Buying an existing business? Consider these factors

On behalf of Richard Lambert of Dunn Lambert, LLC posted in blog on Monday, April 23, 2018.

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?

On behalf of Richard Lambert of Dunn Lambert, LLC posted in blog on Monday, February 26, 2018.

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

On behalf of Richard Lambert of Dunn Lambert, LLC posted in blog on Wednesday, January 3, 2018.

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

On behalf of Richard Lambert of Dunn Lambert, LLC posted in blog on Tuesday, November 7, 2017.

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?

On behalf of Richard Lambert of Dunn Lambert, LLC posted in blog on Friday, September 15, 2017.

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.

Which business valuation method may work best for your company?

On behalf of Richard Lambert of Dunn Lambert, LLC posted in blog on Sunday, July 16, 2017.

Working in the business world can prove exciting and provide a sense of accomplishment. Over the years that you have run your company, you may have experienced many ups and downs that allowed you to work hard and gain the sense of success you so desired. Of course, you may have reached the point in your life when the time has come to move on from your company, and as a result, you may wonder about the best manner in which to value your business.

Because you could choose from various methods when it comes to business valuation, better understanding some of your options could help you make a decision. As each method may result in different outcomes, you may want to assess the specifics of your business during the valuation process.

Parting ways with your business partner

On behalf of Richard Lambert of Dunn Lambert, LLC posted in blog on Tuesday, May 30, 2017.

No matter how compatible you are or how long you have been working together, disagreements can create tension between you and your business partner. These disagreements can stem from any source, either within or outside of the business. Some common differences between partners originate from the following:

Disappointment over profits
Pressure from too much debt
Disputes over the direction of the business
Family issues

While some of these may be temporary setbacks, there are problems from which it may be difficult for your partnership to recover, such as stealing or other illegal activity.

Wrongful termination in an at-will world

On behalf of Richard Lambert of Dunn Lambert, LLC posted in blog on Monday, May 22, 2017.

Your small business is important to you. You likely spent years preparing, learning and saving to create a company where you could be the boss. If everything went according to your plan, you may have hired a few employees and started to make a profit before the first glitch occurred. You needed to fire someone.

Certainly, there was a reason you let the employee go, such as poor job performance, a drop in profits or simply a clash of personalities. Nevertheless, firing someone is never a pleasant experience, and now you may be dealing with unexpected consequences.

Take steps to make the sale of your company go smoothly

On behalf of Richard Lambert of Dunn Lambert, LLC posted in Mergers and Acquisitions on Tuesday, January 31, 2017.

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.

Reasons young entrepreneurs should buy a business, not start one

On behalf of Richard Lambert of Dunn Lambert, LLC posted in Business Formation on Tuesday, December 20, 2016.

So you want to be a business owner. It's always been your dream and you're finally ready to start. Thinking that means you have to start from the ground and build your way toward success? You can, but you don't have to. In fact, many experts believe you're best off to buy a company instead. Below are four key reasons why.