If you are one of the percentage of Baton Rouge residents to fully realize the "American Dream" and own your own business, congratulations. It takes a lot of perseverance and hard work to ensure that a business is successful and projecting even greater returns than years' previous. So, when it's time to retire or move onto the next venture, what are some things a business owner should think about? Selling a business is more about dollars and cents, for starters.
When it comes to running or owning a successful and profitable business, there are a few ways a company can get an edge up on their competition. One way is to have a trade secret that makes a company's service or product unique. Oftentimes these trade secrets can be highly coveted information in which only a select few are given access to trade secret information. As a business owner, it is important to ensure these trade secrets are protected especially in situations of sale or merger.
Small business owners play a big part in the local economies of many Louisiana cities and nationwide. Some small businesses are passed down through the family, generation after generation. Others are sold to up-and-coming entrepreneurs, who are interested in carrying on a successful business. In either situation, it is important for small business owners to know that they have options when it comes time to sell their business.
Many entrepreneurs in Baton Rouge spend years cultivating a successful business. However, there may come a time when a person decides that he or she wants to dissolve the business. No matter what the reason is behind the dissolution of the business, it is important that the process be completed with all the proper formalities. The failure to do so could have unwanted tax or liability consequences.
One of the worst nightmares of small business owners in Louisiana is the decision of a key employee to quit and accept a job with a competitor. One solution to this problem is the non-compete agreement in which the employee agrees not to accept a job with a competitor or otherwise compete with the employer. Louisiana law sharply restricts the use of such agreements, but in the right circumstances, a non-compete agreement can be enforced and can protect the employer's business against encroachment from competing corporations.
Many companies have trade secrets that are valuable and that they wish to protect. Information may be considered to be a trade secret if it was created by a company in order for it to conduct its business. Trade secrets can refer to customer lists, supplier lists, formulas pricing and margins and other methods of operation for the business. The information is valuable as long as it remains secret, so it is important to understand how to protect your trade secrets.
For individuals and businesses in Louisiana who are engaged in commercial real estate and development, issues with contractors, building projects and labor liens may arise. Questions concerning what a labor's lien is and how it can impact your business may come up from time to time and understanding how a labor's lien works can be important. In general, a labor's lien is a lien placed on property by a contractor or other vendor who has performed work on the property. The labor's lien is used to ensure the contractor receives payment on the contract for the project.
There may come a time for a business owner to exit a business that he or she has carefully built throughout the years. There a number of different methods in Louisiana for exiting a business. Methods of exiting a business can include going public, selling the business or transferring ownership of the business to a family member. Many business owners become so focused on growing their businesses, which is important, that they fail to develop exit strategies for their business.
This blog recently discussed key steps to starting a business in Louisiana to help set it up for success. Regardless of the success of the business, there may come a time when the owner may wish to sell the business. When a business owner contemplates the sale of a business, they may have a number of important questions they need answered before selling what they have built. One question may be how to properly value their business to sell.
Selling a business can be a great next step for a Louisiana business owner. However, it can be a complicated process for anyone selling a business. Familiarity with the process of selling a business, and what to expect, can help along the path to a successful sale of a business. Having proper guidance before beginning the selling process can also help.