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Ask a business expert your business questions. Answers to selected business questions will be featured on a regular basis. To submit a question, see Ask a Question. For information about Rick Riebesell, the business expert, see About Rick Riebesell.
Death and Disability in Buy-Sell - What Else?
Question: I just reread the buy-sell agreement for my business. It seems to cover the situations of death and disability in an appropriate manner. Is there something else about which to be concerned?
Answer: Death and disability are common triggers for a buy-sell agreement. The triggers are what cause the buy or sell processes to start. The triggers of death and disability are the most often cited reasons for a buy-sell agreement and the least likely of the common triggers to occur.
Goals - How to Set?
Question: I want to do strategic planning for my business and understand that it is necessary to set goals. What I want to do is make more money, but I doubt that is a very good goal in terms of strategic planning. How should I go about setting goals?
Answer: When we think of goals, we often start thinking at thirty thousand feet. For strategic planning, conceptual goals are not as helpful as quantifiable and attainable goals.
Sell Business - Where to Start?
Question: I am thinking of selling my business. How do I determine if my business is marketable? Where do I start?
Answer: This is a frequently-asked question. There are a number of possible responses, some, of course, quite complicated. I like the simple answer: take the perspective of an investor who is sophisticated and looking for a business interest to purchase. If you were that person, knowing what you know about your business interest, would you buy it? If not, why not? What can be done to correct the problems that prevent your business interest from being marketable?
Non-compete Agreement - Hire in Violation?
Question: I want to employ someone who has worked for a competitor and has signed a non-compete agreement when he was working for that business. From my reading of it, if I hire this person he would be violating the non-compete agreement. A friend of mine told me that his experience was that non-compete agreements could not be enforced and that if he were me he would just go ahead and hire this individual. I would like to do that – he would be a great addition to my business. What would you do?
Answer: I assume your friend is not a lawyer and did not charge you for his advice. If that is the case, the advice is worth exactly what you paid for it.