Dinn, Hochman & Potter, L.L.C.
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Cleveland Business & Commercial Law Blog

Family businesses can benefit by adapting to generational changes

In every aspect of life, there can be profound shifts in attitudes between generations. Society is constantly evolving and what was once considered a normal mode of behavior is now thought of as being old hat or even just plain wrong.

What to do when business plans go awry

It is sometimes said that the best-laid plans of mice and men often go awry. But while this idiom has certainly stood the test of time, it is advisable that you don't take it too literally. Specifically, the last three words, "often go awry," is certainly a damning indictment of careful planning. But the fact is, careful planning is a critical element of achieving any goal.

How do you know if a potential client can pay its bills?

If you own a construction company, you only want to work with clients who are financially stable and capable of paying for your services. Due to the complexity, costs, and time needed to complete a construction project, you can ill-afford to take on a client who will be unable to come up with the cash necessary to complete a project.

What can I do if I signed a bad business contract?

A well-written contract is one that provides fair benefits and clear responsibilities for both parties. When you sign on the dotted line, you should do so secure in the knowledge that the agreement serves your best interests. And if all goes according to plan, both you and the other party will be well-served by your partnership.

A family-owned business can profit from an outsider's perspective

If you are the proprietor of a family-owned business, you are most likely related to much of your workforce. In fact, your spouse, children or siblings may all hold the most important positions in your company.

Equity funds useful for capital, but with strict conditions

If you are a real estate developer, you likely understand how important it is to promote your company as being successful and capable of bringing important projects to fruition. Simply having name recognition can help you acquire valuable business.

How do I avoid legal issues with an independent contractor?

When you establish an agreement with an independent contractor, the hope is that everything will go smoothly. It benefits all parties involved if the contractor is able to complete your project on time and according to the predetermined specifications. And the last thing you need is for a dispute to arise that either interferes with the work being finished or results in the threat of legal action on behalf of the contractor.

Boilerplate contracts offer some savings, but big risks

All businesses look for ways to save money. This makes perfect sense as cost-effectiveness can lead to bigger profits. But there is a difference between finding sensible ways to limit expenses and placing yourself in financial jeopardy by trying to save a few dollars.

Survey shows family business owners have doubts about succession

According to a survey conducted by The Alternative Board, family businesses are on the whole finding financial success. And most family business owners believe that they will continue to thrive and succeed. But this optimism about the present and the immediate future is tempered by a belief among many owners that their businesses will not be carried on under the control of future generations. In fact, 62 percent of those surveyed harbored such fears.

So why the pessimism? Well, there were a couple of reasons cited. For one thing, only 45 percent of the respondents said that their children played a role in the family business. In other words, there is simply no ground work being done to help the succession process. Equally telling, 26 percent of the respondents were not satisfied with their succession plans and 29 percent actually had no plan whatsoever.

Are your shareholders prepared for possible changes?

From marriages to business partnerships, nothing lasts forever and change is inevitable in all relationships. And just as a divorce can be expedited much easier if the couple signed a prenuptial agreement, so too can businesses do themselves a tremendous service by planning for a potential dissolution.

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Dinn, Hochman & Potter, L.L.C.
5910 Landerbrook Drive, Suite 200
Cleveland, OH 44124
-6500

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