Buying & Selling a Business

For the last 40 years, Entrepreneur Magazine has released its Franchise 500 List, ranking the “best” Franchises in America. They rank them based on Five Pillars: Costs & Fees, Size & Growth, Support, Brand Strength, and Financial Strength & Stability. The giants at the top aren’t much of a surprise, with McDonald’s, Dunkin’, and Taco Bell all in the top 5. Many other big names are also scattered on the list. The Franchise 500 gives information on investment costs, and many other things you can expect if you decide to purchase a franchise for a specific company. If you are interested in purchasing a franchise, this list can be a great asset. However, it shouldn’t be your only resource, and most certainly does not tell the whole story.

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Last May we announced that we were a part of a pilot program the Iowa Secretary of State’s office launched for fast track filing of limited liability companies (LLCs) and corporations. I am happy to report that the filing system has worked like an absolute gem. Now it is truly more convenient than ever to get your business formed within the State of Iowa. Our turnaround time for preparing and filing LLCs and corporations has been dramatically reduced. In my years of practice I must admit that this is one of the best projects a government office has pulled off. I give Iowa Secretary of State’s office major kudos for their work.

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I recently had the distinction of reviewing a franchise agreement for the very first prospective franchisee in a franchise. My review revealed there were still many issues to work out in the agreement and with the system in general to make it reasonable for the franchisee. But the potential opportunity was very intriguing to the prospective franchisee due to the financial success of the underlying business. Sometimes it is difficult to balance the legal issues (what I know from past experiences with franchises that have failed) v. prospects of financial success (i.e.the potential for a significant return on investment particularly with a new or inexperienced franchisor).

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I am excited to announce that I have been a part of a pilot project through the Iowa Secretary of State’s office which now enables our law firm to offer online fast track limited liability company (LLC) and incorporation filing services. Now it is more convenient than ever to get the legal assistance you need in setting up your Iowa business. Not only can you get legal advice you deserve from an Iowa business lawyer when you set up your business but you’ll be able to get that filing completed immediately rather than waiting for days or weeks before your business entity is actually registered.

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I recently saw an interesting TED talk on how to be a great leader from Simon Sinek. In the talk he told a story about a business owner who refuses to fire any employees for poor performance. Instead, the company coaches their employees to perform better.

Imagine if franchise operations followed the same philosophy

As my clients probably noticed this year, the Iowa Secretary of State increased the corporate biennial report fees for Iowa Corporations in 2018 from $30 for online filing to $45. Iowa LLCs will have the same increase in 2019. My understanding is that the increased fees is an effort to pay for business technology upgrades.

The #DSMUSA business community had the distinct opportunity to listen to Barbara Corcoran of Shark Tank fame at their Annual Greater Des Moines Partnership Dinner. For me, the talk was extremely insightful and also confirmed many of the lessons I have tried to teach on this blog and to clients over the years. I have

For this week’s franchise post I thought I would share an interesting article from Joel Libava a/k/a “The Franchise King”. Joel recently wrote his Top Franchise Trends and Predictions for 2018. It is really an insightful look at the industry and a good read for franchisors and prospective franchisees alike.

One of the more