R. Shawn McBride Live

Posts for for February, 2017

Finding the Right Partner Versus Finding a Partner

Posted on: February 28th, 2017 by R. Shawn McBride No Comments

When I speak on partnerships (www.RShawnMcBrideLive.com), I often get a lot of eye rolls. People say, “Partnerships, yes I know about partnerships. I’m just going to avoid them.” Or “Partnerships are bad.” Or “Partnerships lead to trouble.”

But then I look to companies like Microsoft, Apple, Google and so many of my clients that had been successful over the years by using partnerships. What is the difference? What defines a successful partnership versus a partnership that struggles?

The difference is getting the right partner. Spend the time and energy to make sure that you are working with the right partner rather than just jumping into a partnership. Many people see a partnership as a way to divide work or to move responsibility around, and it is. If that is the prime reason in engaging in a partnership, just because you need a second set of eyes or just because you do not want to do everything in your business, you are probably going to have trouble with the partnership.

However, if you build your partnership based on synergies, based on differential skill sets, based on understanding and chemistry, then you can have a successful partnership where you can bring different skills together. The clients that I have that are successful as partners so often talk about synergies and talk about how working together is better than working alone and how they can do more together than they can do alone.

The key lesson when you are picking a business partner is picking the right partner. Be strategic about it. Make sure there are reasons why you are going to be partners. Do not pick a partner just for the sake of having a partner. Pick a partner because it is the right person, because it is the right direction for your business, because it makes you better, and because one plus one equals three.

What has been your experience with business partners? Has it been good, bad, or ugly? What would you do differently in the future? How do you pick your partners? Let us know in the comments below, we would love to hear from you.

 

Make sure you download our free checklist to assess your businesswww.mcbrideforbusiness.com/BlogGift

 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Griszka Niewiadomski.

 

About the Author

Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.yourbusinessspeaker.com/3laws ), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at info@mcbrideforbusiness.com or (214) 418-0258.

 

Check us out on the web at www.mcbrideforbusiness.com, www.yourbusinessspeaker.com

Get Shawn’s latest book: www.mcbridebook.com

Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment

Like us on Facebook:    https://www.facebook.com/mcbrideforbusiness/?fref=ts

Are You Prepared, Are You Ready? A Lesson From The Navy Blue Angels

Posted on: February 27th, 2017 by R. Shawn McBride No Comments

I am a fan of airshows. I enjoy seeing demonstrations, particularly The Navy Blue Angels (https://www.blueangels.navy.mil/)  and The Air Force Thunderbirds (https://www.afthunderbirds.com/).

And demonstration teams are impressive. Their maneuvers are precisely timed, and they work closely with each other.

I was recently blown away when watching a Blue Angels performance for a different reason. The announcer said that in the off-season, in the winter, that the Blue Angels do 120 practice flights together in order to learn the skills to fly in the live show. There is a lot of preparation going on. I knew they must prepare, I knew they spent time working together because you can see the precision, you can see how they work together. But think about that, 120 practice demonstrations, they are really, really getting precise, they are really, really preparing.

How about you? Are you taking the time and the energy to prepare? Are you preparing yourself for greatness?

What are you doing to make sure you are fully prepared, that you are fully ready, that you are doing what you have to do in order to capitalize? Have you taken the steps to prepare? Have you built a plan? Are you truly ready? Join us in the comments below and let us know your thoughts on preparation and growth.

Make sure you download our free checklist to assess your business:  www.mcbrideforbusiness.com/BlogGift

 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Anthony Thomas.

 

About the Author

Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.yourbusinessspeaker.com), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at info@mcbrideforbusiness.com or (214) 418-0258.

 

Check us out on the web at www.mcbrideforbusiness.com , www.yourbusinessspeaker.com

Get Shawn’s latest book: www.mcbridebook.com

Add us on Twitter: @McBrideForBus #mcbrideforbusiness #3lawsofempowerment

Like us on Facebook: https://www.facebook.com/mcbrideforbusiness/?fref=ts

 

 

 

Your Business Partner is Dying, Oh My, What Now?

Posted on: February 24th, 2017 by R. Shawn McBride No Comments

I was recently presented with facts of a case where a business partner was diagnosed with a terminal illness. He knew he was dying, and what’s more, he refused to put together an estate plan.

What happens to a business in a case like this? Obviously, it puts on a lot of stress and strain on everyone. We don’t know where things are going, and we don’t know where the partnership interests (partnership meaning ownership of the company whether set-up as an LLC, corporation or partnership) are going to end up. We don’t know who is going to be the next owner of the business.

This can create a lot of problems.

So what do you do? The best thing that could’ve been done was to avoid this situation. If the partnership had done some advanced planning in their partnership documents, they could’ve dealt with the possibility of a death of a partner, and who would become a potential owner.

These are standard provisions that are built in the buy/sell arrangements to allow us to anticipate the possibility of death, disability, divorce, disagreement, and other common situations, and put plans in place. What likely should be happening is insurance or a timed buyout should be triggered that would allow that partner’s estate to be paid and the partnership to continue with the original partners (minus the one bought out) without a change. However, because that planning wasn’t done, there’s a great deal of uncertainty.

Dealing with that uncertainty is a little more complex because there’s no real legal structure in place in this particular case. Legal structures give us answers and mechanisms to get things done in stressful times. They’re great for having processes and procedures for dealing with problems like this. If those legal structures aren’t in place, you’re left with uncertainty.

The best things those partners can do now, is negotiate. That’s going to be challenging, because the one partner has a terminal illness and may not be as open to negotiation and may be motivated differently than the other partners.

This is a wake-up call for others. It’s never too late to go back and update your documents, to put the right plans and procedures in place.

How are you protecting yourself? What processes and procedures have you put in place? How will you make things work in the future? Join us in the comments below and let us know your thoughts and input.

Make sure you download our free checklist to assess your business:  www.mcbrideforbusiness.com/BlogGift

 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Michal Glenc.

 

About the Author

Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.yourbusinessspeaker.com), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at info@mcbrideforbusiness.com or (214) 418-0258.

 

Check us out on the web at www.mcbrideforbusiness.com , www.yourbusinessspeaker.com

Get Shawn’s latest book: www.mcbridebook.com

Add us on Twitter: @McBrideForBus #mcbrideforbusiness #3lawsofempowerment

Like us on Facebook: https://www.facebook.com/mcbrideforbusiness/?fref=ts

 

Delegation: Where To Start

Posted on: February 23rd, 2017 by R. Shawn McBride No Comments

My friend Josh Patrick (http://askjoshpatrick.com/) wrote a great article for Book Yourself Solid about why we don’t delegate. I highly recommend you check it out (http://www.bookyourselfsolid.com/small-business-leadership-advice/stop-lying-to-yourself-heres-why-you-wont-delegate/).

In his article, he talks about why we don’t delegate, and really a lot of it has to deal with our comfort in our employees, and our confidence as business owners. There are reasons why we need to delegate, and we need to examine them.

How do we get to the next step?

Once we are comfortable with our employees and know that yes, we do need to delegate, it leads us to realize that a lack of delegating is holding our business back — it’s keeping us from having the businesses we want, the lives we want, the free time, the creativity, and the ability to do things outside of our business.

When we realize we need to delegate, how do we start, what do we do?

The first step is to figure out where your focus is. What are you great at, where do you want to spend your time and attention? What interests you? What do you do well? I encourage you to start by focusing your time more and more on those activities.

Next, start pulling away from activities that hold you back, and that suck your energy. Don’t spend as much time on those, start letting those sit for a little bit. Obviously, you don’t want to miss deadlines, but you want to start opening those things up.

Then you want to start building processes and procedures for those things, and start bringing in others to do them.

This will liberate you, will free your time, will focus your energy, and you will have more time for the things you are great at, letting the things that you aren’t great at be done by others. It is really about capturing power, and economic specialization as we’ve talked about in other blogs. http://www.mcbrideforbusiness.com/blog/shifting-gears-to-grow-your-business-to-a-higher-level/

By capturing this power, and focusing, you’re creating a greater business, and more and more value to your clients, which is the whole key. They are getting more of what you are great at, which should bring more money in the door, and you are delegating things that you aren’t great at, which you can probably pay somebody to do much cheaper than your lost time at that great value added.

How are you building your business? Are you delegating enough? How could you delegate more? Join us in the comments below, and let us know your thoughts.

Focus.

Capture Power and economic specialization.

Make sure you download our free checklist to assess your business:  www.mcbrideforbusiness.com/BlogGift

 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Bas van de Wiel. 

About the Author

Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.yourbusinessspeaker.com), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at info@mcbrideforbusiness.com or (214) 418-0258.

 

Check us out on the web at www.mcbrideforbusiness.com, www.yourbusinessspeaker.com

Get Shawn’s latest book: www.mcbridebook.com

Add us on Twitter: @McBrideForBus #mcbrideforbusiness #3lawsofempowerment

Like us on Facebook: https://www.facebook.com/mcbrideforbusiness/?fref=ts

 

 

 

 

Referral Agreements: What They Should Look Like and How to Make Them Work

Posted on: February 22nd, 2017 by R. Shawn McBride No Comments

Design Partnerships

We’re living in a culture of independence. A lot of people are working separately from one another in their businesses. We’ve created a “free agent nation” as author Dan Pink tells us.

With all these free agents, how do we work on bigger projects? How do we help one another? How do we leverage one another’s skills? For a lot of people the answer is referral relationships. They find other people to refer business back and forth.

Sometimes referral relationships are unpaid. Often in the attorneys world, one attorney will refer work to another just because they’re professionals and colleagues and they want to get the client’s needs taken care of. They’re servicing their client by putting the client with a quality professional and the receiving attorney appreciates the referral. There’s not necessarily a monetary payment between the law firms.

In other contexts, often in consulting, book promotion, perhaps speaking or other relationships, there may be referral fees paid. What do those referral fees look like? How do they work?

A lot depends on the specific context. There are often norms associated with the referral fees. Some will be a one-time referral fee. Some will be an evergreen fee which will keep paying and repaying over time if the relationship continues. There’s no right or wrong answer.

The key is to have an understanding up front — to have a referral agreement between the referring person and the person being referred to. Make sure everyone understands how this is going to work, how this is going to be tracked and how payments are going to be made over time. It’s really an economic arrangement.

I’ve seen some very high referral payments (as a percentage of the revenue) in some situations and I’ve also seen low one-time referral payments that were fairly nominal. It’s really a pure play negotiation when setting referral fee levels. As in all negotiations it’s key that both parties understand one another, that they understand what they’re agreeing to and how it’s going to work. What we don’t want is one party thinking that there’s one arrangement and the other party thinking that there’s a different arrangement.

In a future blog, we’ll look at referral payments, amounts and norms by industry and style of company and type of referral so that you’ll have some guidelines and benchmarks for looking at what you might want to do in the future.

What’s been your experience with referral payments? Have you made them in the past? Have people referred business to you and have you paid for? Join us in the comments below and let us know. We look forward to hearing from you.

This was a blog by request. If you have a request for a specific blog you would like to see in the future, send us an email to info@mcbrideforbusiness.com and include “Blog” in the subject line.

Variety of referrals.

Have an understanding upfront on referral agreement.

Make sure you download our free checklist to assess your business:  www.mcbrideforbusiness.com/BlogGift

 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. 

About the Author

Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.yourbusinessspeaker.com), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at info@mcbrideforbusiness.com or (214) 418-0258.

 

Check us out on the web at www.mcbrideforbusiness.com , www.yourbusinessspeaker.com

Get Shawn’s latest book: www.mcbridebook.com

Add us on Twitter: @McBrideForBus #mcbrideforbusiness #3lawsofempowerment

Like us on Facebook: https://www.facebook.com/mcbrideforbusiness/?fref=ts

 

 

 

 

Broad Contract Language: Hidden Problems Sleeping in Your Documents

Posted on: February 20th, 2017 by R. Shawn McBride No Comments

Contracts serve a very specific purpose. At its essence, contracts bring together a meeting of the minds – that’s the legal requirement to have a contract – an agreement of two or more persons. You’ll hear courts talk about offer, acceptance and consideration in determining whether a contract has been formed.

It’s pretty simple at a basic level to determine if a contract exists:

Offer:  Did somebody offer something? Specific items, specific terms, specific benefits to convey.

Acceptance:  Did the person accept those items and offer return consideration?

Consideration:  Was there something flowing of value in both directions?

Offer, acceptance, consideration. That’s the simple elements of a contract formation.

Of course beyond that there is a lot more to a contract. A contract is the meeting of the minds. It’s people coming together and agreeing to do something in some way. One person’s doing something, another person’s doing something in return. An exchange.

A lot of times people write simple contracts and I’m all for simplicity. I think contracts should be written as simply as possible. However, simplicity can sometimes lead to vagueness or over broadness and that’s a problem.

Your contract should define your understanding. It should make sure everybody is on the same page. This is one of the greatest benefits of going through the contract process. If you do the contract process properly, you’ll have a conversation among the parties about who’s doing what and how and at what level and on what timeline.

This is a great benefit. If you leave your contracts too broad or too vague, you may leave open arguments or open disagreements. People may not be on the same page and we want to get everybody on the same page.

The contract drafting stage is a great time when everybody’s happy and has agreed to do a deal together.  It’s the perfect time to stop and make sure everyone is agreed on the same page.

If you think stopping to write a contract is going to blow your deal up, I suggest you may have bigger problems. Everybody should understand exactly what everybody’s doing. There shouldn’t be any devil in the details because everybody should know where the other is doing.

Be specific.  Agree on the tough issues.  It will save lots of time and hassle later!

What’s been your experience with contracts? Have you been burned by vague contracts in the past? What will you do differently in the future? Join us in the comments below.

This was a blog by request. If you wish to request a specific topic, send us an email at info@mcbrideattorneys.com and put “Blog” in the subject line.

Make sure everyone is on the same page when drafting a contract.

A contract is the meeting of the minds.

Make sure you download our free checklist to assess your business:  www.mcbrideforbusiness.com/BlogGift

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. 

 

About the Author

Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.yourbusinessspeaker.com), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at info@mcbrideforbusiness.com or (214) 418-0258.

 

Check us out on the web at www.mcbrideforbusiness.com , www.yourbusinessspeaker.com

Get Shawn’s latest book: www.mcbridebook.com

Add us on Twitter: @McBrideForBus #mcbrideforbusiness #3lawsofempowerment

Like us on Facebook: https://www.facebook.com/mcbrideforbusiness/?fref=ts

 

 

Managing Millennials: Things to Think About

Posted on: February 18th, 2017 by R. Shawn McBride No Comments

There seems to be a growing interest in managing millennials. Millennials are making up a bigger and bigger percentage of the workforce, as our demographics change. Baby boomers and older generations are retiring and newer workers are coming in to take their place.

Millennials have a very unique way of working. As each generation has done before, they bring cultural norms and ways of doing things from their experience in their lives into the way they work in business. There’s no right or wrong way to do business.

Unfortunately, a lot of people have perceived millennials negatively. They’ve attached harsh labels to them based on things they’ve seen because of generational differences. While no one person can be placed in a bucket that accurately describes who they are, we do see certain themes with millennials. There are things that we’re noticing that they do differently.

They care about causes and ideas. They may have different causes and ideas than prior generations, but they’re passionate about things. They want certain things to happen and they want to make a difference. Millennials are much more collective oriented than prior generations. We’ve moved from individualistic generations where we have been focused on the needs of individuals and their well-being to a culture of collectivism where everyone is working together to achieve goals and ends. This is certainly unsettling for some other generations where it was “earn your own way, do your own thing” way of thinking. Now it’s much more of a team based environment. Millennials also want workplaces that reflect them. While they want to work on causes and groups that are bigger than them and do big things, they also want to do it in their way. It’s very much a generation of unique contributions.

How can we leverage this as business owners? How can we do better with using millennials?

Let them be themselves. Millennials inherently get specialization. They get “I’m good at this, somebody else is good at that.” They want to be part of a working team. Allow them to shine at their greatness. Allow them to be what they want to be. Allow them to do the tasks and the things they’re great at so that they can focus their energy there. Don’t force them into the artificial confines of a job description. Get them to be part of a team and to work for the greater whole. This will lead to greater job satisfaction. Keep them focused on the outcome and the message and the purpose and this will keep them engaged and happy.

Let them be part of the cause.  The key to getting millennials into your workforce and moving forward, is to make them part of the cause. Make them part of the team and engage them. Then they will work very hard to accomplish the things that they believe in. If they don’t believe in you and you use a command system of management, millennials aren’t going to respond well.

What’s been your experience with millennials? How have you worked with them? How have you used them to make your organization grow? Join us in the comments for below.

This was a blog by request. Feel free to send your requests for blog topics to info@mcbrideforbusiness.com.

Engage Millennials.

Millennials want to make a difference.

Make sure you download our free checklist to assess your business:  www.mcbrideforbusiness.com/BlogGift

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Craig Hauger.

About the Author

Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.yourbusinessspeaker.com), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at info@mcbrideforbusiness.com or (214) 418-0258.

 

Check us out on the web at www.mcbrideforbusiness.com , www.yourbusinessspeaker.com

Get Shawn’s latest book: www.mcbridebook.com

Add us on Twitter: @McBrideForBus #mcbrideforbusiness #3lawsofempowerment

Like us on Facebook: https://www.facebook.com/mcbrideforbusiness/?fref=ts

 

 

Metrics: It’s What’s Driving Your Business

Posted on: February 17th, 2017 by R. Shawn McBride No Comments

You hear a lot in management theory about measuring. The old saying goes, what is measured is what matters. If you look at a lot of employment data, they’ll tell you that employees often do what is measured, what is looked at. The things that aren’t looked at are often neglected. What you are measuring does matter.

It’s very important that you understand metrics in your business. Now for many small businesses they like to fly by the seat of their pants. They like to have a feeling. “I feel like this is the right thing,” or “I know this, in my gut. I know this, in my instincts.” You need to take it to a higher level if you are going to grow and be better.

As our businesses grow, we’ve added metrics. We’re still not perfect. We’re still learning as we go. One thing is key: we know that measuring what we’re doing gives us feedback on what we’re doing right and what we’re doing wrong. It allows us to refine, it allows us to learn and it allows us to know what we should do more of and what we should do less of. My only regret is I wish we had put metrics in place sooner. I wish we had been measuring the things that mattered sooner – the numbers, the growth and the different aspects of the business.

Now, there’s a lot of things to measure in business these days. With computers and automation, there’s so many different directions you could go. The key is to hone in on a few key indicators of your business. What’s important? What’s key to your business? Start looking at those items and paying attention to those.

Don’t track every metric to begin with. Add metrics over time as you learn about your business and what’s key. Don’t overwhelm yourself. Figure out the why. What underlies the numbers so that you know where to focus your attention.

What’s been your experience with working with numbers and metrics in your business? Where are you at today? Where do you want to be? Join us in the comments below.

Refine.

Measure your business to get feedback.

Make sure you download our free checklist to assess your business:  www.mcbrideforbusiness.com/BlogGift

 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Harald Kharly.

 

About the Author

Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.yourbusinessspeaker.com), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at info@mcbrideforbusiness.com or (214) 418-0258.

 

Check us out on the web at www.mcbrideforbusiness.com , www.yourbusinessspeaker.com

Get Shawn’s latest book: www.mcbridebook.com

Add us on Twitter: @McBrideForBus #mcbrideforbusiness #3lawsofempowerment

Like us on Facebook: https://www.facebook.com/mcbrideforbusiness/?fref=ts

 

 

Built to Last: Will your Company Stand the Test of Time?

Posted on: February 16th, 2017 by R. Shawn McBride No Comments

In the course of working with hundreds of businesses in my career, as an attorney (www.mcbrideattorneys.com), as a business strategist (www.mcbrideforbusiness), and as a speaker (www.rshawnmcbridelive.com), I have encountered a lot of different business structures. From my work, one theme is clear: Some businesses are built to last and others aren’t. The differences between the good and bad are subtle. As businesses mature, this fundamental foundation becomes more and more important.

How do you build a business that’s going to last, that’s going to stand the test of time? Our businesses become a part of the communities.

As I talk to business owners with businesses that have matured, it’s usually about more than just their personal wealth. The business is no longer just a source of income and it’s no longer just their retirement nest egg. It’s jobs for employees and it’s relationships with customers and vendors. The business becomes its own ecosystem – and we want to protect that ecosystem.

Have you done the planning? Have you done the preparing? Have you protected yourself to make sure the company will last?

(By the way, those are the three key principles of The 3 Laws of Empowerment – www.yourbusinessspeaker.com)

We’ve talked throughout our blogs about plans, preparing and building something bigger that will last http://www.mcbrideforbusiness.com/blog/achieve-more-by-building-a-plan/ . How would the community be affected if your business suddenly went under? Would your family be hurt by the loss of wealth? Would they have to change their future plans? Would employees have to switch jobs and careers? Would the community that you built be lost?

One of my pivotal moments in my career was in 2008 when I worked for a very large law firm in Washington, D.C. It split apart. I loved the community in that law firm. I liked coming to work with those people. It was one of the workplaces I felt the most at home with. And the law firm didn’t make it.

Everybody went in separate directions. That community was destroyed. I don’t want to see this from other successful, thriving, vibrant communities.

What are you doing to protect the community of your business? What are you doing to make sure your employees still have jobs to come back to even if you aren’t there? How are you making sure your family’s going to enjoy the wealth that you’ve created? These are tough questions.

Our other blogs provide resources to help you find meaningful ways to make your business stronger and things to think about. Take a look at them here – www.mcbrideforbusiness.com/blog. What are you doing to make your business last? What protections have you built? Join us in the comments below.

Our businesses become part of the communities.

Plan, prepare and protect your company to make sure it lasts.

Make sure you download our free checklist to assess your business:  www.mcbrideforbusiness.com/BlogGift

 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Debbie Schiel.

 

About the Author

Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.yourbusinessspeaker.com), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at info@mcbrideforbusiness.com or (214) 418-0258.

 

Check us out on the web at www.mcbrideforbusiness.com , www.yourbusinessspeaker.com

Get Shawn’s latest book: www.mcbridebook.com

Add us on Twitter: @McBrideForBus #mcbrideforbusiness #3lawsofempowerment

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Where Should I Locate My Business? Picking Out Where To Set Up Your Business – 5 Specific Things to Consider

Posted on: February 15th, 2017 by R. Shawn McBride No Comments

I’m working with a soon to be client on getting their business set up. They’ve asked me, “Where do I locate my business?” In this particular case, the potential client is coming from outside the United States and is geographically open to locations. They want to pick the best location for their business.

Now, this is not a simple decision. Some people would give a blanket answer. “Locate it in Delaware.” “Locate in Texas.” “Locate in Florida.” However, to give a meaningful answer we need to look at the interests of the particular client and their particular needs.

Let’s take a look at some factors that we’ve talked to this client about.  These same factors might also impact the decision of others facing similar decisions:

#1 What’s the business? What is the nature of the business? What service or product are you providing and does that lend itself to a particular geography? For instance, high-tech businesses may wish to locate near one of the high-tech hubs in the United States. There may be time zone issues with customers or suppliers that you want to be nearer to.

#2 What does the workforce look like? You can look at many different locations throughout the United States, but will you have the right workforce for your business?

#3 How are the state regulations? Are you moving into a highly regulated state or a less regulated state? How will that look? How will you determine whether you will face a high regulatory burden or a low regulatory burden? This could a be a huge factor in determining where you locate. This can also vary widely by industry.

#4 Lifestyle. You are the business owner and you get some discretion on the lifestyle both for yourself and your employees. There can be a huge impact on how you build your business, depending on where you choose to locate it. For instance, if you’re a surfboard manufacturer, and you want your employees to be able to surf, you probably want to locate near the beach – it’s just natural for your business. If you’re making outdoor products, you may want to locate near a location that allows you to be outdoors. These things can not only affect lifestyles of the owners and employees, but the culture of your business.

#5 You want to look at taxation. This is usually something people put much higher on the list. However, I think it should be secondary. Certainly, taxation is a key factor (and with my financial background, I certainly get the idea of saving money, particularly on taxes because they’re going to be a constant outflow of your business). By more important that taxes you need to get the business built right, to have the right people involved and have the right culture. Those will propel you to make more money. Taxes become secondary. If you can maximize your profits, then minimizing your taxes becomes a second consideration after you’ve achieved very high profits. I would say put taxes lower on the list.

 

You need to blend these factors and others specific together to determine where the right location for your business should be. There is no one blanket answer. There is no one place where you should put your business. It really depends on what you want to do with the business and how you want to make it happen.

What’s been your thoughts on locating your business? How have you built it? Have you thought much about location? Which factors did you employ? Join us in the comments below.

Many factors can determine where to locate your business.

 

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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique.  Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Slavomir Ulicny.

 

About the Author

Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.yourbusinessspeaker.com), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at info@mcbrideforbusiness.com or (214) 418-0258.

 

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