March 28, 2016
“You build personal wealth with a multi-million-dollar exit,” says Terena Bell, who sold her translation company, In Every Language, just over a year ago. “If you don’t build your business to sell,” she cautions, “you can end up closing your doors, with nothing to show for it.” No wealth there. That happened to several of her entrepreneurial friends. Service business owners are often passionate about starting and growing … yet less focused on ultimately selling their companies. Without a sense of the “end game,” though, they may make things more difficult for themselves in the long run. The Sellable Company Mindset For some business owners, building to sell wasn’t part of the original DNA. “When we first started our company, we didn’t intend to sell. We didn’t even have an exit strategy in place,” says Nellie Akalp, CEO of CorpNet.com, a business filing and compliance company. “But after eight years [her earlier company, MyCorporation.com] was approached by Intuit for a partnership. We soon noticed an opportunity for that partnership to turn into an acquisition-type of…
Continue ReadingFrom my colleague Stephen Furnari comes this intelligent article on how to make employment non-compete agreements “stick.” Courts are generally loathe to enforce an agreement that would keep someone out of gainful employment; companies are…
Read MoreWhen you’re starting your business, partnership agreements can seem a tedious exercise. Not only do they take time and careful planning, but also partnership agreements can feel like a bucket of cold water–a real reality…
Read MoreFrom the Department of Business Partnership Nightmares comes this plea for help from LordMJ: Here’s the skinny: Partner 1 and Partner 2 met in corporate America and started a venture together when both had full-time…
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I know first-hand that running a knowledge-based service business has unique challenges. It’s so much easier when you have an advocate in your corner. Over the past 25 years, I’ve worked with thousands of New York business professionals who want a legal advisor to guide and support them as they navigate the business world.
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