Exit Coach Radio

IP assets are important and planning for them is complicated --  but very necessary. Listen to Marc Hankin of Hankin Patent Law explain.

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Transcript: 

Bill: When it comes to intellectual property issues, there's always a lot to think about, and one of the best minds in the country is Marc Hankin. 

Marc: A little bit of planning will really prevent a big problem down the road, and intellectual property protection is somewhat confusing, you really should talk to someone who's a specialist at doing this, but not doing that costs so much more down the road because you haven't protected your most important asset which is your technology. You have to, first of all, protect your technology, protect your inventions, your innovation. Number two is worry about, when you're buying a product from someone else, whether you're a value edit reseller or distributor, if you're getting products manufactured for less money, for example, in China or somewhere else, when you sell those products here in the United States, you have to worry about whether someone has rights that can block you, and perhaps come after you and sue you successfully for infringing their rights. 

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ExitCoachRadio.com - Great Advice from Great Advisors! 
Listen to Daily interviews and tell your Business Owner friends!

Hans Sperling, Attorney - Sperling Law Corporation discusses some of the precautions he helps his clients think through when International Buyers approach them for purchase of the business.

Transcript: 

Hans: I mean, I think, even in domestic transaction when you kind of see the money from working a long time to find a good buyer, people want to strike while the iron's hot. A lot of what we do is say, let's slow down a little bit and make sure we do this right. But, with international, as your saying, it's that much more risky. Yeah, they could be trying to get your intellectual property, that's very common, we protect you from that. And the other thing is, if you're manufacturing or you have some technology that might be sensitive, I mean it's not necessarily obvious, it's not necessarily a missile, it could be there's magnets, lasers, sensors, all kinds of things you might not think of as being military sensitive. There's a whole other area of the law that covers that, so that could be an issue. There's also something called a foreign corrupt practices act, which, when you're dealing internationally, you have to be very careful, because in some cultures, they might not look like bribes, but gifts and so are common, and you have to be really careful to stay on the right side of the law, especially US law. 

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Tawnya Gilreath of LA Business Pros talks about a 12 month Value Driver process they use to Guarantee a 30% increase in the value of a business from the time they initially value your business.

Transcript: 

Tawnya: Basically, we put together a systematic process where we could help business owners that want to increase the value of their business before putting it on the market, and it is a 12 month program. Now, understand that some business owners are burned out and they don't want to wait 12 months. However, for those that do, we guarantee we will be able to sell their business for at least 30% more than the initial valuation when we started. So, when you think about that in terms of, if a business is worth $2M at the beginning, that means 12 months later, we guarantee that we're going to be able to sell it for $2.6M. 

Bill: So, by working with you and you coming in and saying, "You've got to fix this, put processes and systems in place, work on all these different areas," they're going to drive up the value of their business 30% and you guys stand behind that? 

Tawnya: We do stand behind that, and what we do is, let's go back to that $2M vs. $2.6M, let's say we only sell that business for $2.5M. Not only does the business owner derive the benefit of that extra half-million dollars in revenue from the sales price, but in addition to that, we refund all the consulting fees that he paid during that 12 month period, during that process. So it's absolutely risk free to that business owner. 

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Laura Ladoux shares a quick idea regarding setting up a business in a Community Property State (like CA). 

Transcript: 

Bill: What are some of the things you should be thinking about when you set up your business in a community property state? Here's Laura Ladoux.

Laura: One of my favorite things to do is help people understand that California is a community property state, and a lot of people don't really understand what the ramifications are of setting up a business when you are living in a community property state and you do have a spouse. One of the things I like to do is to sit down and find out if we need to have a community property meeting in place, is the spouse going to be a part of the company, do they want to be completely hands off? You know, we don't like to think of divorce, but my job as an attorney and as a legal business coach is to look at the holistic aspect of it and to prevent problems before they come, and it's a lot easier when you're setting up a partnership or a community property agreement when everyone's happy and friendly, to determine, okay, on the off-chance that this dissolves, what are we going to do?

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Questions discussed:

1.Tell me about an experience that you have had when coaching or training that has really

had an impact on an organization?

2.You are really focused on building Strengths based interdependent teams…how have you been able to do

that with 34 Strong?

3.Why have you made strengths such a critical part of your life and you business?

Book offer:

Play Like a Team Win Like a Team-ebook available on 34Strong.com website

Contact info:

Email Address [email protected]

Website www.34strong.com

ExitCoachRadio.com - Great Advice from Great Advisors! 
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There are big differences between the thought processes of generations today and they require substantial thought to developing leadership strategies. Jeremy Lurey of Plus Delta Consulting, LLC addresses the issues and solutions. Listen to his full interview tomorrow morning!

Transcript: 

Bill: What are some of the upcoming challenges in leadership training? Here's Jeremy Lurey. 

Jeremy: The unique challenge in our multi-generational environment is that many of the next-gen leaders, whether their generation X or even gen-Y/Millennials that are coming up, while they're eagerly waiting those chances, they don't currently have the fundamental leadership skills they need to succeed at that higher level. And while this may seem like a foreign concept for a lot of baby boomers, who had a different lifestyle, different life path in their professional careers, many of those next-gen leaders have very different life goals and ambitions. And so, they might not even accept that presumed promotion, depending on what strings are attached to it, or under what conditions it's being offered. So leadership development, and especially succession planning, is a whole new ballgame in this multi-generational work environment. 

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