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September/October 2024
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Conflict to Collaboration RESOLVING PARTNERSHIP DISPUTES
A promising start is no guarantee of a successful conclusion. “When partners fall out, the ownership, control, and even survival of their company are threatened.” These words were published in the November 1986 issue of the Harvard Business Review. A lot has changed in the past 38 years, but those words still ring true. Business partners are often the founders of a business, or are, at the very least, its stewards. Business partnerships can end for various reasons and in various ways. How you respond to these issues can determine your company’s future prospects, and it is important that you have proper legal support on your side. Here are four common reasons for partnership disputes, and measures you can take to secure your position in the event you are a part of one. Personalities Clash Every business partnership involves different personalities, and those personalities can sometimes clash. Every business partnership involves different personalities, and those personalities can sometimes clash. Managing personalities is a key facet of running any business, and managing employees generally, but it can also be key to keeping a business partnership alive.
Managing personalities is a key facet of running any business, and managing employees generally, but it can also be key to keeping a business partnership alive. Animosity can arise when partners feel they are being made to do more work, are unhappy with their responsibilities and level of recognition, or feel ignored regarding key company decisions. It is critical that all members of a business partnership feel recognized, heard, and properly respected in their respective roles. Differences in Views Differences in views regarding the core tenets of your business can also cause business partnership disputes. If partners disagree on a business strategy, division of work duties, and the company’s operations, then they are bound to have divisions at one point or another. Sometimes, these divisions arise because business partners are not honest with one another about their desired level of responsibility, workload, and future goals. That is why it is important that both parties share similar aspirations and expectations when establishing a partnership. If the division of labor becomes too great an issue, it may be prudent to bring in additional help to level out the work responsibilities. It can also be helpful to reassess goals, and the division of responsibilities, over time, to ensure all partners feel adequately represented. Financial Downturn Accountability and clear communication are important for more than keeping personalities in check; there needs to be full transparency regarding corporate finances for a business partnership to maintain
adequate trust and cohesion. Moreover, when partners cannot agree on how to spend on their business, distribute revenue, or reinvest profits, they are also likely headed to an impasse. Hiring professional support, such as accountants and financial advisors, can help mitigate this risk. Breach of Contract If a business partner disregards the terms of the partnership agreement, that is clear grounds for the dissolution of a business partnership. This could involve criminal activity, such as embezzling funds and misleading partners, or negligence and the abandonment of work responsibilities. In the event of a breach of contract, it can be prudent to seek a settlement agreement, or, in severe cases, to seek a legal remedy in court. Regardless, it is always a good idea to obtain the services of a skilled business litigation attorney to help navigate these situations. At Sul Lee Law Firm, our partners are experts in providing the best legal outcomes possible for our clients, across a wide range of practice areas. Contact our office today at 469-715-4558 to schedule a consultation.
-Sul Lee Law Firm 469-715-4558 · 1
Noncompete Clauses Banned
MEASURES EMPLOYERS MUST TAKE
Social media has changed the way businesses market themselves and their products. Instead of relying on word-of- mouth or spending exorbitant sums of money on television, radio, or print advertising, businesses can now create social media pages, giving customers a direct line to everything going on with the company. Many businesses focus on amassing more followers on X (formerly Twitter), Facebook, LinkedIn, and Instagram. However, having an account isn’t enough to bring more attention to your business. You must utilize a carefully crafted social media plan to maximize your presence and potential. With the rise of social media came influencers, people with large social media followings who used their platform to drive attention to ideas, businesses, and products. Influencers aren’t anything new; companies have used celebrities to advertise their products and services since the 1800s. These days, hiring a well-known celebrity to showcase your product or service costs an astronomical amount, likely more than the average business owner can pay. That’s where social media influencers come into play. Social media influencers are everywhere; you can’t scroll through Instagram for more than 10 minutes without one of their sponsored posts showing up in your feed. Some of these influencers have hundreds of thousands, if not millions, of followers, but you don’t need to hire the most prominent influencer to connect with potential customers and promote your brand. Realistically, you only need to find the right micro-influencer to get the most out of your social media marketing efforts. You’re probably wondering, “What is a micro-influencer?” They’re lesser-known influencers with followers between 10,000 and 100,000 across various platforms. While they might have a smaller audience pool, micro-influencers often have a much SMALL FOLLOWING, BIG IMPACT How Micro-Influencers Can Drive Business Growth
As of Sept. 4, the majority of noncompete agreements, also known as noncompete clauses, are a thing of the past. According to the Federal Trade Commission (FTC), before the ban was ratified, around one in five American workers were bound by a noncompete clause at any given time. Now, unless you qualify as a senior executive, your noncompete clause may be null and void. Here is what you need to know about the ban, and what measures you should take to rectify your documentation and employment agreements. The Details of the Ban What the FTC calls the final “Noncompete Rule,” is, in effect, a comprehensive ban on new noncompete clauses, with the exception being senior executives (who they estimate make up less than 1% of the
workforce). The FTC estimates that this ruling will add over $250 billion in earnings to the American workforce every year. They argue that noncompetes
stifle competition and prevent workers from seeking out better jobs with superior pay and benefits in their respective industries.
Employers may argue that it opens the way for difficulties in retaining staff, maintaining trade secrets, and competing against larger corporations in specialist fields with access to greater resources. Our feelings about
this change, however, are irrelevant. What’s important is how we mitigate the issues that arise for our clients in the wake of the new rules. Measures to Take The Noncompete Rule requires employers to provide notice to their employees regarding the new prohibition on noncompete clauses, and to inform them that any noncompete clauses they are currently bound by cannot legally be enforced against them. The FTC also advises that businesses not include noncompete clauses in future employment contracts, documentation, or on their websites. In the future, it is important to know that you will only be able to enforce existing noncompete clauses for senior executives, and no other employees. If you would like to know more, feel free to reach out to us at 469-715-4558.
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THE PRODUCTIVITY PLAYBOOK How to Foster an Effective Work Environment
If there was one secret to increasing workplace productivity, it would not be a secret for very long. The truth is that every employee is driven by different factors, and what motivates one may not sufficiently motivate another. That is why, in order to improve productivity at your workplace, you will need to employ a multi- faceted approach. Here are some tips you can employ to help make your employees more effective in the future. Stress Prevents Productivity Stress is not only bad for your health — it can also be bad for business. While many hardworking people suffer from stress, a stressful environment is the antithesis of a productive environment. According to a study published in the Kansas Journal of Medicine, the more stressed we are, the less productive we are. One way to make work less stressful is to have clear expectations and goals in place; when your employees know what you are looking for, they will spend less time worrying about what is expected of them. Reengage Your Employees Many employees across the country report that they are disengaging from work. The less engaged an employee is, the less productive and effective they will be. It is important to make sure your employees are invested in the success of their position — and the company as a whole. Performance-based bonuses, receptive management, and an understanding of what it takes to be successful in their position are all key to keeping your employees engaged.
Technology and Collaboration Two key ways to improve workplace productivity are the proper utilization of technology and the fostering of collaboration. Fortunately, the two go hand-in-hand. Task management software, such as Monday.com and Asana, can help your managers, and employees, keep track of their assignments and hit deadlines more effectively. Programs like Slack and Microsoft Teams can help everyone on your team communicate, and collaborate, more effectively.
WORD SEARCH
Perfect Curried Chickpea Salad This simple curried chickpea salad is the perfect school lunch on the go or quick meal. Enjoy it on your favorite bread for a delicious sandwich or over healthy greens.
INGREDIENTS
• • • •
1/2 cup vegan mayo 1 tbsp curry powder 3/4 tsp garlic powder
• •
1 cup sliced green onions
1/2 cup raisins or chopped dates 1/2 cup cashews Juice of 1 lemon Salt and pepper
2 cans chickpeas (garbanzo beans), rinsed and drained
• • •
•
1 cup diced carrots
DIRECTIONS
1. In a bowl, combine mayo, curry, and garlic powder. Blend and set aside. 2. In a separate bowl, add chickpeas and mash about half the beans with a fork or masher. 3. Add carrots, green onion, raisins or dates, and cashews. 4. Mix with curry dressing and add lemon juice. Mix well and add salt and pepper to taste. 5. Serve on a bed of greens or a bread of your choice.
Abundant Apples Cookout Crunchy
Fall Golden Grandparents Harvest
Labor Maple Sports Windy
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INSIDE THIS ISSUE Tips for Resolving Partnership Disputes page 1 Navigate the Noncompete Rule page 2 A Guide to Micro-Influencer Marketing page 2 Tips to Enhance Workplace Productivity page 3 Perfect Curried Chickpea Salad page 3
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more engaged following, with many followers commenting, sharing, and reacting to their posts regularly. Businesses wanting to hire micro-influencers for their marketing efforts will be pleased to learn that they charge significantly less than a well-known influencer or celebrity. Instead of paying thousands of dollars per post, you’re probably only going to spend a few hundred dollars at most, which helps keep your social media strategy within budget. Why should your business hire a micro-influencer? You might think that an account with a few thousand followers isn’t worth your time and money, but building a platform is incredibly challenging. You’ve probably already experienced this with your personal or business social media accounts. These individuals have already amassed a following, and now, you can take advantage of their hard work. Additionally, most micro-influencers have a targeted audience that aligns with their views and words. If their targeted audience shares the same circle as your potential customer base, you have a recipe for boosted sales and growth. How to find the right micro-influencer for your business. Finding the right influencer to represent your brand will take some effort. If you hire someone whose audience doesn’t relate to your business, you’ll be wasting time and money. Start by determining what you want to gain from this social media campaign. Search keywords and use filters to find the perfect account for your business. From there, you need to search for influencers who fit your brand and then inform them of your campaign goals so they can create the proper content.
Once you’ve found the perfect influencer, determine which platform is best for your campaign. Each platform provides unique advantages. The influencer may be able to guide you through which option is best depending on your goal and content idea. Remember that you’ll likely have to give content direction to the influencer to ensure you get the content that fits your brand’s image and accomplishes your goals. This includes promo codes, product samples, or information about your business. Influencers can be a powerful tool for driving business and growing your brand. Consider using a micro-influencer if you’re struggling to find new clients through social media. It might be the best thing you can do for your business this year!
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