Dunn Lambert, LLC
We mean business
Comprehensive legal services for businesses in New Jersey and New York call 201-291-0700
Dunn Lambert, LLC
comprehensive legal services for businesses call 201-291-0700

Take steps to make the sale of your company go smoothly

After more than 30 years of operating your own accounting firm, you have finally decided to fully retire and sell your practice. This type of transaction can be extremely stressful and complicated. While there is no one thing you can do to make the process easy, there are things you can do to make it go smoothly.

Just like with starting a business, you need a plan when you sell one. An attorney in the New York/New Jersey area can help you minimize risk and maximize the return by protecting your interests so that you can get the best deal possible. From structuring the deal to closing it, proper guidance is essential to ensure that the transaction is successful.

Three tips for business owners wishing to sell their businesses

For many small business owners, selling the business is the goal when it comes time to retire or move on. If you are in this situation, experts recommend having a business succession plan and familiarizing yourself with the buying and selling process, so you will be able to recognize and act upon a good offer when one comes along. Recently, Entrepreneur Magazine also offered the following tips for business owners that are considering selling their business.

Keep your customers informed

When you sell your business, many buyout agreements link your compensation with your business's ability to retain customers after you have left. Since the selling of your business can disrupt the customer experience if the transition is done poorly, it important to reassure customers that they will receive the same great product or service once the business is in the hands of the new owner.

Understanding how the CAN-SPAM Act affects business email

New Jersey businesses may be interested in some information about a federal law that governs their use of email in marketing or advertising their business activities. Failure to follow these regulations could land a business entity in big trouble with federal authorities, leading to large fines and other issues.

The CAN-SPAM Act governs the sending of email for commercial purposes, including both those to customers and to other businesses. Generally, this means that the email is advertising the services or product of a company, including an advertisement for the company's website content. Certain other messages dealing with ongoing transactions must only avoid misleading or false information in the message. If the rules aren't followed, each violation could bring with it as much as $16,000 in fines for each invalid email.

BlackBerry lawsuit dismissed

Residents of New Jersey may have heard that a judge dismissed a shareholder lawsuit filed against BlackBerry Ltd. The dismissal came on March 13 and was issued by a federal judge on the U.S. District Court for the Southern District of New York.

Shareholders had filed a lawsuit against the Canadian company, alleging that the company had knowingly used inappropriate accounting practices while also giving misleading information about the reception of the company's BlackBerry 10. The phone, released in an effort to regain market share lost to Apple's iPhone and Samsung's Android phones, failed to bring the desired results. Released in January 2013, disappointing sales led to a $930 million projected writedown, leading the stocks to drop one-sixth in value on Sept. 20, 2013.

Costly errors when forming a business

Entrepreneurs in New Jersey may be interested in learning more about avoidable mistakes that many small businesses are susceptible to making. Often times, these costly errors eventually manifest in the future because ownership neglected to address certain details during the initial business planning or formation phase. This often leads to organizations fending off preventable lawsuits or investing in rebranding campaigns.

Simply having a discussion about potential issues early on may be enough for to help avoid the legal disputes from occurring later. Some businesses encounter problems later on because they fail to perform the appropriate degree of diligence when screening for trademark protections and availability. In order to avoid being targeted by a lawsuit filed from an entity with superior rights, many businesses are advised to file the intent to use trademark application before products are released to the market.

Avoiding retaliatory discharge lawsuits in New Jersey

Businesses sometimes find themselves facing discrimination claims they believe are frivolous. When an employee has filed such a complaint, however, care should be taken by the company. If the complaining employee is one whose work is substandard, businesses must still be careful when planning to terminate the person's employment.

The United States Supreme Court made it easier for employees to sue their employers for retaliatory discharge, which is a claim that a firing was done in retaliation for filing a discrimination complaint. In the case, a forklift worker complained about alleged sexual harassment by her supervisor. In response, the company suspended both the supervisor and the complaining employee and enrolled the supervisor in sensitivity classes. Following the complainant's suspension, she was reassigned to a much more demanding job. The court ruled the reassignment was a retaliatory one even though she did not win on her claim of sexual harassment.

Dealing with age discrimination in New Jersey

Many businesses make concerted efforts at bringing in fresh, new talent and make a point of recruiting from college campuses while ignoring more experienced potential employees. As a result of this, many people from the Baby Boomer generation are being pushed out of the workforce. A number of these individuals are knowledgeable, experienced and hard workers.

In some cases, these people are losing out on jobs and promotions due to age discrimination. This practice can harm both the workers directly affected and the organization in question. Along with the loss of valuable workers, this type of discrimination can hurt productivity and morale. If employees see workers being passed over unfairly, it may keep them from doing their best because they feel it will be a waste of time.

Determining equity share when starting a New Jersey company

Determining how to split equity can be a daunting challenge for founding members of a new company. Generally, it is common practice to give a larger share to the founder who came up with the idea to start the business. However, there are many different circumstances that might drive such determinations

One question that founders may want to consider revolves around the prior circumstances of each founder of the company. For instance, if one person came from a $100,000 a year job to help create a new company, that person may need to be compensated for the risk. Therefore, it may be worthwhile to give that person a larger share than may otherwise have been allocated.

Sexual harassment charges in New Jersey

Employees in New Jersey may be affected by a Feb. 11 court decision that may make it harder to hold employers accountable for management personnel who commit sexual harassment offenses. Judges claimed that the recent decision could help motivate employers to uphold anti-harassment policies that are effective, as well as hold employees accountable for being prompt and responding appropriately when there is a sexual harassment issue. The dissenting judges contended that the ruling could set the many employees back several decades.

In 1993, the New Jersey Supreme Court ruled that employers may be held vicariously liable for supervisors who commit sexual harassment offenses and create a hostile work environment. However, the recent ruling noted that a 1998 U.S. Supreme Court decision held that employers could avoid being held liable if they exercised reasonable care to prevent the behavior and responded appropriately, or if the employee failed to utilize the preventative or corrective measures provided at the workplace.

Opening a new business in New Jersey

When entrepreneurs have decided to start their own company, it is important that they do some planning beyond determining what type product they want to make or service they want to provide. Some of the most important steps in running a successful business are ones that are taken before it is even established. Two essential steps are creating a business plan and determining the business' structure.

A business plan, which covers things like an organization's purpose and goals, is often required to obtain equity or debt financing, and there are a variety of Internet tools and software that can walk someone through this process. The plan will be taken into consideration along with available resources, financial protections and the credit history of those involved in starting the business when a lender is deciding whether to provide a loan.

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Dunn Lambert, LLC
East 80 Route 4 Suite 170
Paramus, NJ 07652

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Dunn Lambert, LLC
1745 Broadway, 17th Floor
New York, NY 10019
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Phone: 201-957-0874
Fax: 201-291-0140
Telephone: 212-768-0700
Fax: 212-519-9804
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