Southern California Professional Magazine Jan.Feb.Mar 2012 by Southern California Professional Magazine

www.SoCalProfessional.com

JAN.FEB.MAR 2012

Keeping Clients Happy

AFTER YOU BUY Four Tips For Success

Social Media

Buying Selling

Business ISSUE

Are Employees Blogging You Into Bankruptcy?

Are You An

EXPERT? Three Ways To Market Yourself As One

THINKING OF

Selling? EXPLORE YOUR OPTIONS IN A TIGHT ECONOMY

SHOULD YOU BUY A FRANCHISOR? Get The Basics Before Taking The Leap

BUSINESS | FINANCE

Selling A Business In A Tight Economy When a business has consistent revenue, profits and value, what options does a seller have? Here are key factors for selling a business. BY MATT COLETTA

LAW | SOCIAL MEDIA

Are Employees Blogging You Into Bankruptcy? There was a time when the employer’s biggest productivity concern was whether employees were taking personal calls or playing solitaire on the computer. Now social media has added a new demand for employer protection from cyber activities. BY KAREN L. GABLER, ESQ.

LAW | FRANCHISE

The Leap Of Faith: Buying A Franchisor While buying a franchise operation may have challenges, there are also pay-offs when done properly. BY BARRY KURTZ, ESQ.

SALES

Keeping Clients Happy After You Buy Once you’ve acquired a new business or practice, here are four ways to keep the customers satisfied. BY ALYSE HART

MARKETING

How To Market Yourself As An Expert In a time when more professionals have to market themselves, here are three effective strategies to get more business with less effort! BY BRIAN HEMSWORTH, MBA, CBC

DO YOUR CLIENTS SEE YOU AS AN EXPERT?

HOW TO KEEP EXISTING CLIENTS WHEN YOU BUY A BUSINESS

HOW DID ONE FAMILY BUSINESS SELL TO A NEW OWNER?

SOCIAL MEDIA

SALES LIFE BALANCE

BLOGGING

LAW FINANCE MARKETING

TECH

IF YOU WANT TO BUY A FRANCHISOR, DON’T SHORT-CHANGE YOUR DUE DILIGENCE

ARE IPAD’S NOW REQUIRED FOR BUSINESS MEETINGS?

INSIDE

WHY DO YOU NEED A SYSTEMS USE POLICY?

NEWS & VIEWS: MATTERS OF FACT

TECH WISE: WORKING EFFICIENTLY

32 3

INSIDE SOUTHERN CALIFORNIA PROFESSIONAL BY JERRI HEMSWORTH

Welcome To A New Concept In Publishing

Publisher Jerri Hemsworth Editor William Colinas elcome to Southern California Professional Magazine, a radically new concept in journalism, publishing, and communications.

While some traditional print magazines are still making a go of it, sadly, many have faded away. Many of those still around are struggling. Few are thriving. Likewise, digital magazines have had a challenging time finding their way. “Zines” came into the picture, but lacked editorial integrity. Traditional print publishers tried to move online only to find that their existing revenue models failed miserably. A few years back, we tested a new form of magazine. As a “pure play,” our test magazine was designed for the web from the ground up. At the same time, it was rooted in quality magazine journalism: top-notch educational articles mixed with attractive design and graphics. The result was our discovery that online readers increasingly want quality journalism and design, just like they enjoy in print magazines, but with the added linking, technology and convenience that the web and social media provides. The result is what we call a “dual platform online publication.” The dual platform comes from the fact that we produce the magazine in both an HTML version that looks like a traditional website, as well as a “flash” version designed to look like a traditional print magazine where you can actually “flip” pages online. Only print magazines actually take

California’s first online Dual Internet Platform™ publication written exclusively by leading business professionals that focuses on business, financial and legal matters affecting businesses, business owners, and their clientele.

the time to layout and design their publications to make their editorial look pleasing, or even beautiful. Online magazines, that are only digital, tend to be just the plain vanilla, blog-like HTML sites. We found that readers and contributors alike are partial to having both with the option to “Print On Demand.” It all comes down to pride in ownership, for the writer and the reader. We’re different in subject matter, too. The editorial of most magazines is focused toward one highly-targeted reader and is written by professional journalists. We’ve taken the idea of having like minded professionals, such as attorneys, accountants, and business consultants as contributing writers, and having them write informative and educational articles that target their peers as well as their clients, who are typically business owners, families and individuals. We hope you enjoy this premier issue of Southern California Professional, and we look forward to bringing you lots of great content in the future! • Jerri Hemsworth Publisher publisher@socalprofessional.com

Assistant Editor Michelle Hurlbut Art Direction/Production Newman Grace Inc. www.newmangrace.com Designer Steven Higginson Assistant Designer Stephanie Capretta Contributors Matt Coletta, Business Team Karen L. Gabler, LightGabler LLP Alyse Hart, Sell It Like A Woman Brian Hemsworth, Newman Grace Barry Kurtz, Barry Kurtz, A Professional Corp. Editorial/Advertising Offices NGI Publishing 6133 Fallbrook Avenue Woodland Hills, CA 91367 P: 818.713.1678 www.ngipublishing.com Southern California Professional Magazine is published quarterly by NGI Publishing, a division of Newman Grace Inc., 6133 Fallbrook Avenue, Woodland Hills, CA 91367 Volume 1.01. JAN.FEB.MAR 2012. Copyright ©2012 by NGI Publishing, A Division of Newman Grace Inc. All rights reserved. Reproduction in whole or in part without written permission is prohibited. Advertising rates and information sent upon request. Acceptance of advertising in Southern California Professional in no way constitutes approval or endorsement by NGI Publishing or Newman Grace Inc. of products or services advertised. Southern California Professional Magazine, NGI Publishing and Newman Grace Inc. reserve the right to reject any advertising. Opinions expressed by authors are their own and not necessarily those of Southern California Professional, NGI Publishing or Newman Grace Inc. Southern California Professional Magazine reserves the right to edit all contributions for clarity and length, as well as to reject any material submitted. Not responsible for unsolicited manuscripts. This periodical’s name and logo along with the various titles and headings therein, are trademarks of NGI Publishing, A Division of Newman Grace Inc. PRODUCED IN U.S.A.

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MATTERS OF FACT

News & Views Who’s Buying Our Stuff? utside of California, who buys the stuff that we make? Southern California Professional recently reviewed statistics from the Kryser Center for Economic Research in their 2011 International Trade Report. The leading export destination from the Los Angeles Cus-

toms District is China, which currently receives more California exports than the next two countries combined (Japan and South Korea). Rounding out the top five are Australia and Taiwan. The first EU country is Germany, coming in 11th on the list. •

Pro FootBall Back to l.a.? he answer is “yes,” at least if the Los Angeles Football Stadium people have anything to say about it. The stadium is part of a 600-acre district that is designed and ready to break ground in Industry, Calif. Led by Ed Roski, part owner of the L.A. Lakers and L.A. Kings, the Los Angeles Football Stadium team has dotted almost every “i” and crossed all nearly every “t.” That is, except the big one. According to their website, www.losangelesfootballstadium.com, all they are waiting for is a team to sign. But that’s not the only

group trying to bring football back to Los Angeles. AEG, one of the world’s largest sports and entertainment presenters and owner of L.A.’s Staples Center, is also working hard to attract a team. Their location of choice would be in downtown Los Angeles, in order to complement their Staples Center property. NFL Commissioner Roger Goodell recently tossed a little cold water on the hopes, saying the NFL would not likely add a team until they are ready to add two teams to keep symmetry in the leagues. The Los Angeles Football stadium, part of the proposed Grand Crossing complex, is estimated to be able to bring 8,000 jobs and more than $400 million revenue into the local economy. • www.socalprofessional.com

San Diego’s Top Three Industries or decades San Diego generated most of its business as a result of the military operations in the area. But the military has given way to manufacturing in the sunny city bordering Mexico. Third on the list is tourism. Collectively San Diego’s Gross Regional Product is estimated to be just over $175 billion (according to the National University System Institute for Policy Research). San Diego County’s population is just over 3 million, which translates into about $58,000 of business per resident. •

FRIVOLOUS LAWSUITS ALIVE AND WELL in CA

Entertainment Employment Up, Box Office Down

ne Huntington Beach resident filed 47 lawsuits last year. One of these is a lawsuit against Tom Hanks, alleging he harassed her. Another OC resident has racked up 22 lawsuits in the past few years. And according to a recent piece in the Orange County Register (Tripping? Beach injury? Debate heated on frivolous lawsuits, Feb. 7, 2012), more than 77

people in Orange Country have multiple lawsuits such as these. It turns out more than 1.4 million lawsuits are filed in the state each year. The article highlights the “drive-by” lawsuits: where people sue just to get money, and not to fix a probem or serve justice. “Vexatious litigants,” those who suit just to harass, are part of a growing problem in

SOUTHERN CALIFORNIA PROFESSIONAL

1.01

California, according to Maryann Marino, regional director of California Citizens Against Lawsuit Abuse (CALA). For those interested in combating frivolous lawsuits, we suggest a click to their website at http://www.cala.com/. The non-partisan group is a grassroots effort that serves as a watchdog over the abuse of our civil justice system. •

mployment in the entertainment industry is up by nearly ten percent in California over the past year, as reported by Reuters according to a report by the Los Angeles County Economic Development Corporation. More than 10,000 employees were hired as the amount of on-location filming in the state also increased. With the good comes some bad news Domestic box office receipts fell last year by 3.7 percent (to $10.2 billion). Attendance was down 4.6 percent to hit its lowest level since 1995. In the recent Otis Report from Otis College of Art & Design, it’s estimated that one in eight Southern California jobs are in the creative and entertainment industries, and amount to more than a $200 billion impact on the Southern California economy. •

10,000+ Employees Were Hired Last Year In The Entertainment Industry.

Selling

Business

in a

tight economy

When a business has consistent revenue, profits and value, what options does a seller have? Here are key factors for selling a business.

BUSINESS | FINANCE

BY MATT COLETTA

uyers are more educated than ever these days, and they are not taking risks. The current marketplace is such that there is a healthy pool

of buyers with impressive backgrounds and liquid funds looking to purchase quality businesses. Buyers are coming out of corporate America and looking to purchase businesses by using their savings or retirement funds through various programs as a source of down payment.

Younger Baby Boomers (mid 40’s— 50’s) are also looking to fulfill their dream of owning and operating their own business prior to reaching retirement age. The key is in understanding what motivates buyers in today’s market in order to successfully sell your business.

determining the multiple for your business Buyers purchase “cash flow” when they purchase a business. Cash flow, also know as discretionary earnings, is the net income plus certain acceptable owner benefits or “perks.” Businesses with cash flow and “transferable value” are in demand in this economic environment. Buyers are willing to pay a multiple of cash flow which is determined by the type of industry, years in business, key employees being in place, condition of the equipment and facility, lease terms and the type of finance available. There are many SOUTHERN CALIFORNIA PROFESSIONAL

other factors that go into determining this multiple and therefore the value of a business. An experienced Certified Business Broker can assist you in determining the cash flow, multiple and ultimately the correct value of the business. If the business does not have traceable, verifiable cash flow, then it needs to be sold as a Sale of Assets in Place, which yields a lower value. Although the buyer pool for these businesses is less, there is still a demand for these assets in place by individuals willing to take a risk to turn the business around. The value is ultimately determine by the market place so it is important to highlight the benefits.

packaging your business for sale A second key item to selling a business is in packaging it correctly. Buyers need and demand information. They need to know everything 1.01

about the business to see if it will meet their needs as they are typically putting down a significant portion of their life savings at risk. It is important to package the business so that the features and benefits are outlined clearly. It is also important to clearly outline the cash flow of the business and all the add-backs. The bottom line is the bottom line, so it is important to explain how the cash flow was derived. Buyers will typically not move forward unless they are comfortable with this analysis. In addition, if a buyer does not feel comfortable with a business’s transferable value which includes policy and procedures, whether or not key employees are in place, if the business has growth opportunities and a sturdy marketing plan, if the assets and systems needed to move forward are in place and in good condition, etc., then the buyer will most likely not be willing to take the risk and the business will not sell.

how buyers can finance the purchase The last key element is how a buyer finances a business purchase. The choices are limited. Typically there are three methods: All Cash. This is not common. If a

buyer is willing to pay all cash, then the buyer will expect a discount in

Selling

Business

in a

tight economy

the purchase price since price is a function of terms. SBA Finance. There is a big mis-

conception on how financing with a Small Business Administration loan works. First, these loans are among the highest risk loans for a bank that typically funds the loans using a SBA guarantee. In today’s economic environment, these loans are extremely difficult to obtain. The banks will only consider what is on the selling company’s tax returns. The tax returns must show consistent yearafter-year gross revenue and profitability in order to assure the bank

that the cash flow is there to cover the debt service. The bank and SBA will also require that the buyer have direct industry experience, good credit, ample reserves and, in most situations, additional collateral to secure the loan. In some cases, the bank and SBA may require that the seller carry a portion of the purchase price in second position, sometimes with no payments for 3-5 years. This depends on the verifiable cash flow available to cover the debt service. These loans are typically leveraged with 10-25% down, and therefore the payments can be high for the buyer. For some transactions, this may be a viable option, but as you can see, it can be challenging to meet some of the requirements.

Some of the lingo Bulk Sale Requirements: A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to conduct a bulk sale of business assets— that is, get rid of all or most of its inventory, merchandise, or equipment—the business owner must give written notice to creditors and, in some states, publish and record a notice of the sale. This is also in place to protect the buyer. Discretionary Earnings: This is the cash flow of the business after adding back certain, traceable, non-business related expenses to the net income.

Seller Finance. This has been

the most common method of financing in the last five years. The advantage with seller finance is

Multiple: A multiple is derived from a number of business, industry, market, and owner pref-

long-Standing Family Business thinks out of the Box

wo partners owned a 50-year-old box manufacturing business that their fathers started. The partners after many years of running the business wanted to sell. They had lost a large longterm customer and the revenue had decreased. The business still had a reputable name, long-term employees in place and a working facility. After much discussion, the partners decided to sell. Their accountant referred them to our firm. We went in and evaluated their business given their situation at no cost and gave them an opinion of value. The value took everything into consideration. The sellers thought their business was worth more but we explained to them that the recent lower cash flow was bringing down the value. We also explained that financing would be difficult to obtain

which our lender confirmed. We agreed on a starting selling price, and after discussing the benefits of seller finance and how we would structure it to secure their position, they agreed to offer seller finance subject to approving the buyer’s qualifications and credit worthiness. We created a detailed package on the business highlighting the features and benefits including the 50-year history, long-term employees in place, financial analysis, among other key factors. We went to market and started identifying potential buyers. We learned after discussing the business with several buyers, that this would not be an easy business to sell. Most buyers agreed that the business had an excellent reputation, employees and facility but they were concerned with the drop in revenue as

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erences factors. The multiplier is used to convert a single-point business economic benefit into the business value. Sale of Assets In Place: When a business lacks verifiable cash flow, it can be sold as a Sale of Assets in Place. The business may have value for certain assets that are already in place and ready to be used by a potential buyer. The market place and what a willing and able buyer is willing to pay typically determines the value. Transferrable Value: The value of a business going forward. Tangible benefits such as policy and procedures, key employees that are in place, growth opportunities for the business, a marketing plan, and any other systems that are in good condition that add value to the business.

that the seller will be able to set the requirements. Seller finance typically involves a buyer being screened both financially and work-experience wise. This kind of transaction typically begins with requiring 40-50% down and is negotiated from there. When a buyer puts 40-50% down and a seller carries 50-60%, this creates an even playing field. The buyer has “skin” in the game as well as the seller. It is crucial to set up seller finance correctly upfront and put mechanisms in place to reduce the probability of a problem down the road. Again, this is where a Certified Business Broker is key to assisting in this process as well as managing the entire transaction from beginning to end. Selling a business is an extremely complex process, so it is important to work with a broker who understands the dynamics of selling a business in this current economic

a result of losing a large customer. Remember, the majority of buyers purchase cash flow and they must feel comfortable with the company’s transferable value. The sellers had no formal marketing plan in place and did not do much to generate new business. We suggested to the sellers that they immediately focus on trying to generate new customers in order to show that new business was attainable if someone put in the time and effort to go out and do so. The facility had the capacity to handle more business; someone just needed to generate it. After a short period of time, the company started obtaining a handful of new customers. The revenue began to increase and it became clear that the company could rebound. We re-priced the business and marketed it using our wide range of company resources. It took some time and speaking to several buyers to discuss the features and benefits, but we eventually found a buyer who saw the transferable value and potential to turn this business around. We had several meet-

SOUTHERN CALIFORNIA PROFESSIONAL

1.01

environment. No two deals are ever alike. Selling a business can be just as much of an art as a science. When you work with someone who has the experience to analyze the specific situation and develop a custom plan to price, package, market and structure a transaction, the chances of selling a business successfully increase tenfold. •

Matt Coletta is a Certified Business Broker and the Managing Partner of Business Team, Business Sales & Acquisitions, the largest Business Brokerage Firm in the Western United States since 1981. For more than 17 years, Matt has specialized in selling family-owned businesses in a wide range of industries, including manufacturing, distribution, service as well as many others. Matt can be reached at (818) 5199672 or info@certifiedbizbroker.com.

ings with the buyer. Once he completed his due diligence, we opened escrow to comply with the bulk sale requirements and complete the transaction. The buyer said one of the main reasons he considered this business was the fact that the seller was willing to finance a portion of the transaction. This made him feel comfortable with the fact that the seller had confidence with the business going forward. The transaction closed and after training was completed we all celebrated. The sellers were happy, as they were now able to retire and focus on their other activities. The buyer was happy, as they saw many opportunities to expand the business and had already implemented some of them. The buyer indicated that he was glad he purchased the business, but he probably would not have gone forward unless the sellers agreed to carry the note. Everyone was happy and after several months of operating the business, the buyer has increased the revenue substantially and has indicated that he will most likely pay off the note sometime this year. •

Are Employees

You Into Bankruptc There was a time when the employerâ&#x20AC;&#x2122;s biggest productivity concern was whether employees were taking personal calls or playing solitaire on the computer. Now social media has added a new demand for employer protection from cyber activities. BY KAREN L. GABLER, ESQ.

www.socalprofessional.com

cy?

LAW | SOCIAL MEDIA

oday, technology is growing by the

nanosecond, far too quickly for

employers to keep up. Long-standing

privacy considerations are at near-constant

tension with the advent of the Internet,

social media, e-mail and other electronic

communications tools. To be competitive in todayâ&#x20AC;&#x2122;s market, business owners must make effective use of social media. Current marketing trends almost require that businesses have an on-line presence, and volumes of encyclopedias have long since been replaced by Google searches. To protect their businesses, however, employers should set boundaries on their employeesâ&#x20AC;&#x2122; internet and social media activities, both inside and outside the workplace. Consider these protective methods to avoid damage to the company from employeesâ&#x20AC;&#x2122; electronic communications and social media activity:

Documentation. Implement effective and

thorough policies on social media activity, confidentiality and electronic communications. Employees should be reminded in writing that all elec-

Are Employees

Why Have a Systems use Policy?

You Into Bankruptcy? tronic communications created on company equipment or accounts will be monitored by the company, and that they have no privacy rights in these communications. Have your policies reviewed by legal counsel—technology moves faster than the law ever will, and today’s courts are deeply challenged by litigants’ rapidly-developing arguments over newly-discovered electronic media.

Ownership. When an

employer provides cell phones and laptops to employees and pays for the cell phone account and the wireless access, the employer owns and controls the cell phone number, e-mail inbox, internet accounts, and all social media or other electronic communications created by the employee while on working time, using company equipment, or otherwise controlled by the employer. Included in “ownership” is the company’s brand, logo, customer information or other trade secret, confidential or proprietary property. While the employer may not prevent the employee from engaging in social media activities on his own time and while using his own equipment, the employer does have the right to pursue a claim against an employee who posts defamatory content on the internet. Similarly, although an employer cannot safely terminate an employee who vents about a fellow employee in his social media posting, the employer can certainly terminate the employee who harasses a fellow employee in violation of the company’s anti-harassment policy, even

when that harassment occurs during the employee’s off-duty conduct.

Monitoring. Employers can

actively monitor their employees’ communications and internet activity, both internally and externally, as long as employees have been warned in writing that employers can and will do so in their discretion. Employers should also conduct their own internet searches using tools such as “Google Alerts” to track the information that has been published about the business and its personnel. Ultimately, business owners should keep in mind that you are (or should be) the owner of your company, your technological equipment, your electronic communications accounts, your employees’ working time and your reputation. With the advent of technology, we are drowning in information, but starved for knowledge. Make sure that the information publicly available about your company is not the information your employees choose to post, but instead is the knowledge you want to publish. •

Karen L. Gabler, Esq. is an employment law partner and co-founder of LightGabler LLP. Having represented employers in all aspects of employment law advice and litigation for almost two decades, Karen focuses on proactive strategies her clients can implement to promote workplace productivity and defend against employee disputes. Karen’s seminars, articles, training programs and legal updates can be found at www.lightgablerlaw.com.

n insurance agency allowed its new agent, Cindy, to use her personal laptop computer and iPhone to conduct her business activities. The agency was thrilled to avoid the cost of a new computer, and was more than happy to reimburse Cindy for her business calls made on her personal cell phone. Unfortunately, Cindy didn’t perform to the level the agency expected of her. Her sales results were substandard, and she seemed to be wasting an inordinate amount of time on personal matters in the workplace. Her supervisor reviewed her Internet activity while at work and discovered that she was spending several hours each day surfing the Internet on shopping sites, Facebook, and other personal search activities. Much to the agency’s surprise, they also discovered that Cindy was downloading customer lists and files and sending them to her home e-mail address. She was planning to move her business to a competitor agency. The agency terminated Cindy and sued her for unfair competition activities. The court refused the agency’s demand to recover its customer list, because the agency had previously permitted Cindy to download it to her personal cell phone without restriction. The court also refused to consider the agency’s computer search results in its action against Cindy, because the agency permitted her to use her own laptop for business and personal use. The agency had failed to implement a “systems use” policy notifying Cindy in advance that her computer could be monitored at any time without prior notice. • www.socalprofessional.com

ONE L O C A T I O N . OUT OF THI S W O R L D .

LAW | FRANCHISE

T h E

his economy has caused a

lot of businesses to

change ownership. The

problems on one side of the table have become opportunities for the other side. Perhaps you have been thinking about acquiring a franchise operation. There are golden opportunities available, but get ready for twice the due diligence of a traditional deal. The upside: there might be twice the pay-off if you do it right. Indeed, caution is the by-word in considering the acquisition of a franchisor. Any such deal gets the buyer a unique distribution system consisting of scores, perhaps hundreds, of franchisees who will prove key to the success of the deal.

first considerations The franchise business is all about brands and franchisees, and the two concerns interact. The brand is promoted to attract quality franchisees, and then the franchisees are supported to promote the brand. And because franchisees are keys to success, a potential buyer must focus due diligence on the financial and legal health of both franchisor and franchisee. Why? Because a system that is inherently unprofitable for the franchisee will likely be a bust for the franchisor, too. What does it take to do the right kind of due diligence when buying a franchisor? Where can trouble crop up, and how can one leave oneself room to structure the final terms

L E A

A p

O F

F A I T h :

Franchisor While buying a franchise operation may have challenges, there are also pay-offs when done properly. BY BARRY KURTZ, ESQ.

T h E

L E A p

O F

F A I T h :

Franchisor of the deal to fit the reality one uncovers? The first step is to inspect the uniform franchise disclosure documents (FDD’s) used by the franchisor in each state where it has done business over the last five years. Thirteen states—California, Hawaii, Illinois, Indiana, Maryland, Minnesota, New York, North Dakota, Rhode Island, South Dakota, Virginia, Washington and Wisconsin—seek to protect franchisees by requiring franchisors to disclose a great deal of information in the FDD and place it in the public record, usually by registering it with the state attorney general. Six states—Florida, Michigan, Nebraska, Kentucky, Texas and Utah—require franchisors to file only a one-page form, and the others permit franchisors to operate as long as they meet the requirements of at least one of the 13 “registration” states. In addition, irrespective of these differing state requirements, federal law requires franchisors to give copies of their disclosure documents to all prospective franchisees. This inspection of the records reveals whether the franchisor has properly registered its offering circular where required and whether it has faced state disciplinary action or litigation by franchisees. The FDD must detail the franchisor’s business experience and that of its senior executives, including any bankruptcies and securities violations. As a result, the inspection will turn up at least a cursory notation of any such difficulties, and lead to inspection of other records, i.e. court filings, regulatory records, etc. that describe any problems or deficiencies in detail.

In each case, it is important to understand the nature of the complaint, the franchisor’s explanation or defense, and the result. Was the violation serious or minor? Was it intentional or the result of clerical error? Was it an isolated incident or part of a pattern of behavior? A buyer needs this information to position yourself, when drawing up the warranties and representations of the purchase agreement, to keep the seller on the hook for any trouble that may not be fully known at closing.

further due diligence

left behind in the purchase agreement. A buyer probably cannot escape a side deal such as granting a right of first refusal, assuming it is a valid arrangement, but it can adjust the terms of the deal to reflect the impact of the agreement on postacquisition plans. If the agreement proves to be too restrictive, such as

“The ﬁrst step is to inspect the uniform franchise disclosure documents (FDD’s) used by the franchisor in each state where it has done business over the last ﬁve years.

The next step is to inspect the franchise agreements in use in each state in which the franchisor operates. This means checking their terms against those of the standard agreements in the FDD. The object here is to discover whether the franchisor entered into any special arrangements with one or more of its franchisees. An example might be providing special terms to favored franchisees, such as giving a franchisee is Los Angeles the right of first refusal when new or additional franchises are available in neighboring Orange County. This is important to the buyer of a franchising company because it takes on all the obligations of the seller, except those that are expressly

limiting expansion plans in Orange County, it could cause the buyer to back out of the deal altogether. In any event, the buyer is at minimum informed of the situation. For the same reasons, it is also important to track down the agreements with franchisees in all states in which the franchisor operates. It may be impractical to check each. These agreements may number in the hundreds, or even in the thousands, making it costly and time-

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consuming to inspect every one. The solution is to collect a fair sampling and require the franchisor to warrant that there are no undisclosed side deals with franchisees that materially affect the terms of the purchase. In checking these records, the acquirer’s investigators must take special note of all obligations taken

purchase the franchise. It is equally important to inspect the franchisor’s records of all leases tied to its franchise agreements. In some cases the franchisor itself will lease the property in question and sub-lease it to the franchisee. In others, the franchisee will lease the property directly. Either way, a buyer must match up each lease with its respective franchise agreement, making sure that the terms agree. The buyer also must be certain that no third-party clearance is needed, such as approval of lease transfers by real estate owners. A great deal of examination can be done in the offices of the franchisor, where other important but unpleasant items may be found, i.e. notices of late payments or default by franchisees, correspondence regarding disputes between franchisor and franchisee, or records detailing the processes followed in terminating franchise agreements. In essence, the goal here is to find out what went wrong between franchisor and franchisee so that a purchase agreement requires the seller to stand behind appropriate representations and warranties.

“There is risk for both buyer and seller in any acquisition involving a franchisor, but don’t let that make you run away from the idea. on by the franchisor regarding training, advertising, marketing, and other business functions, all of which represent costs affecting the value of the deal. For the same reason, the buyer must look for other financial arrangements between the franchisor and its franchisees. A primary target for inspection should be the promissory notes and security agreements that are in place if the franchisor offers financing to help

SOUTHERN CALIFORNIA PROFESSIONAL

final thoughts In all of this, it is crucial to step carefully, since few deals close without a

1.01

hiccup or two. There is risk for both buyer and seller in any acquisition involving a franchisor, but don’t let that make you run away from the idea. The due diligence necessary to any such acquisition is tough, but it’s really just a measure of the possible pay-off. The business lawyer doing due diligence in the purchase of a franchise company must track down a great many documents to gain an accurate picture of the relationships between the franchisor and its franchisees. Then the real work begins. It is also necessary to inspect the documents in detail and draw up representations and warranties holding the seller of the franchise company responsible for any agreements or information contrary to or inconsistent with the documents inspected or information provided during due diligence. In deals involving large numbers of franchisees, it becomes impractical to obtain and inspect every document on this checklist, of course. In such cases, the lawyer should sample a number judged reasonable by the client and shape the language of any representations and warranties accordingly. •

Barry Kurtz is a Certified Specialist in Franchise & Distribution Law by the State Bar of California Board of Legal Specialization. He maintains his practice in Woodland Hills, California and can be reached at (818) 827-9229, bkurtz@barrykurtzpc.com or on his website www.barrykurtzpc.com.

Keeping

SALES

After

Once you’ve acquired a new business or practice, here are four ways to keep the customers satisfied. BY ALYSE HART

uying a business is a huge commitment, and before the ink dries on the contract, it’s

easy to focus on the upside—the promise and possibility of a strong return on your investment as well as the retention of the existing customer base. That’s why getting off on the right foot with the existing clients or customers is job #1.

The biggest sales job you will face is in reassuring them that things will be smoother (tricky, especially when they thought it already was); that nothing will change (they wonder how that can be since a new

owner always means change); or that there will be improvements (they wonder what kind—and do you really know what needs fixing?) Customer Relationship Management. This is your challenge. The challenge is communication and nuance. What should you say? When and how much sharing is really needed? The way in which you handle this determines if you will have to scramble, or if you can really enjoy what was promised—a healthy stream of customers. There are four things to be aware of that may sound simple at the offset, but pulling them off gracefully is a challenge. Doing it well will make the difference between retention or total reinvention and restart. Communicate or die. Dramatic indeed but you were educated to be a doctor, lawyer, and www.socalprofessional.com

Clients happy you Buy

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Keeping Clients happy After you Buy accountant or fill in the blank and name yours. And you are knowledgeable, maybe even brilliant, on your subject. Once you purchase a business you need to add the title of seller, soother, educator and grand communicator, too. Your clarity, authenticity and warmth will make up for any perceived missteps in your customers eyes. There will be times when you will have to eat humble pie or crow. Plan on it. Accept it. Customers hate change. They will compare you to your predecessor right away. They might even look for ways to leave. Any mishandling will be grounds for replacing you because their allegiance was most likely with the last

owner. Let’s face it, you are auditioning. There will even be some cases where the client wasn’t happy in the first place and didn’t have the nerve to leave the previous owner. That leaves the door open for you to be a welcome change. It’s cheaper to keep them. It’s pricier to replace customers than it is to keep them. Wooing works as long as you don’t use vacant words and can back up what you day with something delightfully unexpected. Transition is everything. The support staff is an extension of you—their proficiency in wooing, wowing, calming, and smoothing should not be underestimated. They can help or harm your transition process. It is a smart move to keep one or some of the key staffers to make the change less jarring. Frank conversations with them will lay the foundation of how cooperative they will be with you. You can help plant your story with them so instead of idle gossip and

Doctor o and Doctor n

r. O was a seasoned Park Avenue dermatologist with alternative healthcare leanings. He was ahead of his time, humble and had graduated from an Ivy League school. He enjoyed his own blend of East/West healing modalities. Because of this, he received accolades from Prevention Magazine and had a brisk practice concentrating on acne treatments and hair loss. Alopecia was his specialty and most of his clientele were women. Most of his revenue came from office visit charges and custom injections. It was more than enough for him and his wife, who was his receptionist, and they owned the office space (a condo) in the building. As he was nearing the age of 80, he decided to retire and sell his practice to Dr. N. Dr. N was young, handsome and ambitious. He was buying a tony location and hoped to piggyback on Dr. O’s international recognition. Dr. N wanted to expand on product offerings, remodel the office, hire more front desk help, write a book and add an anti-aging twist to the business. With most of Dr. O’s patients coming in for hair loss and acne treatments, he estimated that he’d probably lose upward of 50 percent of the clients within the first year. He didn’t mind since he

would still be able to cover his overhead. He become acquainted with clients and kept some of Dr. O’s potions, which included his unique hair retaining injections and more. The first month was spent with the doctors seeing patients together. Dr. O introduced Dr. N to patients and openly offered his blessing while praising him. After a three-month transition, Dr. O’s presence tapered off. New patients were directed to Dr. N and existing clients were making up their minds whether to stay. Dr. N recognized that he needed something to entice existing patients to stay, so he offered beauty packages for hair and skin restoration. The packages involved a flat monthly fee for three months. This enabled him to guarantee his own cash flow. If patients started to balk, he was comfortable reassuring them that “they were worth” the small investment. It was a risk and he enjoyed the reward—they said yes. The office brightened and he started to display private label products along with gifting samples to existing clients. What Dr. N lacked in warmth and age, he made up for in hiring great staffers. They were the ones who knew how to sell, compliment and coddle. Dr. N went on to be written up in many fashion magazines in New York as a skin authority to supermodels and mom’s alike. •

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Keeping Clients happy After you Buy hearsay they will be your best brand messengers. Keeping customers happy doesn’t require elaborate schemes or for you to change your personality unless you want to. Customers want love, attention, respect and the S.H.E method: Share, Help and Educate. It will take you far. •

Alyse Hart Alyse Hart has more than 30 years of sales experience in both B to B and B to C. With a history in advertising sales, Alyse believes selling is an art as well as a skill and can become natural. She is a specialist in relational selling, which works best for companies who put a high priority on doing well by doing good. She works with small business owners and companies offering hands-on interventions to spot, train and turn around no growth situations. She can be reached at www.sellitlikeawoman.com, 310-463-7815, or alyse@sellitlikeawoman.com.

Joan, eric and uniﬁed tax

nified Tax and Planning Company was founded, owned and operated by Joan for 15 years. Joan was a feisty personality whose experience was as a bookkeeper turned Certified Tax Preparer. Although she wasn’t a CPA, it didn’t matter to her clientele. They knew she could take on the IRS if any of her clients were called in for an audit. She made a respectable living, enjoyed teaching workshops and did a lot of public speaking. Her kids were grown and she wanted to relocate, so she sold the practice to Eric. Eric had made wise investments and had retired 10 years earlier. He had become itchy after playing lots of golf and babysitting the grandkids. He was smart, personable and genuinely excited about returning to business. However, at his age, he had no designs on running around as much as Joan did. Instead, his plan was to audition and win clients over, keep the receptionist and office staff, keep the look of the office the same (down to the pictures on the wall) and offer more year-round services. His transition execution was impeccable. He diligently went through all the necessary steps. Joan, on the other hand, didn’t do as well. She sent out a cursory introductory letter and said nothing would change. Together, Joan and Eric isolated the 10 most valuable clients and jointly met with them. But during the meetings, it wasn’t a gracious hand off. It became clear that Joan was having a personal ego struggle. Clients liked Eric. He answered their questions deliberately and educated them along the way. This was something Joan had not done. She

would say, “Don’t you worry, I will take care of it. I know what I am doing.” In contrast with Eric, she seemed patronizing. Eric was comfortable talking to people and had a well-balanced intuitive sense. Eric asked Joan to leave the firm earlier than expected. But the Unified Tax client retention was a success and still is to this day. Here’s how he easily sold his clients: n He made appointments with the rest of the clients and did it in an assumptive way. n He sent out a mailing notifying them of their upcoming tax appointment. If they didn’t confirm, he phoned them and introduced himself. n He always spoke highly of Joan and followed up by asking a million dollar question, “To remain a happy client and for me to give you the level of service you would like, can you tell me what you’d like to see different, better or more of?” n He would listen with great care. Clients were grateful that Eric focused on them. He remembered babies, grandkids and asked about them. He talked a bit more about new tax codes to show competency but not too much to bore. He demonstrated his enthusiasm to own the business and serve and swerve clients away from having to overpay taxes. Eric was a “salt of the earth” man who helped with pre-tax planning, money management, and who was respectful of time. He sent out helpful checklists in advance so the appointments would run smoothly. He allowed enough time in his meetings so he never appeared rushed. He even held Joan’s rates for at least a year. Not only did he retain most of the client base but also he continued to add to it through referrals. •

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How to market In a time when more professionals have to market themselves, here are three effective strategies to get more business with less effort! BY BRIAN HEMSWORTH, MBA, CBC

www.socalprofessional.com

MARKETING

ost professionals don’t like to “sell.” For many, it stems from the longstanding belief that professionals shouldn’t market or advertise. Others, well, it just rubs them wrong and makes them feel like used car salesmen.

Today, professionals have to market themselves more than ever before. Barriers, whether legal, cultural, or otherwise, have been torn down. And whether professionals like it or not, their competition is doing it. Lawyers, accountants, and other professionals are all seeing erosion in their client rosters. What can you do to attract more new clients as well as

perception vs. reality The marketing of professional services is all about perception. It really has very little to do with how good you are at your craft, and while that always puts a few off, it’s a marketing truth. So if marketing is about perception, how do you get people to perceive you as an expert? The trick is to find

yourself as an

eXPert retain the clients you currently have? There are lots of ways to approach the problem, many of which involve more phone calls, more advertising, and more networking. There is one way that has proven over time to help people in many professional service industries build their practices without feeling like they have sold their souls to sales. When you are able to position yourself as an “expert,” selling comes easier and clients stay longer.

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a way of getting someone else to do it for you. This gives you what PR professionals refer to as “third-party endorsement.” It’s a very simple concept: When a potential client sees someone else who recognizes you as an expert, it makes it easier and more reassuring for them to engage you for your services. Simple, right? Yes, but not always easy.

How to market yourself as an

eXPert

There are three ways you can jumpstart the perception that you are an expert. They take a little effort, but any one of these strategies can have a dramatic impact on new client generation.

something in their hand. Point to the website on your brochure and say something such as, “We’ve posted some information about that on our website. If you just go to myweb.com and click on ‘resources’ you’ll find it.” That personalizes it and makes the other person feel that you value their question. Regarding business cards: A great way to get more mileage is to take a card out, then point out a direct line

strategic speaking: how, what & where Public speaking puts you in front of others in a way that physically and mentally places you in a position of authority. Experience has shown that even people who see themselves as awkward or uncomfortable in social situations can often be powerful speakers. How do you use speaking as a strategic marketing tool? The first thing is to do what Nike tells us and “Just Do It.” If you’ve never spoken, you need to start. Find a Chamber of Commerce, Rotary Club, or networking group that would like to get a free speaker. Test the waters in terms of your speaking abilities and your subject matter. Use every speaking opportunity, big or small, as a chance to sculpt your message and hone your speaking skills. What should you speak about? Professionals typically make one of two types of public speaking mistakes: 1) They are way too technical, or 2) They try too hard to “sell” in their speech. In order to avoid these mistakes, there are a couple of ways to create understandable content. One solution is to think of yourself on some sort of public transportation, say a bus or subway, and speak at a level that the average person will understand. Another solution is to limit your speech to three key points or less. It’s far better to connect with the audience on one thing really well than to pepper them with too many concepts that they have little chance of remembering. On the point of selling, you don’t need to sell. Instead, give a small amount of valuable information freely. People will come back to you wanting more, and then they’ll pay you for it. You want to be prepared for people to come up to you after the speech or presentation, and you want to be sure to have business cards and brochures handy. But even then, use them strategically. For example, don’t just shove

“Experience has shown that even people who see themselves as awkward or uncomfortable in social situations can often be powerful speakers. or extension or e-mail, and say something such as, “Feel free to call me on my direct line, and we can set up a time to go over how this might impact your estate plan.” When you make it personal, you’re not selling. You are responding to their needs and driving the conversation to the next level, a meeting. Another aspect of public speaking is creating your own event. While this has more cost and effort involved in the planning and implementation of the event, you also get complete control over the content.

teaching & training Signing on to teach or train is another excellent way to gain www.socalprofessional.com

third-party endorsement. I teach one night class a semester at a local university, and with that I will always be able to say that I’m a member of the university’s adjunct faculty. Teaching positions are not easy to come by, but they are available. You may choose to start small with a community college. If teaching is something you’d like to do, you can also start by contacting a university’s department head and offering your services as a guest speaker. At the university I teach at, we frequently get emails about professionals who are open to speaking in our classes. The value of teaching, as a marketing tool, doesn’t just come from teaching in a school setting. Continuing professional education is an excellent way of gaining a training title on your CV. Teaching MCLE or CPE courses are great ways for attorneys and accountants to become involved in training. This works particularly well when you have an area of specialization. To maximize the impact, make sure to update your website, personal one-sheet, and other marketing materials to reflect your teaching experience. It is good to add a line about teaching or training even in the shortest of bios.

As mentioned in the discussion on public speaking, you can also create your own training or seminars. One variation on this theme is to create a Webinar. Using a third-party service, you can create Webinars where you teach or train on a topic of your choosing. The best part: Unlike seminars in person, if no one shows up, it’s no big deal. In fact, I know people that have created and recorded Webinars and posted them just to gain credibility as a trainer, not to charge money or try to get clients.

publishing as an expert The third strategy of positioning yourself as an expert is to do it through writing and publishing. When you author an article or a book, it places you in the public eye as someone recognized for his or her knowledge, skill or talent. The subconscious thinking is that an editor hired this person to write for his or her knowledge and skill, and therefore must be good. Book publishing takes time, but can pay dividends in business generation for years. On the other hand, articles take far less time, but can have a similar impact. An

Speaking and Publishing resources Speaking & Presentation Help A great read on the topic is Own the Room: Business Presentations that Persuade, Engage, and Get Results, a book by communications consultants and business advisors Deborah Shames and David Booth. The book combines their years of expertise at their firm Eloqui, where they work with professionals, CEOs, and others on being more effective in speaking, presenting, and persuasion through verbal communication. Find the book at leading bookstores or online at Amazon.com or Barnesandnoble.com. For more information on the book, the authors, or their consulting practice, visit www.eloqui.biz.

Webinar Assistance GoToWebinar is the Webinar arm of GoToMeeting, the online meeting service. GoToWebinar is an easy-to-use Webinar service that lets you conduct very professional Webinars. It has great features like guest registration, custom branding, recording, and even a question and answer feature for your attendees. Best of all, you can try it absolutely free for 30

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days to see if it will work for you. For more information visit www.gotomeeting.com/fec/webinar.

Publication Marketing Services Want to write an article or book? Do you want help promoting something you’ve already created, such as an article, book, Webinar, or seminar? NGI Publishing Services at Newman Grace Inc. can help you manage your message across the entire spectrum of your marketing and media universe. Together with its sister company, Newman Grace Inc., the team creates traditional marketing and social media campaigns for law firms, accounting firms, financial professionals, consultants, and business professionals. While NGI Publishing Services creates publications and publication support, Newman Grace’s services include the creation of promotional materials, website, and Facebook and Twitter campaigns. For more information, visit the websites at www.ngipublishing.com and www.newmangrace.com. •

How to market yourself as an

eXPert getting more marketing mileage

article can shine a light on a problem common to your clientele, offer insight into remedying the problem, and give them cause to contact you for more information. Once articles are published, they can be reprinted, copied, posted on websites, and sent out as PDFs. Marketing people call these “DOKs” or “Displays Of Knowledge,” and they work very well with both new and existing clients. While some articles are very timely, oth-

“Getting published is one of the most effective ways to gain standing and stature as an expert in your ﬁeld. ers have an “evergreen” quality, and can last a long time. Publishing does come with challenges, which include topic selection, finding the time to write, editing, finding publishers, and promoting your articles after publication. But getting published is one of the most effective ways to gain standing and stature as an expert in your field. When writing in professional journals, one needs to be very careful with writing, source citation, and resisting the hesitation to “practice” your craft in writing. When writing for consumer publications, the concern is typically more about being interesting and discussing “hot topics.” Likewise, articles for consumers tend to be less technical, and often designed by editors as providing more general information.

Once you’ve begun teaching, speaking, writing, or some combination of activities, you will want to begin promoting what you’ve done. Some recommended ways include updating website bios, placing notices in calendar sections, linking to website articles, and having copies or reprints readily available. A great technique to get more marketing mileage is to make copies of articles or summaries of speeches and put them in a mailing to existing clients. It’s best done with a personal note that says something along the lines of, “Hey, I recently wrote this piece for a magazine, and thought you might find interest in it.” I have seen a mailing of articles generate thousands of dollars in billings. And what’s really nice is that mailing articles often triggers clients to call about something else. Even if you don’t think they need the article for their situation, it may stimulate some conversation that will result in work for you.

rise above the clutter Our firm has seen a significant increase in professional service marketing over the past five years. Professionals who never did anything other than a holiday card and an occasional client lunch are now faced with changing websites, creating promotional materials, and finding new ways of getting (or keeping) clients. By positioning yourself as an expert in your field, you can begin to rise above the clutter. You may find that you don’t have to market as much, as often, or expensively, and that your marketing efforts are more focused toward the kind of clients you really want to approach. •

Brian Hemsworth, MBA, CBC is the President and Chief Marketing Officer of Newman Grace Inc., a Los Angeles-based marketing and brand consulting firm. He is also a member of the adjunct faculty of Pepperdine University, and has published more than 100 articles on business, marketing, technology, travel and fitness. Visit www.newmangrace.com or www.executivemarketingcoach.com to learn more about Brian and the benefits he brings to his clients. www.socalprofessional.com

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Are iPad’s Now Required For Business Meetings? How Apple’s tablet has put pads of paper and laptops to shame!

he iPad was launched with much poopoo’ing from the PC crowd and a lot of head scratching from their own Mac crowd. Was it a tablet laptop? Was it a new form of “netbook?” Or was it just a big iTouch for people with bad eyes?

Despite a lot of questionable press, the iPad sold more than a million units its first month, and it sold more than 3 million in less than 3 months. Its launch was a huge success by any standard. What the world quickly learned was that the iPad is not a laptop. It is not a tablet as the PC world knew it. It is, instead, a multimedia device that is both easy to use and cool to have. Through either a wireless communications plan or a local Wi-Fi network, the iPad connects you easily to the web. Through any one of the millions of

apps available, you gain productivity. And lastly, it’s an entertainment device allowing you to listen to music, watch TV and movies, read books and magazines, or play countless games. During the first week of release, iPads began showing up in business meetings. Granted, it was mostly by early adopters who did it for the cool factor as much as anything else. But within a very short time, business professionals began to see additional benefits. For some reason, laptop computers never really became a mainstay of business meetings. Some have postulated that the screen was obtrusive, making meetings less personal as people were “hiding behind” screens. But more and more, business people needed to connect to the Internet in meetings, and it was not easy or convenient. This may have been due to the security issues of wireless networks in corporate environments and the fact

Apple will soon be releasing its newest version of the highly successful iPad, the iPad 3.

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that cellular connections not taken off yet and become commonplace. Also, not all laptops owners carried around a cellular network device (Mi-Fi). iPads seemed to blow past laptops, and surprisingly, a lot of “pad and paper” people have made the migration to them. While not quite as fast as a paper and pen, the Notepad application, or “app,” is generally sufficient for taking basic notes. Programs such as Documents To Go, Office HD, and iWorks give the user access to documents as well as some advanced tools such as word processing and spreadsheet software. Calendars are even easily piped into iPads now. Another key factor toward its success is that iPads work very well with most corporate Exchange servers, making business email a breeze to send and receive through your iPad. So, next time you’re looking for a pen and paper to bring to the meeting, try taking your iPad instead. There are many iPad stylus’ that you can purchase if you can’t seem to leave the pen. And hey, if the meeting is ever boring, there’s always the Netflix app! •

C. David Joyce is the Owner and Chief Mac Consultant of iCare4Macs, an L.A. based consulting firm that has specialized in the Macintosh platform since 1992. The firm provides all levels of computer supported needed for a wide variety of clientele; from medium-sized businesses with multiple office locations, to small companies and home users whose needs may be more simple. They specialize in ad agencies, production companies, post production companies, music studios, and corporations, organizations and individuals who rely on their Macs to power their businesses and their lives. www.icare4macs.com SOUTHERN CALIFORNIA PROFESSIONAL

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on the Horizon

pple has never been good about releasing any information regarding new products before they come out, but the rumor mills are buzzing about several anticipated iPad items.

iPad 3 The newest version of the iPad is rumored to be almost here. Mac bloggers are going crazy about this, with lots of chatter about new Retina displays, faster processors, and a higher megapixel camera.

iOS 5.1 Apple is will be releasing a highly-anticipated new system software (iOS) for the iPad, iPhone and iTouch. While features of the new software have been kept hush-hush, it is believed that it is not a small upgrade but a pretty significant jump in functionality. While no firm date has been announced, it will be sooner rather than later.

Microsoft Ofﬁce for iPad Business users and consumers alike are anxiously awaiting the inevitable release from Microsoft. If the rumors are correct and Microsoft introduces and Office version for iPad to coincide with the iPad 3 release, the business and educational communities will surely make it a best-seller. •

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