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: 

• EXAMPLE Closing Checklist PDF

• Legal Road Map® episode 43 with bookkeeper, Heather Pranitis, of Number Nerd Bookkeeping Solutions:
  • https://numbernerdbookkeepingsolutions.com

• Emily Ramsey with J. Smith Lanierin Chattanooga – risk management and insurance for large or high-risk companies, regardless of your location:
  • https://www.linkedin.com/in/emilyramsey14/
  • http://www.jsmithlanier.com/

• Contract template store: 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.

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 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.

Michael Hyatt has had a long, successful career ranging from traditional book publishing to the online space he operates in today. He has created and manages an interactive community platform, sells online courses, books, planners, subscription boxes, and runs a high level mastermind along with other live events. He and his business make for a fascinating case study of a robust and multifaceted online business.

In this case study of Michael Hyatt I cover:

• How Michael’s first business went under by growing too fast, and how you can potentially avoid the same mistakes
• Smart personal liability protections to put in place when starting your business (and why they may not 100% protect you if something goes wrong)
• How Michael created online training and resource platform by first writing a book
• If you run a membership or community, what you need to make sure is in your Terms of Use with your customers
• The special intellectual property considerations for physical products (Michael sells a planner)
• How to make sure you can use all the great photos you capture at live events in later marketing campaigns

Key takeaway: A business with multiple profit centers can present a wide variety of potential legal issues. When you’re playing at Michael’s level, it’s essential to have an experienced attorney who can help you with big-picture strategy and make sure you’re protected

Additional resources:

Legal Road Map® podcast episodes:

• Copyrights & trademarks: 6, 7, 8

Michael Hyatt: https://michaelhyatt.com

Platform University: https://platformuniversity.com/

Full Focus Planner: https://fullfocusplanner.com

Amy Porterfield: http://amyporterfield.com/

Pat Flynn: https://www.smartpassiveincome.com/

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.

Marie Forleo is arguably the original “multi-passionate entrepreneur”. She manages to effortlessly incorporate her love of things like dance and hip-hop while operating a multimillion-dollar online marketing and development company and inspiring millions.

In this episode, I did a case study on how Marie:

• Has built her digital marketing and development brand over a nearly 20-year (!!) career
• Successfully navigated collaborations – including when she created her signature product, B School
• Optimizes sales of her signature product through affiliate marketing – and how you can do the same in your business
• Protects her intellectual property while doing affiliate marketing

Key takeaway: Business strategies like affiliate marketing can exponentially increase your sales and your bottom line if done properly. But if you don’t work with an experienced lawyer to make sure you and your business are properly protected in the process, it could spell disaster.

Additional resources:

Legal Road Map® podcast episodes:

• GDPR – episodes 38, 39, 40
• Marie Forleo’s affiliate program for B School: https://marieforleobschool.com/bschool-affiliate-partner-info/

Marie Forleo: https://www.marieforleo.com/

B-School: https://marieforleobschool.com/

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.

Danielle LaPorte’s online business empire kicks off my September series of case studies. I’m pulling back the curtain of online businesses I admire and pointing out critical legal and business decisions, issues, and protections that helped them achieve their success.

From Danielle’s early days as a consultant to her current position as creator of one of the most recognizable lifestyle brands on the market, this episode covers investment, book deals, certification programs and more.

In this episode, I cover how Danielle:

• Paid a high price from taking on investment the wrong way early on in her entrepreneurial journey
• Started her current business by going back to basics
• Leveraged her intellectual property to create an online content empire
• Navigated the world of self-publishing for her books
• Created a certification program (and what you should do to make sure your content and brand are protected)
• Grew from a one-on-one consultant to a global business that reaches millions

Key takeaway: Choosing the right time to stop DIY’ing legal and start working with a lawyer can help you avoid potentially devastating missteps in your business.

Additional resources:

Legal Road Map® podcast episodes:

• Book deals – episodes 26, 27, 28, 29
• Licensing – episodes 30, 31, 32, 33
• Trademark – episodes 5, 6, 21, 25, 45
• Copyright – episodes 5, 7, 52

Danielle LaPorte: http://www.daniellelaporte.com/

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.

Learn all things copyright for your business in this joint podcast episode + training with lawyer Rachel Brenke.  

Copyright law is designed to protect creative works, but in order to take advantage of those protections, you have to take certain steps first. In this episode I cover:

• The many benefits of registering your copyrights, especially in licensing
• The importance of spelling out who retains ownership of creative works in contracts with independent contractors
• Why it’s even more important to have a contract in place when working with friends and family
• Who has ownership of a podcast episode with a guest appearance
• When you can appropriately use the © or ® symbols
• What constitutes infringement

Key takeaway: Copyright law can be complicated, with a lot of potentially expensive implications for your business. Working with a trusted attorney upfront can save you time, effort and money when it comes to enforcing your copyrights.

Additional Resources: 

www.rachelbrenke.com

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.

Providing employee benefits is a great way to retain talented employees for the long-haul, but as an employer what is your responsibility and what rules and regulations do you have to follow?

In this episode I cover:

• Vacation and PTO, and when rules and regulations kick in
• Which state you must consider when offering vacation and/or PTO
• Sick leave and family leave, and what jurisdiction’s rules and regulations might apply
• The level of responsibility required when setting up a retirement plan for your employees
• Important considerations for health, disability, and life insurance

Key takeaway: As a small business owner, there are many ways you can provide important employee benefits to make sure your employees are taken care of and protected in their personal lives, but you also need to make sure that you’re providing benefits in a way that protects you and your business, so be sure to consult with a qualified benefits provider.

Additional Resources: 

IRS guidance on providing benefits

Department of Labor resource on fiduciary responsibilities

Department of Labor info on FMLA

Melissa Curtis – Woodall Agency Insurance– life, disability and long-term care insurance agent

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.

Having virtual team members classified as employees can carry complex legal considerations. This week I’m joined by our resident labor and employment whiz Michelle Coakley to talk about what you need to know to make sure your business is protected legally when it comes to having employees on your virtual team.

In this episode I cover:

• The importance of properly classifying your workers
• Two reasons why the government cares how you classify your workers
• Best practice for how often you should audit your employment policy to check for federal and state & local compliance
• Why you should be sure to do regular performance reviews
• What you need to know about non-disclosure and non-compete agreements

Key takeaway: Employment laws and ordinances can vary widely not only from state to state, but in some cases city to city. It’s important to seek out the right kind of advisors (legal, financial, human resources, etc.) to make sure your business is protected when it comes to employment matters.

Additional Resources: 

Episode 12: Hiring employees and contractors the right way(with FREE download)

Episode 37: Labor & employment chat with AWB Attorney Michelle Coakley

LastPass

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.

Having a virtual team is a great way to grow your business, but how do you make sure you are properly classifying your team members? In this episode, I’ll explain what you need to know about building and managing a virtual team.

In this episode I cover:

• How W-2 employee vs. 1099 independent contractor affects taxes and regulations
• The biggest factor that determines who is or isn’t an employee
• What you should be sure to include in your contracts
• Who owns the intellectual property created by an independent contractor
• The downside of including a non-compete clause in a contract

Key takeaway: It can be tricky to determine if one of your team members is an independent contractor or an employee. Make sure you consult with a trusted attorney when building your team to avoid issues down the road.

Additional Resources:

Episode 12: Hiring employees and contractors the right way (with FREE download)

Episode 37: Labor & employment chat with AWB Attorney Michelle Coakley

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.

In this episode, I explain what you need to know about taxes for location-independent businesses from a legal standpoint. Whether you’re running a location-independent or virtual business, or you have locations or customers in other states, one fact remains the same, your business has to pay taxes!

In this episode I cover:

• The different types of taxes your business may have to pay
• What you need to prepare for if you sell to customers in a state outside the state where your business is registered
• Registering in other states where you have employees or customers
• The consequences you could face if you don’t pay your taxes
• Some free resources to help

Key takeaway: No matter which state your 6-7 figure+ location-independent business calls home, you have to pay taxes. Make sure you’re not at risk for a potentially costly audit by seeking the advice of a professional.

Resources mentioned: Small Business Administration

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.

Operating a location-independent or online business may mean you have to register in other states where you are doing business. But what constitutes “doing business” in another state? And what could be the consequences of not registering as a foreign entity?

In this episode I cover:

• Why registering as a foreign entity could apply to online businesses as well as location-independent businesses
• What constitutes “doing business” in another state
• The tricky nuances of having independent contractors in other states
• Why failing to register in the appropriate state could prevent you from being able to file suit
• The consequences of not registering as a foreign entity in states where you do business

Key takeaway: Fifty states can mean 50 different answers when it comes to doing business in a state outside your own. Seeking the advice of a trusted lawyer can prevent a legal nightmare for your location-independent business.

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.

Running a location-independent business is a dream for many entrepreneurs. If you’re already an established, 6-figure+ business thinking of making the move to location independence, legal is not an area you want to DIY.

In this episode I cover:

• Considerations for choosing the right corporate entity for your location-independent business
• Where to set up your entity
• What a registered agent is, and why you might need one, especially if you’re location independent
• How to handle your business’s address (you usually can’t use a P.O. Box)
• Why you need to consult with a tax expert
• Choosing a bank that will work for you, wherever you’re located in the world

Key takeaway: Making sure you have your legal ducks in a row will allow you to truly enjoy the freedom that a location-independent business provides.

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.

When are you violating someone else’s trademark rights?  OR, flip-side, when should you get in touch with someone you think might be infringing your trademark and ask them to change it?  

How can you interpret your search results when you type your trademark into the USPTO website?

I received this great question in an online business community, CoCommercial, and realized I’ve never dug into how lawyers, courts, and the USPTO evaluate when trademarks are too close.

This is a meaty episode on a complex topic, where I covered:

• Consumer confusion – what trademark law is intended to prevent, and why this matters
• Who has “priority rights” over a trademark in the US
• When might you need to evaluate whether one trademark is too similar to another?
• How to figure out if trademarks are too close
• Does it matter if one trademark has a few extra words?
• What about different spelling?
• When are two logos too similar?
• Does it matter if someone copied a trademark intentionally, or by accident?
• Examples of trademarks that are and are not too similar
• When you need to bring in an experienced IP attorney to help you evaluate a potential trademark infringement

Key takeaway: trademarks do not have to be identical to potentially be infringing!  

If you have questions about whether one trademark is too close to another, post them in our Legal Road Map® Facebook group!  Just request access and we’ll let you right in.

Next month we’re diving into the legal issues that come up with running a location-independent business.  You will definitely want to tune in if you’ve ever thought about living that laptop life and traveling the world while running your business!  Tune in next week for the first episode in this series.

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.

Virtual Chief Operating Officer (COO). business strategist, and project manager Emily Allen and I discussed how a virtual COO can help your business.  Learn how you can stop getting distracted by all those shiny objects and actually meet your goals!

We chatted about why PLANNING is so critical to growing your business to seven- or eight-figures, and why it’s so hard for most entrepreneurs to find the time to do it.  Emily explained how a good project manager can help you prioritize which projects are going to help you achieve your big goals, and break them down into pieces so you can actually tackle them, or delegate to team members.

And, we talked about tracking project progress and outcomes to be sure you’re actually achieving what you set out to do.

Emily shared some of the benefits clients gain from working with a virtual COO or project manager, especially making sure you have the right team members in place and are filling their plates with the right tasks.

We talked about when it makes sense to bring in a project manager or virtual COO — this is not something a new business owner needs, but is critical when moving from six to seven figures.

I gave some insight to the changes I’ve seen in my own business after just a few weeks of working with Emily, and a few of my own a-ha moments.  And Emily talked about some mistakes business owners make trying to scale rapidly on their own without bringing in an experienced business strategist.

Emily Allen is a Virtual COO (Chief Operating Officer) for small to medium-sized woman-owned companies that don’t yet require the services of a full-time COO, but have the need for more strategy, more time to work on what they do best, and more structure with systems and processes without giving up more of their time.

Her main focus is on execution. Through working together, she is able to help define/refine the business strategy and provide accountability for execution to the appropriate members of the team.

She ensures that the company’s everyday activities run smoothly and that there is a company-wide strategic plan in place to support the vision of the company. Emily brings her experience in business planning and project management from her previous corporate life.

Emily is a wife, mom of 3 kiddos, certified project management professional living in northeastern Wisconsin and loves all things planning and organizing.

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.

Bookkeeper and financial advisor Heather Pranitis from Number Nerd Bookkeeping Solutions and I talked about why you need to know the numbers in your business if you want to scale to seven-figures.  

We talked about what numbers you should be keeping your eye on (overhead! profitability!) as you grow.  Heather also explained what a bookkeeper can help with, and why it’s worth talking with one early in your business when you’re still keeping your own books, to make sure you are set up and recording things correctly.  

We also chatted about when is the right time to hire a bookkeeper, and how to find someone who understands YOUR business’s revenue streams and systems.  Heather stressed how your professional advisors (attorney, CPA, bookkeeper) should work together and be able to talk to each other to support your growing business.  

Heather outlined the benefits of working with a bookkeeper, including understanding what your numbers really mean, getting time back by outsourcing bookkeeping, and gaining an outsider’s perspective and analysis of your business’s finances.

Then we went down the rabbit hole of how it might cost you more, in the long run, to keep your own books once your revenues reach a certain point, especially if you are using Paypal or Stripe or running payroll.

You can find more from Heather and Number Nerd at http://numbernerdbookkeepingsolutions.com/ and Heather likes to hang out on Instagram as @numbernerdbookkeeping

Find Heather’s business workflow templates (they’re awesome) here:

http://numbernerdbookkeepingsolutions.com/business-workflow-templates/

Number Nerd Bookkeeping Solutions is a full-service virtual bookkeeping firm that helps individuals and businesses of all sizes get their numbers in order. Number Nerd offers monthly bookkeeping and payroll packages, QuickBooks file reviews, QuickBooks training, accounting software setup, accounting cleanup, and business process consulting services to their clients around the world. Owned and operated by experienced bookkeeper and accounting workflow consultant, Heather Pranitis, Number Nerd excels at delivering customized solutions to bookkeeping challenges, easy-to-read financial reports, and simple answers to tough finance-related questions. The Number Nerd team partners with their clients to improve bookkeeping processes and establish good accounting habits.

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.  

You may have heard about the “GDPR,” the European Union’s new General Data Protection Regulation. This huge change to the legal rules in the EU will affect all U.S. companies that have a website, and goes into effect May 25, 2018. Each week this month on the podcast, I’m releasing a mini-training on GDPR, to break down the law into smaller, more digestible parts. 

In this week’s first GDPR mini-training episode, you’ll learn:

• What the GDPR is
• Which businesses need to comply
• Penalties you could face if you don’t comply
• An overview of the changes required by the law

 (Ready to download our updated GDPR-compliant privacy policy template? You can find it here.

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.