Check out the latest edition of our newsletter!
LEGAL BRIEF
MAY 2023 FriedmanSimon.com 516-800-8000
BETTER SAFE THAN SORRY WE CAN PREVENT MOTORCYCLE INJURIES
Motorcycle injuries are typically severe and costly. I’ve seen many of them in my work at Friedman & Simon, and we’ve secured seven- figure recoveries for victims and their families. But while we’re glad to help in a time of need, we’d prefer if these catastrophic accidents never happened. In honor of Motorcycle Safety Awareness Month, I want to share some tips on how all motorists can protect themselves from these often-tragic collisions.
There are also many things riders can do to prevent a collision from happening. New motorcyclists should start by ensuring they have proper licensing, taking a safety course, and getting comfortable with their new bike in a controlled area. Everyone should also conduct a safety inspection by checking their brakes, tires, and signals before getting on their motorcycle. Further, the best practice is to keep your arms and legs completely covered while riding — and never get on a bike without a Department of Transportation (DOT) compliant helmet. Motorcyclists should also be extra-aware to protect themselves from other vehicles. Ride defensively and assume drivers can’t see you — because they often don’t. It’s best to stay on the left side of the lane so drivers can easily see you in their mirrors, and always use turn signals. You should also ensure there’s at least three seconds of space between yourself and the vehicle in front of you. The greater the distance between vehicles, the more time you have to avoid a collision. Drivers also have a responsibility to other people on the roadway. They, too, should follow the “three-second rule,” no matter what type of vehicle is in front of them. Allowing even more space between your car and a motorcycle is also wise. Further, drivers should be mindful of their blind spots and use signals when changing lanes. Finally, remember that motorcycles are more difficult to see. A motorcycle’s size also makes it harder to judge their speed and distance, so always assume it is closer than it appears.
According to the National Highway Traffic Safety Administration (NHTSA), people on motorcycles were 28 times more likely to die per mile traveled in 2020 than in a passenger car. They were also four times as likely to be injured. Worse, motorcyclists often have far less insurance protection than drivers. No-fault insurance in New York does not apply to motorcyclists. So, while they’re often the most injured, people riding motorcycles lack essential protections for medical costs and lost wages. Motorcyclists can protect themselves by purchasing additional supplemental uninsured/underinsured motorist (SUM) coverage. SUM insurance is required in New York, but people who operate motorcycles should buy more than the minimum to cover injuries from an accident.
Motorcycle safety is everyone’s responsibility, and none of us wants to suffer or be responsible for the consequences of a collision. With
adequate insurance coverage and cautious driving, we can prevent some of the worst effects of accidents and make the roads safer for us all.
- Roger Simon
516-800-8000 1
Published by Newsletter Pro • www.NewsletterPro.com
Rebranding the Right Way
This past month, we settled a case for a client for $600,000. The case was strongly contested by the defendants, who claimed that our client was at fault in a motor vehicle accident. A couple of years ago, the defendants offered $35,000 to settle the case. As our client was undergoing medical treatment at that time, the offer was refused. The client eventually needed surgery to treat her injury years after the accident occurred. A few weeks before the scheduled trial, the case was settled for $600,000. Quite often, immediately following an accident, even before hiring a lawyer, the injured person will be offered a few thousand dollars from the insurance company if they sign a release. Accepting the offer is usually a huge mistake. It takes time for an injured person to understand the nature and extent of their injuries, the type and extent of treatment they may require, and how well they will recover. Settling too early may deprive the injured person of full and fair compensation. While we are mindful of a client’s desire to settle their case as quickly as possible, sometimes it pays to wait. Sometimes it Pays to Wait
Don’t Be ‘Starry’-Eyed About Your Strategy
In early 2023, Pepsi shocked the public by rebranding its lemon-lime soda Sierra Mist as Starry. Though the move raised eyebrows and spawned jokes, the success of the company’s rebranding strategy remains to be seen. Rebranding is always tricky and opens you up to the wrong kind of attention. So, if you’re considering it for your business, how do you ensure you get the right reactions? Companies rebrand for many reasons. Many do so after flagging sales to revitalize interest or reach a new market. Others rebrand to reflect a significant change in the business, like an acquisition or considerable shift in products or services. Rebranding is also a tried-and-true method for companies to move on from bad publicity. But rebranding is more than renaming your business — in fact, you don’t necessarily need to rename your business at all. Rebranding is more than a new company name, updated logo, or website. It’s about your business’s identity and overall strategy for the future. Since rebranding is not a quick fix, every business owner should evaluate their reasons for wanting to rebrand before making the leap. Simply “feeling” like it’s time for a change is not enough. Ask what you’re hoping to accomplish, then consider whether you need to rebrand to achieve it. Your brand may just need a “facelift” with a tweaked logo, new company colors, or a refreshed social media presence. If you’re committed to rebranding, do it with clear eyes and an awareness of how your efforts could go wrong. One famous example was Tropicana (also owned by PepsiCo) in 2009. The company replaced its instantly recognizable image of a straw in an orange with a generic picture of a glass of orange juice. Consumers felt it cheapened the product — and some even had trouble finding it. Tropicana quickly switched back to its old packaging, but it was a $50 million mistake. Rebranding is a balancing act between refreshing your image and retaining the elements that made your company successful in the first place. Business leaders should strongly consider hiring a rebranding expert who understands the risks before beginning an overhaul. It’s essential to understand your current customer base and target market. Otherwise, you could alienate both — and all your money, time, and effort could fall flat. However, if implemented successfully, rebranding could help your business reach new customers, new levels of profitability and take your business to the goals you dream of.
2
FriedmanSimon.com
Published by Newsletter Pro • www.NewsletterPro.com
Work From Home Labor Laws Exist! KNOW YOUR RIGHTS AS A REMOTE EMPLOYEE
Just because you work from home doesn’t mean you don’t have the various protections that an on-site employee has — federal and state employment laws are still applicable to remote workers. While your employer’s headquarters may be in a different state, your state’s labor laws are still valid. Every company must follow the Fair Labor Standards Act (FLSA) and their employee’s local labor laws. By knowing your rights as a remote employee, you will be able to keep your employers accountable and receive the protections you are entitled to.
be paid time and a half for overtime. However, some states are more generous, and if you reside in one of these states, then your employer must follow those requirements, not just the FLSA. WORKERS’ COMPENSATION This may surprise you, but remote employees are also eligible for workers’ compensation. Your employer should ensure that
you are working in a safe environment and they are responsible for any injuries you experience due to your job duties. If you become injured due to your remote job, you have the right to file a workers’ compensation claim. ANTI-DISCRIMINATION Just like any workplace, remote employees should never have to face discrimination due to their race, gender, age, and so on. Providing accommodations for disabled workers and equal opportunity for all should be standard practice for every employer. If
MINIMUM WAGE The minimum wage can vary at the state and federal levels. If this is the case, the remote worker should receive the higher of the two wages. For example, if you work remotely in California where the minimum wage is $15.50 per hour, you would receive this salary and not the federal minimum wage, which is $7.25.
OVERTIME LAWS Similar to minimum wage requirements, overtime laws also differ in each state. While states are welcome to have their own laws, they must always coincide with the FLSA’s fundamental rights. According to federal law, all employees who work over 40 hours a week must
you were to experience any discrimination, such as harassment via virtual communication, you have every right to take legal action.
If you’re a remote employee or work on a hybrid schedule, labor laws in your state should still ensure your rights are being respected.
... continued from Page 4
would calculate Jack’s lifetime value with the formula 15 (dollars) x 52 (visits per year) x 10 (years) for an LTV of $7,800. Meanwhile, if your average diner spent $30 and visited two times per month for five years, your average LTV would be $1,440. Note that LTV calculates revenue — determining profit is a different matter. But LTV will help you decide whether your customer acquisition cost (CAC) is too high (or, perhaps, whether you can afford to spend a little more). Calculating LTV will also help you learn which customers offer the most value and then develop ways to keep them happy. Of course, you can only fix a problem once you realize it exists. Perhaps your LTV isn’t as high as you’d hope — but you never know you need to improve unless you start crunching the numbers. Additionally, and of great significance, the satisfaction and sense of fulfillment, which cannot be measured, that providing valued service over an extended period provides is greatly rewarding. Building a business culture which has the goal of creating happy long-term customers is one of the wonderfully delightful payoffs for all the challenges of running a business.
Roasted Sweet Potato Arugula Salad Inspired by Nutriciously.com
Enjoy this salad’s warming cinnamon and crisp bites of radish and arugula.
Ingredients
• 3 medium sweet potatoes, cubed • 1 tsp smoked paprika • 1/2 tsp turmeric • 1/2 tsp cumin • 1/2 tsp cinnamon
• 1 bell pepper, thinly sliced • 3 small radishes, thinly sliced • 2 cups arugula, thinly sliced • 1 1/2 cups cooked lima beans, drained and rinsed • Balsamic salad dressing of choice
• Salt and pepper, to taste • 1 red onion, thinly sliced
1. Preheat oven to 350 F. Line baking sheet with parchment paper. 2. In a bowl, toss sweet potato cubes with smoked paprika, turmeric, cumin, cinnamon, salt, and pepper. Transfer to prepared baking sheet and arrange in a single layer. 3. Roast for 25–30 minutes until sweet potatoes are nicely browned and fork-tender. 4. In a large salad bowl, combine onion, bell pepper, radishes, arugula, and lima beans. 5. Toss the salad with dressing, then top with roasted sweet potatoes. Directions
516-800-8000 3
Published by Newsletter Pro • www.NewsletterPro.com
516-800-8000 FriedmanSimon.com
390 N. Broadway, #210 Jericho, NY 11753
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
Safer Roads for All Motorists INSIDE THIS ISSUE 1 2 Rebranding: Are You ‘Starry’-Eyed?
Settling Too Early May Be a Mistake
3
Employment Laws for Remote Workers
Roasted Sweet Potato Arugula Salad
4
Why Your Customers’ Lifetime Value Matters
WORTH YOUR WHILE WHY YOU SHOULD UNDERSTAND LIFETIME VALUE
Start with the average value of each sale at your company. Hopefully, you already have this information on hand! (And if not, it’s time to start tracking it.) Next, determine how many transactions your typical customer makes. This information will be easier to locate for businesses that use subscriptions, but other owners can generally get a feel for how often their customers use their services. Some entrepreneurs prefer to group their customers by frequency to determine an LTV for low, medium, and high-value customers. Finally, you’ll need the average time you retain a customer. This might be the trickiest metric unless you run a subscription service. But going through old customer transactions and your sales software can help you estimate your customers’ average longevity to determine a baseline LTV. With the above information, multiply all three to determine your LTV. For example, imagine you own a diner. Jack comes in each Friday and spends $15 on his lunch for 10 years. You
New businesses often think in terms of sales rather than relationships. But your customers will only keep coming back if you value them as more than a simple transaction. You must think long-term, which requires understanding each customer’s lifetime value (LTV). Lifetime value refers to the expected gross revenue your customer will bring in throughout your relationship. Through LTV, you
spending more to acquire each new customer when their lifetime value is high.
LTV will vary widely across industries. For example, even with repeat business, clients at a roofing company will generally have a higher LTV than diners at a restaurant. Your demographic, pricing, and the type of service or product you offer will determine your ideal LTV and your room for growth.
can understand what each of your customers is worth and forecast earnings. Knowing their LTV also allows business owners to make the most of their marketing efforts and grow their profitability. After all, it’s worth
How do you calculate the LTV of your business? Different experts suggest a variety of formulas that
will give you more or less precise outcomes. But we’ve included the
most straightforward and most common calculation below.
Continued on Page 3 ...
4
FriedmanSimon.com
Published by Newsletter Pro • www.NewsletterPro.com
Page 1 Page 2 Page 3 Page 4Made with FlippingBook Ebook Creator