wary of any presentation that promises “easy money”. Successful entrepreneurs almost always agree that there is no “easy money”, and that owning one’s own business, while rewarding, takes a great deal of time and energy. USING PROFESSIONAL ADVISORS Before beginning any evaluation of a business opportunity, the entrepreneur should decide whether to perform that evaluation himself or herself, or engage an accountant or attorney to assist him or her. Professional advisors, such as attorneys and accountants, can greatly enhance an entrepreneur’s review of a potential business. This is true for at least two reasons. First, those professionals will have no emotional attachment or stake in that review process; their objectivity may serve as an important counterbalance to an entrepreneur’s enthusiasm. Second, those professionals should be able to provide thorough review of financial or intellectual property information provided, and should be knowledgeable of any potential obstacles to the success of the business (such as the need for licenses or permits). For instance, it is important that someone thoroughly evaluate financial information supplied by a seller or offeror, or pro forma information prepared by the entrepreneur, and in many cases a professional is best suited to that task.
BUSINESS LICENSES AND PERMITS
IN GENERAL The startup, operation or expansion of a business in Minnesota may involve securing one or more business, occupational or environmental licenses or permits. Those licenses and permits fall into a number of categorical groupings according to purpose: • Licenses and permits to ensure the competency of practitioners of a business, trade or profession. • Licenses and permits to ensure the safety and efficacy of a product or process. • Licenses and permits to prevent fraud or ensure the financial solvency of parties to a business transaction. • Licenses and permits to control access to markets or to encourage or restrict competition in a specific industry. • Licenses and permits to regulate activities in pursuit of broad social goals like clean air, clean water. • Licenses and permits to ensure the appropriate and responsible use of natural resources, Minnesota Dept. of. • Licenses and permits to control the development and implementation of new technology. • Licenses and permits to authorize a business to serve as the state’s agent for collection of revenue. The Bureau of Business Licenses provides information about federal, state and local licenses and assistance in securing them. The Bureau also publishes, free of charge, the State of Minnesota
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