Accountant Joe Kristan of Roth & Co. has an informative post on the IowaBiz Blog discussing the dangers of using IRA retirement monies to fund a startup business. In the situation described, a would-be entrepreneur took about $320,000 from his 401K and rolled it into a self-directed IRA. From there, the entrepreneur invested almost
Vote ‘Yes’ to Renovate and Update Polk County Courthouse
I generally try to stay away from politics on this blog but there is an important vote on November 5th regarding Measure A: The Polk County Public Safety Judicial System Bond. I encourage you to vote ‘Yes" for this measure.
Our Polk County Courthouse has been in use for over 100 years. While it
Buying a Franchise: Consider Internet Retailing Encroachment
Franchisors often tout that they are selling an "exclusive territory" to a franchisee during the sales process. Franchisees generally want an exclusive territory because they believe this protects them from competition from other franchisees or the franchisor itself. But if you are a franchise who has been sold an exclusive territory, you better make sure
Government Shutdown Teaches Lessons in Negotiation
I read an interesting blog post on the LexBlog Network from Tom Crane of the San Antonio Employment Law Blog called What We Can Learn from the Government Shutdown. The lesson Crane preaches that bullying tactics usually do not work very well in negotiation and tend to invite an equal response from the other
Insight on Business – The News Hour with Michael Libbie
You can catch me tonight on the Insight on Business – The News Hour with Michael Libbie this evening at 5 pm on AM 1350-KRNT.
Michael and I will be talking franchise law and more.
It’s a great program you should check out. The show runs Monday-Friday each week at 5 PM.
Franchise Negotiation Tip: Be Willing to Walk Away
Prospective franchisees are often under the mistaken belief that franchise agreements are not negotiable. That’s often true even after a franchisor says initially that it will not negotiate a franchise agreement.
So what’s one key in obtaining concessions in your franchise agreement?
Be willing to walk away.
It’s true of any negotiation. If you are
Proven Franchise Business System Just a Myth?
If you’re a prospective franchise I highly recommend a series of articles written by Robert Purvin, Chairman and CEO of the American Association of Franchisees and Dealers, on franchising myths. One of his best articles touches on the myth that Franchising Provides a "Proven Franchise Business System".
I hear this one all the time.
The Franchise King Reveals 20 Must-Do Things Before Buying a Franchise
Joel Libava (a/k/a "The Franchise King") has a list of 20 Must-Do Things Before You Buy a Franchise. It’s a great list so I thought I’d share the article with you.
The last item on his list is to "Lawyer Up". Joel explains that the franchisor has a lawyer so franchisees should too.
Due Diligence Training Through Plains Angels: Classes of Stock and Corporate Structure
Those interested in raising investment capital for their business, or those interested in making investments in businesses, may want to take advantage of the monthly due diligence/investor training provided by Plains Angels.
Plains Angels is a group of Midwest angel investors that have now funded various projects here in the Midwest. The group is
Unique Look at Multi-Unit Franchisees: Empire Builders
I recommend prospective franchisees take a look at Empire Builders which is a series of videos highlighting successful multi-unit franchisees.
Most of the prospective franchisees that come to see me are seeking to purchase a single franchise. Many of them dream of becoming a multi-unit owners but usually lack the capital (at least initially) to