In the past I have written about how to hire a business attorney and an accountant for your Iowa business.  Another important professional you will need to work with is an insurance agent.  (We’ll save bankers for another post).  An insurance agent that writes policies for businesses is an important professional advisor in your business. 

You can protect yourself from large, unknown losses by acquiring the appropriate insurance.  Also shareholders and partners sometimes take policies on each other’s life, so that the surviving shareholder or partner can buy out the interest of the deceased shareholder or partner.  Moreover, even corporations, LLCs and other limited liability organizations should have insurance coverage to provide greater protection of assets.

This article from the Small Business Administration discussed business insurance and types of coverages you should consider.  A couple of things worth noting from the article.  FIrst, notice that home-based businesses are not typically covered by homeowners’ insurance.  Second, the list of insurance coverages in the article does not include employee practices liability insurance (EPLI).  If you have employees, EPLI insurance may help protect against claims of discrimination, harassment, wrongful termination, breach of employment contracts, etc.  But make sure you understand what is covered by such policies before you purchase the coverage.  The exclusions in some of these policies are plentiful.  You need to understand what is covered and what is not to determine whether it is worth the premium.

 

In a recent post New York small business lawyer Imke Ratschko points out that one of the reasons to choose an S corporation over an LLC is the possibility to save on employment taxes.  She also links to a helpful article written by Stephen Nelson, CPA on how to save taxes with an S corporation.  Make sure to read both articles.  If you are dealing with tax issues be sure to get advice from an accountant or tax attorney.

I encourage anyone who has not already done so to explore the New York Small Business Law Blog.   Imke routinely shares great insight and resources on her blog including information about New York incorporation and LLC formation and other topics that are helpful for any small business owner.  It is one of the best small business law blogs in the country. 

Employment Law Colorado blog has an interesting blog post on a former employee suing IBM for his Internet addiction.  The lawsuit is based upon a claim that IBM violated the Americans with Disabilities Act.    Although many bloggers’ spouses may disagree, Internet addiction is not currently recognized as a true addiction.

This Findlaw article examines the viability of the lawsuit.  Surprisingly Internet addiction lawsuits are something employers could see more of in the future.  So shut off those Blackberrys now.

Forbes.com opinion writer Daniel Lyons sure doesn’t think much of the settlement between the Iowa Plaintiffs and Microsoft in an article in which he links to Rush on Business.  His quote:

"I’m sorry, but I can’t work up any outrage over having to pay $100 for the student edition of Office.  And though I’m not a fan of Windows, I’ve managed to discover an alternative.  It’s called an Apple Macintosh.  You can buy them online or in stores."

It seems as though most business people tend to hold this view but I am confident the settlement reached will be substantial – albeit less than the $330 million plaintiffs were requesting.  So, who won you ask?  Perhaps Iowa schools, as Microsoft will donate half of any unclaimed settlements to the Iowa Department of Education for use by public schools.  In the Minnesota case, more than $100 million was unclaimed out of a $175 million settlement and the schools received more than $50 million.

Did Iowa consumers get a victory?  I’ll leave that up to you but most people I know aren’t getting warm fuzzies over this one.      

Update:  A somewhatmore flattering post about Roxanne appeared in the Wall Street Journal Law Blog yesterday.  She was the Lawyer of the Day.

The Greater Des Moines Partnership has started a new business accelerator called BIZ – the Business Innovation Zone.  Michael Colwell, a marketing professional with experience in product development has been selected as the executive director.  BIZ is expected to start up at the end of this month.

The business accelerator has been funded through a grant from the State of Iowa and matching funds from Iowa business development and education groups.

So if you have a new idea for the next great business you might consider giving the Greater Des Moines Partnership a call.  Perhaps Mr. Colwell would even agree to do a Rush on Business Podcast to tell us more about this exciting opportunity for regional business people.

The Iowa consumer class action case against Microsoft has settled.  Check out Des Moines patent lawyer Brett Trout’s blog post for details.  I’ll post more on the settlement at a later date.  Details of the settlement are confidential and will be announced this spring after court approval.

I’ll bet there are some happy jurors on this Valentine’s Day.

Des Moines patent lawyer Brett Trout is the featured guest on the Iowa Business Hour with host Jim Goodman this Wednesday, February 14th.  The show is from 7:00 – 8:00 p.m. on 98.3 WOW FM.  Brett is always entertaining and informative.  I highly recommend his book, Internet Laws Affecting Your Company.  If you don’t have any special Valentine’s plans you should tune in.

The Iowa Business Hour focuses on the 4 M’s of successful business, namely: Money, Management, Marketing and Model. Host Jim Goodman is President of Emerging Growth Group (EGG), an investor-backed for-profit Des Moines area business development company.

It was an interesting evening at the SEMEE event tonight.  Several new businesses presented their stories and it was exciting to see so many people in the audience who care about entrepreneurship in Central Iowa.  Thanks to the Steens of Transition Capital Management for organizing the event.

The star of the show?  Undoubtedly Charlie Anderson.  Charlie is a dynamic speaker who sells Guidry’s Cajun style pork sausage which is made from his mother’s generations-old receipe.  After seeing this guy present I know there will be a whole bunch of people running out to the local Hy-Vee to grab themselves a taste.  What I enjoyed most about Charlie’s presentation is that he told his story from the heart and did not rely on the dreaded powerpoint.  The other presenters and many of us in the audience likely learned a thing or two from Charlie in how to capture an audience.  Charlie has a future as a motivational speaker once he is done selling pork. 

It was also nice to see the guys from US Rodeo Supply demonstrate their online success through the use of NetSuite.  Matt and Nathan Owen run their business from a small storefront in Truro, Iowa and have developed quite an online presence including their own blog, Spur’N Conversations.

Finally, I enjoyed the talk from Barbara Rasko of MakeMineWine Magazine.  The statistics regarding the growth of the wine industry in Iowa are impressive.  I know Governor Chet Culver wants us to become the Silcon Valley of alternative energy but the highlights of the Iowa wine industry are pretty amazing.

The second meeting of SEMEE ("Society for Entrepreneurial Minded Executives") is tonight at the EMC Insurance Building in downtown Des Moines.  The meeting starts at 7:00 p.m.

For details, please check out Adam Steen’s Growth Capitalism blog.  More information is also available on the Iowa Biz Events Web site.

The event involves presentations by four or five of high potential enterprises seeking specific resources in order to grow.  It also will include a presentation by a local economic development group discussing a new innovative strategy.

If you are interested I encourage you to attend. 

blog radio

Rush on Business Podcast No. 2 is an interview with Matthew Ashburn of Sunbelt Business Brokers with offices in Ankeny and Cedar Rapids, Iowa.  Matt is a professional business broker with Sunbelt.  He is 1 of only 2 brokers in Iowa designated by the International Business Brokers Association as a Certified Business Intermediary. 

Listen to this podcast by going directly to my BlogTalkRadio Host Channel Page.  (It’s free!).

This podcast covers the importance of preparing your business for an eventual sale.  Matt says the key is not to wait too late.  Matt advises that business owners begin sale preparation at least 2 to 6 years before intending to sell the business.  This podcast covers issues such as:

  1. How to prepare the business for sale;
  2. Why is it important for an owner to consider personal motivations;
  3. What advisors should you talk with;
  4. The importance of continuing to run the business even though it is for sale;
  5. What aspects should an owner consider from a buyer’s point-of-view;
  6. Valuation issues;
  7. Why you need to disclose the warts of your business.

Listen to this podcast by going directly to my BlogTalkRadio Host Channel Page.  (It’s free!).