Top Ten Business Fears 

IRS Audit  Losing a key account or large receivable  Resignation of a top executive  Losing your “rainmaker” to a competitor  Losing or being denied financing  Receiving a summons for a lawsuit against you  Giving deposition testimony . Being a witness at trial . Having a judgment entered against you . Dealing with a lawyer.

Top 10 Ways to Grow & Protect

.Entity Formation  Enterprise Organization  Targeted Sales and Marketing  Comprehensive, Plain English Contracts Succession Planning and Exit Strategies . Wealth Accumulation and Financial Planning 

Protection of Assets 

Human Resources Management  Payment Guarantees & Collection Procedures  Risk Assessments and Analyses 

Entity Formation 

Choice of entity must be appropriate for  your type and organization of business . Sole proprietor - Corporation (C, S, charitable)  Partnership (general, limited, family)  Limited Liability Company 

Enterprise Organization & Prioritize functions 

What  activities  are  critical  at  each  phase  of  business  growthPerform  most  efficiently  &  costeffectivelyClearly  defined  roles  and  responsibilities.  Coordinating  targeted  sales  and  marketing  thoroughly  research  market  for  your  goods  or  services.
Identify  competition  and  differentiate!  Educate  sales force. 

Frequently asked questions

Learn about your customers’ business and needs . Utilize clear, catchy and “correct” info 

Stress brevity  Easy to remember = increased sales . Don’t oversell, especially w/written materials 

Balance between thoroughness and acceptability . Objective – document all significant terms of business transaction
Clear understanding of parties’ respective obligations.

Use plain English and avoid “legalese” Identify most critical factors to solidify with customers and suppliers

Know what your contracts say . Review frequently and revise as needed . Seek professional input – don’t take chances! 

Identify  every  asset  used  to  support  your organization.  Physical  assets  –  materials,  equipmentinventoryfacilities  –  Customer  lists, market  research . Intellectual  property – patents, trademarks,  copyrights, know how, etc. . Employees  Determine  optimal  way  to  protect  assets Insurance – CGL, products  liabilityWC,   disability,  EPLIetc. Registration of  ideasdesignsproductswith Patent  and  Trademark  Office Confidentiality  and  Noncompetes  NDAs  and  invention  disclosures  with employees and  third  parties  Contractual  use  restrictions 

  • Hire the best people you can fin
  • Keep employees motivated
  • Professional challenges, new assignments 
  • Combination of pay/nonpay benefits . Clear job descriptions/responsibilities 
  • Frequent  review  job performance 
    Positive reinforcement,  document problems . Implement progressive disciplinary system. 
  • Contractual obligations 

. Clear payment date 

  • Down payment, discounts/penalties, wire 

transfer, EDI, etc. 

  • Accurate and timely invoicing/bookkeeping 
  • “Friendly” reminder letters 
  • Initiate formal procedures 
  • Attorney letter 
  • Arbitration or court filing 


  • Identify  magnitude  of  risk  categories 
  • Historical claims/ new  trends  and 
  • Industry, product, or incidentbased 
  • Quantify total costs (returns, management time
  • Dynamic  model – continual assessment 
  • Implement risk management models 
  • Contractual limitations of liability 
  • Enterprise protection 
  • Insurance 

Risk managers  Succession  Exit  Strategies 

– Different products, services, markets 

  • Responsibility for various functions 
  • Who will best perform these responsibilities? 
  • Will you be able to “cash-out” of business? . How to maximize value of business to  potential buyers
    Current AR, minimal claims, low turnover,  corporate governance, strong infrastructure 
  • Maximize sales and  margins 
  • Dont give  it  back  through  claims  refunds.
    Make  prudent  investments in  business. 
    Maximize returns  from  tax  advantaged  benefit plans.
  • Diversify cash assets 


Hard  workcontinual  effortattention  to  detail  

  • Determine niche, then exploit it 1 . Be proactive; waiting until problem arises is  probably  too  late!  
  • Realize  your  limitations  Hire  competentpragmatic  and  responsive  professional  advisors