Love Law Firm October 2017

BUILD. NOT BILLED.

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OCT 2017

BUI LDING BLOCKS

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FROM ONE BUSINESS OWNER TO ANOTHER Your Resource in Business Law

A monthly newsletter can be a powerful tool. That’s why I decided to take a few months off and make a few changes to my own newsletter. My goal, however, remained the same: to provide a resource for you and your business. This resource will feature both practical and legal information you can put to immediate use, each and every month. It’s a tool that allows you to take

When I get up in the morning and start the day, I ask myself, “How can I make a difference today?” Like you, I first think about how I can make a difference for my family. I’m fortunate enough to have been married seven years this month to the love of my life; and we are blessed to have two incredible children who make our lives complete. Then, I think about my friends, my clients, and my fellow small-business owners, who come to

me for insight and help. I never want to let them down. So, whether it’s resolving a business conflict or setting them up for success on a new venture, I’m thinking about ways to solve problems they haven’t anticipated — and to add more value.

“I remember that it was in

action without having to spend extra money or time. And who doesn’t want to save more of both?

My practice is one small-business owner helping another. You’re not dealing with a large law firm where you’re just a number, or worse, just a billable hour. You’re working with someone who understands the challenges you face every day. I face them too.

the fifth grade when I decided to become a lawyer.”

As a business attorney, I am fortunate to have the opportunity to work with all types of business owners, from manufacturers and professional services providers to real estate developers and more. I meet with clients representing an incredible range of industries and interests at varying stages of their development. As a result, I learn so much about so many fields. And, I get to see how best practices and techniques can be applied from one industry to another, benefiting all my clients. I’m lucky to have a job I love so much. I remember that it was in the fifth grade when I decided to become a lawyer. I would watch “Perry Mason” reruns with my father, and I was completely fascinated by what I was seeing. Perry Mason solved puzzles and made things better for his clients. Of course, my destiny wasn’t to become a criminal defense lawyer — though it always looks like good fun on television. Instead, after law school, I served as in-house counsel for a major insurance company. Then, I joined a smaller, start-up financial services firm. The contrast between the two gave me perspective. It was a perspective that made me believe I could do more with my own firm — a firm where I could make a real difference solving business puzzles and serve as a much- needed resource for my clients.

Through the years, I’ve discovered that problems never go away when you ignore them. Believe me, I’ve tried! If there’s something that’s troubling you about your business,

I’m happy to have a conversation — or if you just want to make sure you haven’t inadvertently overlooked something, or if you want advice on how to build a stronger business so that you can monetize it and enjoy the fruits of your labor. Those are conversations I’m always happy to have.

That’s why I chose “Build. Not Billed.” for my firm’s logo. Your success is my success. And I hope that this newsletter serves as one of the building blocks you use!

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HOW TO KNOW WHEN IT’S TIME TO HIRE FINANCIAL HELP

Article Subtitle Will Go Here

There’s a reality among small-business owners and entrepreneurs. They want to do everything. Whether their business is brand-new or long established, small-business owners tend to struggle with delegation. This includes the financial side of the business. Another reality: There are times when you need to hand over the financial reins to someone else, someone who is more capable and has the expertise to ensure your business has the financial foundation it needs to move forward and, hopefully, prosper. The answer won’t surprise you. It comes down to one primary factor: time. When you, as a business owner, are spending too much time on the finances, it’s time to call for help. When you want to grow your business, time is one of your most precious resources. You have to manage it wisely. For many businesses, managing finances is a full-time job, but it isn’t always treated as one. If you are starting How do you know when it’s time to call in someone to manage your books?

to wonder if it’s time to delegate this task, that means bringing in help is probably long overdue.

The biggest sign you are spending too much time looking at your numbers is when you find your company is not reaching growth or production goals. As one small-business owner, Kelly Barker, learned, focusing too much time on bookkeeping meant she sacrificed the success of her company, Prep Cosmetics, in key areas. Speaking to Inc.com, Barker imparted the following insight: “Whatever it is, find a way to outsource it, especially if it’s not a lot of cost. Because time is such a factor, and if it isn’t driving success, it’s not worth your time.” You might ask, “Isn’t hiring someone to help with finances costly?” Hiring a bookkeeper comes with a cost. However, once your finances are under control with the guidance of a financial pro, there is a good chance it will end up paying for itself. We are proud to know a number of great accountants and bookkeepers who are able to serve any size firm in any industry. Just ask us for a referral!

CLIENT SPOTLIGHT

THE CONCIERGE LIFESTYLE

In Business To Help You Get More Done

Concierge Lifestyle is a business dedicated to helping individuals and families free up their time for things they want to do, rather than just managing what they have to. From housekeeping and pet care to specialty store shopping to dry cleaning and laundry, as well as party planning provided through screened and trusted preferred partners, Concierge Lifestyle offers a number of premiere services people are looking for today. As a membership-based business, their members are assigned a dedicated personal concierge who will provide a one-to-one consultation in order to create a customized membership plan. The personal concierge will then take care of setting appointments to have the selected premiere services arranged on the days and at the times that the member desires. Their members also enjoy two hours of personal concierge services per month during which their personal concierge can perform other tasks such as customer service phone tasks; set up utilities like cable, phone,

and electric service; gift shopping; dinner reservations; obtain theater tickets, etc. Also included are two phone calls per month to follow up on how the

premiere services are working, and to provide reminder services to members for upcoming important life events, birthdays, holidays, anniversaries, and so on. Concierge Lifestyle members have found that when these important, but time-consuming, tasks are taken care of by their personal concierge, they have more free time to spend with the family on picnics or vacations, or a day at the spa with the girls, or golfing with the boys. They report that the quality of their lives has been greatly enhanced!

To learn more about Concierge Lifestyle, simply visit conciergelifestyle.us or give them a call at 631-848-5599.

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Building a Better Business

Consider the following statistics:

This is information other entrepreneurs and business owners can apply to their current and future endeavors. In other words, sometimes the best way to see the path forward is to know what path to avoid. In the coming months, you will learn about some of the most common mistakes small-business owners have made and you will learn exactly what you can do to avoid them. Check back right here as we explore these mistakes and leave you with valuable insight you can use to keep your business from becoming a statistic. If you are ready to learn more right now , simply give us a call and we will send you a free copy of the book “How to Build an Impenetrable Business: Avoiding 4 Common Mistakes That Can Destroy Your Small Business,” and you can get started on the path of building a business. Otherwise, stay tuned for more about these four mistakes.

• Every month, 550,000 new businesses are established. That’s 6,600,000 per year. • 33 percent of those businesses will fail in the first six months. • 50 percent will fail in the first 12 months. • 80 percent will be out of business in 18 months. • Of those that make it beyond 18 months, 96 percent won’t make it past 10 years. To someone thinking about starting a business, or who owns a new business, these statistics can be sobering. However, there is some encouraging insight that comes from these numbers. These are numbers that tell a story. When a business fails, there are reasons why and lessons to be learned.

AROUND THE FIRM

• October 10 — Offices closed. Married seven years today! (10/10/10 best day ever!) • October 11 — Online CLE: Cyber Risk Insurance; Noon to 2 p.m.; register at theknowledgegroup.org/. • October 12 — Networking luncheon: Ala Turca; Noon to 2 p.m.; register at 516ads.com/. • October 14 — Halloween Party to Protect Children; 6–9 p.m.; register at eac-network.org/event/party-to-protect-children-2017.

• October 19–20 — Offices closed. Professional conference. • October 25 — Webinar: “Negotiating for Fun and Profit”; Noon to 1 p.m.; register at buildnotbilled.com/. • November 7 — Networking luncheon: “Havana Central”; Noon to 2 p.m.; register at 516ads.com/. • November 10 — Offices closed. Thank you, veterans, for your service!

HAVE GOALS SO BIG, YOU FEEL UNCOMFORTABLE TELLING SMALL-MINDED PEOPLE.

ATTORNEY ADVERTISING. The purpose of this newsletter is to provide information about Love Law Firm, PLLC’s qualifications and experience. The information provided in this newsletter does not, and is not intended to, constitute legal advice. Any prior results described in this newsletter do not guarantee a similar outcome. Love Law Firm, PLLC’s distribution of this newsletter is not intended to create, and will not create, an attorney-client relationship with you.

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Isn’t it time you learned to love your lawyer? 626 RXR Plaza, Suite 659 Uniondale, NY 11556

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516-697-4828 | www.lovelawfirmpllc.com

Your Resource in Business Law INSIDE THIS ISSUE 1 2 Should You Hire Financial Help?

A Business to Help You Find More Time

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Are You Ready to Build an Impenetrable Business?

Around the Firm

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When Good Ideas Go Bad

WHEN GOOD IDEAS GO BAD Credit Card Startup, Plastc, Fails to Launch

What happens when a good idea, turned into a viable

In April 2017, Plastc filed for bankruptcy and closed its doors for good. After raising $9 million, Plastc delivered nothing. The creators behind Plastc say things fell apart behind the scenes. The company had expected another $3.5 million in funding from various sources by February 2017, but that didn’t happen. Then, they said they were on the cusp of another $6.75 million from an additional source. That too, didn’t happen. Apparently, $9 million raised from the initial 80,000 backers was not enough. The card hadn’t even gone into production. None of those 80,000 had anything to show for their contribution. Many backers demanded a refund, but since Plastc revealed they were completely out of money, the chance of getting that refund was slim. What can we learn from Plastc’s failure? Quite simply: money and a good idea aren’t enough to be successful. You have to execute, or you will have nothing. So always be doing something.

concept, comes crashing down? In October 2014, Plastc was unveiled. It was

a progressive approach to credit card technology. The device — little more than an actual credit card — was designed to replace all of your existing cards, up to 20 different accounts. The single card held the information of the rest of your cards and you could switch between cards as needed. With a built-in e-ink screen, you could see which card was active and swipe. The technology came with a price: $155. But that price didn’t get you a Plastc card right away. In October 2014, the card was still a concept that needed crowdfunded support. Turning to social media, Plastc quickly found that support. About 80,000 people pledged $155 for the chance to get a card the following summer, in 2015.

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