Love Law Firm November 2017

BUILD. NOT BILLED.

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NOV 2017

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THE SEASON OF GIVING THANKS Recognizing the Happy Things in Life

My daughter recently started kindergarten. It occurred to me that she will be a part of the Class of 2030. The Class of 2030! Can you believe that? It’s hard to believe that 2030 is only 12 years away. It seems like yesterday we were talking about the Class of 2000. It has certainly been an exciting and all-around happy time for my family and me. Between my daughter starting kindergarten and my spouse

I am also happy because of my clients. So many of them have become friends and trusted advisors. Getting to work with them has been a remarkable experience. Honestly, I learn so much from my clients, and it’s wonderful to be a part of a community where there is such collaboration and a back and forth of ideas. On top of that, there are the clients and friends that I’ve become referral partners with — we’re helping to build each other’s businesses. There’s a tightknit group of business owners and entrepreneurs on Long Island, and to be a part of that is nothing short of incredible. I love, too, that I’ve become a go-to source of legal advice and resources for my clients and partners. Having that professional connection and having a sounding board can be critical when you’re developing a new business or if you want to try new things and expand your business. At the end of the day, one of things I’m most thankful for is balance. When I opened my own law firm, I wanted a business that served my family, my clients, and my community. I don’t want to miss out on time with my family, especially with two young children (our son is 2½). These are their formative years, and I want to be there for them. But I also want to be there for my clients, listening and giving advice when they need it most. And then there’s my community. I am proud to support EAC Network, one of Long Island’s largest charitable organizations, as much as I can. They have many wonderful initiatives that I am more than happy to support. By striking a balance, I’ve been able to do all of this and so much more.

and I celebrating our seventh wedding anniversary (we married 10/10/10!), it’s been a fantastic few months. And now, we’re looking forward to Thanksgiving, which is coming up fast.

Our family has a few Thanksgiving traditions, including one that is maligned by my spouse. My side of the family has a dish called “cheese beans.” Suffice it to say, a main ingredient is Velveeta. To my Irish-Italian spouse who can cook like no one’s business, my dish of canned green beans, melted Velveeta, and crushed saltine crackers is a sacrilege. But it’s a tradition, and I’m trying to convince the kids to love it. (Recipe available upon request to those who want it!) Of course, like many families, we gather together with relatives and spend time with one another. It happens that we literally live right down the street from my sister-in-law and her family. As you can imagine, this makes getting together during the holidays a breeze. I think, above all else, simply spending time with family and friends is the best part of Thanksgiving. It’s important to take time to do that, just as it’s important to give thanks and recognize all the happy things going on in your own life. At the firm, one happy thing is we recently hired our first legal intern, Alex Gioiella. Hiring her has been exciting, and I am thankful to have her on board. With Alex’s help, I can focus my attention on a few projects that I’ve been meaning to get to but haven’t quite had the time.

I hope that each and every one of you are able to list as many things that make you thankful. Here’s to the bounty of the season. I wish you and your family a wonderful Thanksgiving.

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HOW TO CALCULATE THE LIFETIME VALUE OF A CUSTOMER

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The lifetime value of a customer is an easily overlooked and often underutilized concept. Don’t risk doing yourself and your business a huge disservice. Why track customer lifetime value, or CLV? When you know the CLV, you have data you can use to your advantage. This data can be applied to customer retention initiatives, marketing campaigns, referral programs, and, most importantly, keeping repeat customers happy. Plus, when you know the current CLV, you can work to improve that number. There are different ways to calculate CLV, and some methods are more complicated than others. At a minimum, you need to be tracking the following data points:

C. The initial cost of acquiring a customer

With this data, you can then calculate CLV:

A x B – C = CLV

Just keep in mind this number is based on averages and will not give you precise information (for a more comprehensive method of calculating CLV, check the Wikipedia entry for customer lifetime value). The more data you have to pull from, the more accurate the number will be. For instance, if you’ve been tracking A, B, and C for the past six years, you will have a more accurate picture of CLV than a business that started tracking last year. Think of it as an efficiency formula. With this data, you can determine which are your best customers and which are not. From there, you can tailor your marketing endeavors and get far more out of your marketing dollar.

A. The money spent by each customer (the revenue your business gains per customer, factoring in the margins of the products or services you provide)

B. The time frame for each customer purchase (the average amount of time you keep a customer)The initial cost to acquire a customer

CLIENT SPOTLIGHT BREAKTHROUGH INTENSIVE PHYSICAL THERAPY Helping Kids Achieve Greater Quality of Life

It’s been a long time coming, but this summer I opened my first business: Breakthrough Intensive Physical Therapy! I went from knowing very little about opening a business to more than I could have ever imagined — and it’s thanks to what I learned from Francine Love. I was initially put in contact with Francine through my business consultant. After I met with Francine, we sat down and talked about many of the details would go into getting my business off the ground. She was exceptionally helpful throughout the process and gave me all the resources I needed to set up a business entity. I knew right off the bat that working with Francine was the right choice. She was helpful every step of the way, and I am grateful. I had so many questions, and she was there to give me answers and to guide me to where I needed to be. And, she was incredibly patient! Now, I’m doing what I love: Helping kids and young adults become more independent. Breakthrough Intensive Physical Therapy is geared toward younger people with special needs, such as neurological disorders.

We offer a number of unique programs that many other PTs don’t. It all comes down to our specialized focus. Our goal is to help these kids achieve a better quality of life, as well as to reassure parents that more is possible — and it can be done through individualized treatment, one appointment at a time. Dr. Christine Astarita PT, DPT To learn more about Breakthrough Intensive Physical Therapy, as well the programs they offer, visit breakthroughptli.com.

Breakthrough Intensive Physical Therapy 1747 Veteran’s Memorial Highway Suite #21 Islandia, NY 11749

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The 1st Mistake Made by Too Many Business Owners

Why did you start your business? Was it because you had enough of your old job? Were you fed up with your old boss? Did you see an opportunity to get rich? A lot of business owners, and prospective business owners, often don’t realize that there are wrong reasons to start a business. They’re motivated by reasons that will not result in long-term success, such as becoming fed up with their current job and wanting out. Starting a business for this reason or similar ones is a short-term solution to a much bigger problem. But more importantly, it doesn’t necessarily fall in line with what you really want to do. It’s entirely possible you don’t want to start your own business. However, there are right reasons for wanting to start a business. One of the best reasons is that you are running toward an opportunity and not away from a problem. Or maybe you developed a solution to a problem that needs to be solved. Of course, there are many more good reasons to start a business, but these two represent

the best of the best. You can find more of the best reasons in “How to Build an Impenetrable Business.”

What can you do if you started your business for the wrong reason? It all comes down to changing your mindset. There are a number of questions you need to ask yourself, and you have to answer them honestly. For instance, what can you bring to the table that is unique to customers or potential customers? One simple thing you can do right now is take the quiz “Should You Be An Entrepreneur?” This quiz, developed by the Harvard Business Review, is a straightforward yes-or-no quiz, though it asks several challenging questions. Take this quiz and think about that initial question: Why did you start your business? This merely scratches the surface of this topic. Be sure to check out Francine’s book, “How to Build an Impenetrable Business,” for further insights and valuable resources.

AROUND THE FIRM

• November 10 Veterans Day — Thanks to all who have served! • November 21 Networking luncheon: Nautillus Diner, Noon–2 p.m. Register at http://www.516ads.com/ • November 23-24 Offices closed — Happy Thanksgiving to all! • December 5 Networking luncheon: Havana Central, Noon–2 p.m. Register at http://www.516ads.com/

ATTORNEY ADVERTISING. The purpose of this newsletter is to provide information about Love Law Firm, PLLC’s qualifications and experience. The information provided in this newsletter does not, and is not intended to, constitute legal advice. Any prior results described in this newsletter do not guarantee a similar outcome. Love Law Firm, PLLC’s distribution of this newsletter is not intended to create, and will not create, an attorney-client relationship with you.

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Isn’t it time you learned to love your lawyer? 626 RXR Plaza, Suite 659 Uniondale, NY 11556

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What I’m Thankful For INSIDE THIS ISSUE 1 2 Get More Out of the Lifetime Value of Your Customers

Client Spotlight

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The Mistake Made by too Many Business Owners

Around the Firm

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Creating a Business Exit Plan

DO YOU HAVE AN EXIT PLAN?

As an entrepreneur, your main goal

do you want out of the company you’ve created? Typically, we begin working with owners on a three-to-five-year horizon.

throughout your career is likely to grow your business to be as successful as possible. However, you may not have

If you decide you want to sell your business, start the process by identifying potential buyers and determine how they make purchases. Determine how organizations value other companies and how they’ve integrated or purchased those companies. Begin creating processes within your business so that someone else can come in and take it over easily. If you want to transition the power over the business to a family member, you need to look at the procedures and steps that will ensure a secure transfer. This means training, education, and practice — grooming, if you will — for the person who will ultimately lead your business. Even more importantly, you need to transition your authority and credibility over to your successor. Succession planning is just as important as company growth. Without careful preparation, your business could falter under the weight of an inexperienced leader or a company with opposing values. Carefully plan your exit strategy, so you can enjoy your retirement and your company’s success from the sidelines.

thought about what happens to your business after you retire. While growth is certainly important in business, careful succession planning ensures your company’s success after it leaves your hands. The normal evolution of a business begins when you’ve started or bought your company. You build and design it, you work to create something special and successful, and then you begin planning an exit strategy or succession plan. Whether that plan means selling your business and transitioning to a new CEO or handing your business to one of your children, there comes a time when a business owner will ask themselves what kind of legacy they wish to leave behind with their business and what kind of retirement they want for themselves. Succession plans must be treated like business plans, which means you must have a clear vision of what you want for yourself and the company in the next five years. Where do you want to be? How do you want to be involved? What

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