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As a business owner, you know what it’s like to lie awake at 2 a.m. Maybe it has happened when you are excited and full of new ideas for your business. More often, it’s because you are worried about issues you will face the next day. Sometimes, it’s because you just woke up with the solution to a problem. I’ve experienced all those emotions about my businesses over the years. Awake at 2 o’clock? is where I share them with you, and hopefully help with answers that will let you sleep.
John F. Dini, CExP, CEPA
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Small business owners are the Hunters of the 21st century. We are 3% of the US population, and yet we create over half of all American jobs. As Hunters, we may not be inclined to manage by the numbers or stick to systems. Are you a Hunter or a Farmer?
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How prepared are you to exit your company?
The Assessment breaks down the four major categories of exit readiness; Finance, Planning, Operations and Revenue/Profit.
Tag Archives: leadership
Employee Experience: Is Bigger Better?
Small businesses provide much of the initial employee experience. We take younger folks and teach them decent work habits like showing up every day, being on time, and working to deadlines. As owners, our personal skills may not be sufficient. We … Continue reading
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What’s in YOUR Nondisclosure Agreement?
A Nondisclosure Agreement (NDA) has become one of the basic standard documents in every company’s wallet. Between the rising swell of Baby Boomer owners entertaining exit planning, and greater caution surrounding the legal issues of strategic partnering, an NDA is … Continue reading
5 Responses to What’s in YOUR Nondisclosure Agreement?
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One Response to What the Heck is Exit Planning?
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John,
Thanks, I have a small chocolate wholesale/retail business. I started 6 years ago and after growing from 3 part time employees and lots of self employment expenses, remakes etc. I have been just me myself and I. I work almost 24/7 and multi-tasking is the name of my game. Now, I am thinking of relocating out of state and downsizing because I love what I do, but to consult with my accounting person about planning for a closing of this business and starting the same business in a different state that I will eventually retire in. I feel I have learned what to do and what not to do, so I have about 1-2years to schedule the move.
Thanks, always enjoy your posts..
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What Should A Small Business Insure?
Every business carries insurance. Some is required by law, such as unemployment insurance or coverage on vehicles. Most is optional, but there is “common sense” coverage and more esoteric policies intended to help you recover from company-threatening events. I’ll spend the … Continue reading
One Response to What Should A Small Business Insure?
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Great reminders. Falls under the category of continuity planning which is vital for most family businesses…at least mine.
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The New Information Direction: Push Over Pull
Ever since we started using computers in virtually every business, we’ve been putting data into them. Unfortunately, the issue has been getting information back out. In the middle 1980’s I ran a manufacturing company together with a couple of Australians. They thought … Continue reading
One Response to The New Information Direction: Push Over Pull
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We built a company around this in the 90’S. What we need now is for the computer to tell the recipient of the information what they should do with it. Then we will have actionable information. Very Interesting!
In some areas an NDA requirement preventing hiring any your employees have been found not legal because of is effect on freedom to find new employment for the employee. EG where there are limited opportunities for certain skill sets in the geographic area.
Good point Jim. That is why an attorney familiar with your jurisdiction is a must.
In many areas, employees’ response to an open advertised employment solicitation is normally not covered by the NDA’s restrictive provisions….while direct contact is. From a client perspective, it is important to note the difference and that the risk exists, but is essentially the same as it is in “normal” times.
Good point Richard. Actually most large companies won’t agree to a non-employment clause for just that reason. They don’t want liability (or screening responsibility) for normal recruiting activities. With smaller acquirers, JV and merger discussions, I have seen it included (subject to state unemployment law, as was previously noted.)
One of the biggest mistakes too many searchers/buyers make entering the buy/sell playing field is not getting their own NDA signed by brokers, owners and sellers of companies. (Not to mention some of the horrible NDAs foisted on searchers.)
• What about protecting the fact that you want to buy a business . . . and you don’t want your employer to know about it?
• How about the content of your financial statement and borrowing power?
This is why the advisory teams of savvy buyers and sellers include experts with a proven record of facilitating win-win deals that should occur.
• I, for example, won’t collaborate with buyers unless they hire the right kind of attorney and tax advisor at the right time and then properly engage those specialists. It’s good for all of us.
BTW, it’s 2 a.m. right now at home in Florida and I’m awake reading John Dini’s excellent website (awakeat2oclock.com) while awaiting a call from someone I’m helping in the UK.
• “Awake at 2 o’clock” . . . I wish I had thought of that title!!!!