Take your business to a new level in 2010
Posted on | March 11, 2010 | No Comments
Take your business to a new level in 2010 . Attend this amazing & free class sponsored by Xpedishon Coaching.
Xpedishon provides group coaching to solopreneurs and small business owners. Xpedishon was co-founded by Rainmakers CEO Tony Scelzo, Matthew Griffith, Ed Turi, and Jack Klemeyer. We are looking for 150 individuals who want to grow their business to over $500,000 per year in revenue. We have a proven system that has helped hundreds of individuals signficantly grow their business.
March 19th , 10:00 – 11:30 am
Details & Free Registration for the March Xcelleration Event.
- Are you willing to invest 90 minutes of your time to find out how to significantly grow your business in 2010?
- Are you done with this slow economy? Ready for better times?
- If you are frustrated with the challenges of running your business in this tough economy we would like to invite you to a free workshop to show you how you can double and even triple your business in 2010.
Matthew Grffiith, Tony Scelzo, Jack Klemeyer, and Ed Turi, the owners of Xpedishon Coaching, will lead an inspiring and dynamic presentation where you will learn-
- The three areas that you must focus on to grow your business.
- The top limiting beliefs that you must eliminate before you can ever succeed in business.
- How to structure your business to grow bigger than you ever thought possible.
People come to Xpedishon, because they are motivated and committed to growing their business despite the challenging economy. If you are committed to growing your business in 2010, then this free one-hour workshop is for you.
About Xpedishon -
Xpedishon is a group coaching process that is known for its ability to quickly help clients get high impact results. Owned by Tony Scelzo, Jack Klemeyer, Ed Turi, and Matthew Griffith. All are highly experienced coaches and successful entrepreneurs.
Setting Up An Indiana LLC
Posted on | March 7, 2010 | No Comments
Question: “We formed an LLC a few years ago, but haven’t done anything with it. We do own properties and a business, but nothing is titled in the name of the LLC. There are several family members involved and our tax returns are a mess. Any advice on what we should be doing?”
Matt’s Answer: “Yes, I advise you to gather all your deeds, financial records and company records, and sit down with your business or real estate attorney, your CPA and your insurance agent. I have reviewed your company records, and can see that you’ve done essentially no planning. We need to develop a plan for you. You need an asset protection plan that includes some training and education on how to operate your LLC. You need to get better insurance on your properties, your business and the LLC members. You need to fix your company record book, which includes the drafting and completion of an Operating Agreement. And, that Operating Agreement should contain buy-sell provisions to address what I call the “Big D’s-” death, disability, marital divorce, dissolution of the entity, and disinterest by one or more members. You also need to fix certain accounting and tax irregularities, which flow from your failure to devise a plan.
Your meeting with your attorney should last one hour to two hours, and should include training and instruction on how to operate this business. Yes, it is a business. “Real Estate Investing” is a misnomer. It should be called “Real Estate Management” or “Real Estate Business.” You should apply basic business principles to your real estate business. Although I cannot explain in great detail here everything you need to do to correct the shortcomings of your operation, I can assure you that it is a fairly routine matter for an experienced real estate and business attorney. This is not difficult to correct, but you need to consult with professionals and implement a plan. Do not believe everything you’ve read in a book, on the Internet or in a seminar manual. And do not expect your CPA or insurance agent to fix your legal matters, as each of these three professionals has his or her own expertise and field of licensed competency. Go see all three- an attorney, a CPA and an insurance agent- and get your house in order as soon as possible. Within thirty days, you should have your real estate business matters in order.”
Fully Virtual Law Office Is Launched in Indiana
Posted on | March 1, 2010 | No Comments
Indianapolis, IN: March 1, 2009 – Tiffany U. Vivo, an Indianapolis attorney and Managing Partner of Vivo Law Offices, LLC announced today the launch of Indiana’s first fully virtual law office (VLO) in Indiana. The VLO’s address is www.IndianaVirtualLaw.com.
A virtual law office (VLO) is a web-based law practice that enables clients and lawyers to communicate through encrypted messages from any web access point at times convenient for the client and typically at reduced costs. A VLO is not a website operated by non-lawyers selling legal documents, such as Legal Zoom. Rather, a VLO is a licensed law office that uses the web to facilitate attorney-client communications and the safe exchange of data and documents with a licensed attorney.
“By eliminating expensive law offices, large staffs and other unnecessary overhead, our VLO can deliver cost-effective legal services from Indiana-licensed attorneys at lower costs,” explained Vivo. Increasingly, consumers are turning to the Internet for solutions to legal, medical, home improvement, car repair and other problems. “A VLO is not right for every client, but VLO’s do offer many clients access to a knowledgeable and experienced attorney, and good legal documents at a fraction of the cost,” Ms. Vivo further explained.
The other huge advantage of a virtual law office is convenience. A virtual law office can be accessed by a client anytime from anywhere the Internet is available. “There is no doubt that clients expect more convenience. Many clients do not want to drive in downtown traffic, find parking and then fight crowds and elevators just to see their lawyer,” noted Matthew Griffith, an Indianapolis attorney who often meets clients away from his downtown office. “Coffee shops are my office away from the office,” Griffith added.
“It is important that any law virtual firm office strictly adhere to the Indiana Rules of Professional Conduct and the Best Practice Guidelines for Legal Information Web Site Providers written by the E-Lawyering Task Force of the American Bar Association’s Law Practice Management Section and the ABA Standing Committee On the Delivery of Legal Services,” said Ms. Vivo.
About Tiffany U Vivo, Attorney: Tiffany U. Vivo is an Indiana attorney. At her physical law office, she practices immigration and family law.
WHY AM I A LAWYER? WHY ARE YOU A _____(baker, salesman, home builder, etc.)?
Posted on | February 16, 2010 | 1 Comment
Passion.
You absolutely must have it to be in business for yourself. And I am NOT talking about the love of money. You gotta love the product or service you offer. Actually, there is a better way to describe “business passion”-
Passion is the unstoppable desire to make the world a better place by offering your particular product or service.
We do well the things we love. We do poorly the things we hate doing.
So, do what you love, and, assuming there is a need, want or desire for your product or service offering, you’ll make money at it. Why? Because, you’ll deliver quality, and that will keep your customers happy. Happy customers come back, and they bring their friends. Your business will grow. You’ll attract employees and strategic partners who share your passion for changing the world one sandwich, insurance policy or legal document at a time. You’ll be happy, you’ll come to work with enthusiasm, and profits will follow. The proof of what I’m saying will be easy to see.
I got an awesome “thank you” card and a box of gourmet brownies from a client this week. Here’s what the card said-
“Thank you. I cannot begin to thank you enough for all of your help and guidance early in my investing career. You have kept me from making mistakes and helped me capitalize on opportunities that have come my way. Your mentorship and knowledge is much appreciated and having someone like you on my team is very special. I hope one day we can do a deal together in some aspect and I can pay you back for all of your time and hard work. I appreciate your efforts on my real estate contracts and needs.”
After reading that, do you have any doubt why I practice law and coach entrepreneurs? Can you sense why I am a business lawyer and business coach? Do you think that I just might have a passion for helping business people? Most importantly, can you match my passion for practicing law and business coaching with your passion for your chosen field? Can you?
If so, congratulations. You’ve chosen the right vocation.
If not, let’s do some soul-searching. It might be time for you to make a change.
Asset Protection- More on Piercing the Corporate Veil
Posted on | January 13, 2010 | No Comments
A reader recently asked me this: “Can I PERSONALLY receive payments for services rendered through my S-corporation without jeopardizing my “corporate veil” or “corporate shield?”
The corporate veil insults owners and officers of a limited liability entity personally from liability risks of a business.
The answer to the reader’s question is yes, as long as this reader follows the corporate formalities I teach my clients and as long as he doesn’t commit one of the “7 Deadly Corporate Sins.” I listed the seven or eight (depending on how you count them) things you should avoid in order to buttress your corporate structure and not have your “corporate veil” pierced. Indiana corporations and Indiana LLC’s are governed by these rules, and I have generally described Indiana case law and the Indiana Code in these blogs. I give more guidance on this important topic in these other blogs:
http://www.askmattonline.com/uncategorized/piercing-the-corporate-veilshield/
http://www.askmattonline.com/asset-protection/what-is-the-corporate-veil-or-shield/
As to the question asked by my reader, he is going to receive checks in his personal name for work done through his S-corporation. The contract at issue is in writing and is between his S-corporation and another company. That’s a very good thing for my client, as it helps to distinguish him from the S-corporation he owns. For reasons not important here, the payments will be mailed as checks to my reader but made payable to him personally. I advised him to deposit the check in his S-corporation’s checking account and to treat the payments as if the payment had gone straight to the S-corporation and not to him personally.
By taking these steps, he will not violate any of the “7 Deadly Corporate Sins” and will avoid the “co-mingling” issue. The payments rightfully belong to his S-corporation, not him personally. So, he is merely depositing payments in the bank account of the rightful owner- his S-corporation. He is actually doing something positive to separate his personal affairs from his business affairs, which buttresses his corporate protection and limited liability. A court should look favorably on what he is doing, if this ever became an issue.
By the way, there is no significance to the fact that this reader owns an S-corporation, as opposed to a C-corporation. I did mention the “S” election status of this particular corporation to make the point the even S-corporations are obligated to follow the rules I described in this and the related blogs. The tax status of an entity should not impact the manner in which the corporate veil is preserved and protected. The same is true for LLC’s, although the formalities for LLC’s are different than they are for corporations. Otherwise, the same rules apply to LLC’s and corporations.
A good small business attorney will help you structure your business affairs in a way that limits your personal risks and protects your personal assets. If you need an Indiana attorney, make sure you hire a lawyer who understands Indiana business law.
___________________________
Matthew A. Griffith is an attorney, business performance coach, mentor and entrepreneur. He coaches, advises and guides business owners, entrepreneurs, inventors, property managers, investors and real estate professionals. Matt has nearly two decades of experience helping businesses grow.
WHAT IS THE “E” GAP?
Posted on | December 8, 2009 | 1 Comment
How will we recover from this recession? This “GREAT RECESSION?”
How will we recreate the 8.2 Million lost jobs?
If you think the Congress or President Obama or the Federal Reserve is going to be part of the solution, then this article is not for you. You are simply not in the right starting place fully to appreciate this blog.
The solution will not be big government or even big business. Government does not save jobs or even create jobs. Government can hinder or facilitate the business community in its natural endeavor of generating profits, which requires manpower which translates to jobs. So, starting from that point, why won’t an economic recovery immediately generate more jobs?
I assume that the overwhelming majority of economists are correct that this will be a “jobless recovery.” Here’s what that looks like visually:
The “E” Gap
The difference between economic growth and job creation is what I call the “E” Gap. As explained below, the “E” Gap represents a void that will trigger the greatest wave of entrepreneurship we have witnessed since the end of World War II.
The precise numbers in the chart above are irrelevant, so please do not focus on the values that I have assigned here or the rates of GDP growth versus the rate of job creation. Those are not the issues here.
If you start with the proposition that GDP or economic growth will out-pace job creation, then you must accept that there will be a “jobless recovery.” That will be true, at least, in the sense that economic activity will increase faster than net job creation will grow. I do not believe that those 8.2 million jobs will return in the same form as existed before the Great Recession started. Here’s why:
- Employers were extremely confident prior to the recession. Employment is a measure of confidence in the economy. If an employer is confident in the future, it will hire more employees in anticipation of future growth. There are no indications that employers will exhibit the high levels of confidence that predated the recession.
- Taxes, particularly employment taxes, healthcare costs, etc. will surely increase in future years. These pressures will increase the costs of labor, which will cause the demand for labor (employment) to drop or at least not grow as quickly.
- Employers will innovate in ways that will reduce the demand for employees. Some of the best innovations result from the necessities created during difficult times- RECESSIONS! Unfortunately, innovation often means less need on labor. Machines, computers, new devices, software, processes, etc. are being created right now, all in an effort to reduce costs. Labor happens to be one of business’ largest costs. Do the math. Jobs will be lost forever.
- Many manufacturing jobs have been lost forever. Take our two largest job-producing industries: automobiles and homes.
- Employees seemingly distrust employers more today than in many decades. The level of employer-employee and employee-employer disloyalty may have never been higher.
- The Baby Boomers will be working longer, because they are living healthier lives for longer periods of time, and they have lost their retirement savings. They can, want and must work longer, which will increase the supply of labor.
The bottom line: SOME JOBS HAVE BEEN LOST FOREVER.
But, people have to eat, you say. I agree. In fact, I think that people want more than just food to eat. I think people like to wear clothes, sleep in nice homes, drive cars, go to the movies, buy mp3 players, etc. The unemployed will, sooner than later, find a way to earn a living. And, businesses will still need services, innovation, talent, experience, etc. While these needs normally translate into job creation, all indications are that jobs will trail economic growth.
If you can’t find a job, you create one! I challenge anyone to disprove that proposition. Even during the Great Depression, people found ways to survive. Odd jobs eventually became services which grew into companies, which employed other people, and so on.
Entrepreneurs will create their own jobs, build new enterprises and, in turn, create even more jobs. AND THAT’S CALLED ENTREPRENEURSHIP. Employers won’t hire back the 1,000,000’s of unemployed. The unemployed will start small businesses, form partnerships, or work for a start-up or emerging company. Job creation will start with the small venture and grow from there. Don’t expect Uncle Sam or even Uncle Sam Walton (Wal-Mart) to create tomorrow’s jobs. Look at today’s unemployed, highly skilled, experienced and hungry worker, middle manager or recent MBA graduate. Those are tomorrow’s entrepreneurs who will restart the job market and create the economic recovery that will generate jobs and better wages.
More on entrepreneurship and the economy in years to come in a future blog. Here, I wanted to cover the basic concepts that will create the “E” Gap.
________________________________________________
Matthew A. Griffith is a business and real estate attorney, entrepreneur, business success coach and investor. He guides small business owners, management teams, inventors and investors to profitability using both time-tested and innovative business ideas, methods, tools and techniques. For a consultation, contact him via email- griffith@indiana-attorneys.com
marketing gravity- “recession buster idea” #1
Posted on | November 16, 2009 | 1 Comment
Q: How do you generate more P.R., name recognition, product awareness, networks, clients, referrals, “fans,” blog readers, followers on Twitter, etc. ?
A: Marketing Gravity. That’s how! That’s the key!
Marketing Gravity is a concept I learned from a genius named Alan Weiss of Summit Consulting. This diagram is my updated version of a diagram Alan created years ago.
The diagram is hard to read on a blog, so let me explain it in words. In the center is “marketing gravity.” The “globes” around marketing gravity represent different ways to market and connect with people- publicity, Twitter, Rainmakers Marketing Group, trade associations, newsletters, blogs, sky writing, brochures, open houses, etc.
Now, let me explain gravity in the real world, so I can apply the concept to marketing. Gravity is the attraction of mass to mass. In the real world, the more mass you have, the more gravity you create. The more gravity, the more mass attracted, thus creating more gravity. The cycle repeats, with bigger objects pulling in smaller objects, thereby creating even more mass to attract even more objects. Etc., etc., etc.
Marketing works the same way. . . the more Tweets you send out, the more followers you get, which leads to more hits on your blog, which results in more emails and phone calls, which generates more clients/customers, who view your website and then refer you more clients, who forward your electronic newsletter to friends, which leads to more people following you on Twitter, and so on.
Pick and choose the type of marketing “globes” you put in your marketing universe. Each business and each industry call for different tactics at different times. The key is to get started. Experiment. Not everything will work. But, the marketing tactics that do work will, by definition, be consistent with your marketing strategies and further your marketing plan.
Plan? Marketing plan?
There I go again. . . talking about planning. Imagine that. As if you’d never heard me preaching about the virtues of business planning. Seriously though, CREATE A MARKETING PLAN ASAP!!! I recommend that EVERY BUSINESS create a marketing plan designed to maximize the benefits of MARKETING GRAVITY.
If you need help getting started, ASK FOR HELP. But please, get started and start generating some MARKETING GRAVITY.
CONGRESS WILL EXTEND HOME BUYER TAX CREDIT
Posted on | November 3, 2009 | 1 Comment
Congress will vote this week on the Unemployment Compensation Extension Act, which will extend and expand the homebuyer tax credit and the net operating loss (NOL) carryback.
The U.S. Senate faces procedural votes this week. The House will consider the Senate-passed bill and vote on it by the end of the week. The President wants to sign the bill into law Saturday.
Here is what the bill is likely to contain:
Homebuyer Tax Credit
- Extends the $8,000 tax credit until April 30th for first-time homebuyers;
- Creates a new $6,500 tax credit for move-up buyers for the same period;
- Homebuyers will have an additional 60 days (June 30th) to close on the home;
- New, higher income limits of $125,000 for individuals and $225,000 for couples;
- Move-up buyers must have been residing in their primary residence for 5 consecutive years out of the last 8 in order to qualify for the credit; and
- Homes over the purchase price of $800,000 do not qualify.
NOL Carryback
- Five year carryback for NOLs in either 2008 OR 2009, not both;
- Years 1-4 allow for 100 percent use of NOLs, year 5 is limited to 50 percent of a company’s taxable income in that year;
- No size limitation or other cap on revenues; and
- Unused NOLs in year 5 are still eligible for 20 year carry forward.
The National Association of Home Builders estimates that the extended and expanded home buyer tax credit will generate 180,000 additional sales; create 211,000 jobs; and $9.6 billion in wage income, $7.2 billion in business income (small and corporate), $5 billion in Federal taxes, and $1.9 billion in state and local taxes.
INDIANA PROTECTION AND RECOVERY TEAM- CALL OUT MEETING SCHEDULED FOR NOVEMBER 19, 2009
Posted on | November 3, 2009 | No Comments
IPaRT is a team of committed professionals serving people in Central Indiana with the protection and security of their persons, families, businesses and personal assets. IPaRT members serve:
- As a resource for the community on security and protection issues
- As a referral source among its members
- As a forum for security and protection professionals to exchange ideas and stay current on related products and services
If you are a professional in a protection-related field, industry or profession, please join us at IPaRT. Our call out meeting will be held on November 19, 2009, at 9:00 a.m. in Indianapolis.
For details, visit the IPaRT website: IPART ONLINE
Protect Your Business name
Posted on | October 22, 2009 | 1 Comment
Your business name has value, if you protect it. Consider what your business name does for you:
- It can identify your product or service.
- Customers instantly recognize your company.
- Your name can suggest speed, quality or other marketable characteristics.
- You distinguish your company, product or service from those of the competition.
Add to a good business name-
* A tag line
* A logo
* A color scheme
Now you’ve got a BRAND. And branding is critical to attracting new customers and retaining existing ones.
But how do you protect your brand? More specifically, how do you protect your COMPANY NAME?
STEP ONE- Hire a good business attorney. If you live in Indiana, call and interview Indiana business attorneys knowledgeable in this area of the law.
STEP TWO- Decide whether your company will offer services or goods to customers in more than one state. If so, you’ll have more work to do in picking and protecting a name.
STEP THREE- Chose an unique or original business name. Most state secretaries of state have websites where you can search for available names. You’ll also need to check the Internet and the United State Patent & Trademark Office.
I recommend that you go one step further. Once you’ve done a preliminary search and have chosen a name, hire a professional service company that specializes in name searches. I use such a service regularly, and it is the most cost-effective way to ensure good selection of a name.
STEP FOUR- Work with your business attorney to devise a Name Registration Strategy. Do the cost-benefit analysis required to determine whether you need federal trademark protection. In most states, you’ll want to register your business name at the state level. Many businesses should consider federal trademark registration, but never anticipate that they have an interstate business. That’s a huge mistake.
Then, if you are granted state or federal trademark or service mark rights, note those rights by use of the appropriate registration symbols- use the ® if it is registered as a federal trademark, a ™ if it’s an unregistered trademark and a SM if it’s an unregistered service mark.
Your Name Registration Strategy should include filing fictitious or assumed business names. These are known as “DBA’s,” which stands for “Doing Business As.” This strategy not only protects names but can also prevent lawsuits, but that’s another article that I’ll write separately.
STEP FIVE- Register your domain names. As they say in Chicago politics. . . early and often. Registration is cheap. So, register a reasonable range or combination of your name as .com, .net, .org. .biz or any other relevant extensions. Make it easy for customers to find you by directing traffic from multiple sources to your home page.
STEP SIX- Monitor for violations of your rights. Use Monitor trademark infringement with CyberAlert’s Trademark Infringement Monitoring Service, or resolve it with trademark protection services from The Trademark Company.
STEP SEVEN- Enforce your rights. For example, have your business lawyer send “Cease And Desist” letters to anyone violating your business name rights. Submit complaints regarding domain name use to an arbitrator according to the Domain Name Dispute Resolution Policies set forth by the Internet Corporation for Assigned Names and Numbers (ICANN). Challenge other trademarks or registered business names that infringe on your name rights. Etc., etc., etc.
If necessary, file lawsuits.
If your business name is an important part of your branding strategy or goodwill, then take the time and make the investment to find the right business attorney to help you protect that brand.
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