Yesterday Sheryl Hunter and I met with Cindy L. Hesterman, Chair of three Vistage groups in the greater Tampa Bay area. If you are a business owner or executive, this organization may be the ideal collaborative training and growth program for you.

The post Corporate Leadership Collaboration – Profiling Vistage Florida appeared first on Hunter Business Law.

For those technology-minded entrepreneurs in the bay area, this innovation-oriented company, with a history of helping local entrepreneurs for over ten years, may be able to assist potential business owners with the development of their ventures.  While striving to serve as the focal point of innovation for the State of Florida and the Tampa Bay region, the mission of the Tampa Bay Innovation Center is to accelerate entrepreneurial success.

This organization focuses on the critical factor for entrepreneurs known as the time from “mind to market.”  Working hand in hand with clients, they assist start-ups in meeting progressive and planned milestones to accelerate business growth.  With an experienced staff of researchers, analysts, business professionals, former military personnel, and more than one hundred internationally recognized mentors, the Tampa Bay Innovation Center focuses on walking clients through the new venture process in order to ensure entrepreneurial success. The Innovation Center is managed by STAR-TEC Enterprises, Inc., a not-for-profit Florida corporation whose goal is to foster jobs and promote economic development through assistance and support programs.

Since their inception in 2003, the Tampa Bay Innovation Center has worked with hundreds of technology clients and graduated numerous companies from its programs.  Collectively, the Center’s in-house clients have launched over 70 new products, raised millions in seed capital and grants, and hold more than 100 patents with many more pending.

As of the beginning of the year, the Innovation Center has launched two versions of their StartUp Studio program.  The first element of their program expanded in mid-April to include a six-week day program offered on Wednesdays, which, beginning in late May, also offers evening options.  The second part of their start-up training program focuses on helping aspiring and existing technology and life sciences entrepreneurs to gain the business skills and insights, tools, resources and network they need to start and grow successful businesses.

Engaging top scientists, engineers, national and international experts in numerous fields including manufacturing, healthcare, aviation, and defense, the Tampa Bay Innovation Center has a history of striving to deliver comprehensive solutions for their tech-savvy clients.  To determine whether the Innovation Center can help turn your idea into a successful business, check out their website at: http://www.tbinnovates.com

The post Empowering Tech-Savvy Entrepreneurs at the Tampa Bay Innovation Center appeared first on Hunter Business Law.

Let’s say you’re in the market to buy a house and you see one that looks appealing in the ad. What’s your first impression? How does it look on the outside? The inside? What about the location? The neighborhood?

Like your house, your business projects an image to potential buyers. When they come to see your business for the first time, your “curb appeal” can attract a buyer to your business—or cause them to walk away. How can you improve your curb appeal? Here’s a 3-step plan:

1. Fix Your Leaky Faucets

Perhaps, like many other business owners, you started your business from scratch with one or two employees and now you have 20 people working for you. But do you have the appropriate HR infrastructure in place for that size of a company? Perhaps you even take pride in your informal management style, but it can prove to be a liability when it comes time to sell.

Make sure your human resources policies are at least as well documented as those of the company you hope will buy your business. Some basics to have in place:

• Written policies for employee benefits, travel and expense reimbursement
• A written policy making it clear you forbid any form of harassment or discrimination
• A written letter of employment for each staff member
• A written non-compete agreement for key staff members
• A written description of your bonus system

2. Assemble Your How-To-Binder

When you go to buy a house, it will give you confidence if the owner has the instruction manuals for the appliances, information on where they were purchased, and who to call if one of them breaks down.
Similarly, when a potential buyer looks at your company, he wants to see that you have your business information in order. Documenting your office procedures, core processes, and other intellectual capital can help you attract more bidders and a higher price for your company, while also lowering the chance of the deal falling apart during diligence.

If you want to attract a buyer, your business needs a policy and procedures manual with instructions for basic functions, such as:

• Opening up in the morning and closing down at night
• Forms and step-by-step instructions for routine tasks
• Templates for key documents
• Emergency numbers for service providers
• Billing procedures for customers
• How your company is positioned in the market and your marketing tools

3. Document Your Intangibles

Intangibles for house buying might include: Is the house near good schools or daycare? How close is it to shopping, restaurants, recreation, work, etc.? Is it close to public transportation?

Your business also has intangible, often intellectual assets that a potential buyer needs to be made aware of, such as:

• Any patents, trademarks, service marks, copyrights, etc.
• Proprietary product formulations you’ve created
• Your unique approach to creating and satisfying a new customer

As with selling a house, your company’s curb appeal can go a long way toward closing a deal.

If you know of someone who’s thinking of selling or buying a business and who might benefit from a free, confidential, consultation, have them contact me directly at 813.299.7862, or mertel@lmaallc.com

Mike Ertel, CBI, M&AMI, CM&AA
Managing Director, Broker
Legacy M&A Advisors, LLC

©2013 J. Michael Ertel PA

The post Does Your Business Have “Curb Appeal”? appeared first on Hunter Business Law.

Key Person of Influence – Entrepreneur Brand Accelerator is a one day event scheduled for May 10th in Tampa that will be packed with 40 minute presentations from 5 exceptionally successful entrepreneurs, including Kevin Harrington and Forbes Riley. Each speaker will talk about one of the 5 elements of becoming a key person of influence in your industry. This event, modeled after Daniel Priestley’s best-selling book by the same name, has been a huge success in multiple countries and is debuting in the USA right here in Tampa. To purchase a ticket at a discount, use this special link: http://keypersonofinfluence.com/usa/go.php?p=a119&w=bkpi

Florida Venture Forum‘s 2013 Early Stage Conference is scheduled for May 15th in Orlando, Florida. If you love to watch Shark Tank, you will revel in a day of watching 18 of Florida’s best early stage businesses pitching to angel investors, venture capitalists, private equity investors, investment bankers and other entrepreneurs. The conference also includes a collegiate business plan competition. Read about this year’s candidates: http://www.floridaventureforum.org/press.asp?rls_id=115

USF Alumni Society of Entrepreneurs 2nd Annual Entrepreneurship Gala is an event being held on May 10th designed to celebrate entrepreneurship and recognize some of Tampa Bay’s finest business leaders. http://usfalumni.org/s/861/internal.aspx?sid=861&pgid=2695&gid=1&cid=7654&ecid=7654&post_id=0

Ignite! Tampa – This unique organization hosts “high-energy evening[s] designed to inspire, educate, entertain and spark new ideas and conversations across cultures and disciples of the Tampa Bay Community.” I have not attended one yet, regretting that I missed the 2013 event hosted on April 25th, but it sounds like a Twitter version of TED talks where “in fast-paced, bite-sized presentations community members get on stage and share their personal or professional passion.” http://www.ignitetampa.org/

The post Tampa’s Entrepreneurial Culture appeared first on Hunter Business Law.

The Busy Buddy offers Business Support Services throughout Tampa Bay to help busy entrepreneurs get things done!

Do you remember how you felt when you first decided to open your own business? What an incredibly feeling of excitement! Did you keep a notepad at your bedside for those nights when you wake with a great idea or drive down the road trying to find a pen and something to write on? What about your energy? You start with so much energy, passion and drive in the early days. You could hardly wait to start each new day. And then… the routine of day to day operations starts to linger and chip away at your excitement. This is NORMAL… for everyone! However, it’s how quickly you respond and what steps you take that matter most!

STAY MOTIVATED AND STAND OUT!

Unfortunately, motivation is tricky and not always easy to sustain. And, on top of that, the influx of new customers (or an unhappy customer) can be erratic. You can forget that there are times when you forget that there is a natural ebb and flow in all businesses. It’s easy to become anxious and discouraged. Even if you have a steady flow of customers, routine begins to set in, and you may feel that you have lost your edge.

If you are currently in a “slump,” be reassured that there are ways to re-energize yourself. Below we have identified some suggestions, but we’d also like to hear how overcame this temporary state of slumpiness (my word)!

• Set specific goals that are achievable and can be tracked. For instance, as you create your long-term goals to direct the growth of your business, also set short-term goals to keep you moving forward. Write them down and revise them periodically if necessary. Staying on track gives you a feeling of accomplishment. It may not be the initial excitement like you felt at the beginning, but at least you know that you are not stagnating. And it does not hurt to enjoy rewards along the way. It can be as simple as having lunch with a special friend after meeting a goal or taking the afternoon off to go fishing!
• Routinely network with other small business owners. Sharing ideas can help freshen business approaches and help you feel more confident in the path that you are taking. Don’t forget to attend social networking events for small business owners as well. A little fun can go a long way to minimize the effects of a temporary lag in motivation.
• Take breaks during the day. If you are a type-A personality, you might work from sun-up to sun-down during a slump, not realizing that you are draining your own energy. Get some fresh air. If you don’t your days repeat themselves where you feel like Bill Murray in the movie “Groundhog Day.” (Great movie!) Take a walk or ride a bike for 30 minutes… even if you have to set a “reminder” on your list of daily tasks to give yourself permission to EAT, at least! I can’t say enough about building leisure-time into your day. Some of my best inspirations come when I’m taking a long walk by myself…I call it “meditation in motion.”
• Remember what you love about your business… what was your original inspiration? Think about all the benefits that go along with small business ownership. If you are independent by nature and you once worked for a highly structured company, you can probably remember the thrill of breaking away from some of the bureaucracy and constraints that often go hand in hand with large businesses. Do you remember those early feelings of freedom? How about the time gained from eliminating commuting to and from your job in traffic?… Priceless!
• Be conscious of the difference between personal habits that create success and those sneaky habits that can sabotage success. For instance, stay organized and don’t procrastinate. Procrastination is a slippery slope and can lead toward an eventual feeling of incompetence. However, being organized doesn’t mean to never shake things up. Periodically take a fresh look at your standard processes to see if you can infuse new ways of thinking and approaches. Rely on trusted allies to offer new ideas and perspectives.
• Get inspired! Think about offering a temporary “added-value” to your best customers for no cost as a thank-you for their business. It’s a nice customer service gesture, and your customers may find that they want to pay for it as a continued feature. A grateful client who values your work and verbally praises your efforts can be a big boost to both your self-esteem and your level of motivation.
• Consider mentoring someone who is just starting out as a small business owner. Sometimes focusing on someone else’s business helps you look at your own business in a fresh way. It’s also a great way to connect to peers in a very positive way.
• Attend seminars that help support and encourage business owners, read or listen to motivational CDs (The Seven Habits of Highly Effective People by Stephen Covey is a great one!).
• Journal your feelings, both positive and negative. The simple act of writing down how you feel and seeing the words in black and white is immensely powerful.
• One last tip we recently learned is to start the year off with a jar of thanks. Place a small note of any accomplishment or kind words that made you happy in the jar and at the end of the year read them all. It can be as big as a new business venture or as small as seeing a rainbow in the sky that made you smile.

These are just some ideas, but if you have other ideas that have worked for you, please share them!! We would love to learn about your experiences…and other readers will as well!

The post Every Business Owner Gets The Blues! appeared first on Hunter Business Law.

The number of reported cases of  identity theft for the purpose of filing fraudulent tax returns is reaching unprecedented numbers.  Tampa topped the charts with 88,724 potentially fraudulent returns filed, generating refunds of more than $468 million. (As reported by Eamon Javers, CNBC)

The IRS has a task force called the Identity Protection Specialized Unit who ultimately oversees all IRS identity theft cases.  Reviewing each case and resolving it can take six months or more.

Who is committing these crimes?  Anyone!  There are no similarities to the criminals that have been prosecuted thus far.  The criminals range from soccer moms, employees of health care facilities, and prison inmates filing tax returns right from the prison’s library. Much to our surprise, the IRS reports that unscrupulous tax preparers, (not to be confused with professional CPA’s like us), are also in the fraud game.  Please warn your friends and family members to choose their tax preparer’s wisely.  Every paid preparer needs to have a Preparer Tax Identification Number (PTIN), on every return such as C&L Value Advisors, LLC.

The following steps should be taken if you suspect you are a victim of identity theft or have been notified by the IRS that more than one tax return has already been filed for you.

1. Call us immediately at (813) 286-7373.
2. Respond to the IRS right away using the name or number listed on the IRS notice. We can assist you.
3. Complete a Theft Affidavit Form 14039, found at www.irs.gov or contact us at C&L Value Advisors, LLC.
4. If you have previously been in contact with the IRS regarding identity theft and have not reached a resolution, please contact the IRS Identity Protection Specialized Unit at 1-800-908-4490.

There are a variety of methods in which criminals are stealing identities.

Dumpster diving.  They rummage through trash looking for bills or other papers that contain information about you.

Skimming.  They steal credit/debit card numbers using electronic storage devices when processing your credit card.   

Phishing.  They pretend to be financial institutions or companies to get you to reveal your personal information.  Some cases have found groups of people canvassing colleges and gathering personal information under the false pretense of offering financial assistance or tax credits for education.

Changing Your Address.  They divert your billing statements to another location by completing a change of address form.

Old Fashioned Stealing.  They steal mail, including bank and credit card statements; pre-approved credit card offers and tax information.  They steal personnel records from doctors offices and hospitals or bribe employees who have access.   Some are targeting mail carriers and robbing postal trucks.

Don’t be a victim.  Minimize your chances of theft by taking the following steps:

1. Don’t carry your Social Security card with you or any document containing your SSN.
2. Don’t give a business your social security number just because they ask for it.  Give it only when required.  This works for doctor’s offices as well.  The downside is you may have to pay for services up front and file your own claim with your insurance company.
3. Protect your financial information with an outside company with a good reputation.
4. Check your credit report often.
5. Secure your personal information in your home.
6. Use a shredder for destroying documents and statements.
7. Protect your computers with firewalls, virus software, update security patches and change passwords often.
8. Never give any personal information over the phone unless you are sure you know who you are dealing with.

Most Importantly – the IRS will never contact you by email.  Do not respond to any notices that you have received electronically.  Instead, report suspicious emails to phishing@irs.gov.

The post Identity Theft Cases Reaching Unprecedented Numbers appeared first on Hunter Business Law.

What is it exactly? Small Business Saturday® is a day where people make a point to shop and buy from locally owned small businesses. It falls between Black Friday and Cyber Monday, right when consumers are revving up for the holiday shopping season. Spearheaded by American Express OPEN Forum, the first Small Business Saturday® launched in 2010. Since then, it’s turned into a bona fide national movement. Check out these stats:

• 103 million people shopped at small businesses on Small Business Saturday® in 2011
• Participating small businesses saw a 23 percent increase in transactions last year on Small Business Saturday®
• Small Business Saturday® has 2.8 million “likers” on its Facebook Page.
• 200,000 tweets about Small Business Saturday® were circulating around the Twittersphere last year

Potential customers will be out in force supporting and looking to “shop small” for the holidays; getting involved should be high on your to-do list.

How can you capitalize on small business Saturday?

The post Are you Ready for Small Business Saturday on November 24, 2012? appeared first on Hunter Business Law.

Not sure if your estate planning documents are out-of-date? While there is no mandate to update wills and trusts every so many years, there are at least a dozen life events that could prompt changing your will or trust. Additionally, the laws do change and you may not be benefitting from changes or many be harmed by them if your documents are not up to date.

In addition to a rule of thumb to have your documents reviewed and updated at least every 10 years, some of the events that should trigger an update are:

1. Marriage
2. Divorce
3. Death of a spouse or life partner
4. Birth or adoption of a child/grandchild
5. Change in needs of children or other beneficiaries
6. Youngest child reaches adulthood
7. Significant change in value of assets
8. Significant overhaul of tax legislation (yes, such as expiration of Bush tax cuts)
9. Acquisition or distribution of significant assets, including real estate
10. Death, disability or incapacity of a beneficiary named in your will
11. Agent you selected (Personal Representative/Trustee/Guardian) is no longer able to serve due to death, disability, or a move
12. Desire to change or add to named beneficiaries
13. Relocation to another state

In some cases, updating can be as simple as executing an amendment to your documents (called a “Codicil” to a Will or an “Amended and Restated Trust” in the case of a Revocable Living Trust). Other times, you may need a new set of documents. In Florida, for example, the Durable Power of Attorney laws underwent a complete overhaul, effective October 2011, making it advisable to start fresh rather than amend an existing DPOA designation.

If you are wondering whether your estate planning documents need to be updated, contact Hunter Law Tampa Bay to make an appointment to discuss your specific circumstances with attorney Sheryl Hunter. Call 813-334-3175 or email hunter@hunterlawtampabay.com

The post Is it Time to Review and Update your Will? appeared first on Hunter Business Law.

1. Does the World Need What You Want to Offer?

There are numerous nonprofits already championing causes all over the world. What will make your nonprofit unique?  Is there truly a need for a new nonprofit, or should you use your talents to assist an existing nonprofit instead?  Make sure that you educate yourself about the other nonprofits that are already serving the cause you envision serving.  How will you compete with these nonprofits for grants and donations?  What will attract volunteers to serve your new organization? Should you narrow your mission to make it more unique and easier to differentiate?

2. Know Yourself

Are you more than an idea person? Can you execute your vision for your non-profit, and stick with it? Do you recognize the importance of hiring an experienced Executive Director and amassing a qualified Board of Directors?  What role will you play? Fundraiser? Visionary leader? Administrator or grass roots worker, in the trenches? Be sure to be honest with yourself and know which hats you will wear and which positions you need to fill.

3. Commit to Transparency and Ethics

Above all else, people who found 501(c)(3) nonprofit organizations must understand that they are stewards of money donated in good faith. You must account for how each penny is spent.  On any given day, you should be able and willing to tell your volunteers and funding sources what you have done with the fruits of their labor and generosity. You must inspire a culture within your organization of maximizing the percentage of income that is spent to achieve the mission of the nonprofit. This requires a commitment to vigorous oversight.

4. Be Realistic About Reeling in the Money

I believe in the generosity of people and the evidence is boundless. Yet dollars are not boundless and nonprofits are in competition for limited funds, every day.  For many non-profits their survival is as hand-to-mouth as the people they serve. It is dangerous to assume “if I build it, they will come.” You have to have a strategy of financial support that includes multiple sources, both short and long term. Until you know what your sources will be and how to secure those funds, do not begin your journey. One great way to learn how to successfully launch and run a nonprofit is to volunteer on committees or boards of other nonprofits. Are you educated on the dollars and sense of running a non-profit?

The post Are You Ready to Champion Your Cause with a New 501(c)(3) – Nonprofit? appeared first on Hunter Business Law.

Let’s take an example.  Assume Mr. Taylor is a divorced 68 year old with two grown children, his sole beneficiaries named in his will.  His estate is worth $5 million and he resides in Florida.  If he dies in 2012, all $5 million will pass on to his two children tax free.  If the exemption drops to $3.5 million in 2013 and he dies in 2013, $1.5 million will likely be taxed at a rate of 50%, or more.  However, if he gifts $1.5 million to his children in 2012 to protect against this potential drop in the exemption, it’s expected that he will have successfully shielded that $1.5 million from estate taxes.  When deciding how much to gift, be sure to retain enough money to live on; assume a lifespan of longevity to be on the safe side. Look first to gift assets that are not producing income you need to live on or which are illiquid.

The bottom line is that until the end of 2012, if you have greater than a $1 million estate and especially if you are above $3.5 million, you have an unprecedented tax-savings opportunity to not only remove the value of one or more assets from your taxable estate by making a gift, but also the future appreciation on the gift.  With assets undervalued due to our depressed economy, this is an ideal time to take an asset out of your estate and let it appreciate in the estate of a child or grandchild, delaying estate tax exposure.

The post Reducing Your Taxable Estate Before the Exemption Ball Drops on New Year’s Eve 2012 appeared first on Hunter Business Law.