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Arlington Heights business law attorneyWhen a company reaches a certain level of success, the business owner will often turn the business into a franchise. Some of the most well-known brands in the world such as McDonald’s, Planet Fitness, and 7-Eleven are franchises. While there can be a certain level of risk in franchising your business, doing so is often the best way to spread your brand and make your business even more successful than it already is. Turning your business into a franchise is not a decision to take lightly, however. Read on to learn tips experts say will help you avoid pitfalls as you franchise your business.

Research, Research, Research

The most successful businesses are those that address the unfulfilled needs that customers currently have. If the market is already saturated with landscaping companies and your landscaping business does not offer anything new or different, opening a franchise could be disastrous.

It is critical to do your research before franchising. Find a unique niche that is not already filled by your competition. A good place to start your research is the International Franchise Association (IFA). The IFA has many resources that can help you get started in this exciting business endeavor.

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Arlington Heights business law attorneyMost of us, at some point or another, have had those fleeting thoughts about a product or service that could serve as the foundation for a new business. On the other hand, maybe you have watched another company offer goods and services while knowing that you could do it better. So how does one go from the “idea” phase to the “action” phase of starting the actual business based on the idea? There are, of course, many steps, but the first important one is to determine whether or not the idea is truly marketable.

What Is Your Idea?

Not every business idea is going to grow into the next Microsoft or Google, and that is okay. A successful service or product is not necessarily going to break records or reshape the world as we know it. In order to be profitable, your idea simply needs to solve some type of problem for those you intend to reach.

With that in mind, you need to think about what your idea actually is. Is it a physical item that you intend to manufacture and sell? Is it an improvement on an existing product? Or perhaps, it is a service that you expect to provide for your clients in exchange for payment. No matter what you have in mind, a clear understanding of the idea is critical.

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Arlington Heights business law attorneysMost employers avoid firing an employee until it becomes clear that the employee cannot adequately perform their job, or worse, the employee is harming the business. It can be very challenging to have to let an employee go. You may know that your employee struggles with financial issues or has a family to support, so you try to give them as many chances as you can. Unfortunately, there is sometimes no way around it and you have to bite the bullet and terminate an employee.

When you fire an employee, it is critical that you do so in a way which protects you and your business legally. One way that business owners make themselves vulnerable to a wrongful termination lawsuit is through messy employee terminations.

Not Having the Termination Meeting in Person

If you are a nonconfrontational person, you may consider firing an employee via email or on the phone. However, many experts highly recommend avoiding this shortcut. While it may be uncomfortable, firing an employee in person is the most respectful way to handle the situation. Even more importantly, an in-person meeting gives you the opportunity to make your message clear and answer any questions the employee has about the termination. You should always make sure that a terminated employee knows exactly what happened and why he or she was let go. This can be nearly impossible to do via electronic communication.

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Arlington Heights business transaction attorneysAre you thinking about buying a business? Being a business owner can be an incredibly rewarding and exciting career. However, the decision to buy a business is not something to take lightly. So, where does a person start when embarking on a new business venture? The first step for anyone considering purchasing a business or franchise should be to thoroughly research his or her different options. Guidance from a qualified Illinois business law attorney can be a tremendous asset during each part of the business buying process. As you consider your options for investing in a business, make sure to keep the following things in mind.

Independent Businesses Versus Franchise Locations

You will need to decide whether to purchase an already-existing location of a franchised company or an independent private business. There are benefits and disadvantages to both options. The decision about what type of business to buy will depend on what your personal aspirations and business objectives are. You should also consider what your professional strengths are, as well as your weaknesses.

Buying into a franchise can be prefect for those who wish to have direction, guidance, and training provided by the parent company. However, buying an existing franchise location also requires you to relinquish some decision-making power over your business and pay franchise royalties or fees. An independent, standalone business gives you more autonomy and direct control, but also comes without a proven operationals model or training from a parent company. 

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Posted on in Business Law

Arlington Heights business lawyerOwning a family business can be a tremendously positive influence in a person’s life. However, when a married couple who owns a business gets divorced, the process can become quite complicated. If you or your spouse own a family business and are considering divorce, you will most likely face additional obstacles that other divorcing couples do not face. Because of the complex nature of divorce involving a family business, it is highly recommended that you seek advice from a qualified legal professional.

Deciding Whether to Sell, Split, or Share the Business

Married couples who own a business have a few different options when they get divorced. Some couples choose to continue running the business together even after they are no longer legally married. While this may be the simplest option for some, other couples may not wish to continue as co-owners after getting divorced. Another option is for one spouse to buy the other spouse out. This can be a good decision when one spouse is already less involved in the business or wishes to pursue other career and business interests. Lastly, the couple can close the business or sell it.

Valuing the Business is Critical

Regardless of if you and your spouse choose to split the business or sell it, you will need to consult a financial professional who can value the business. It is especially important that this valuation is impartial and not unfairly biased toward one outcome or another. It is not necessary for each spouse to hire their own appraiser for business valuation. Neutral appraisers can advise a couple in this situation on a variety of issues including whether or not to consolidate your business to free up liquid assets. The American Institute for Certified Public Accountants (AICPA) offers business evaluation training for certified public accountants. A CPA may be able to help you with valuing your business and making decisions about the future of your business.

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