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DECEMBER 2023
Lots to Celebrate as 2024 Approaches
When I was growing up, Christmas was a magical time, punctuated by the sparkle of twinkling lights, joyous carols, and family traditions. I still remember the thrill of Christmas mornings full of gifts and the scents of holiday dinners wafting from the kitchen. Those early experiences shaped my views on the holiday and instilled in me the importance of keeping traditions alive for future generations. I vividly remember attending candlelight Christmas Eve services at church. The atmosphere was different from a normal church service, and poinsettias lined the sanctuary. The ushers handed out candles to all the congregants, and the atmosphere transformed into something serene and ethereal as everyone lit their candles and sang Christmas hymns. Even today, when I walk into a candlelit service, the flames instantly transport me back to those childhood services. But Christmas Day was always the crown jewel of my year as a child. Waking up to presents under the tree was every kid’s dream come true. My parents, however, added a unique twist on Christmas mornings: scavenger hunts. Once we’d opened our last gifts, my sister and I would embark on an adventure around the house and follow the clues carefully planted by Mom and Dad, ultimately leading us to one “last signature present.” It’s a tradition passed down “WHAT STRIKES ME EVERY YEAR IS THE ALMOST CONTAGIOUS SPIRIT OF JOY AND GENEROSITY THAT SEEMS TO GRIP EVERYONE, REGARDLESS OF THEIR RELIGIOUS AFFILIATIONS.”
enjoy sponsoring underprivileged kids in the community and buying them presents so they can have a Merry Christmas as well. The season’s beauty doesn’t end with Christmas; it carries through to the new year. I’m way past the days of attending wild New Year’s Eve parties, and Jodi and I usually opt for small gatherings with close friends. And yes, there’s football. As a huge college football fan and Clemson grad, I’ve spent the past several years watching the college football playoff games. As the clock ticks down to 2024, I am brimming with anticipation. Our law firm is poised for growth next year with a new office building and significant additions to our staff, including a director of operations. I’m thrilled about these prospects and how they will allow us to serve our clients better. I can’t say that I have any New Year’s resolutions per se, but I am working on action plans to support our law firm’s growth, and 2024 is slated to be a landmark year for us on that front. As someone deeply committed to family, tradition, and the well-being of those around me, I see the holiday season as a time to reflect, reset, and rekindle. Whether you’re a fan of the holidays or just go along for the ride, there’s something transformative about this time of year — a renewing force that makes you believe, even just for a moment, that anything is possible. So, as I look ahead to ringing in another year and embracing new opportunities, I look forward to reliving the traditions and values that have made me who I am today. It’s a life lesson gift-wrapped in holiday nostalgia, and it’s a gift that keeps giving year after year.
to my sister’s family, and watching my niece and nephew go on their scavenger hunts rekindles my youthful excitement. As a Christian, the significance of the holiday extends beyond family traditions. The celebration of Jesus’ birth is profoundly important to me. What strikes me every year is the almost contagious spirit of joy and generosity that seems to grip everyone, regardless of their religious affiliations. The days grow shorter and colder during the fall season, which can be depressing for some people, myself included. But just when I start dreading the early darkness, the Christmas lights go up, and the world becomes a spectacle of colors. In Memphis, the city puts up holiday lights on the power line poles, which always signals the start of the Christmas season. Those lights are more than just festive décor to me. The lights are the silver lining that follows shorter days and early darkness and always makes me excited about the holiday season. My wife Jodi is a Hallmark Christmas movie aficionado and immerses herself in feel-good stories that dominate our TV screen in November and December. As for me, I find tremendous joy in giving. Jodi’s love language is “gifts,” so it’s the perfect time of year for her as well, and I always
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DON’T LET YOUR TEEN GET SCAMMED:
A GUIDE TO SAFE CONCERT TICKET PURCHASES
With top-selling music artists going on tour recently, including Beyoncé and Taylor Swift, scammers have taken advantage of younger, inexperienced ticket buyers. These online swindlers use social media like X (formerly Twitter) and Instagram to offer ticket deals that are too good to be true. SAFETY TIPS EVERY BUYER NEEDS TO FOLLOW While you may know the tried-and-true signs of an illegitimate listing or scammer, your teen may not. Meanwhile, even the most seasoned concertgoers receive impressively realistic (yet fake) tickets and show up at the venue just to be turned away. For everyone to stay safe, there are some essential rules you should follow when purchasing tickets online.
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If buying tickets from a resale site, ensure they are part of the National Association of Ticket Brokers (NATB), which confirms they are legitimate. Never purchase tickets through an individual on social media or Craigslist. If buying from a person, only do so from someone you know, like a friend, coworker, or relative. Don’t buy tickets with peer-to-peer payment services such as Zelle, Venmo, or CashApp. If the purchase is a scam, these platforms don’t have buyer protection like credit cards. Make sure the section and seat number really exist at the venue.
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Is your teen ecstatic to purchase concert tickets for the first time? While they may be ready to hand over their savings to get front-row seats to Olivia Rodrigo or Ariana Grande, they should be well-informed on how to safely purchase tickets. With digital tickets now being the primary format for stadium events, selling counterfeit tickets is easier than ever. According to the Better Business Bureau, reports of ticket scams have spiked from 13,168 to 16,762 from 2020 to 2022 alone.
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If you and your teen follow these tips, you can ensure they are safely spending their money and will actually see the show of their dreams!
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Always buy tickets from official websites and double-check that the URL is correct. Some scammers create look-alike sites to fool buyers.
The Small-Business Owner’s Guide to Contracts
ESSENTIAL ELEMENTS A standard business contract typically includes elements like parties involved, the scope of work, payment terms, confidentiality clauses, and termination conditions. Every term should be explicit to prevent misinterpretation. CLARITY AND SIMPLICITY Contrary to popular belief, contracts don’t need to be full of legal jargon to be effective. In fact, simpler language is generally more effective at conveying the terms of the agreement and ensures that both parties understand their responsibilities fully. There are even ways to write 500-word contracts that are clear, concise, and legally sound. REVIEW BY LEGAL COUNSEL Always consult with legal professionals to review contracts before they are signed. Legal advice is invaluable in identifying any loopholes or ambiguities that could be problematic down the line. KEEP RECORDS Maintaining an organized system for storing contracts is essential for quick and easy reference.
Contracts are an integral part of every small business’s operations. While the excitement of starting a new venture may overshadow the legalities involved, it’s crucial to pay attention to this often complicated yet indispensable tool. Below are essential legal aspects small-business owners need to know about contracts.
Digital copies should be backed up in multiple locations to prevent accidental loss.
PURPOSE AND IMPORTANCE Contracts are the backbone of business
BREACH AND ENFORCEMENT In the unfortunate event of a contract breach, having a written document simplifies the enforcement process. Legal actions can be taken based on the terms and conditions outlined in the contract. REGULAR UPDATES Legal regulations and business climates are ever- changing. It’s essential to periodically review and update your contracts to align with current laws and conditions. If you need assistance drafting or reviewing contracts, please contact our office at 901-388-5805 to schedule a strategy session with one of our experienced business lawyers.
agreements, outlining the terms and conditions between parties, as they are legally binding documents that safeguard your rights and establish your obligations. A well-drafted contract sets the groundwork for a successful business relationship. WRITTEN VS. ORAL CONTRACTS While oral contracts can sometimes be legally valid, written contracts are strongly recommended. Written contracts provide a record that clearly outlines each party’s obligations and rights. Some types of contracts, like those involving real estate, are required by law to be in writing to be enforceable.
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Understanding Corporate Governance
What Small Businesses Need to Know
Tasty Holiday Chocolate Mousse
Corporate governance is the framework of rules, policies, and practices that guide a company’s operation and decision-making processes. It serves as a crucial foundation for achieving a company’s objectives and creating value for all stakeholders, including shareholders, employees, and customers. By adhering to these best practices, board members and stakeholders can foster a culture of effective governance that not only complies with legal requirements but also contributes to the long-term success of the organization. DEFINED ROLES AND RESPONSIBILITIES Clear delineation of roles and responsibilities is crucial for the efficient functioning of a board. Every board member should know their responsibilities and the extent of their authority. This ensures accountability and helps in the smooth running of the organization. ACCOUNTABILITY AND ETHICS Accountability and ethics form the backbone of effective governance. Board members should be accountable for their actions and decisions, always acting in the best interests of the company. High ethical standards should be maintained at all times. EFFECTIVE RISK MANAGEMENT Risk management should be a central part of decision-making. Boards must identify, evaluate, and manage risks the organization faces in order to protect stakeholder interests. ONGOING EDUCATION Board members should be committed to continuous learning. Time should be reserved in board meetings for ongoing education about business trends, governance matters, and the evolving landscape of the industry. STAKEHOLDER ENGAGEMENT A more participative form of governance involves actively engaging with stakeholders. Understanding their needs and expectations can provide valuable insights into strategic decisions, ensuring long-term sustainability and profitability. SHARED UNDERSTANDING OF PURPOSE It’s important that both board members and officers have a shared understanding of the company’s purpose as well as their own roles in fulfilling that purpose. ADAPTING TO EMERGING TRENDS The business landscape is ever-changing. From technological advancements to shifts in consumer behavior, board members should be attuned to emerging trends to adapt and evolve corporate governance practices accordingly. LEARNING FROM PAST MISTAKES The financial crisis of 2008 served as a wake-up call for many organizations. It emphasized the need for robust corporate governance mechanisms to avoid financial turmoil and ensure organizational longevity. If your small business needs assistance with its corporate governance, please contact our office at 901-388-5805 to schedule a strategy session with one of our experienced business lawyers.
Add even more cheer to the holidays with this decadent chocolate mousse.
INGREDIENTS • 10 oz semisweet chocolate, chopped
• 4 large eggs, separated
• 2 tbsp granulated sugar
• 4 tbsp butter
• 1/2 cup heavy cream
DIRECTIONS 1. In a medium heatproof bowl, add chocolate and butter. Set the bowl over a saucepan of barely simmering water and stir until chocolate and butter are melted and blended, then remove from heat and let cool slightly. 2. In a medium bowl, beat egg yolks until thick. Then gradually add melted chocolate mixture, stirring until blended. 3. In a separate bowl, beat egg whites until foamy. Then gradually add sugar, beating until stiff peaks form. 4. In another bowl, beat cream until stiff peaks form; fold egg whites and then cream into the chocolate mixture. 5. Pour into individual serving dishes and chill for 3 hours or until set. INSPIRATION “Blessed is the season which engages the whole world in a conspiracy of love.” —Hamilton Wright Mabie
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2820 Summer Oaks Drive Bartlett, TN 38134 901-388-5805 www.DouglassRunger.com
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1 New Year, New Challenges 2 A Guide to Keeping Your Teen’s Concert Experience Scam-Free Understand How Contracts Benefit Your Company 3 8 Things to Know About Corporate Governance Tasty Holiday Chocolate Mousse 4 Fresh Traditions to Make Your Holiday Sparkle Inside This Issue
Think Outside the Gift Box START A NEW TRADITION THIS CHRISTMAS
Christmas is built on tradition. Many families celebrate the holiday by waking up bright and early to open presents, attending church, having a delicious meal, and closing the day with “How the Grinch Stole Christmas,” “Elf,” or another Christmas classic. Some families have been doing this for so long that they’re starting to look for new traditions to throw in the mix to spice up the season a little more. There are plenty of ways to change your holiday traditions without losing the meaning of the season! You could go caroling or try out a white elephant gift exchange with the entire family. If you’re looking for something unique, try one of the following activities this year. THE CHRISTMAS BOX One of the most exciting parts of Christmas is when everyone gathers to open gifts. The Christmas box gives you an opportunity to
create a new tradition around gift-giving. Fill a medium- or large-size gift box with smaller items you like to give each year. You can stuff it with Christmas pajamas, mugs, books, movies, and
other small gifts you know your family or friends will love. Refill the box with different versions of these items every year. You can also do this with your friends in place of a Secret Santa gift exchange. Set a budget and draw names to determine whom each person will give their box to. From there, you go to local garage sales, dollar stores, and thrift shops to fill the box with things the person will like. A REMINDER OF PAST CHRISTMASES Do you buy a real tree every Christmas? Most of us bring our old trees out to the curb when the holiday passes. Before you do so, cut off the very bottom of the tree trunk. Write the date on it and include any extra information you want, such as a child’s or pet’s first Christmas. After a few years, you’ll have a collection of tree trunk rounds that help you reminisce about one of the happiest days of the year and all the memories you made.
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