Dunn Lambert, LLC
We mean business
Comprehensive legal services for businesses in New Jersey and New York call 201-957-0874
Dunn Lambert, LLC
comprehensive legal services for businesses call 201-957-0874

Take your time when starting a second small business

Starting your own New Jersey business can result in a mixture of excitement and terror. You may have little to no idea what to expect, but you know you are taking a heavy risk. Many first-time business owners are not successful, so you may have been pleasantly surprised when your company took its place in the market and began to make a profit for you.

Now, you have a new idea, perhaps one that is radically different from the inspiration that brought about your first business. The success of that first venture may give you confidence to dive right in, but there are some points you should keep in mind before you place both investments at risk.

Small business owners should plan for tomorrow, today

If you own a small business in New Jersey, you know how difficult it is to start a company from scratch, build a client base and sustain success. You have poured your heart and soul into your business, and it may be difficult to think of a day when you will not be running your small business. However, that day will come, and it is in your interests to plan for it now. 

Succession planning is a smart step for all business owners. Even if you believe that it will be years before you step away, you can make plans now that will give you peace of mind for whatever comes down the road. Having certain plans in place means that you get the final say over what happens to your company.

Avoiding mistakes when selling your business

Whether your decision to sell your business was part of your long-term plan or circumstances such as a divorce or illness have left you no choice, you want to be sure to get the best price and avoid the risk of a breakdown in negotiations with a potential buyer. You may have put many years and dollars into your venture, and letting go of it will be difficult enough without losing everything you invested.

Unless you have sold a business before, you may have many questions about the best way to proceed to maximize your profit. Even if you do have experience in selling a company, you may find it beneficial to seek advice for avoiding some of the common mistakes that can bring your exit strategy to a crashing halt.

Are deceptive trade practices harming your business?

Because the business world is often considered dog-eat-dog, it may not seem surprising that some individuals will take unscrupulous measures to beat out their competition. Of course, as a business owner, you want to do your best to help your company succeed without stooping to such levels.

Unfortunately, you may not have the ability to avoid competitors who participate in deceptive trade practices. Commonly, these actions can harm one company's revenue while working to boost another company's success. The majority of these practices are not considered criminal acts, but they do create an environment of unfair competition, which you could file a legal claim against.

Agreements are important in building, ending partnerships

In any type of important endeavor, you need to protect yourself and your interests. When it comes to creating a business partnership, protection is just as important as with any other venture. While you may trust the individual or individuals with whom you have chosen to move forward, you may still want to ensure that everyone remains on the same page.

One of the best ways to make sure this happens is by having actual pages in the form of a partnership agreement. This contract can help everyone involved understand various aspects of the business relationship as well as specific roles and duties each person will have. Additionally, it could help keep disputes at bay or at least give details on how partners should handle conflicts.

Buying an existing business? Consider these factors

There are many advantages to taking over an existing business rather than founding a new one. Existing businesses have already established themselves in the market, developed a customer base and built a reputation. They have a track record that can show you what has been successful or unsuccessful for them. And acquiring a business can be much faster than launching your own enterprise and waiting for it to grow to a certain size.

But buying a business has its perils as well as its advantages. Making a false step during the buying process or the resulting takeover can spell disaster. There are several important factors to take into consideration to help ensure success.

Is your employee handbook an implied contract?

When you hire a new employee who has exceptional qualifications, you may be excited to welcome him or her into your company. On those first days of orientation and settling in, you are likely to have many conversations with your new hire, and you may intend those conversations to be words of encouragement for his or her potential success in the company.

However, business advisors recommend using caution about what you say. What you may intend to be words of encouragement may sound like promises to your new employee. You may be shocked to learn that your careless comments may be an implied contract under the law.

Avoiding disputes by careful screening of business associates

If your goal for 2018 is to invest in a new business, take on a partner or build some other business relationship, you may be eager to get started. These things take time, and you probably have financial benchmarks you want to reach before the year gets away from you. However, rushing into any business relationship can be disastrous if you don't take the time to examine and investigate the candidates.

Entrepreneurs and other business-minded people have made regretful errors by ignoring the signs of potential trouble. On the other hand, there may be indicators that someone will be a perfect fit for your new business venture.

Breach of contract may cause your company to suffer

Because your company may feel like your child in some ways, you likely want to protect your business as best as possible. Therefore, when you started your company and began bringing other individuals into the fold in order to complete necessary operations, you certainly took the time to create business contracts. These contracts allowed you and the other parties to understand your roles, expectations and obligations.

While you hoped that these agreements would act as a useful safeguard, you may have found yourself facing difficulties when an individual did not adhere to the terms of the contract. The breach of a contract is a serious violation that may have resulted in your company suffering damages. Now, you may want to take action in hopes of having this wrongdoing addressed.

Have business issues put you at risk of shareholder disputes?

Many companies often need financial assistance when getting started and in order to carry out various business operations. As a result, business owners often utilize shareholders who provide capital to benefit the company while also gaining a say in how to address certain aspects of the business. You may consider the shareholders involved with your company a substantial asset that allows you to achieve your business goals.

Because shareholders do gain a say in certain business operations, the possibility exists that issues between shareholders and yourself or other related parties could arise. Though some conflicts may have simple resolutions, others may present a greater challenge. If shareholders feel that violations of their rights have occurred or that their opinions go unconsidered, serious disputes could take place.

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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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