Reib Law - May 2020

SHATTERPROOF NEWSLETTER

MAY 2020

WWW.REIBLAW.COM | 940.591.0600

While it’s easy to feel powerless right now, this is actually the time for you and your team to step up for your business. When there’s a lot out of your control, you have to focus on what you can control. You can still choose to get up every day and put your all into your business. You can still reach out to your clients and check in with them. Ask how you can help them through this time. Create a marketing plan for the next quarter. Put a plan in place that will safeguard your business and assets so that they don’t end up in the hands of the state.

WHY PLANNING NOW IS MORE IMPORTANT THAN EVER HOW TO PLAN IN THE FACE OF A PANDEMIC

Creating safety nets for your business and assets in times like these should be your priority.

Last month, I wrote about the uncertainties of life, how anything could happen at any moment. Sadly, these words feel even more relevant in light of the global health crisis. They also ring more true: Now more than ever, you need to ensure that you have a comprehensive estate plan in place. If your health fails, you don’t want to be stuck in a place where you are stressing about what will happen to your loved ones. Trust me. I’ve seen clients go through this — and their loved ones after our clients have passed — and it is not something you ever want to deal with. The necessity and value of an estate plan goes beyond assets and monetary value. A secure estate plan will designate your power of attorney, directives to physicians, and medical authorizations, necessary instructions that let loved ones know how you want to be cared for. These are not matters you want to be left up to interpretation or, worse yet, a government entity. If this seems overwhelming, we’re here for you. Contact us to schedule a family wealth planning session. We are available for secure teleconference appointments, where we will evaluate your specific circumstances and goals to determine the best option for you when it comes to an estate plan. Please don’t wait. Give us a call this month and remove this source of stress from your life. – Scott Reib

The last couple months have been unprecedented, to say the least. We’ve all been faced with disruptions in our daily lives that have forced us to adapt and reassess how we conduct business. At REIBLAW, our top priority has been staying connected with our clients. We quickly shifted gears and assessed how we could be there for our clients and provide something of value to them. We put together materials and resources that could help other business owners cope with the changes caused by COVID-19. Now more than ever, it’s important to build relationships and stay connected with people. I set out to do this in March, starting by creating a members-only Facebook page for all of my Access clients. It’s given me a way to communicate more quickly with them. It was actually something I’d wanted to do for a while, but I hadn’t gotten around to it — nothing like a pandemic to spur you into action.

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ACHIEVE INNOVATIONAL SUCCESS

WITH ‘LOONSHOTS’

of the James Bond movies and how Lipitor became a pharmaceutical blockbuster. What these phenomena have in common is that they were supported and made possible by a positive work environment structured to nurture ideas that were “just crazy enough to work.” However, success stories aren’t the only focus of “Loonshots.” The book also examines companies that paved the way as innovators, only to stifle change and lose momentum. Bahcall puts Pan American World Airways (Pan Am), Polaroid, and other titans that let the lightning out of the bottle under the microscope to show readers where the companies’ organizational structures went wrong. To Bahcall, the way business owners organize their team is the same as how temperature shapes water. You can be cold toward new ideas, which freezes progress and makes your company too brittle in the face of change, or you can be warm and let your team’s ideas flow in exciting new directions. Drawing on his experience as both a physicist and the co-founder of a biotechnology company, Bahcall is able to make his case in entertaining, down-to-earth prose. Beyond being a good read, “Loonshots” addresses an often overlooked factor in the ways innovative companies succeed at redefining their industry, making it a great addition to any entrepreneur's library.

Many entrepreneurs dream of catching

lightning in a bottle — of harnessing new, powerful ideas that will propel their business to the cutting edge. Whether they call it disruption, innovation, or genius, many business books focus on the “lightning” side of the equation. But those flashes of brilliance mean nothing without a bottle to capture them in. According to author and physicist Safi Bahcall, if you want to turn momentary inspiration into tangible success, you need structure.

Bahcall explores this idea in his book, “Loonshots: How to Nurture the Crazy Ideas That Win Wars, Cure Diseases, and Transform Industries.” He examines many successful innovations that were originally deemed “crazy” or “doomed to fail,” including the breakout success

3 BIZ TOOLS THAT HELP REMOTE TEAMS SUCCEED Over the last couple months, companies that were not already operating remotely had to quickly shift to a work- from-home model. In the process, we at REIBLAW have learned new strategies and tools for being successful as a remote team, some of which will be equally beneficial in an office environment. Here are a few of our favorites. conference with one employee or an entire department, Zoom is a great tool for getting everyone on the same wavelength for collaboration.

MEET EDGAR This social media scheduling tool makes it easier to be consistent with your marketing. Rather than waiting until you have downtime to make a post, you can schedule out everything in advance. Meet Edgar allows you to build an unlimited, categorized online library of social updates for your personal and business accounts and make posts to Facebook, Twitter, LinkedIn, and other platforms on a schedule you choose. BONUS TOOL FOR ENTREPRENEURS: SCRIBE Always dreamed of writing your own book? Scribe makes it easy. Turn your idea into a book in about 50 hours on the phone over the course of seven months. You’ll be interviewed by a Scribe writer, who will do the heavy lifting and put the words to paper for you.

SLACK This is an excellent platform for team communication, even for teams not working remotely. Slack allows for group messaging, direct messaging, and department- or client- specific messaging. It utilizes tags to ensure people see your message, and it’s an approachable, easy way to stay connected with your team throughout the day. ZOOM Of course, while instant messaging and chat platforms are great for quick communication, getting some face time in with your team for real-time collaboration is a must, especially when you’re working remotely. Zoom makes that easy with video conferencing. Whether you want to video

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DON’T LEAVE LIFE-ALTERING MEDICAL DECISIONS UP TO CHANCE

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Medical authorization forms

As Scott shared on the cover, in the midst of crises like the one caused by COVID-19, estate planning becomes even more important because it creates certainty around crucial medical decisions. What would happen if you become incapacitated by illness or injury and are unable to care for your family members? How would you want a medical provider or your spouse to act if you weren’t in a state to make medical decisions for yourself? These are not instructions you want to put in the hands of an online legal service. Aspects like naming and documenting legal guardians for your kids might seem like a fairly straightforward process, but it entails a number of complexities most people aren’t aware of. Even lawyers with decades of experience can make mistakes when naming long- term legal guardians. When we create a comprehensive estate plan, it includes crucial medical directives that give specific instructions to your loved ones. These include:

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Declarations of guardians

If you’ve yet to do any planning, contact your personal family lawyer to schedule a family wealth planning session. This evaluation will allow us to determine if a simple will or some other strategy, such as a living trust, is your best option. If you’ve already created a plan — whether it’s a DIY job or one created with another lawyer’s help — contact us to schedule an estate plan review and checkup. We’ll ensure your plan is not only properly drafted and updated but also contains all of the protections in place to prevent your children from ever being placed in the care of strangers or anyone you wouldn’t want raising them. At REIBLAW, we don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. We look forward to hearing from you and helping you take this step to secure your and your loved ones’ well-being.

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Durable powers of attorney

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Medical powers of attorney

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Directives to physicians/living wills

GRILLED PRIME RIB

We want your feedback! In editions of this newsletter, we’ve covered everything from business contracts to how to handle the former spouse who wound up with everything because there was no business succession plan in place. But now we’re wondering: What would you like to see? You know those legal questions that Google can’t give you a satisfactory answer to? The ones that keep you up at night, as you wonder whether it’s time to call a lawyer? We want to answer those. Send us your questions, and we’ll be using these to address the topics that you want to know more about. Text your questions and curiosities to 972.677.3002 .

Inspired by Primal Palate

INGREDIENTS

• 1 1/2 lbs beef rib roast • 1 tsp Himalayan salt • 1/2 tsp black pepper

DIRECTIONS

1. Take rib roast out of the refrigerator 30 minutes prior to grilling. 2. Season roast with salt and pepper and allow it to rest for 10 minutes while you heat a gas grill to 600 F. 3. Sear roast for 3–4 minutes on each side. 4. Turn off the grill but continue cooking the steak, flipping every 4–5 minutes, until it reaches an internal temperature of 125 F. Remove from grill. 5. Allow the roast to rest — its internal temperature will continue to climb — for 5–10 minutes. Slice and serve.

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How to Plan in the Face of a Pandemic INSIDE THIS ISSUE 1 2 How Crazy Ideas Become Innovations

Biz Tool of the Month: Staying Connected in a Remote World

3 3 4

Create Security in Times of Crisis

Grilled Prime Rib

How Entrepreneurs Digitally Detox

DO SUCCESSFUL PEOPLE ENJOY A DIGITAL DETOX?

3 ENTREPRENEURS SHARE THEIR SECRETS Constant technology use can leave us feeling drained, so it’s good to do a digital detox by unplugging periodically. Digital detoxes have become very popular, but for most managers and business owners, cutting technology out of their lives isn’t just difficult — it can be irresponsible! You can’t throw your smartphone in the sea and expect to have a job next week.

North America, is plugged in most of the time. To get away from the demands, he races cars on the weekend. During that time, Joiner puts his phone away in order to focus on the race. “While it takes a lot of focus, which can be strenuous, it also mentally cleanses, or 'digitally detoxes,' me during the weekend,” Joiner says. “By Monday, I can go into work with a clear mindset, ready to take on my week.” CELIA FRANCIS TRACKS HER ONLINE ACTIVITY. Sometimes technology can help you cut down on technology. Celia Francis, CEO of online marketplace Rated People, downloaded the app Moment to monitor how much time she spends on social media. This data helped her build healthier habits. “It helps you understand how you use your phone, establish usage goals, and disconnect at the right times,” Francis explains. “My phone is always off by 9 p.m. and isn’t switched back on until after the morning routine.” You don’t have to completely abandon technology to enjoy a successful digital detox. Instead, look for times when you can put your devices away and focus on something else. Even if it’s just for an hour before bed, you’ll reap the benefits.

While completely quitting tech isn’t realistic, it is possible to enjoy the benefits of a digital detox while sticking to your responsibilities. Here’s how a few successful entrepreneurs manage this balancing act. ARIANNA HUFFINGTON PUTS HER PHONE ‘TO BED.’ HuffPost founder and Thrive Global CEO Arianna Huffington says the first part of her nightly routine is “escorting my phone out of the bedroom.” Huffington doesn’t allow digital devices in her bedroom and relies on an analog alarm clock. “Charging your phone away from your bed makes you more likely to wake up as fully charged as your phone,” she says. ERICH JOINER HAS A HOBBY SEPARATE FROM HIS WORK. Running a content creation company that caters to big brands means Erich Joiner, founder and director at Tool of