

  • Why launch phase is the perfect time to create a strong foundation for your online business
  • If you need to form a corporate entity when you’re in launch phase
  • Why it’s important to check that no one’s using the name you want for your business before you get started
  • Why you probably don’t need to worry about registering your trademark in launch phase
  • If you need to have a contract for any collaborations when you’re just getting started
  • Why it’s essential to make sure you keep your business and personal expenses separate
  • Why using other people’s intellectual property (i.e., images, music, etc.) is one thing you absolutely want to avoid when you’re just getting started
  • What is perhaps the most important thing to remember in launch phase

BONUS: Launch Phase Entrepreneur Checklist — head to www.awbfirm.com/podcast120 to learn about what can go wrong legally as you launch your business, and simple actions you can take now to avoid costly problems later, in our Launch Phase Entrepreneur Checklist.  We’ll be releasing a brand-new legal checklist for each phase of your business building journey, free with every episode this month!

Resources:

Legal Road Map® episode: LLC vs. corporation for your online business www.awbfirm.com/podcast108

Legal Road Map® episode: Making partnerships and collaborations successful  www.awbfirm.com/podcast35

This podcast is information, not legal advice specific to your situation.

If you’re so in love with your course, product, or business name that you’re ready to say “I do”, it’s probably time to register your trademark. The AWB Firm can help! Clients love our seamless process and flat-fee pricing (i.e., no surprise bills for you!). If you’re ready to learn more or get started, visit www.awbfirm.com/trademark-copyright.

2020 trends for online businesses (Legal Road Map® Podcast S4E119)

Learn what trends we’re seeing with our 7+ figure online business owner clients for 2020.

In this episode we’ll cover:

  • The benefits of a membership or subscription model, that go beyond recurring revenue
  • What’s coming up with live events – and how you can use photos or video of your in-person event to promote the next one
  • Why you might want to niche even further when it comes to your online course
  • Why you might want to offer done-for-you services alongside your online course

Resources

Legal Road Map® podcast: interviews with Corinne Crabtree – www.awbfirm.com/podcast34, www.awbfirm.com/podcast88

Legal Road Map® podcast: interview with Kara Loewentheil – www.awbfirm.com/podcast92

Legal Road Map® podcast: interview with Tara McMullin – www.awbfirm.com/podcast79

Legal Road Map® podcast: Affiliate episodes – www.awbfirm.com/podcast95, www.awbfirm.com/podcast97

BONUS: What’s your contract missing? Get your hands on our FREE resource to help you write solid contracts: The 5 terms I think every contract should include. www.awbfirm.com/5terms 

If you’re so in love with your course, product, or business name that you’re ready to say “I do”, it’s probably time to register your trademark. The AWB Firm can help! Clients love our seamless process and flat-fee pricing (i.e., no surprise bills for you!). If you’re ready to learn more or get started, visit www.awbfirm.com/trademark-copyright.  

This podcast is information, not legal advice specific to your situation.

Are lawyers scary? What it’s really like to work with the AWB Firm – Legal Road Map® Podcast S4E118

Does the idea of working with a lawyer make your palms sweat? If you’ve never worked with a lawyer, it just might! 

Learn what it’s really like to hire our firm to help with your legal needs, from start to finish.  You’ll hear about the entire process, and why working a lawyer doesn’t have to be scary.

In this episode we’ll cover:

  • Why we ask potential clients fill out a questionnaire before we provide a quote for a particular project
  • Why it’s best to work with a lawyer who specializes in the area of law you need help with
  • The steps we take before we can start on a client project to ensure success
  • Why, even when you’ve got a lawyer on your side, you’re still responsible for making the final decision

BONUS: What’s your contract missing? Get your hands on our FREE resource to help you write solid contracts: The 5 terms I think every contract should include. www.awbfirm.com/5terms 

Worried about the legal blindspots that may be lurking in your business? The AWB Firm can help! We start every VIP Day with a Legal Road Map® session, but you can schedule this session separate from a VIP Day too. One of our experienced attorneys will take a one-hour deep-dive into your business and provide you with a report of recommended steps personalized for your business. And you’ll be confident you’re not missing anything essential now, and you’ll learn what you might need to do later. For more info or to book your Legal Road Map® session, visit https://awbfirm.com/legal-road-map-session  

This podcast is information, not legal advice specific to your situation.

Course creator interview: Heather Hubbard (S4E117)


Boss lawyer-turned-strategist Heather Hubbard shares her experience making the leap into entrepreneurship, why contracts are critical, and her recent Legal VIP Day experience with the AWB Firm.

In this episode we’ll cover:

  • The importance of knowing your bigger ‘why’
  • Why you need to use contracts with your collaborators – every time!
  • Why it’s also critical to still have an actual conversation about what’s in your contract with your customers
  • How documentation is essential when faced with a credit card chargeback or dispute
  • When it’s time to hire out different types of tasks in your business
  • Heather’s experience with the AWB Firm’s new Legal VIP Day

BONUS: What’s your contract missing? Get your hands on our FREE resource to help you write solid contracts: The 5 terms I think every contract should include. www.awbfirm.com/5terms 

Resources:

Heather’s website: https://www.heatherjoyhubbard.com/blueprint/

Hustle & Flow podcast: https://www.heatherjoyhubbard.com/podcast/

Want to make sure your business is protected but working one-on-one with a lawyer just isn’t in the budget? Our customizable contract templates are a great, affordable way to get protection for yourself and your business without breaking the bank. Shop our selection of contract templates for online businesses and protect your business today! Visit www.awbfirm.com/contract-templates.

This podcast is information, not legal advice specific to your situation.

Legal Road Map® Podcast S4E116: What do 7-figure business owners know that you don’t?


Our firm works with successful 7 & 8 figure online business owners every day, and we’ve started to notice a few important qualities that they share.

We’re sharing the four things they consistently do to create and sustain success (and how you can implement these into your business NOW).

In this episode we’ll cover:

  • Why continuing to “bootstrap it” into seven-figures is a recipe for burnout
  • The first two positions CEOs / founders typically fill on their teams
  • How handing over marketing to another team member can be a big stumbling block for seven-figure founders
  • Why CEOs spend time with people who are further along in business than they are, not just their peers
  • Why making 1, 5, or 10 year goals and being proactive is essential to get you to the business of your dreams
  • What CEO/founders know about spending money to get in front of people (leads aren’t free!)

Key takeaway: Keeping an eye on those who are further along in business is one of THE best ways to ensure you reach their level.

BONUS: get your hands on our FREE resource to help you write your contracts: The 5 terms I think every contract should include: www.awbfirm.com/5terms 

Resources

Get Paid podcast with Clare Pelletreau: https://clairepells.com/category/podcast/

Legal Road Map® Facebook group: https://www.facebook.com/groups/legalroadmap/ 

Have you poured your heart and soul into creating an online course? How upset would you be if one of your students copied some or all of your course content and tried to sell it as their own? Perhaps a more important question: how upset would you be with yourself if you didn’t have an agreement in place that expressly prohibits your students from doing something like this? Our Legal Road Map® to Protect Your Online Course contract template bundle can help you lock down your course content in the time it takes you to catch a few episodes of your latest Netflix binge. 

To buy your bundle and start protecting your online course today, visit www.onlinecourselegal.com/yes  

This podcast is information, not legal advice specific to your situation.

 

The Legal VIP Day (S4E114)


We kept hearing from our clients that they didn’t have time to get legal projects done.  

So we created a solution tailor-made for online business owners with the least amount of time, who still want to protect their business.

In this episode we’ll cover:

  • What the AWB Firm’s Legal VIP Day looks like: a 360-degree overview of the entire experience
  • How you can get more legal projects done in less time
  • The value of having white space on your calendar – for legal AND non-legal projects
  • How blocking off an entire day to focus on legal for your online business can actually be FUN!

BONUS: get your hands on our FREE resource to help you write your contracts: The 5 terms I think every contract should include: www.awbfirm.com/5terms 

Resources

Legal VIP Day: www.awbfirm.com/VIP-day

Worried about the legal blindspots that may be lurking in your business? The AWB Firm can help! We start every VIP Day with a Legal Road Map® session, but you can schedule this session separate from a VIP Day too. One of our experienced attorneys will take a one-hour deep-dive into your business and provide you with a report of recommended steps personalized for your business. And you’ll be confident you’re not missing anything essential now, and you’ll learn what you might need to do later. For more info or to book your Legal Road Map® session, visit https://awbfirm.com/legal-road-map-session   

This podcast is information, not legal advice specific to your situation.

 

Legal for course creators: Do I need an LLC or corporation? (S4E108)


Visit awbfirm.com/vimeo-video/podcast108 for a video version of this podcast episode.

How do you know when it’s time to form an LLC or corporation?

Learn why it’s a good idea for course creators to form a corporate entity, and which entities work best for different types of businesses.

In this episode we’ll cover:

  • Why it’s critical to speak to both a lawyer AND a CPA when you’re making the decision about the best legal entity for your business
  • What “liability protection” actually means, and how forming an entity helps you get it
  • How to safeguard your personal home, car, bank accounts, and other assets from things that might go wrong in your business
  • Higher risk course topics that may affect which entity you choose
  • Why adding a physical location or hiring employees may mean it’s time to form an entity
  • Tax and insurance issues to consider when choosing which entity to form
  • Different types of entities and when it’s a good idea to consider each one
  • A few steps you’ll need to take to open your business bank account (and what order to do them in!)
  • What the “corporate veil” is and why you do NOT want a court to “pierce” it!

Key takeaway: Protecting your personal assets is the name of the game when it comes to forming a corporate entity, but consulting with a trusted advisor (or two!) can help you make the right choice for your business.

BONUS: get your hands on our FREE resource to help you write your contracts: The 5 terms I think every contract should include: www.awbfirm.com/5terms 

Resources

Corporate entity cheatsheet: sign up below!

GDPR podcast episodes: www.awbfirm.com/podcast38, www.awbfirm.com/podcast39, www.awbfirm.com/podcast40

Have you poured your heart and soul into creating an online course? How upset would you be if one of your students copied some or all of your course content and tried to sell it as their own? Perhaps a more important question: how upset would you be with yourself if you didn’t have an agreement in place that expressly prohibits your students from doing something like this? Our Legal Road Map® to Protect Your Online Course contract template bundle can help you lock down your course content in the time it takes you to catch a few episodes of your latest Netflix binge. 

To buy your bundle and start protecting your online course today, visit www.onlinecourselegal.com/yes 

This podcast is information, not legal advice specific to your situation.

 

Legal for course creators: FB ads (S4E102)


 

Learn how the legal health of your business can affect how you run Facebook or Instagram ads, or even if they’re approved.

In this episode we’ll cover:

  • Why you’ll want to check out Facebook’s ad policies before you start working on your ad images or copy
  • What FB checks out when you submit an ad for approval
  • How your site’s privacy policy (or lack thereof) can affect your ad approval
  • What you need to know about intellectual property when it comes to FB ads
  • Things you may be required to disclose in connection with your FB ads

Key takeaway: A legal checkup before you run FB ads can mean the difference between a super successful campaign and lighting hundred dollar bills on fire.

BONUS: get your hands on our FREE resource to help you write your contracts: The 5 terms I think every contract should include: www.awbfirm.com/5terms 

Resources

Contract template store: www.awbfirm.com/contract-templates

Worried about the legal blindspots that may be lurking in your business? The AWB Firm can help! Clients love our Legal Road Map® session. One of our experienced attorneys will take a one-hour deep-dive into your business and provide you with a report of recommended steps personalized for your business. And you’ll be confident you’re not missing anything essential now, and you’ll learn what you might need to do later. For more info or to book your Legal Road Map® session, visit https://awbfirm.com/legal-road-map-session 

This podcast is information, not legal advice specific to your situation.

 

100th episode! A behind-the-curtain peek inside the AWB Firm (Legal Road Map® Podcast S4E100)


100th episode! A behind-the-curtain peek inside the AWB Firm

We’re celebrating our 100th episode! Emily Thompson of the Being Boss podcast and Almanac Supply Co. interviews Autumn about:

  • What it’s been like to build the AWB Firm for the past four years
  • Growing a team
  • Legal lessons learned (yes, even lawyers need legal!)
  • Work-life balance as an owner of a successful law firm + a mom to 3 young kids
  • Designing a life you don’t need a vacation from

BONUS: get your hands on our FREE resource to help you write your contracts: The 5 terms I think every contract should include. www.awbfirm.com/5terms 

Have you poured your heart and soul into creating an online course? How upset would you be if one of your students copied some or all of your course content and tried to sell it as their own? Perhaps a more important question: how upset would you be with yourself if you didn’t have an agreement in place that expressly prohibits your students from doing something like this? Our Legal Road Map® to Protect Your Online Course contract template bundle can help you lock down your course content in the time it takes you to catch a few episodes of your latest Netflix binge. 

To buy your bundle and start protecting your online course today, visit www.onlinecourselegal.com/yes 

This podcast is information, not legal advice specific to your situation.

 

Course creator interview – Kara Loewentheil – *explicit* (S4E92)


Have you ever felt like you were doing all the right things, but not getting the results that were *supposed* to magically appear?

Then you need to listen to this episode with Harvard-educated lawyer turned feminist mindset life coach Kara Loewentheil, who shares about her unconventional launch strategy, initially failing to succeed in business, and her experiences registering trademarks and hiring employees.

In this episode you’ll learn:

  • The importance of learning even the bare minimum of the marketing strategies you want to use in your business, even if you plan to outsource it, and how this can save you money in the long run
  • Why you should get crystal clear on your messaging before you invest big bucks in marketing
  • How being willing to fail (and fail repeatedly!) can help you succeed
  • Why registering your trademark right off the bat might not be the best idea
  • What you must consider when you’re ready to hire your first employee

BONUS: Head over to www.awbfirm.com/course for instant access to our brand new, free masterclass, 3 Legal Protections Your Course Business is Probably Missing, and our legal checklist for course creators (plus you’ll be the first to know when new episodes are live).

Resources:

Kara’s FREE 5-Day Confidence Challenge: www.unfuckyourbrain.com/challenge

Unfuck Your Brain Podcast: https://unfuckyourbrain.com/podcasts/

The Clutch: https://unfuckyourbrain.com/theclutch

The Life Coach School: https://thelifecoachschool.com/

This podcast is information, not legal advice specific to your situation.

 

Gravy’s Casey Graham on a stellar customer experience (S4E90)


Have you had issues with customers not fulfilling their payment plans?  Gravy’s Casey Graham talks about the value of personalized human interaction in an age where automation is the online business practice du jour.

In this episode you’ll learn:

  • How being nice can make all the difference when you’re working to resolve payment issues with your customers
  • Why quick action is essential in the payment recovery process (80% of recovery happens in the first 7 days!)
  • How to make sure your emails about payment issues actually get opened
  • Why a “magic moment” within a week of purchasing will help you gain a loyal follower instead of just another disengaged purchaser
  • The power of a cleaned out inbox
  • What the 55 cent principle is, and how it can really up your customer service game (it’s one of our favorite things we use with our own clients here at the AWB Firm!)

BONUS: Head over to www.awbfirm.com/course for instant access to our brand new, free masterclass, 3 Legal Protections Your Course Business is Probably Missing, and our legal checklist for course creators (plus you’ll be the first to know when new episodes are live).

Resources:

Autumn’s link to try out Gravy: www.sharegravy.com/autumn

Payment Recovery Success Chart:

 

 

 

 

Full Story screen capture: https://www.fullstory.com/

Casey’s Instagram: @caseygraham

This podcast is information, not legal advice specific to your situation.

Some of the links on this page are affiliate links, which means that if you choose to make a purchase, the AWB Firm will earn a commission. This commission comes at no additional cost to you. We have experience with these companies, and recommend them because they are helpful and useful, not because of the small commissions we make if you decide to buy something. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.

Legal planning for 2019 – Foundations for your business (S3E65)


Working with a lawyer usually isn’t at the top of people’s priority list for their business. But now is a great time to start thinking ahead about the legal needs your business might have in the coming year.

You can start getting your business ready for 2019 now by:

  • Performing a quick audit and updating your contracts if needed (including those on your website!)
  • Taking inventory of the content you’ve created over the past year to see what you might need to protect with a trademark
  • Adding a budget line item for legal
  • Getting a lawyer’s eyes on your business to see any legal blindspots
  • Considering if you’re ready to have a lawyer on your team long-term through an ongoing retainer arrangement

Key takeaway: Being proactive about legal in your business now can help set the firm foundations to prepare it to really take off in 2019.

Additional resources:

5-Minute IP Audit worksheet: www.awbfirm.com/podcast

Legal Road Map® checklist: www.awbfirm.com/checklist

Legal Road Map® session: www.awbfirm.com/legal-road-map-session

Sign up below to get a free 5 Minute Intellectual Property Audit. You’ll learn how you can make more money from the copyrights and trademarks in your business (you can also sign up there to be the first to know when new episodes are live and receive other legal updates and special offers from the AWB Firm).

This podcast is information, not legal advice specific to your situation.

Selling your business – Succession planning for a successful sale (S3E61)


It’s easy to want to check out when you’re ready to sell your business, but making sure you have a team in place to help with a smooth transition is an essential part of the sale process.

In this episode I talk about important questions to ask and preparing your team for the sale of your business:

  • Important things to consider when thinking about who will run the business after you sell
  • Terms to have in writing if you plan to stay on after the sale to help with the transition
  • Why you might be required to sign a non-compete agreement
  • Making sure your trade secrets are protected by nondisclosure agreements
  • The right time to let your key employees know about the sale of your business
  • Making sure your employees and independent contractors are appropriately qualified before you sell
  • What you need to know about your independent contractor contracts before you sell

Key takeaway: Making a break from your business can be a stressful process, but with the right people and protections in place, you can confidently move on to the next adventure.

Additional resources:

Contract templates: https://awbfirm.com/contract-templates/

Episode 12: https://www.awbfirm.com/podcast12

Episode 37: https://www.awbfirm.com/podcast37

This podcast is information, not legal advice specific to your situation.

Selling your business – Whats your business worth – Business valuation with Shannon Farr (S3E60)


If you’re a business owner, it’s easy to get caught up in the month-to-month or year-end numbers. But when it comes to putting a price tag on it, how are you supposed to figure out what your business is worth?

I’m joined by Shannon Farr, CPA of Scenic City Consulting, who’s an expert in all things business valuation.

Shannon and I talked about the three standard business valuation approaches and more:

  • How to figure out your business’s value if it owns a lot of intangible assets (like copyrights, trademarks, and trade secrets)
  • Why you might need to do your own due diligence inside your business before the valuation process
  • Why the Income approach is the most popular way to calculate a business’s value
  • What you need to do now if you may be looking to sell or take an investor in your business in the future
  • Why it’s difficult to compare your small business to other similar businesses in the market
  • Important things to discuss with your CPA if you’re preparing to sell your business
  • How getting an independent valuation is kind of like an appraisal for your business
  • Why you shouldn’t be afraid of business valuation as a small business owner

Key takeaway: Business valuation might seem like an avoidable expense, especially if you’re a small business. But placing the right value on everything you’ve worked to build can help you make sure your exit from the business is a positive one, so you don’t leave money on the table.

Visit www.awbfirm.com/podcast60 for a transcript and show notes, and sign up to get a free 5 Minute Intellectual Property Audit.  You’ll learn how you can make more money from the copyrights and trademarks in your business (you can also sign up there to be the first to know when new episodes are live and receive other legal updates and special offers from the AWB Firm).

Additional resources:

Shannon’s company Scenic City Consulting: www.sceniccityconsulting.com

Heather Pranitis, Number Nerd Bookkeeping Solutions: www.numbernerdbookkeepingsolutions.com

This podcast is information, not legal advice specific to your situation.

Selling your business – What are you really selling (S3E59)


Are you thinking about selling or taking an investor for your business?

While we hope if you’re thinking about selling, it’s so that you can retire to the Maldives, whether for good or bad reasons, selling a business can be a stressful process. But a little planning and preparation now can make for smooth sailing when the moment to sell (or invite investment) arrives.

In this episode we cover the three main types of transactions and considerations for each:

  • What are the assets and liabilities in your business?
  • An asset sale – and why this can be more complicated than other types of transactions
  • A stock or membership sale – and possible pitfalls
  • A merger – and why getting a CPA or tax expert involved early is crucial when considering a merger
  • Why it’s important to understand what your business actually owns before you start negotiating a transaction or investment (and a free resource to help with this!)

Key takeaway: There are many ways to structure a sale or investment transaction. Figuring out what assets and liabilities your business owns with a trusted legal and financial advisor can help you make sure you’re not leaving anything on the table.

Sign up below to get a free 5 Minute Intellectual Property Audit.  You’ll learn how you can make more money from the copyrights and trademarks in your business (you can also sign up there to be the first to know when new episodes are live and receive other legal updates and special offers from the AWB Firm).

Additional resources:

5 minute IP audit: www.awbfirm.com/podcast

This podcast is information, not legal advice specific to your situation.

Selling your business – What the heck is due diligence (S3E58)

Due diligence might possibly be the two most boring words in legal jargon.  In plain English, this is the process where a potential buyer or investor evaluates a business to decide if a deal makes sense.

This step is essential when you’re looking to buy, sell, or invite investment into your business.

In this episode, I talk about what to expect during due diligence, and how you can prepare:

  • Who pays for due diligence? (and why you might want to consider a good faith deposit during negotiations)
  • The important reasons you should use an NDA – nondisclosure or confidentiality agreement
  • The different types of documents you’ll be asked to provide
  • Why you might be required to produce your tax returns or bank statements and other financial records
  • Why you need to make sure that contracts with your key business relationships are in order
  • How protecting your intellectual property now could mean a bigger profit if you decide to sell down the road

Key takeaway: Not having your legal house in order can kill a buy/sell or investment deal in an instant. Preparing for due diligence with a trusted attorney and tax advisor can help ensure a successful transaction or agreement.

If you need an NDA (nondisclosure / confidentiality) agreement like the one mentioned in this episode, be sure to check out our contract template store: https://awbfirm.com/contract-templates/  Our templates are fully customizable by you and available for immediate download!

Additional Resources: 

Sign up below to get a free 5 Minute Intellectual Property Audit. You’ll learn how you can make more money from the copyrights and trademarks in your business (you can also sign up there to be the first to know when new episodes are live and receive other legal updates and special offers from the AWB Firm).

 

This podcast is information, not legal advice specific to your situation.

Selling your business – Preparing your business for your graceful exit partners or investment (S3E57)


Are you considering selling your business, stepping back from it, or thinking of taking on a partner or investment to grow it further?

Learn about many steps you can take early on to set yourself and your business up for success down the road when you’re ready for an exit, in this month’s series of podcast episodes.

In this episode, I cover the legal basics you need to have in place before even thinking about leaving or stepping back in your business:

  • The importance of making sure your contracts are airtight (and a resource to help if you’re not sure yours are)
  • Why your contracts need to be regularly revisited, especially if an exit is on the horizon
  • The importance of choosing the right corporate entity
  • Getting a handle on your business’s intellectual property assets with an audit or inventory

Key takeaway: A little preparation before you’re ready to sell or take on a partner or investor in your business will take time and financial resources.  But if you’re planning to build your business to sell it so you can lounge on the beach with a cocktail in your hand, or take on investment so you can grow your business to the next level, planning for the future now has its benefits.

Additional resources:

Forbes.com article about Autumn: https://www.forbes.com/sites/kellyhoey/2018/09/20/podcasting-and-working-with-influencers-is-how-this-attorney-is-scaling-her-practice/#3199465331f5

AWB Firm Legal Road Map® checklist: www.awbfirm.com/checklist

Small Business Administration: www.sba.gov

SBA checklists: TSBDC Checklist and TSBDC Small Business Orientation Packet

Customizable contract templates for online businesses: https://awbfirm.com/contract-templates/

Sign up below to get a free 5 Minute Intellectual Property Audit. You’ll learn how you can make more money from the copyrights and trademarks in your business (you can also sign up there to be the first to know when new episodes are live and receive other legal updates and special offers from the AWB Firm).

This podcast is information, not legal advice specific to your situation.

Lewis Howes – Online business case study (S3E56)


Lewis Howes is an inspiring entrepreneur whose backstory is almost more amazing than the incredible success of his 7+ figure online business.

In this case study, I cover how Lewis Howes:

  • Used his area of expertise (sports) to spot a hole in the market and  start building the online business he has today
  • Utilized online and in-person networking to up-level his business
  • Tests online product ideas by selling before creating (and some of the potentially serious legal consequences of doing this)
  • Participates in affiliate marketing in his business, and a few things you MUST know if you earn commissions as an affiliate, too

Key takeaway: As the saying goes, “start(ing) before you’re ready” can produce incredible results for some business owners. But you have to make sure all of your necessary legal protections are in place first to avoid any sticky situations down the road.

Additional Resources: 

Lewis Howes: https://lewishowes.com

Lewis’s affiliate page: https://lewishowes.com/resources

Sign up below to get a free 5 Minute Intellectual Property Audit. You’ll learn how you can make more money from the copyrights and trademarks in your business (you can also sign up there to be the first to know when new episodes are live and receive other legal updates and special offers from the AWB Firm).

This podcast is information, not legal advice specific to your situation.

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