What legal considerations can affect the sale of your business?

Podcast highlights:

02:12 - Why the legal side of a sale is important

04:42 - What are you actually selling?

05:55 - Shares or assets?

08:13 - Taking a look from afar

09:36 - The challenge of staff transfer

12:28 - Can it run without you?

13:33 - The question of confidentiality

16:31 - Who prepares the sale document?

20:02 - Getting the right advice

22:16 - Dealing with the emotions of a sale

22:49 - In cases of agreement changes

23:23 - Cover these bases

25:57 - The importance of a well-planned sale

28:51 - Communication is crucial

31:32 - Closing summary

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Download the PDF transcription

Part 1 of the series

Part 2 of the series

Transcription:

James: James Schramko here, welcome back to SuperFastBusiness.com, and this is the third part of a three-part series, for the Are You Legal? series. If you've just arrived at this episode and you haven't heard episode one and two, please go back at SuperFastBusiness.com or in iTunes and have a look for Are You Legal?

Part one, we were talking about setting the foundations, having the right structure. We talked about intellectual property and what to do with staffing agreements, onshore and offshore.

In episode two, we talked about the key agreements that you need to have in your business, and we prepared a fantastic guide, and my co-host on this series, Joanna, gave us some resource as well, things that you need to look for in your business, and we also talked about how to get your cash flow ticking along nicely. So it's a very important episode to listen to.

Today, we're at part three, which is about building your business to sell. So we're going to be talking specifically about the legal aspects involving a business sale, what you should be aware of, why this is important, and I'm going to introduce my co-host in the series, Joanna Oakey from aspectlegal.com.au. Welcome.

Joanna: Thanks James, thanks for having me back.

James: My pleasure. We've had some great comments in the previous episodes, some people have mentioned that they've gone and made some changes to their business as a result of some of the things we talked about in the earlier episodes.

Joanna: Right.

James: Business up for sale, we hear about that. A lot of my students are buying businesses, and some of them are selling businesses, so it's something that's always going on. And of course one of the greatest investments we might ever make is in building our own business, and one day we might sell it for a profit, or multiples of its annual profit. So there's a lot of issues that come around, and I've been through this process a few times this year already.

Why look at the legal side?

So I would love to know,

Can a DNA test help you get fit and healthy?

In the episode:

03:28 - An introduction to the series

8:00 - The health and fitness struggle

11:00 - Where DNA comes in

13:06 - The interior difference

18:20 - Does one size really fit all?

23:15 - Things you should look for in a DNA test

27:22 - How legit is the data?

32:47 - Why you should get a sample report

35:59 - Challenges of the training process

38:55 - Matching your workout to your genes

43:48 - James's power and endurance scores

46:40 - Genes versus environment

48:16 - The tortoise and the hare

51:23 - What James's genes mean for him

58:28 - What's your risk of injury?

01:03:37 - Once you know your injury profile...

01:07:24 - Why you shouldn't overtrain

1:10:20 - Recovery and oxidative stress

1:14:42 - Can we change our DNA?

1:17:56 - The price tag on genetic testing

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Part 2 of the series

Part 3 of the series

Download the PDF transcription and guide to DNA Testing And Your Fitness Plan

Transcription:

James: James Schramko here. Welcome back to SuperFastBusiness.com. Today, we're talking the optimum strategy to health and fitness. It's a series, and I'm doing it with my friend Jonny Deacon from the UK. Welcome to the call.

Jonny: Hi James! How are you?

James: I'm doing well, thanks Jonny. Part of it is thanks to you. You've been helping me out with some fitness and some ideas, some stretching videos. Today, you're going to be revealing my special plan. But first, I just want to let our listeners know why we're at this situation and give some backstory. Firstly, you can be contacted at MyDNACoach.com. I'm speaking with Jonny Deacon. He's an expert at health and fitness, but also, he's taking it into this new phase where you're combining an understanding of DNA, which is our genetic makeup and a few other things, which we'll get into in the show. If you haven't listened to the first episode series that I did with Anita Chaperon, go back and listen to that first before the show, where I talk about my discovery of how DNA can really change the way we think about ourselves.

From my own perspective, I'd built up my business to a successful level after a long career, I quit that, started my own business, built that up, created some income resource for myself, I created some time resource for myself and focused more on things like relationships and passions. Of course anyone listening to this podcast knows I like to surf. But what I found was my body was in a lot of pain, and it got to the point where I eventually had to go off and get an MRI scan. You know I'd tried massages, I'd tried chiropractors, I tried lots of things and everyone was telling me to eat green juices, and do this, and do that, and get a foam roller, and it was all very helpful. People in my community have been super helpful.

There's been a few key players.

Discover innovative ways to level up your recurring subscription based business.

Podcast highlights:

03:28 - Fun versus authenticity

04:57 - The story behind Design Pickle

08:33 - What you can build when you solve your own needs

11:10 - Defining “agency”

13:39 - Focus on these customers

15:36 - A smart business model

16:15 - Who do you target?

18:35 - The retention numbers

21:19 - For those who “aren’t creative”

25:08 - Touched on so far

27:12 - Some smart advice

29:39 - Russ’s number one funnel filler

32:26 - Where the traffic goes

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Download the PDF transcription and 12 Tips For A Profitable And Sustainable Business

Transcription:

James: James Schramko here. Welcome back to SuperFastBusiness.com. Today, I'm speaking with Russ from Design Pickle about creativity, and also I think we're going to go a bit deeper and talk about business strategies, because there's a real story behind this. So welcome to the call, Russ.

Russ: Hey, thank you so much.

James: Russ, it's strange talking to you when I'm used to seeing you in a pickle costume.

Russ: [laughs] I'm actually a retired pickle now. I've since hired folks. That's sort of the initiation here at Design Pickle as you must become the pickle.

James: That sounds tremendously motivating. So we're doing this interview. You know those guys in the side of the road dressed up as a hotdog. You're going to be able to do that.

Russ: It is, it is. It really tests the culture really fast to see what they respond.

James: I think one thing from a creativity aspect is that I do see little snippets of you on the social media. I don't think I've actually met you, but I have seen you online with Ezra's feed, and that's one of the reasons we're talking. I'm interested in finding out how can someone who's got their own business step away from the computer and actually get known to their audience. I mean it's a big question, and I'm going to guess that a lot of my audience are not going to strap on a pickle suit or whatever variation of a pickle that they might have for their business, you know, slightly different, perhaps a gherkin. They could be design gherkin, design onion. Do you think once that spot is taken that it's harder for someone else to come and do their own thing?

Russ: Well you know, the pickle is really a reflection of me. Not only do I love pickles, I basically wanted to do something with a brand with my next business that was just simply fun and light-hearted because that's sort of my personality. I'm a fairly, easy-going person. So that's where I would always direct people to look. Like what is your vegetable or pickled item of choice? Maybe it's not a cucumber, maybe it's a mushroom or something, but being able to find that and extrapolate that, that has been why we've been successful, not because we're super creative. It's just because it's really authentic to who I am and then the team around me who all sort of share this fun personality.

James: Does it have to be fun? I think that's a great articulation by the way, how you ended up with a pickle. It's a representation of you, your character. I'm guessing it's a way in my brand, it's a representation of me and my character. Silv...

What key agreements support the relationships in your business?

Episode topics:

01:49 - The need for key agreements

03:20 - Agreements you should have

05:19 - If your business is online

07:29 - Why you shouldn’t just cut and paste

10:26 - When it comes to affiliate marketing…

13:52 - READ those clauses

16:40 - The subject of partnership agreements

22:01 - A quick review

24:35 - In matters of disputes

27:18 - Choosing your lawyer

32:13 - When emotions get in the way

36:26 - Improving your cash flow

40:43 - Look out for these things

42:21 - You need to communicate

45:33 - Being the first to get paid

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Download the PDF transcription and Guide To Setting Up Key Agreements In Your Business

Part 1 of the series

Part 3 of the series

Transcription:

James: James Schramko here, welcome back to SuperFastBusiness.com. This is actually Part 2 of a three-part series called Are You Legal?, where I have my special guest Joanna Oakey from AspectLegal.com.au. Welcome back.

Joanna: Thanks, James.

James: Now if you haven't listened to the first part of this series, you want to go back and listen to Are You Legal Part 1, which is where we were talking about having the right structure, setting the foundations, protecting your intellectual property, staffing, and how to protect yourself from potential risks there.

And that leads us into Part 2. In this episode, we're going to be talking about the key agreements that you need to have in place for your business. We'll talk about disputes and contracts. We'll also talk about having some systems for cash flow. Also, you might look at that as a debt collection idea.

When we get into Part 3, we're going to be talking about building your business to sell. But we're not there yet.

So let's start off with key agreements. Let's talk about why we need to have key agreements in a business. We can't just make stuff up as we go, Joanna.

The importance of key agreements

Joanna: Yeah, absolutely. So I see good quality key agreements as something that's imperative to a business to help set the relationship between each of the key stakeholders in your business. So that might be your staff, your contractors, your suppliers, and importantly your clients as well. And business partners as well. So good quality key agreements give you the foundation to set up the relationship right from the beginning, and to help set the expectation between the parties so everyone knows what to expect, which then reduces the likelihood of arguments down the track.

James: How often do agreements need to be called upon?

Joanna: Yeah, well it depends how you view agreements. So I think I mentioned in the

Get people to read your ads from start to finish with Bond Halbert’s easy editing formula.

Bond Halbert In the episode: 01:09 – An overview of the book 03:31 – Why Bond is an expert 05:02 – Gary Halbert’s way 07:50 – Where father and son differ 11:44 – How to keep people reading 15:23 – Never-before-covered topics 16:25 – Helping them decide to read 20:33 – The hunt for “that” 22:10 – Letting the formula seep in 24:42 – A simple beginning trick 26:30 – Some smart editing tips 29:18 – Apply these words with caution 30:15 – Should you use templates? 33:59 – Two kinds of writers 37:10 – Are you doing this with your copy? 41:54 – When picking a copywriter… Grow Your Business in just 2 days Click HERE Download the PDF transcription Transcription: James: James Schramko here, welcome back to SuperFastBusiness.com. Today, we are talking with pretty much a legend. Got my friend Bond Halbert on the call. Welcome. Bond: Thank you, thank you very much. James: Bond Halbert, son of Gary Halbert, brother of Kevin Halbert, son of Nancy. I mean, there’s a good positioning in life, really. Bond: I couldn’t agree more. James: And you got some nice kids as well, passing on the Halbert generation. Now, what we want to talk about specifically today is The Halbert Copywriting Method Part III, which is The Simple, Fast and Easy Editing Formula that Forces Buyers to Read Every Word of Your Ads. Bond, tell me about the title of this book. What’s in the book Bond: OK. First there’s two parts. One, we kind of called the title The Halbert Copywriting Method Part III: The Star Wars Launch, because I always say that the power in your copywriting is research. It’s knowing your prospect so well that you can trigger their impulse to buy that will, because you know what to offer them, you know how they speak, so you know what to say. You know when to say it to them. So you know all of that information. “The first draft is the shortest part.” CLICK TO TWEET And then eventually, the second part of the copywriting process is where you’ve developed that unique hook, offer or solution, which usually comes out of the research. And then you put down in words, in a first draft. And usually, that is the shortest part of the entire copywriting process. People think that copywriting is sitting down at a screen and piecing together little elements of copy and stuff like that. It’s not. It’s doing the research, doing whatever it takes for you to get into the creative mindset to come up with that first draft, and then the professionalism comes from editing. And you will hear other great copywriters tell you that, but you will never find anybody telling you how to do the editing, until now. And so I am working right now. I am actually writing Part I, and Part II as well, and Part III was ready first, and it was so needed and it was so new and everything that I went ahead and released that first. And the second part, where I explain the simple, fast and easy editing formula that forces buyers to read every word of your ads, a lot of copywriters and marketers make the mistake assuming that people will read all of their ads.