by Sam Glover on August 27, 2010
http://flic.kr/p/gFY3A
It is worth taking a short break from developing your product to consider what would happen to your startup if the owner—or one of the owners—left the business. It doesn’t have to mean closing down.
Here is a quick agenda for a succession planning meeting:
- Make sure the owner picks and commits to train a successor;
- Make sure the owner’s will passes on the business;
- If necessary, use a buy-sell agreement to pass on the owner’s interest; and
- Fund the transition costs with a life insurance policy on the owner.
Start by sketching out what you want to happen, then set action items and follow through with your lawyer. A bit of thinking ahead will make sure that any transition goes as smoothly as possible.
by Sam Glover on June 22, 2010
At the beginning of our relationship with your business, and once a year after that, we will do a top-to-bottom review/audit/assessment of your business. Our goal is to get a detailed picture of your business, from bylaw to capitalization to insurance to employment policies to licensing and sales contracts.
In short, we will take a look at all the little, annoying things you never think about but that actually matter a great deal. We’ll keep your business’s legal foundation solid so you can focus on making money, not the details.
by Sam Glover on June 15, 2010
All of our plans come with regular check-ins, something missing from many business-attorney relationships. We do this because we believe regular check-ins with a lawyer are essential to the success of your business. Here is why.
We don’t love the “coaching” fad, but we think at least one part of coaching is very effective for businesses (and individuals, too): accountability. Not accountability to us, but to yourself.
When you sit down with us for a check-in, we will talk about how your business is doing and how you are moving towards your goals. This helps you keep moving forward, towards your goals, so that you can give a progress report at the next check-in.
Check-ins—together with our annual review—also give us a chance to stay on top of your business’s legal needs. The best way for us to keep your company healthy is to stay up-to-date on it. We can’t prevent or fix problems unless we know about them. Hearing from you regularly allows us to stay current in the time between your annual reviews.
The bottom line: check-ins are the best way for us to help keep your business healthy.
by Sam Glover on May 3, 2010
Five things:
- How much of what you disclose should be confidential?
- Exceptions to confidentiality (such as information that becomes publicly available through other means).
- Who can learn confidential information, and what can they use it for?
- Can the other party solicit your employees (a potential end-around the NDA)?
- How long does the obligation last?
Also, be careful when and how you present a non-disclosure agreement. Throwing it out too early could torpedo your relationship before it begins. Wait until everyone understands that everyone else is operating in good faith, and that there is an actual, real, viable idea that needs to be protected.
Contemplating an NDA? Here’s what you need to know | VentureBeat
Do I Need (and Should I Sign) an NDA? | Life, Business & the Pursuit of Truth
(photo: Thomas Hawk)
by Sam Glover on May 3, 2010
Sam’s first post for Minnov8:
It remains true, however, that you get what you pay for. For example, employment lawyer Karen Lundquist recently took a good, hard look at LawDepot’s $15 employment agreement. She found that it actually contained a provision that was illegal under federal law. In other words, there is no state in the country where the term would be legal. In every state, a company that tries to cut costs by using LawDepot’s employment agreement is just begging to get sued.
Startups–Lean or Not–Beware Online Legal Forms | Minnov8
by Sam Glover on April 20, 2010
Besides determination and a good idea, startups need a lawyer to succeed. Not just for the business formation, and not just in case you get sued.
Your business lawyer should be a trusted partner, not just an expensive problem solver you call when things go badly wrong. We want to be that trusted partner, and we recognize that requires a different approach to representation and fees.
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