A business lawyer is an attorney that specializes in the legal aspects of business operations and transactions. They are an invaluable resource for businesses in Utah as they are knowledgeable about the laws that apply to business and can help protect businesses from potential legal issues. A successful business lawyer will be able to provide sound legal advice and representation to business owners in Utah. They can also provide strategic advice to help businesses achieve their goals in a legal manner.
Businesses in Utah must abide by the laws that are in place by the state and federal government. The laws that apply to business operations and transactions must be followed, or penalties may be imposed. Because of this, it is essential that businesses in Utah are aware of the legal issues they may face and the legal resources they can utilize. This essay will discuss the importance of a business lawyer and the various legal issues businesses in Utah may face.
Business Law
Business law encompasses a wide range of legal topics, such as corporate law, contract law, tax law, employment law, intellectual property law, and more. A business lawyer should be knowledgeable about all these laws and be able to provide informed advice to their clients. In order to become a business lawyer, one must obtain a Juris Doctor (JD) degree from a law school and pass the bar exam. The bar exam is an exam that tests a lawyer’s knowledge of the laws that apply to business operations in the state of Utah.
How Businesses Can Avoid Lawsuits
Lawsuits can be incredibly costly for businesses and can threaten the livelihood of their owners. To protect their investments, businesses must take the necessary steps to ensure they are not at risk of being sued. In the state of Utah, businesses must ensure they are familiar with the relevant laws and regulations that govern their industry, as well as the legal precedents that have been established by the state’s court system. By understanding the legal issues that may be relevant to their business, companies can take the necessary steps to avoid costly lawsuits.
In addition to understanding applicable laws and regulations, businesses in Utah must also be aware of the legal precedents that have been established by the state’s court system. Utah’s court system provides an invaluable resource for businesses to use in order to understand the legal principles that are applicable to their operations. The court system has established a number of legal precedents in areas such as contract law, tort law, and property law, among others. By understanding the legal precedents set by the court, businesses can make sure they are not in violation of any laws or regulations that may be relevant to their operations.
Businesses in Utah must also take the necessary steps to ensure their contracts are legally binding. Contracts are an essential part of any business, as they help to protect the company’s interests in the event of a dispute. Contracts should be drafted with the assistance of an experienced attorney in order to ensure they are legally valid and enforceable. It is important to remember that contracts are legally binding documents, and any breach of contract can result in legal action being taken against the business.
Finally, businesses in Utah must ensure they are compliant with various consumer protection laws. Utah has a number of consumer protection laws in place in order to protect consumers from unfair or deceptive business practices. These laws include the Utah Consumer Sales Practices Act, the Utah Consumer Fraud Act, and the Utah Unfair Trade Practices Act, among others. Businesses must ensure they are compliant with these laws in order to avoid costly lawsuits.
By taking the necessary steps to become familiar with applicable laws and regulations, understanding the legal precedents established by the court system, making sure their contracts are legally binding, and remaining compliant with consumer protection laws, businesses in Utah can take the necessary steps to avoid costly lawsuits. While it is impossible to guarantee that a business will never be sued, taking these steps can help to significantly reduce the risk of a lawsuit and protect the business’s interests.
Legal issues that businesses in Utah may face can vary greatly. For example, businesses may have to deal with contract disputes, intellectual property infringement, employment discrimination, and more. It is important that businesses are aware of the potential legal issues they may face and have access to legal resources that can help them. This is where a business lawyer can be instrumental. A business lawyer can provide sound legal advice and representation to help businesses navigate the legal landscape.
Legal Advice For Businesses
In addition to providing legal advice, a business lawyer can also help businesses with legal documents. Legal documents such as contracts, leases, and other documents must be drafted in accordance with the laws of the state of Utah. A business lawyer can ensure that all legal documents are written in accordance with the laws of the state and can advise businesses on how to best protect their interests in any legal document.
Business lawyers can also be instrumental in helping businesses protect their interests in court. A business lawyer can provide representation in court proceedings and can help businesses achieve their desired outcomes. Many business lawyers have a record of successful verdicts in court and can help businesses protect their interests in any legal proceeding.
Business lawyers can also be helpful in dealing with insurance coverage cases. Insurance companies can often deny coverage for business-related claims and a business lawyer can help businesses get the coverage they are entitled to. For example, the California Automobile Association recently won a case against Progressive Casualty Insurance in which the court ruled in favor of the California Automobile Association. A business lawyer can provide strategic advice to businesses in similar cases and help them protect their interests.
Utah Business Lawyers Can Help Businesses Stay Compliant
Business lawyers can also be helpful in dealing with global risks. Businesses in Utah may face legal issues in other countries and a business lawyer can provide strategic advice on how to best protect their interests in these cases. For example, the America Corporation recently won a case against Mutual Insurance Company in which the court ruled in favor of the America Corporation. A business lawyer can provide legal advice to businesses in similar cases and help them protect their interests.
Business lawyers can also be helpful in dealing with personal clients. A business lawyer can provide sound legal advice and representation to clients who are dealing with legal issues. For example, a business lawyer recently represented a client in a case involving a dispute over a contract and was able to successfully negotiate a favorable settlement for their client.
Finally, business lawyers can also be helpful in helping businesses draft legal documents. Business lawyers can provide sound legal advice on how to draft legal documents that are in accordance with the laws of the state of Utah. They can also help businesses draft contracts and other legal documents that protect their interests.
In essence, business lawyers are an invaluable resource for businesses in Utah. They can provide sound legal advice and representation in a variety of legal matters, from insurance coverage cases to contract disputes. Business lawyers can also help businesses draft legal documents and provide strategic advice on how to best protect their interests in any legal situation. For businesses in Utah, a business lawyer can be the difference between success and failure.
Business Lawyer Consultation
When you need legal help from a business attorney, call Jeremy D. Eveland, MBA, JD (801) 613-1472.
Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472
https://jeremyeveland.com
Areas We Serve
We serve businesses and business owners for succession planning in the following locations:
Layton, Utah is located in Davis County in the United States, and it is the home of many experienced attorneys and attorneys-at-law. The city is known for its large population of Mormons (also known as Latter-day Saints or LDS), and it is a great place for businesses to set up shop and for individuals to come for legal advice. The city is also home to many businesses and law firms, and one of the attorneys who does business succession law is Jeremy Eveland. Mr. Eveland is a business attorney that focuses on business succession law and estate planning. He offers a wide range of legal services, including business succession law, estate planning, and probate and estate administration.
Business Succession
Business succession law is a complex area of the law that governs the transfer of business ownership from one generation to the next. The laws in the United States vary from state to state, and each state has its own unique set of rules and regulations governing business succession. In this paper, we will explore the business succession law in the state of Utah, including a look at the Utah Code, Utah case law, and the experience of business lawyers in the state. We will also discuss the areas of business succession law that are of particular importance to business owners in Utah, including the role of business partnerships, estate planning, and the use of alternative dispute resolution.
Business Succession Law in Layton Utah
Business succession law in Utah is governed primarily by the Utah Code and Utah case law. The Utah Code outlines the laws and regulations that govern the transfer of business ownership from one generation to the next, including provisions for the formation of business partnerships, the drafting of partnership agreements, and the winding up of a business in the event of death or incapacity. The Utah Code also sets forth rules governing the probate of a decedent’s estate, the descent and distribution of assets, and the intestate succession of assets.
In addition to the Utah Code, Utah case law also provides guidance on business succession law. The Utah Supreme Court has issued numerous opinions on the topic, including decisions in cases involving business partnerships, the transfer of ownership interests, and the interpretation of partnership agreements. These opinions provide important guidance for business lawyers in the state, as well as business owners seeking to understand the nuances of Utah business succession law.
Business Lawyers in Layton Utah
Utah is home to a number of experienced business lawyers who specialize in business succession law. These lawyers are experienced in the drafting and interpretation of partnership agreements, the creation of business entities, and the handling of probate matters. Many of these lawyers are located in the major cities of Utah, including Layton, Lindon, St. George, Salt Lake City, and the Provo Orem area.
Business lawyers in Utah can provide a variety of services to business owners, including legal advice and guidance on the transfer of ownership interests, the formation of business partnerships, and the drafting of partnership agreements. They can also provide counsel on estate planning, asset protection, and the use of alternative dispute resolution (ADR) to resolve business disputes. Business lawyers in Utah are also familiar with the unique laws and regulations that govern the transfer of business ownership in the state, including the Utah probate code and the intestacy laws.
Business Partnerships in Layton Utah
Business partnerships are a common form of business entity in Utah, and the Utah Code sets forth the rules and regulations that govern the formation, maintenance, and dissolution of business partnerships. Under the Utah Code, business partnerships are formed when two or more individuals enter into a written partnership agreement that sets forth their respective ownership interests and rights, duties and obligations, and the means of winding up the partnership in the event of death or incapacity.
The partnership agreement also sets forth the rights and duties of the partners, as well as the terms for the winding up of the partnership in the event of a dispute or the death of one of the partners. The partnership agreement is a legally binding document, and all partners are obligated to abide by its terms. In the event of a dispute, the partnership agreement may provide for the use of alternative dispute resolution, such as mediation or arbitration, to resolve the dispute.
Estate Planning and Business Succession
Estate planning is an important component of business succession law in Utah. Estate planning involves the drafting of a will or trust to ensure the orderly transfer of assets upon the death of the business owner. The will or trust can specify the distribution of assets, including business interests, to the business owner’s heirs or beneficiaries. The will or trust can also provide for the appointment of a guardian for a disabled child or an executor to manage the decedent’s estate.
Estate planning can also involve the drafting of advance directives, such as a living will or power of attorney, which allow the business owner to make decisions regarding healthcare and financial matters even in the event of incapacitation. Estate planning also involves the review of insurance policies, such as life insurance, to ensure that the business owner’s assets are properly protected.
Alternative Dispute Resolution
Alternative dispute resolution (ADR) is an increasingly popular method for resolving business disputes in Utah. ADR allows parties to resolve their disputes through mediation, arbitration, or other means, rather than through litigation. ADR can be used to resolve a variety of business disputes, including disputes over the ownership of a business, the interpretation of a partnership agreement, or the winding up of a business in the event of death or incapacity.
Business succession law in Utah is governed by the Utah Code and Utah case law. Business lawyers in the state are experienced in the drafting and interpretation of partnership agreements, the creation of business entities, and the handling of probate matters. Estate planning and the use of alternative dispute resolution are also important components of business succession law in Utah. Business owners should consult with experienced business lawyers in the state to ensure that their business succession plans are properly crafted and executed.
Business Startup Lawyer Layton Utah
Small businesses surround us. They are on every other street and in every corner. Every second thing someone buys comes from a small business. In India where unemployment is a serious issue, small business gains a special position in the industrial structure because of their ability to utilize labor and create employment. Let us learn about meaning, nature and types of small business.
Meaning of Small Business
Small businesses are either services or retail operations like grocery stores, medical stores, trades people, bakeries and small manufacturing units. Small businesses are independently owned organizations that require less capital and less workforce and less or no machinery. These businesses are ideally suited to operate on a small scale to serve a local community and to provide profits to the company owners.
Nature of Small Business
The nature of small businesses can be classified as follows:
1. Shoestring Budget
A sole proprietor or a small group of people operate small businesses. These businesses often run on ‘shoestring budget’ meaning that small businesses function on a very tight budget.
2. Labor intensive
Small businesses are mostly labor intensive. Various types of small business largely rely on labor for their functioning. The primary nature of small businesses is more involvement of physical work rather than intellectual work. The lack of machinery makes the employees manage their operations manually.
3. Community-based
Small businesses are started with the motive of satisfying the needs and demands of a local area or community. These businesses demographically target few areas of concentration and are hence community-based.
4. Indigenous technology
Due to small businesses being community focused and labor oriented they often thrive upon native methods of operations. In India, there are many businesses in the rural sector that still use outdated technology. This might give uniqueness to the products but hinders the development of the business.
The Stages of Small Business Growth
Each stage is characterized by an index of size, diversity, and complexity and described by five management factors: managerial style, organizational structure, and extent of formal systems, major strategic goals, and the owner’s involvement in the business. We depict each stage and describe narratively in this article.
Stage I: Existence.
In this stage the main problems of the business are obtaining customers and delivering the product or service contracted for. Among the key questions are the following:
Can we get enough customers, deliver our products, and provide services well enough to become a viable business?
Can we expand from that one key customer or pilot production process to a much broader sales base?
Do we have enough money to cover the considerable cash demands of this start-up phase?
The organization is a simple one—the owner does everything and directly supervises subordinates, who should be of at least average competence. Systems and formal planning are minimal to nonexistent. The company’s strategy is simply to remain alive. The owner is the business, performs all the important tasks, and is the major supplier of energy, direction, and, with relatives and friends, capital.
Companies in the Existence Stage range from newly started restaurants and retail stores to high-technology manufacturers that have yet to stabilize either production or product quality. Many such companies never gain sufficient customer acceptance or product capability to become viable. In these cases, the owners close the business when the start-up capital runs out and, if they’re lucky, sell the business for its asset value. In some cases, the owners cannot accept the demands the business places on their time, finances, and energy, and they quit. Those companies that remain in business become Stage II enterprises.
Stage II: Survival.
In reaching this stage, the business has demonstrated that it is a workable business entity. It has enough customers and satisfies them sufficiently with its products or services to keep them. The key problem thus shifts from mere existence to the relationship between revenues and expenses. The main issues are as follows:
In the short run, can we generate enough cash to break even and to cover the repair or replacement of our capital assets as they wear out?
Can we, at a minimum, generate enough cash flow to stay in business and to finance growth to a size that is sufficiently large, given our industry and market niche, to earn an economic return on our assets and labor?
The organization is still simple. The company may have a limited number of employees supervised by a sales manager or a general foreman. Neither of them makes major decisions independently, but instead carries out the rather well-defined orders of the owner.
Systems development is minimal. Formal planning is, at best, cash forecasting. The major goal is still survival, and the owner is still synonymous with the business.
Stage III: Success.
The decision facing owners at this stage is whether to exploit the company’s accomplishments and expand or keep the company stable and profitable, providing a base for alternative owner activities. Thus, a key issue is whether to use the company as a platform for growth—a substage III-G company—or as a means of support for the owners as they completely or partially disengage from the company—making it a substage III-D company. Behind the disengagement might be a wish to start up new enterprises, run for political office, or simply to pursue hobbies and other outside interests while maintaining the business more or less in the status quo.
As the business matures, it and the owner increasingly move apart, to some extent because of the owner’s activities elsewhere and to some extent because of the presence of other managers. Many companies continue for long periods in the Success-Disengagement substage. The product-market niche of some does not permit growth; this is the case for many service businesses in small or medium-sized, slowly growing communities and for franchise holders with limited territories.
Stage IV: Take-off.
In this stage the key problems are how to grow rapidly and how to finance that growth. The most important questions, then, are in the following areas:
Delegation. Can the owner delegate responsibility to others to improve the managerial effectiveness of a fast growing and increasingly complex enterprise? Further, will the action be true delegation with controls on performance and a willingness to see mistakes made, or will it be abdication, as is so often the case?
Cash. Will there be enough to satisfy the great demands growth brings (often requiring a willingness on the owner’s part to tolerate a high debt-equity ratio) and a cash flow that is not eroded by inadequate expense controls or ill-advised investments brought about by owner impatience?
The organization is decentralized and, at least in part, divisionalized—usually in either sales or production. The key managers must be very competent to handle a growing and complex business environment. The systems, strained by growth, are becoming more refined and extensive. Both operational and strategic planning are being done and involve specific managers. The owner and the business have become reasonably separate, yet the company is still dominated by both the owner’s presence and stock control.
This is a pivotal period in a company’s life. If the owner rises to the challenges of a growing company, both financially and managerially, it can become a big business. If not, it can usually be sold—at a profit—provided the owner recognizes his or her limitations soon enough. Too often, those who bring the business to the Success Stage are unsuccessful in Stage IV, either because they try to grow too fast and run out of cash (the owner falls victim to the omnipotence syndrome), or are unable to delegate effectively enough to make the company work (the omniscience syndrome).
It is, of course, possible for the company to traverse this high-growth stage without the original management. Often the entrepreneur who founded the company and brought it to the Success Stage is replaced either voluntarily or involuntarily by the company’s investors or creditors.
Stage V: Resource Maturity.
The greatest concerns of a company entering this stage are, first, to consolidate and control the financial gains brought on by rapid growth and, second, to retain the advantages of small size, including flexibility of response and the entrepreneurial spirit. The corporation must expand the management force fast enough to eliminate the inefficiencies that growth can produce and professionalize the company by use of such tools as budgets, strategic planning, management by objectives, and standard cost systems—and do this without stifling its entrepreneurial qualities.
A company in Stage V has the staff and financial resources to engage in detailed operational and strategic planning. The management is decentralized, adequately staffed, and experienced. And systems are extensive and well developed. The owner and the business are quite separate, both financially and operationally.
The company has now arrived. It has the advantages of size, financial resources, and managerial talent. If it can preserve its entrepreneurial spirit, it will be a formidable force in the market. If not, it may enter a sixth stage of sorts: ossification.
Avoiding Future Problems
Do I have the quality and diversity of people needed to manage a growing company?
Do I have now, or will I have shortly, the systems in place to handle the needs of a larger, more diversified company?
Do I have the inclination and ability to delegate decision making to my managers?
Do I have enough cash and borrowing power along with the inclination to risk everything to pursue rapid growth?
Similarly, the potential entrepreneur can see that starting a business requires an ability to do something very well (or a good marketable idea), high energy, and a favorable cash flow forecast (or a large sum of cash on hand). These are less important in Stage V, when well-developed people-management skills, good information systems, and budget controls take priority. Perhaps this is why some experienced people from large companies fail to make good as entrepreneurs or managers in small companies. They are used to delegating and are not good enough at doing.
Layton Utah Business Attorney Consultation
When you need business attorneys, call Jeremy D. Eveland, MBA, JD (801) 613-1472.
Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472
https://jeremyeveland.com
Areas We Serve
We serve businesses and business owners for succession planning in the following locations:
In 2014, Layton contributed $1.34 billion[8] worth of retail sales activity, the second largest market north of Salt Lake City and seventh largest in Utah.
Layton is a city in Davis County, Utah, United States. It is part of the Ogden-Clearfield Metropolitan Statistical Area. As of the 2020 census, the city had a population of 81,773, with 2022 estimates showing a slight increase to 84,665. Layton is the most populous city in Davis County and the ninth most populous in Utah.
Business succession planning is an important part of any business’s long-term success. It is a way to ensure that a business will continue to operate, even after the owner retires, or in the event of death or disability. The process of planning involves a number of steps, including the selection of a successor, the transfer of ownership, and the establishment of a legal framework for the continued operation of the business. An experienced business succession lawyer in Ogden, Utah can help business owners through the process and ensure that their business is protected and able to continue to thrive.
Business succession planning involves a number of legal considerations, including the selection of a successor, the transfer of ownership, and the establishment of a legal framework for the continued operation of the business. The process typically begins with the selection of a successor. This can be a family member, a partner, or a key employee. The succession plan must be documented and signed by all parties and must be approved by the state of Utah. Once the successor is chosen, the transfer of ownership must be completed and the legal framework established.
Once the succession plan is in place, the business succession lawyer in Ogden, Utah will help the business owner to create a plan for the ongoing operation of the business. This will include the creation of a partnership agreement, the establishment of a buy-sell agreement, and the implementation of a key employee retention plan. The lawyer will also help the business owner to review the estate planning documents, such as wills, trusts, and other legal documents, to ensure that the business assets will be managed according to the wishes of the business owner.
The business succession lawyer in Ogden, Utah will also provide legal services for the business in the event of death or disability of the business owner. This includes preparing the necessary paperwork for the transfer of ownership and ensuring that the estate is properly distributed to the heirs or beneficiaries. The lawyer will also handle the filing of probate documents, the payment of estate taxes, and the distribution of assets.
Finally, the business succession lawyer in Ogden, Utah will provide legal advice to the business owner on other matters related to the business. This includes providing advice on the formation of a partnership agreement, the negotiation of a buy-sell agreement, and other legal matters. The lawyer will also act as a resource to the business owner in case of any disputes or legal issues that may arise.
Business succession planning is a complex process, and it is important that business owners work with an experienced business succession lawyer in Ogden, Utah. An experienced lawyer can provide the necessary legal advice and expertise to ensure that the business is protected and will continue to thrive for years to come.
Business Advice
The reason you should care about the business advice other successful entrepreneurs have to share with you… is that their experiences and words of wisdom may just come in handy one day. They have created products and services we’ve all heard of, turned entire industries upside down, redefined what it means to be successful when you start a business and many have also written business books or taught online business courses about it. Suffice it to say, their business advice is worth its weight in gold.
Not surprisingly, many of these entrepreneurs had very similar pieces of business advice to share, based on what has worked for them when it comes to learning how to grow a business.
Here are some actual advices:
Never forget that your business needs to take in more money than it spends. I know that sounds too simple, but so many people lose sight of that. That’s also why so many first-time entrepreneurs over-invest (or spend so much of their time looking for investors) early on. “Create solutions that cost little to no money & always spend less than you make.” Instead, work to come up with a creative solution that costs little to no money. That forced discipline will help you spend less than you make, even when you’re not making a lot. Sometimes capital is necessary, but at some point there must be return on that capital. There’s nothing wrong with taking equity investment, investing for the future, even losing money for a few years. But your plan has to get you back to that simple equation of making more than you spend.
Entrepreneurs make over-estimating the novelty of their big idea. “Don’t over-estimate the novelty of your big idea. Wait for a truly great one.” It takes so much time and effort to go all-in on a business idea, you might as well wait for a truly great one.
Probably another costly mistake many entrepreneurs make is in choosing the people that they work with or hire, it’s a mistake that has been seen over and over again. “Work with people on projects before handing over equity or large sums of money.” The way we have gotten around that is to always work with somebody on a project before we start handing over significant equity stakes or large sums of money. If the trial project goes well, then talk about expanding the scope of the relationship ‘a bad hire in the first few employees can be detrimental to a startup.’
Another mistake first-time (or inexperienced) entrepreneurs make is that they see others in their industry or blog niche as competition. This can significantly hold you back, as you may never learn industry secrets and tips, make genuine friends, and more. “Don’t view others in your niche as competition. Network and build relationships.” See others in your industry or niche as colleagues and friends. You should network with others, attend conferences, reach out to people, and more.
Across the board, another mistake first-time entrepreneurs make is placing too much focus on building product versus learning from users. There usually isn’t much risk in building software, but there’s a lot of risk in bringing a new product to market. “Take time to learn how your users actually behave with your product.” A few ways to solve this include: constantly talking to users, building an audience while or before you build and taking time to learn how users actually behave with your product. Not easy, but if you can really understand which type of user you want to optimize toward, you will increase your odds of finding an initial wedge in the market.
Most people, particularly those with their first project is striving for perfection over getting it done. Weeks turn into months, months into years. As a result, whatever they are trying to launch isn’t out there gaining traction in the marketplace because of the fear of being perfect. “Go out and break shit, it’s better to ask for forgiveness than permission when you start a business.” The only way your project, your business idea or whatever is in your mind is going to become better, is by having people use it in the real-world.
New entrepreneurs make the mistake of not putting themselves out there. If you want to succeed as an entrepreneur, you need to show others what you are doing. “Put yourself out there and show others what you’re working on.” Instead of praying an audience (or customers) will find you, get in front of people in your space. Start a blog, podcast or create video content. Take advantage of social media. Attend in-person events. One way to make “putting yourself out there” easier is by making an effort to help others. (Sounds counterintuitive, right!) On the individual level, maybe it’s by making an introduction. For a larger audience, perhaps it’s by pursuing and executing on actionable blog post ideas. However, by being helpful you will make a lasting impression.
First-time entrepreneurs mostly try to invent something totally new because their ego tells them they have to. “Don’t invent something new. Copy what works and make tweaks to push over the top.” It is much smarter to copy a competitor you like, then tweak one or two things that you think will put you over the top.
Trying to start a company for years and still making the mistake planning too far ahead. Many new entrepreneurs are stuck on this idea of what the company could be five years from now. They are trying to make the five year version of the company happen tomorrow. “Focus on the next step and don’t try to make your 5yr vision happen tomorrow.” What they need to realize is that if you have no customers, the next milestone is one customer. A very powerful tactic to overcome this is to help young entrepreneurs focus on building on momentum. That means focusing on the next step and trusting that those first few steps will build to the speed and impact you want.
Avoid being a single founder. Creating a company is hard work, most startups fail. The one characteristic you need above all others is resilience. You need to be relentless and work harder than the competition, and even then you will have tough times. It is for this reason that it is advisable to start companies with more than one founder. It means there is someone to share the load, to reflect and to support each other. “Want to be successful in business? Avoid being a single founder.” It is not impossible to be a single founder but it is easier to be resilient and successful as a team.”
First-time entrepreneurs almost always focus too much on non-differentiating work. Work that doesn’t make a difference in their business. Work that definitely doesn’t increase revenue. “Without a focus on doing work that makes a difference, your business is just a hobby.” A few simple examples: Redesigning your logo or website a dozen times in hopes of finding that perfect blog layout, setting up every social media account possible, trying to stay on top of said social media. And the list goes on. Instead, focus on revenue. Do the tasks that will increase revenue and reduce costs. Without a focus on that, your business is just a hobby. In order to even consider doing work that makes a difference, you need to build and leverage your entrepreneurial strength every day.
If your freelance client won’t agree to a 50% deposit, they’re not worth working with. To prevent disasters like this, take a 50% upfront payment before you even start, then taking the final 50% before any final files are provided. Any client not willing to work this way is unlikely to ever pay and should be avoided. I also strongly advise freelancers to have a written freelance contract, signed by the client, detailing what’s been agreed upon and what will happen in various different circumstances. This will give you ammo should your client be unreasonable, and will also add a level of professionalism and credibility to your service.
There’s one incredibly painful mistake that new entrepreneurs make. It’s painful because it keeps them from success. They feel like they’re working hard, but not making any progress. The mistake? Trying to do too many things at once. “Focus on just one project & strategy at a time, you’re more likely to succeed.” Focus, by definition, means narrowing your field of vision and attention. It means choosing which opportunities, projects, and even customers you are NOT going to pursue. And it is really, really hard. Focus in on just ONE strategy, create an incredibly high-value virtual summit, and you would start to make serious progress in your business. “Choose the one thing that will move the needle for you and your business. When you try to be the best podcaster, blogger, author, business coach and event producer all at the same time, you end up being mediocre at all of them. Pick one (like learning how to master the art and science of cold emailing). Focus. And work it, hard.
One piece of bonus advice: As a newer business owner, one of the biggest ROI’s you will get is from investing in growing your email list. Whether you plan on offering a mastermind, writing books or producing online summits, you’ll need a powerful, engaged email list. Make that a focus from day one.
The most painful mistake that first-time entrepreneurs make is they rely on their business idea too much. They are convinced that success in business is pre-determined by the awesomeness of their business idea alone. And they could not be more wrong. Execution is equally (if not more) important than the actual idea. Ideation is the easy and fun part and execution is the hard and tedious one. “Success in business is NOT pre-determined by the awesomeness of your idea.” That is why people would rather put faith in their ideas than invest countless hours of work towards making it happen.
Most entrepreneurs launch before they learn. For example, you may decide you want to launch a marketing consulting company, so you hastily make a website, content and reach out to people, but you have not yet figured out who your target clientele is. What people actually need help with or what you are specifically good at. So no one bites. Or you could launch a new app, but you don’t know what sells well in the app store or how to promote it. So even though you have a great product, no one sees it. Or you decide to write a book but haven’t really spent time with the key concept (researching), talking to people—so your book proposal falls flat and feels generic. Publishers ignore it. “Learn before you launch. Take time to build your plan and be patient.” This common mistake could also be framed as an inspiration/perspiration problem. We’re so inspired by the end result that we forego the process — a lot of which is hard, un-fun work. In turn, we sacrifice the best possible outcome. And this is painful because the solution is retrospectively so obvious: patience. Take time with each new idea; flesh it out; design it fully; have a plan and not just hope.”
First-time entrepreneurs are being deathly afraid that someone will steal their secret idea. “Spoiler alert for first-time entrepreneurs: Ideas are worthless.” It is the execution beyond the idea that really brings home the gold. So focus on getting out there and meeting as many folks as possible to join your team, give you feedback and point you in the right direction. Any successful entrepreneurial journey is the sum total of a rather large (and under-appreciated) team that came together in a magical way. Get cracking on building yours.
First-time entrepreneurs don’t count the cost or figure out how they will actually make money ahead of time. Since entrepreneurs don’t create a business as a ‘charitable deed to mankind,’ they need to think about where their revenue and profit will be once the business scales. “If you want to succeed in business, count your costs and project revenue ahead of time.”
New entrepreneurs bank on an idea that is not valuable to anyone with actual, real-world problems. “Spend time with people who are different than you, it will open your mind to different people and different problems, allowing you to connect the dots faster and make a real contribution to the world.
Many first-time entrepreneurs do not follow the Customer Development Model (the Steve Blank school of thought). They won’t presell their product. They avoid surveying their market, meeting or calling people from their target audience before they pony up substantial money and time building a product. In other words, too often first-timers build a product behind closed doors and don’t get the feedback necessary to ensure they get buy in for their idea. As a result, they don’t reach product-market fit and end up building a product that fails or succeeds by mere chance, not by calculated steps. “Don’t build your product behind closed doors. Get feedback and validate your idea.” Avoid the common mistake of aiming to be the next Facebook. Achieve product-market fit by focusing on building one core feature better than the competition and make sure that feature solves a big pain point for your audience. Don’t get lost in creating a bunch of features off-the-bat.
Keep your first product extremely barebones. Get clear product validation from your target customer before you spend any time or money building a Minimum Viable Product (MVP). Start small. Invest more resources in product development as you generate enough operating income to cover your ongoing research and development expenses. Hold off on executing your product roadmap before you have enough consistent sales revenue to support that vision.
Become your company’s best salesperson and marketer before hiring. One costly and painful mistake is hiring in marketing and sales too early. Things tend to go VERY wrong when a founder brings on board a senior sales or marketing person who is lacking entrepreneurial spirit and/or experience working in startups. Instead of hiring full-time, founders should seek out and consult with experienced marketers and sales veterans who work with startups on a daily basis for a fixed fee or company stock based on specific goals.” And remember, the fact that you can recite all the business slang, blogging terms or industry jargon that’s pervasive within your niche, does not automatically make you a good salesperson. Connect with your target customers and learn how to truly help them.
Business Succession Lawyer Ogden Utah Consultation
When you need an Ogden Utah business succession attorney, call Jeremy D. Eveland, MBA, JD (801) 613-1472.
Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472
https://jeremyeveland.com
Areas We Serve
We serve businesses and business owners for succession planning in the following locations:
Ogden/ˈɒɡdən/ is a city in and the county seat of Weber County,[6]Utah, United States, approximately 10 miles (16 km) east of the Great Salt Lake and 40 miles (64 km) north of Salt Lake City. The population was 87,321 in 2020, according to the US Census Bureau, making it Utah’s eighth largest city.[7] The city served as a major railway hub through much of its history,[8] and still handles a great deal of freight rail traffic which makes it a convenient location for manufacturing and commerce. Ogden is also known for its many historic buildings, proximity to the Wasatch Mountains, and as the location of Weber State University.
Ogden is a principal city of the Ogden–Clearfield, Utah Metropolitan Statistical Area (MSA), which includes all of Weber, Morgan, Davis, and Box Elder counties. The 2010 Census placed the Metro population at 597,159.[9] In 2010, Forbes rated the Ogden-Clearfield MSA as the 6th best place to raise a family.[10] Ogden has had a sister city relationship to Hof in Germany since 1954. The current mayor is Mike Caldwell.
Ogden is a city in and the county seat of Weber County, Utah, United States, approximately 10 miles (16 km) east of the Great Salt Lake and 40 miles (64 km) north of Salt Lake City. The population was 87,321 in 2020, according to the US Census Bureau, making it Utah's eighth largest city. The city served as a major railway hub through much of its history, and still handles a great deal of freight rail traffic which makes it a convenient location for manufacturing and commerce. Ogden is also known for its many historic buildings, proximity to the Wasatch Mountains, and as the location of Weber State University.
What Is Business Law and How Does It Affect Your Business?
Business law in Utah is a body of law that governs the formation, operation, and dissolution of businesses in the state of Utah. This legal field encompasses a wide range of topics, including contract law, corporate law, and labor law. Utah business law also covers a variety of other areas, such as business licensing and taxation. This article will explore the history of business law in Utah, the various types of law related to business in Utah, and the impact of business law on businesses located in the state.
History of Business Law in Utah
Business law in Utah has evolved over time, as the state has adapted to changing economic conditions and technological developments. Initially, the state’s legal framework was largely based on the English common law system. This system was adopted by the state’s original settlers, who were largely of English origin. Over time, the state developed its own set of business laws that incorporated elements of the English common law system.
Utah’s business laws were further developed in the late 19th century, when the state experienced a period of industrial growth. This period saw the passage of various laws that sought to provide protection for businesses, such as the formation of limited liability companies and the adoption of the Uniform Commercial Code (UCC). These laws remained largely unchanged until the mid-20th century, when the state began to recognize the importance of technology in the business world and began to pass laws that addressed the various issues that technology can create.
Types of Business Law in Utah
Business law in Utah covers a wide range of topics, including contract law, corporate law, labor law, and business licensing and finally business taxation. Bankruptcy law, Federal law and other laws can play a role for your business as well. For example, if you have a construction business, you’ll need a contractor’s license or if you’re a dentist, you’ll need a dental license, etc.
Contract Law
Contract law in Utah is governed by the state’s version of the UCC, which was adopted in 1973. This law governs the formation, performance, and termination of contracts between individuals and businesses. It also sets out the remedies that may be available in the event of a breach of contract. Contract law is an important part of the legal system in the state of Utah. It provides the framework for the enforcement of agreements between parties. This article has explored the various aspects of contract law in Utah, as well as the requirements for the formation and enforcement of contracts in the state. Additionally, this article has discussed the remedies available to parties in the event of a breach of contract.
Corporate Law
Corporate law in Utah is largely based on the state’s version of the Model Business Corporation Act (MBCA). This is codified as Utah Code 16-10a. This law governs the formation, operation, and dissolution of corporations in the state. It sets out the rights and obligations of corporate shareholders, directors, and officers, as well as the procedures for issuing shares and holding shareholder meetings.
Utah corporate laws are among some of the most well established in the nation. Companies that are established in Utah must adhere to the rules and regulations set forth by the state. These laws govern all aspects of running a business, from the capital structure to the fiduciary responsibilities of directors and shareholders. The Utah Business Corporation Act governs the formation and operation of corporations in the state, and outlines the rules for issuing shares and preferred stock, paying dividends, and winding up the company if necessary.
Under Utah corporate laws, a liquidator is appointed when a company is winding up and is responsible for settling the company’s debts and distributing assets. In the event of compulsory liquidation, the court appoints a liquidator who is responsible for overseeing the process. The liquidator also has the power to sue for the recovery of assets, and to bring legal action against anyone who has been found to be in breach of the company’s fiduciary duties.
Under Utah corporate laws, directors and shareholders are obligated to disclose any material non-public information, such as insider trading, they may have. Any breach of these obligations can result in a lawsuit. Furthermore, the capital structure of the company must adhere to the rules outlined in the Utah Business Corporation Act. This includes the payment of preferred dividends and the issuance of preference shares.
Utah corporate laws are studied extensively in law school, and the Law School Admission Test (LSAT) includes a section devoted to corporate law. Many Utah law schools have professors who specialize in corporate law, and those wishing to practice corporate law in Utah must have a thorough understanding of the state’s laws.
Labor Law
Labor law in Utah is governed by the state’s labor code, which sets out the rights and responsibilities of employers and employees. It is codified as Utah Code 34A-1-101 et seq. It also establishes minimum wage and overtime pay requirements, as well as workplace safety standards.
Business Licensing and Taxation
Businesses operating in Utah must obtain a business license from the state. The state also imposes various taxes on businesses, such as income tax, sales tax, and property tax.
Impact of Business Law in Utah on Businesses
Every business in Utah is affected by business laws. Business law in Utah has a significant impact on businesses operating in the state. The various laws related to business in Utah provide legal protection for businesses and ensure that they are able to operate in a safe and fair environment. The laws also provide guidance on how businesses should conduct themselves and help to ensure that businesses comply with all applicable laws and regulations.
Business law in Utah is governed by both state and federal laws. The state of Utah has its own laws and regulations that need to be followed by businesses operating in the state. Federal laws are also enforced in Utah, such as the Sherman Act and the Clayton Act, which are antitrust statutes that prohibit monopolies, price-fixing, and other trade practices that are considered anti-competitive.
The Fair Labor Standards Act (FLSA) is a federal law that sets standards for overtime pay, minimum wage, and other labor related issues. Businesses in Utah must adhere to the provisions of the FLSA, as well as the state of Utah’s own labor and employment laws.
The Federal Trade Commission (FTC) is responsible for enforcing antitrust statutes in the state of Utah. The FTC is charged with investigating and punishing companies that engage in colluding and other anti-competitive practices. The FTC also enforces the law against deceptive and misleading advertising.
Businesses in the Mountain West and Southwest regions of the United States and all along with Wasatch Front must be aware of the laws and regulations governing tip pools and tip sharing, as well as the requirements for registering an agent for service of process.
Any businesses operating in the state of Utah need to be aware of the federal and state laws governing their operations, including those related to antitrust, labor and employment, advertising, and registration of an agent for service of process. Failing to comply with these laws can result in heavy fines and other penalties.
Consultation With A Utah Business Lawyer
Business law in Utah is an important area of law that governs the formation, operation, and dissolution of businesses in the state. The various types of business law in Utah, such as contract law, corporate law, labor law, and business licensing and taxation, all play an important role in ensuring that businesses in the state are able to operate in a legal and fair environment. Business law in Utah also has a significant impact on businesses by providing them with legal protection and guidance on how to properly conduct their operations.
Utah Business Lawyer Free Consultation
When you need a Utah business attorney, call Jeremy D. Eveland, MBA, JD (801) 613-1472.
Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472
https://jeremyeveland.com
Areas We Serve
We serve businesses and business owners for succession planning in the following locations:
Salt Lake City (often shortened to Salt Lake and abbreviated as SLC) is the capital and most populous city of Utah, as well as the seat of Salt Lake County, the most populous county in Utah. With a population of 200,133 in 2020,[10] the city is the core of the Salt Lake City metropolitan area, which had a population of 1,257,936 at the 2020 census. Salt Lake City is further situated within a larger metropolis known as the Salt Lake City–Ogden–Provo Combined Statistical Area, a corridor of contiguous urban and suburban development stretched along a 120-mile (190 km) segment of the Wasatch Front, comprising a population of 2,606,548 (as of 2018 estimates),[11] making it the 22nd largest in the nation. It is also the central core of the larger of only two major urban areas located within the Great Basin (the other being Reno, Nevada).
Salt Lake City was founded July 24, 1847, by early pioneer settlers, led by Brigham Young, who were seeking to escape persecution they had experienced while living farther east. The Mormon pioneers, as they would come to be known, entered a semi-arid valley and immediately began planning and building an extensive irrigation network which could feed the population and foster future growth. Salt Lake City’s street grid system is based on a standard compass grid plan, with the southeast corner of Temple Square (the area containing the Salt Lake Temple in downtown Salt Lake City) serving as the origin of the Salt Lake meridian. Owing to its proximity to the Great Salt Lake, the city was originally named Great Salt Lake City. In 1868, the word “Great” was dropped from the city’s name.[12]
Salt Lake City has developed a strong tourist industry based primarily on skiing and outdoor recreation. It hosted the 2002 Winter Olympics. It is known for its politically progressive and diverse culture, which stands at contrast with the rest of the state’s conservative leanings.[13] It is home to a significant LGBT community and hosts the annual Utah Pride Festival.[14] It is the industrial banking center of the United States.[15] Salt Lake City and the surrounding area are also the location of several institutions of higher education including the state’s flagship research school, the University of Utah. Sustained drought in Utah has more recently strained Salt Lake City’s water security and caused the Great Salt Lake level drop to record low levels,[16][17] and impacting the state’s economy, of which the Wasatch Front area anchored by Salt Lake City constitutes 80%.[18]
Salt Lake City is the capital and most populous city of Utah, United States. It is the seat of Salt Lake County, the most populous county in Utah. With a population of 200,133 in 2020, the city is the core of the Salt Lake City metropolitan area, which had a population of 1,257,936 at the 2020 census. Salt Lake City is further situated within a larger metropolis known as the Salt Lake City–Ogden–Provo Combined Statistical Area, a corridor of contiguous urban and suburban development stretched along a 120-mile (190 km) segment of the Wasatch Front, comprising a population of 2,746,164, making it the 22nd largest in the nation. It is also the central core of the larger of only two major urban areas located within the Great Basin.
Business Succession Law is a complex and important area in the legal landscape. It involves planning for the future of a business, from the transfer of ownership and control to the division of assets and liabilities. It is essential for business owners, family members, and other stakeholders to understand the legal rules, regulations, and issues associated with business succession in order to ensure the continuity of the business and the protection of the owners’ interests. Business Succession Law is a subset of Business Law.
Black’s Law Dictionary, Seventh Edition, Page 1162, defines succession as: “The act or right of legally or officially taking over a predecessor’s office, rank, or duties. 2. The acquisition of rights or property by inheritance under the laws of descent and distribution.” (Abridged Edition, West Group, 2000). Succession is also defined in law as “(1) the act or right of legally or officially coming into a predecessor’s office, rank, or functions: (2) the acquiring of an intestate share of an estate; or (3) loosely, the acquiring of property by will.” from Garner’s Dictionary of Legal Usage, Third Edition, p. 859, Oxford University Press (2011). In the common law, Succession is the mode by which one set of persons, members of a corporation agregate, acquire the rights of another set which preceded them. This term in strictness is to be applied only to such corporations. 2 Bla. Com. 430. From page 3176 of Bouvier’s Law Dictionary, Volume 2, L-Z (1914).
So, business succession law is an important area of law that governs the transfer of ownership of businesses from one owner to another. It is important for businesses that are owned by multiple individuals, as it helps to ensure that the business is transferred in accordance with the wishes of the owners. It is also important for businesses that are owned by a single individual, as it helps to ensure that the business is transferred in accordance with the wishes of the deceased owner. Attorney Jeremy Eveland helps business owners in Utah with succession or transfer of ownership of a business either by estate planning, succession planning, or mergers, acquisitions, or direct sales.
Business Succession Planning
The process of business succession planning involves numerous legal issues, such as the transfer of ownership, division of assets and liabilities, and the protection of the business’s interests. Ownership of a business can be transferred to a family member, outside party, or other entity in the form of a buy-sell agreement, estate plan, or other legal arrangement. A buy-sell agreement is a document that outlines the terms and conditions for the purchase and sale of a business, and can be used to transfer ownership of a business to a family member, outside party, or other entity.
Transferring a Business to a Family Member
Transferring a business to a family member is an exit strategy that legally requires a great deal of planning, paperwork, and patience. Before beginning the process, it is important to understand the tax implications, as well as any legal or other considerations that may need to be addressed. For example, if the business is a corporation, it is important to ensure that all shareholders are in agreement with the transfer.
The next step is to draft a legally binding agreement that outlines the terms of the transfer. This should include the value of the business, the method of payment, the responsibilities of the recipient, and any contingencies that may be necessary. It is also important to consider the tax consequences of the transfer, as this may have a significant impact on the financial future of the business and its owners.
Once the agreement is finalized and signed, the transfer can begin. This may involve transferring ownership of the business, transferring assets, and transferring any necessary licenses or permits. It is also important to consider the transition of employees and customers to the new owner.
Finally, it is important to ensure that all of the necessary paperwork is filed with the relevant governing bodies. This may include filing for a new business license or registration, or notifying the IRS of the transfer.
Transferring a business to a family member legally can quickly become a complicated and time consuming process, but it is a viable business exit strategy. It is important to understand the legal and financial considerations involved, as well as to ensure that all paperwork is completed correctly and filed with the relevant governing bodies. With the right preparation and planning, however, the transfer can be completed with minimal disruption to the business and its owners.
Business Succession Lawyer Free Consultation
When you need a business succession attorney, call Jeremy D. Eveland, MBA, JD (801) 613-1472.
Areas We Serve
We serve businesses and business owners for succession planning in the following locations:
Estate planning is also an important part of business succession planning. Estate planning involves the preparation of a will, trust, or other document that outlines the transfer of ownership and control of a business upon its owner’s death. It can also encompass the division of assets, liabilities, and taxes associated with the business. Estate planning can be especially important for family businesses, as it can help ensure that the business will be passed on to the next generation in the manner intended by the senior-generation owners.
The legal needs of business succession planning can be complex, and it is important to consult an experienced attorney to ensure that the process is handled correctly. Attorney Jeremy D. Eveland, MBA, JD, a lawyer based in Utah, focuses his practice in business succession planning and estate planning. We provide legal services to many business owners and families, from estate planning to buy/sell agreements. We use our knowledge and experience to help families and businesses navigate the complexities of business succession law and ensure that their goals for the future of their business are achieved.
Business succession planning involves more than just legal services. It requires careful consideration of many different issues, from the transfer of ownership and control to the division of assets and liabilities. It is important to consider the needs of the business, its employees, and its owners, as well as the future of the business. Attorney Jeremy Eveland understands the nuances of business succession planning, and our attorneys provide comprehensive legal services to ensure that the needs of the business and its owners are met.
What Is Business Law?
Business succession law is a set of laws that govern the transfer of ownership of a business from one owner to another. This type of law is important for businesses that are owned by multiple individuals, as it helps to ensure that the business is transferred in accordance with the wishes of the owners. It is also important for businesses that are owned by a single individual, as it helps to ensure that the business is transferred in accordance with the wishes of the deceased owner.
Business succession law is primarily concerned with wills, intestacy, and the granting of probate. A will is a legal document that sets out the wishes of the deceased owner in regards to the transfer of ownership of the business. If the owner has not left a will, then the laws of intestate succession will apply. Intestate succession is a set of laws that govern the transfer of ownership of a business when the deceased owner did not leave a will. In either case, the court will grant a probate, which is a document that confirms the transfer of ownership of the business.
Alternative dispute resolution (ADR) is another important aspect of business succession law. ADR is a process in which parties attempt to resolve a dispute without going to court. This can include mediation, arbitration, or other forms of negotiation. ADR can be used to resolve disputes over the ownership of a business, as well as disputes over the distribution of assets or the payment of debts.
Business succession law also involves the transfer of ownership of stocks and other publicly traded securities. This includes the transfer of ownership of stock in a publicly traded company, as well as the transfer of ownership of other securities such as bonds and mutual funds. The transfer of ownership of stocks and other securities must be done in accordance with the laws of the jurisdiction in which the securities are traded.
Business succession law also involves the transfer of ownership of life insurance policies. This includes the transfer of ownership of life insurance policies from the deceased owner to the beneficiaries of the policy. The transfer of ownership must be done in accordance with the laws of the jurisdiction in which the policy is issued.
Sometimes, business succession law is concerned with wills, intestacy, the granting of probate, alternative dispute resolution, lawsuits and the transfer of ownership of stocks and other publicly traded securities. This is why your business succession lawyer needs to know about estate planning, estate administration and probate.
In addition to legal services, lawyer Eveland also offers specialized services related to business succession planning, such as: powers of attorney, last wills and testaments, advanced health care directives, revocable living trusts, irrevocable trusts, and more. Our team of experienced attorneys and advisors can help business owners and families evaluate their options and develop a comprehensive succession plan that meets their needs. Our attorneys provide advice on the various options available and help owners and families identify key employees and successors. We also provide guidance on issues such as estate planning, stock ownership, tax planning, and insurance.
We understand the complexities of business succession planning and provide comprehensive legal services to help business owners and families achieve their goals for the future of their business. Our attorneys and advisors are experienced in handling a variety of business succession issues, from the transfer of ownership and control to the division of assets and liabilities, and can provide the advice and guidance needed to ensure the continuity of the business and the protection of the owners’ interests. With our comprehensive services, we can help business owners and families develop a comprehensive business succession plan that meets their needs and ensures a successful transition for the business.
When you need legal help with business succession law in Utah, call attorney Jeremy Eveland for a business succession consultation (801) 613-1472 today.
Utah
From Wikipedia, the free encyclopedia
Jump to navigationJump to search
This article is about the U.S. state. For other uses, see Utah (disambiguation).
Coordinates: 39°N 111°W
Utah
State
State of Utah
Flag of Utah
Flag
Official seal of Utah
Seal
Nickname(s): “Beehive State” (official), “The Mormon State”, “Deseret”
Motto: Industry
Anthem: “Utah…This Is the Place”
Map of the United States with Utah highlighted
Map of the United States with Utah highlighted
Country United States
Before statehood Utah Territory
Admitted to the Union January 4, 1896 (45th)
Capital
(and largest city) Salt Lake City
Largest metro and urban areas Salt Lake City
Government
• Governor Spencer Cox (R)
• Lieutenant Governor Deidre Henderson (R)
Legislature State Legislature
• Upper house State Senate
• Lower house House of Representatives
Judiciary Utah Supreme Court
U.S. senators Mike Lee (R)
Mitt Romney (R)
U.S. House delegation 1: Blake Moore (R)
2: Chris Stewart (R)
3: John Curtis (R)
4: Burgess Owens (R) (list)
Area
• Total 84,899 sq mi (219,887 km2)
• Land 82,144 sq mi (212,761 km2)
• Water 2,755 sq mi (7,136 km2) 3.25%
• Rank 13th
Dimensions
• Length 350 mi (560 km)
• Width 270 mi (435 km)
Elevation 6,100 ft (1,860 m)
Highest elevation (Kings Peak[1][2][a]) 13,534 ft (4,120.3 m)
Lowest elevation (Beaver Dam Wash at Arizona border[2][a][3]) 2,180 ft (664.4 m)
Population (2020)
• Total 3,271,616[4]
• Rank 30th
• Density 36.53/sq mi (14.12/km2)
• Rank 41st
• Median household income $60,365[5]
• Income rank 11th
Demonym Utahn or Utahan[6]
Language
• Official language English
Time zone UTC−07:00 (Mountain)
• Summer (DST) UTC−06:00 (MDT)
USPS abbreviation
UT
ISO 3166 code US-UT
Traditional abbreviation Ut.
Latitude 37° N to 42° N
Longitude 109°3′ W to 114°3′ W
Website utah.gov
Utah state symbols
Flag of Utah.svg
Flag of Utah
Seal of Utah.svg
Living insignia
Bird California gull
Fish Bonneville cutthroat trout[7]
Flower Sego lily
Grass Indian ricegrass
Mammal Rocky Mountain Elk
Reptile Gila monster
Tree Quaking aspen
Inanimate insignia
Dance Square dance
Dinosaur Utahraptor
Firearm Browning M1911
Fossil Allosaurus
Gemstone Topaz
Mineral Copper[7]
Rock Coal[7]
Tartan Utah State Centennial Tartan
State route marker
Utah state route marker
State quarter
Utah quarter dollar coin
Released in 2007
Lists of United States state symbols
Utah (/ˈjuːtɑː/ YOO-tah, /ˈjuːtɔː/ (listen) YOO-taw) is a state in the Mountain West subregion of the Western United States. Utah is a landlocked U.S. state bordered to its east by Colorado, to its northeast by Wyoming, to its north by Idaho, to its south by Arizona, and to its west by Nevada. Utah also touches a corner of New Mexico in the southeast. Of the fifty U.S. states, Utah is the 13th-largest by area; with a population over three million, it is the 30th-most-populous and 11th-least-densely populated. Urban development is mostly concentrated in two areas: the Wasatch Front in the north-central part of the state, which is home to roughly two-thirds of the population and includes the capital city, Salt Lake City; and Washington County in the southwest, with more than 180,000 residents.[8] Most of the western half of Utah lies in the Great Basin.
Utah has been inhabited for thousands of years by various indigenous groups such as the ancient Puebloans, Navajo and Ute. The Spanish were the first Europeans to arrive in the mid-16th century, though the region’s difficult geography and harsh climate made it a peripheral part of New Spain and later Mexico. Even while it was Mexican territory, many of Utah’s earliest settlers were American, particularly Mormons fleeing marginalization and persecution from the United States. Following the Mexican–American War in 1848, the region was annexed by the U.S., becoming part of the Utah Territory, which included what is now Colorado and Nevada. Disputes between the dominant Mormon community and the federal government delayed Utah’s admission as a state; only after the outlawing of polygamy was it admitted in 1896 as the 45th.
People from Utah are known as Utahns.[9] Slightly over half of all Utahns are Mormons, the vast majority of whom are members of the Church of Jesus Christ of Latter-day Saints (LDS Church), which has its world headquarters in Salt Lake City;[10] Utah is the only state where a majority of the population belongs to a single church.[11] The LDS Church greatly influences Utahn culture, politics, and daily life,[12] though since the 1990s the state has become more religiously diverse as well as secular.
Utah has a highly diversified economy, with major sectors including transportation, education, information technology and research, government services, mining, and tourism. Utah has been one of the fastest growing states since 2000,[13] with the 2020 U.S. census confirming the fastest population growth in the nation since 2010. St. George was the fastest-growing metropolitan area in the United States from 2000 to 2005.[14] Utah ranks among the overall best states in metrics such as healthcare, governance, education, and infrastructure.[15] It has the 14th-highest median average income and the least income inequality of any U.S. state. Over time and influenced by climate change, droughts in Utah have been increasing in frequency and severity,[16] putting a further strain on Utah’s water security and impacting the state’s economy.[17]
Salt Lake City is the capital and most populous city of Utah, United States. It is the seat of Salt Lake County, the most populous county in Utah. With a population of 200,133 in 2020, the city is the core of the Salt Lake City metropolitan area, which had a population of 1,257,936 at the 2020 census. Salt Lake City is further situated within a larger metropolis known as the Salt Lake City–Ogden–Provo Combined Statistical Area, a corridor of contiguous urban and suburban development stretched along a 120-mile (190 km) segment of the Wasatch Front, comprising a population of 2,746,164, making it the 22nd largest in the nation. It is also the central core of the larger of only two major urban areas located within the Great Basin.
Do you need legal help with a succession plan for your business in West Valley City Utah? If you do, then you are at the right place. Attorney Jeremy Eveland helps businesses create succession plans for businesses and company owners in West Valley City UT. Call Jeremy Eveland today for your free business succession consultation at (801) 613-1472. Read this article for more information about business law.
Business succession involves transferring ownership, control, and management of a business from one generation to another. It can be accomplished through various methods such as stock transfers, wills, trusts, or other legal instruments. It is important to consult a lawyer or law firm to ensure that all necessary documents are prepared correctly. A will can outline how assets, including the option to purchase a business, should be distributed upon death. Life insurance policies and testamentary trusts can also be used for this purpose. An advanced directive, such as a living will, can provide instructions for health care decisions in case of incapacity, and personal liability protection can help protect family members from being held responsible for debts incurred by the deceased’s estate or business.
Proper business planning is essential for succession and includes creating employment contracts with key personnel who will take over management responsibilities, establishing retirement plans, purchasing appropriate insurance coverage, understanding intestacy laws (in case there is no valid will), and navigating probate proceedings if necessary. Finances must also be taken into account, including taxes on income generated by the company before its sale or transfer and any outstanding loans that need to be paid off at closing.
Succession planning requires careful consideration so that all parties involved feel secure about their future prospects within the organization when ownership changes hands, whether due to retirement, illness, disability, or death. This helps ensure continuity and financial stability during transition periods until new owners assume full responsibility for day-to-day operations.
Why Is Business Law So Important?
Business law is a section of code that is involved in protecting liberties and rights, maintaining orders, resolving disputes, and establishing standards for the business concerns and their dealings with government agencies and individuals. Every state defines its own set of regulations and laws for business organizations. Similarly, it is also the responsibility of the business concerns to know the existing rules and regulations applicable to them.
Importance of Business Law
Business law plays a vital role in regulating business practices in a country. Here are some points that prove why business law is so relevant:
Compensation Issues
Business law is essential to handle various compensation issues in an organization. A professional business attorney in Utah can help companies in settling issues related to compensation and salary management. It is the responsibility of the attorney to ensure that his or her client does not violate compensation and benefits laws at any cost. The consequences can be fatal in case of any discrepancies.
Safeguard the Rights of Shareholders
Business law plays a vital role when it comes to safeguarding the rights of a company’s shareholders. An experienced business law attorney can successfully handle such issues along with conflicts related to minority shareholders, constitutional documents, and resolution by arbitration, and more.
Business Formation
Business law plays the role of a foundation stone for any business concern. Establishing business includes a lot of legal processes, leasing, and permits. A business law attorney is well-versed with all the relevant regulations, and can help the concern establish its operations successfully.
What are the Functions of Business Law?
Every business concern, either large-scale or small-scale, is bound to comply with their respective legal regulations. Here are some significant functions of business law that can help you in understanding it better.
Includes laws related to business ethics, substantive law, procedural law, court system structure, and so on.
Business law entails the taxation system for different types of businesses.
The level of competition and antitrust are also involved.
Business law also includes regulations about employee rights and privileges, workplace safety, overtime rules, and minimum wages law.
It strives to alleviate the impact businesses have on the environment and nature. It aims to regulate pesticides, limit air and water pollution, chemical usage, and so on.
Business law determines the formal process of establishment of a business organization and regulations related to the selling of corporate entities.
It also includes rights assignment, drafting, and work delegations, breach of contract, transactions, contracts, and penalties for violation of the agreement.
Business law defines laws related to business partnerships, entities, sole proprietorships, liability companies, and corporations.
It describes laws related to business and real property.
Business law analyses the overall impact of computer technology on other business domains.
Includes laws related to bankruptcy and governance of the securities.
Purposes and Functions of Business Law
The purposes and functions of business law include maintaining order, protecting rights and liberties, establishing standards, and resolving disputes.3 min read
The purposes and functions of business law include maintaining order, protecting rights and liberties, establishing standards, and resolving disputes when it comes to businesses and their interactions with individuals, government agencies, and other businesses.
Purposes and Functions of Law
Establishing standards identifies what types of behavior are and are not accepted in society. For example, damage to person or property is considered a crime because it is not tolerated by society.
Maintaining order is necessary for a civilized society.
Resolving disputes allows for the mitigation of issues that arise between those with different wants, needs, views, and/or values. The court system is the formal legal method for resolving disputes and consists of both state and federal courts. Disputes can also be resolved through alternative dispute resolution, which are official but less formal methods such as mediation and arbitration.
Protecting liberties and rights ensures each individual is allowed his or her constitutional rights, including freedom of speech and so forth.
In addition to these four core functions, the law serves many other specialized functions.
Business Law Background
This practice area includes regulations and statutes related to businesses, individuals, and families in their roles as workers, citizens, and consumers. As business becomes increasingly globalized, the business laws of various governments and nations may be in conflict. It’s important for business owners to understand how business law impacts commerce both domestically and abroad.
Business law standards include having expectations for following laws of other countries, distinguishing between unethical and legal behavior, and establishing social responsibility as a cornerstone of global citizenship. Most recently, new areas of business law must navigate the effects of modern technology. In fact, computer law is even a subspecialty within business law because of its importance in this realm.
Functions of Commercial Law
Commercial law, a branch of civil law, comprises governance of commercial and business transactions in both the public and private realms. Areas of commercial law include land and sea transportation, agent and principal, merchant shipping, insurance, partnership, guarantees, corporate contracts, sale and manufacture of consumer goods, hiring practices, and bills of exchange.
Commercial law has developed substantially over the years, but in general, it is designed to allow those engaged in business flexibility to administer their business within legal guidelines. Legislation in this area is designed to promote free trade.
Reforms to the commercial code focus on identifying and correcting inconsistencies and gaps in the law. Courts can also look to other legal systems to find remedies to complex legal issues. For example, recent updates focus on the impact of technology on these areas and how it affects business dealings. However, more restrictive trade practices have also been introduced in the modern era.
Business Law and Peace of Mind for Entrepreneurs
Basically, business law is a set of guidelines that all businesses should consider to guarantee that business transactions are done fairly and with knowledge of what’s going on. Business law can help business owners avoid legal disputes or mishaps that might otherwise have happened without their knowledge and which could’ve been costly to the business owner in terms of time, money, and resources.
Business laws cover a wide range of topics such as hiring employees, protecting employees’ rights, business contracts, business property rights, business taxation, and business law in general.
Business Laws Protect You from Mistakes
We all make mistakes now and then. But when it comes to business law, the consequences can be especially devastating if you don’t know what you’re doing or are negligent about looking into your options before taking a particular step that might lead to major setbacks that could be detrimental to your business.
Business laws are a crucial part of running a successful business. It is important to understand the rules and regulations that govern your industry, as well as the legal consequences you could face if you do not adhere to them.
While it is easy to pay attention only when something goes wrong, taking time out for some self-education can help you avoid many costly mistakes in the future. The most effective way to learn about business law is by reading up on it yourself. However, there are also plenty of books and online resources available that provide valuable insight into this field without requiring too much effort from your end.
Consequences of Failing to Understand Business Laws
You’ve built a business, and you’re doing well. But are you aware of the laws that could protect your business from legal issues? The problem is that many entrepreneurs don’t have time to read about all the different rules in each country they operate in. That’s why it’s crucial for every entrepreneur to stay up-to-date with local regulations and understand how these rules can affect their businesses.
As an entrepreneur, you may not realize how many laws there are that protect you and your business. Many entrepreneurs aren’t aware of the laws in place to help them run their businesses legally and avoid legal issues. While this can be a good thing because it means less worry for you, it also means that some things could go wrong without your knowledge if someone else takes advantage of the situation.
The Importance of Getting to Know Business Laws More Intimately
In business, the more you know about business law and how it protects your business from possible issues, the better off you’ll be. Your business is likely subject to a number of different rules and regulations depending on the industry you belong to and what business structure you have.
The importance of understanding business law is often overlooked by business owners, but it shouldn’t be. Know your rights and what to do if something goes wrong with a client or supplier can help reduce future problems as well as the cost that will go into resolving those issues in court.
Learning more about business laws now may also help prevent major setbacks for your business in the future. A business law attorney can be of great assistance to a business owner. They are able to help explain the different aspects of business law and how they apply to your business. The more knowledgeable you are about business law, the more successful your business is going to be.
Effective succession or talent-pool management concerns itself with building a series of feeder groups up and down the entire leadership pipeline or progression.[6] In contrast, replacement planning is focused narrowly on identifying specific back-up candidates for given senior management positions. Thought should be given to the retention of key employees, and the consequences that the departure of key employees may have on the business.[7]
Fundamental to the succession-management process is an underlying philosophy that argues that top talent in the corporation must be managed for the greater good of the enterprise. Merck and other companies argue that a “talent mindset” must be part of the leadership culture for these practices to be effective.[8]
Organizations use succession planning as a process to ensure that employees are recruited and developed to fill each key role within the company. Through one’s succession-planning process, one recruits superior employees,[citation needed] develops their knowledge, skills, and abilities, and prepares them for advancement or promotion into ever more-challenging roles. Actively pursuing succession planning ensures that employees are constantly developed to fill each needed role. As one’s organization expands, loses key employees, provides promotional opportunities, or increases sales, one’s succession planning aims to ensure that one has employees on hand ready and waiting to fill new roles. Succession planning is one of important processes in leadership pipeline.
According to a 2006 Canadian Federation of Independent Business survey,[9] slightly more than one third of owners of independent businesses plan to exit their business within the next 5 years – and within the next 10 years two-thirds of owners plan to exit their business. The survey also found that Small and medium-sized enterprises (SMEs) are not adequately prepared for their business succession: only 10% of owners have a formal, written succession plan; 38% have an informal, unwritten plan; and the remaining 52% do not have any succession plan at all. A 2004 CIBC survey suggests that succession planning is increasingly becoming a critical issue. The CIBC estimated that by 2010, $1.2 trillion in business assets would be poised to change hands.[10]
Research indicates many succession-planning initiatives fall short of their intent.[11] “Bench strength”, as it is commonly called, remains a stubborn problem in many if not most companies. Studies indicate that companies that report the greatest gains from succession planning feature high ownership by the CEO and high degrees of engagement among the larger leadership team.[12]
Research indicates that clear objectives are critical to establishing effective succession planning.[12] These objectives tend to be core to many or most companies that have well-established practices:
Identify those with the potential to assume greater responsibility in the organization
Provide critical development experiences to those that can move into key roles
Engage the leadership in supporting the development of high-potential leaders
Build a database that can be used to make better staffing decisions for key jobs
In other companies these additional objectives may be embedded in the succession process:
Improve employee commitment and retention
Meet the career development expectations of existing employees
Counter the increasing difficulty and costs of recruiting employees externally
Companies devise elaborate models to characterize their succession and development practices. Most reflect a cyclical series of activities that include these fundamentals:
Identify key roles for succession or replacement planning
Define the competencies and motivational profile required to undertake those roles
Assess people against these criteria – with a future orientation
Identify pools of talent that could potentially fill and perform highly in key roles
Develop employees to be ready for advancement into key roles – primarily through the right set of experiences.
In many companies, over the past several years,[when?] the emphasis has shifted from planning job assignments to development, with much greater focus on managing key experiences that are critical to growing global-business leaders.[citation needed] North American companies tend to be more active in this regard, followed by European and Latin American countries.
PepsiCo, IBM and Nike provide current examples of the so-called “game-planning” approach to succession and talent management. In these and other companies annual reviews are supplemented with an ongoing series of discussions among senior leaders about who is ready to assume larger roles. Vacancies are anticipated and slates of names are prepared based on highest potential and readiness for job moves. Organization realignments are viewed as critical windows-of-opportunity to utilize development moves that will serve the greater good of the enterprise.
Assessment is a key practice in effective succession-planning. There is no widely accepted formula for evaluating the future potential of leaders, but many tools and approaches continue to be used today, ranging from personality and cognitive testing to team-based interviewing and simulations and other Assessment centre methods. Elliott Jaques and others have argued for the importance of focusing assessments narrowly on critical differentiators of future performance. Jaques developed a persuasive case for measuring candidates’ ability to manage complexity, formulating a robust operational definition of business intelligence.[13] The Cognitive Process Profile (CPP) psychometric is an example of a tool used in succession planning to measure candidates’ ability to manage complexity according to Jaques’ definition.
Companies struggle to find practices that are effective and practical. It is clear that leaders who rely on instinct and gut to make promotion decisions are often not effective.[citation needed] Research indicates that the most valid practices for assessment are those that involve multiple methods and especially multiple raters.[14][need quotation to verify] “Calibration meetings” composed of senior leaders can be quite effective in judging a slate of potential senior leaders with the right tools and facilitation.[citation needed]
With organisations facing increasing complexity and uncertainty in their operating environments some[quantify] suggest a move away from competence-based approaches.[15] In a future that is increasingly hard to predict leaders will need to see opportunity in volatility, spot patterns in complexity, find creative solutions to problems, keep in mind long-term strategic goals for the organisation and wider society, and hold onto uncertainty until the optimum time to make a decision.[citation needed]
Professionals in the field, including academics, consultants and corporate practitioners, have many strongly-held views on the topic. Best practice is a slippery concept in this field. There are many thought-pieces on the subject that readers may[original research?] find valuable, such as “Debunking 10 Top Talent Management Myths”, Talent Management Magazine, Doris Sims, December 2009. Research-based writing is more difficult to find. The Corporate Leadership Council, The Best Practice Institute (BPI) and the Center for Creative Leadership, as well as the Human Resources Planning Society, are sources of some effective research-based materials.
Over the years,[when?] organizations have changed their approach to succession planning. What used to be a rigid, confidential process of hand-picking executives to be company successors is now becoming a more fluid, transparent practice that identifies high-potential leaders and incorporates development programs preparing them for top positions.[16] As of 2017 corporations consider succession planning a part of a holistic strategy called “talent management”.[citation needed] According to the company PEMCO, “talent management is defined as the activities and processes throughout the employee life cycle: recruiting and hiring, Onboarding, training, professional development, performance management, workforce planning, leadership development, career development, cross-functional work assignments, succession planning, and the employee exit process”.[16] When managing internal talent, companies must “know whether the right people, are moving at the right pace into the right jobs at the right time”.[17] An effective succession-planning strategy, coupled with solid career-development programs, will help paint a more promising future for employees.[citation needed]
A substantial body of literature discusses succession planning. The first book that addressed the topic fully was “Executive Continuity” by Walter Mahler. Mahler was responsible in the 1970s for helping to shape the General Electric succession process which became the gold standard of corporate practice. Mahler, who was heavily influenced by Peter Drucker, wrote three other books on the subject of succession, all of which are out of print. His colleagues, Steve Drotter and Greg Kesler,[12] as well as others, expanded on Mahler’s work in their writings. “The Leadership Pipeline: How to Build the Leadership Powered Company”, by Charan, Drotter and Noel is noteworthy.[6][need quotation to verify] A new edited collection of materials, edited by Marshall Goldsmith, describes many contemporary examples in large companies.[18]
Most large corporations assign a process owner for talent and succession management. Resourcing of the work varies widely – from numbers of highly dedicated internal consultants to limited professional support embedded in the roles of human-resources generalists. Often these staff resources are separate from external staffing or recruiting functions. As of 2017 some companies seek to integrate internal and external staffing. Others are more inclined to integrate succession management with the performance management process in order simplify the work for line managers.
A prior preparation needs to be done for the replacement of a CEO in family firms.[citation needed] The role of advisors is important as they help with the transition of leadership between the current-generation leaders and the successors.[citation needed] Advisors help family-owned businesses establish their own leadership skills. This process is relatively long if the successors want to be accepted by all employees. They need to take higher managing positions gradually to be respected. During this process, the successors are asked to develop different skills such as leadership. This is where the role of advisors fully exemplifies its importance. It is when the managing position is shared between the first-generation leader, the second and the advisors. An advisor helps with communication because emotional factors between family members can badly affect the company. The advisors help manage everything during a predetermined period of time and make the succession process less painful and eventful for everybody. In these cases, an interim leadership is usually what is best for the company. The employees can get accustomed to changes while getting to know the future CEO.[19][20]
With the global proliferation of SMEs, issues of business succession and continuity have become increasingly common. When the owner of a business becomes incapacitated or passes away, it is often necessary to shut down an otherwise healthy business. Or in many instances, successors inherit a healthy business, which is forced into bankruptcy because of lack of available liquidity to pay inheritance taxes and other taxes. Proper planning helps avoid many of the problems associated with succession and transfer of ownership.
Business Exit Planning is a body of knowledge which began developing in the United States towards the end of the 20th century[citation needed], and is now spreading globally. A Business Exit Planning exercise begins with the shareholder(s) of a company defining their objectives with respect to an eventual exit, and then executing their plan, as the following definition suggests:
Business Exit Planning is the process of explicitly defining exit-related objectives for the owner(s) of a business, followed by the design of a comprehensive strategy and road map that take into account all personal, business, financial, legal, and taxation aspects of achieving those objectives, usually in the context of planning the leadership succession and continuity of a business. Objectives may include maximizing (or setting a goal for) proceeds, minimizing risk, closing a Transaction quickly, or selecting an investor that will ensure that the business prospers. The strategy should also take into account contingencies such as illness or death.[21]
All personal, financial, and business aspects should be taken into consideration. This is also a good time to plan an efficient transfer from the point of view of possibly applicable estate taxes, capital gains taxes, or other taxes.
Sale of a business is not the only form of exit. Forms of exit may also include initial public offering, management buyout, passing on the firm to next-of-kin, or even bankruptcy. Bringing on board financial strategic or financial partners may also be considered a form of exit, to the extent that it may help ensure succession and survival of the business.
In developed countries, the so-called “baby boomer” demographic wave is now reaching the stage where serious consideration needs to be given to exit. Hence, the importance of Business Exit Planning is expected to further increase in the coming years.
Small business succession tends to focus on how a business will continue to operate once its founder or initial leadership team retires or otherwise leaves the business. While small businesses on the whole often fail after the departure of their initial leadership team, succession planning can result in significantly improved chances for a business’s continuation.[22]
Within the context of succession planning, where a small business is owned by a group of managers or partners, thought should be given to the transition of the business to the partners, how departure from a business will be managed, and how shares or ownership interest will be valued for purposes of sale or buy-out.[23]
When succession occurs within a company’s hierarchy, succession plans should consider issues that may arise relating to retention of the intended successor, the possibility of jealousy by other employees, and how other employees will respond when they learn of the succession plan.[23] Additional issues are likely to arise if succession is to a family member,[24] particularly if more than one child of the managing owner works for the business or if siblings who do not work for the business will gain shares without having invested time and energy in the business.[23]
Small businesses and perhaps especially family businesses benefit from creating a disciplined succession process, involving,
Discussion and commitment by the shareholders;
Careful candidate selection; and
Integration and development of the selected successor.[22]
No part of the process should be rushed, with the integration process being expected to take roughly two years.[22]
Succession planning is a process and strategy for replacement planning or passing on leadership roles. It is used to identify and develop new, potential leaders who can move into leadership roles when they become vacant.[1][2] Succession planning in dictatorships, monarchies, politics, and international relations is used to ensure continuity and prevention of power struggle.[3][4] Within monarchies succession is settled by the order of succession.[3] In business, succession planning entails developing internal people with managing or leadership potential to fill key hierarchical positions in the company. It is a process of identifying critical roles in a company and the core skills associated with those roles, and then identifying possible internal candidates to assume those roles when they become vacant.[2] Succession planning also applies to small and family businesses (including farms and agriculture) where it is the process used to transition the ownership and management of a business to the next generation.[5]
Business Succession Lawyer Free Consultation
When you need a business succession attorney, call Jeremy D. Eveland, MBA, JD (801) 613-1472.
Areas We Serve
We serve businesses and business owners for succession planning in the following locations:
Do you need a Business Succession Lawyer in Salt Lake City Utah? If you do, then you are at the right place. Attorney Jeremy Eveland helps businesses create succession plans. Call Jeremy Eveland today for your free business succession consultation (801) 613-1472.
Succession planning typically involves identifying the key roles and responsibilities of the business owner and planning for their transition to a successor. This can involve developing a plan for the transfer of ownership and control of the business, as well as developing a plan for the transition of key roles and responsibilities to the successor. This could include training, mentoring, and support for the new owner.
Succession planning also involves developing a plan for the financial security of the business. This could involve setting up a trust fund or other financial vehicles to ensure that the business is financially secure and that the successor has access to the necessary funds needed to manage and grow the business.
Business succession is an important part of any business and is essential for the continued success and growth of the business. Proper succession planning can help ensure that the business is able to continue to thrive and provide the necessary resources and support for the successor.
Why put much stock in business advice?
Each and every one of these entrepreneurs sharing their business advice with you have had their own unique journey to building a successful business. They are all different. Some came from backgrounds of wealth and influential connections, while others have built empires starting truly from nothing. Don’t take the business advice you hear as gospel to be followed word-for-word. Rather, use it as a tool to inform your big decisions and major strategic moves within your own business.
Here is some actual advice:
The best businesses come from people’s bad personal experiences. If you just keep your eyes open, you’re going to find something that frustrates you, and then you think, ‘well I could maybe do it better than it’s being done,’ and there you have a business. If you can change people’s lives, you have a business.” People think, ‘well everything’s been thought of,’ but actually, all of the time, there are gaps in the market here and gaps in the market there.”
If you are going to start a business, you need to really love it, because not everybody is going to love it. “You have to really believe in your product to deal with the naysayers and persevere and when you really believe in your product, you are willing to deal with all the naysayers and persevere.”
Choose something that you both love and are good at doing. Then, taking that first step is always the hardest. It’s terrifying, but really, it’s about preparation. We all go through this process where you’ve got the business idea, you get that feeling in your stomach and you get all excited. Then you talk to a friend, and your friend says, ‘oh wow that’s pretty cool, I’ve never heard of anything like that. I would buy that.’ And then you do the Google search. The first thing is that just because you don’t see it on Google, doesn’t mean one hundred companies haven’t gone out of business doing the same thing. It hasn’t been done for a reason, because every company that’s tried it, has gone out of business.
You have 90 seconds, if you’re lucky. If you can’t make your point persuasively in that time, you’ve lost the chance for impact. Facts and figures are important, but it’s not the only criteria, you must present in a manner that generates expertise and confidence. “You have 90sec to make an impact in your pitch. Show expertise and confidence.” If you’re not prepared to make your pitch, you may just miss your next big opportunity.
Don’t give up, don’t take anything personally, and don’t take no for an answer; you never know what you’re going to learn along the way. “The people who told me no, were the people that eventually told me yes; so don’t forget it.”
The most painful mistake in first-time entrepreneurs is thinking that just having a business plan or a great concept is enough to guarantee success. It’s not. Business success is 80% psychology and 20% mechanics. And, frankly, most people’s psychology is not meant for building a business. “Think honestly about who you are, what you want to accomplish, and what mindset you need to have to get there. Because the biggest thing that will hold you back is your own nature. Few people are natural risk-takers or emotionally ready for the challenges of building a business. You can’t just sign up for a marathon and run it without ever training. You have to increase your capacity and become fit. Being an entrepreneur requires similar kinds of emotional and psychological fitness so that you don’t become the chokehold on your business’s success.”
You’re the average of the 5 people you associate with most. “Choose friends wisely. “It is also said that ‘your network is your net worth.’ These two work well together.”
Focus on the prototype. Don’t focus on your pitch deck, business plan or financial projections. “If you get a prototype out and you get enough people using it, you never have to write a business plan, do a forecast or do anything like that. A prototype is where you separate the BS from the reality.”
Start now, you don’t need funding. Watch out for when you want to do something big, but say you can’t until you raise money to fund the idea. It usually means you are more in love with the idea of being big than with actually doing something useful. “For an idea to be big, it has to be useful and being useful doesn’t need funding.” If you want to be useful, you can always start right now with just 1% of what you have in your grand vision. It will be a humble prototype of your grand vision, but you will be in the game. You’ll be ahead of the rest because you actually started, when others waited for the finish line to magically appear at the starting line.
The easiest way to tell if someone is a first-time entrepreneur is when they are secretive about their ideas. Real entrepreneurs know good ideas are cheap and that success comes from hard work, not a stroke of genius. The other big mistake entrepreneurs make is building a product for a customer they don’t know well. That’s why entrepreneurs should build a product for themselves, at least that way you ensure you have built something for a user you know intimately. All of the great tech companies of the past decade–Facebook, Twitter, Slack, Snapchat–were built by founders who were making products they wanted to use.
They wait to get started. They wait until they have more information, more experience, more, more money, and a more perfect version of whatever they have created. “The best way to learn is by doing. Stop waiting and bring your ideas to life today.” All that waiting means they are not really learning. When you are an entrepreneur, the best way to learn is to do something, to put your idea into someone’s hands, or to talk to the people you want to serve. Stop waiting and do something.
Scratch your own itch. Go after solving a problem that you have. Something that’s near and dear to you, not some random market opportunity. “Because, when things get hard, if you are chasing just the dollars, or a random market opportunity, you are not going to be able to have the fortitude, the passion, to stay with it.”
Don’t waste time or spend money on non-core issues when starting a business. In fact, don’t spend any money until you make some.
One of the most painful and common mistakes first-time entrepreneurs make is that they fall in love with their own business idea. They will spend months building what they believe to be the next innovative, disruptive, game-changing startup. Then they launch… and nobody buys, nobody cares, nothing happens. “Don’t fall in love with your idea, fall in love with the problem you’re solving and validate your business idea early on that it is a problem worth solving.”
There is no path! Another big mistake first-time entrepreneurs make is they desperately want a structured business plan and direct path. “Don’t plan everything! Listen to your customers and make changes as needed.” One of the most important things about starting a business is being flexible. Listening to customers, watching data and making iterations and changes as needed. Sometimes having a path or a rigid business plan can limit you. Think of your business like a meadow not a path, just play!
Perfectionism cripples a lot of entrepreneurs. They won’t launch their site or put their product up for sale until they think it’s perfect, which is a big waste of time. It’s never going to be perfect. “Don’t let perfectionism cripple you. Launch as soon as possible and adapt.” Pitch your product or service as soon as you have the bare bones of it put together. This will give you valuable feedback about whether your market really wants it. You can polish it later.”
Being an entrepreneur takes hustle. And here’s the problem: Sometimes we think hustle is about becoming a workaholic or adding a lot of stuff to our lives. “Hustle the right way. It’s not about doing more, it’s about doing what you need to do.” Hustle is an act of focus, not frenzy. Hustle is about subtraction and addition. It’s not about doing more, it’s about focusing on the things that you need to do, in order to move your business forward.
Perfect is a curse. Innovation is messy. Test, learn, and improve. Often new entrepreneurs wait too long to put their product out in the market. With limited resources at hand, it is crucial that you get an MVP out as soon as possible and start getting traction. Take the user’s feedback to iterate and improve your products. “Not launching fast enough is a mistake you simply can’t afford to make. If you want to get an edge over others, launch now!”
The most painful mistake entrepreneurs make is copying or doing the same things that successful entrepreneurs have done, expecting similar results. What first-time entrepreneurs don’t realize is that the world is not a vacuum and there’s more going on behind the scenes than it appears. There’s much more effort that has gone into creating the success they see on the surface, and there’s no guarantee that a particular tactic or strategy will be successful for everyone. “First time entrepreneurs should not get caught up in the glamour and don’t take things for face value. Rather, use these successes you read about as inspiration for what you can do too. Set more realistic blogging goals and forget about ‘going viral’ or trying to be like someone else.”
Most people start out with completely unrealistic expectations of what level of effort is required and how long it takes to get a business off the ground. They are easily discouraged and give up way too soon. I blame it on wishful thinking. “There’s no guarantee in business. Approach it with humility, grit and determination.” The reality is that there is no way to know how long it will take or whether it will work at all. So approach it with humility, grit and a willingness to do whatever it takes to succeed, even if that means you have to work really hard for a long time.
Wills are written documents that outline how assets should be distributed upon death. This can include the option to purchase a business that has not been sold before the owner’s death. Life insurance policies and testamentary trusts, which allow for tax-free distributions after death, can also be used for this purpose. An advanced directive, such as a living will, can provide instructions for health care decisions in the event of incapacity, while personal liability protection can help protect family members from being held responsible for debts incurred by the deceased’s estate or business operations.
Effective business succession planning involves creating employment contracts with key personnel who will take over management responsibilities, establishing retirement plans, purchasing appropriate insurance coverage, understanding intestacy laws (in the absence of a valid will), and navigating probate proceedings if necessary. Financial considerations, including taxes on income generated by the company before its sale or transfer and outstanding loans that need to be paid off at closing, must also be taken into account.
Succession planning is important to ensure that all parties involved feel secure about their future prospects within the organization once ownership changes hands, whether due to retirement, illness, disability, or death. It is essential to ensure continuity and financial stability throughout the transition period until new owners fully assume responsibility for daily operation
Attorney Jeremy D. Eveland, MBA, JD is an attorney licensed to practice law in Utah only. This is not legal advice. If you need actual legal advice for your situation you need to speak with a lawyer licensed in your jurisdiction and who understands and goes over the particular facts of your case. Facts matter. If you have questions about Business Succession in Salt Lake City Utah, call Mr. Eveland for a free consultation (801) 613-1472.
Salt Lake City (often shortened to Salt Lake and abbreviated as SLC) is the capital and most populous city of Utah, as well as the seat of Salt Lake County, the most populous county in Utah. With a population of 200,133 in 2020,[10] the city is the core of the Salt Lake City metropolitan area, which had a population of 1,257,936 at the 2020 census. Salt Lake City is further situated within a larger metropolis known as the Salt Lake City–Ogden–Provo Combined Statistical Area, a corridor of contiguous urban and suburban development stretched along a 120-mile (190 km) segment of the Wasatch Front, comprising a population of 2,606,548 (as of 2018 estimates),[11] making it the 22nd largest in the nation. It is also the central core of the larger of only two major urban areas located within the Great Basin (the other being Reno, Nevada).
Salt Lake City was founded July 24, 1847, by early pioneer settlers, led by Brigham Young, who were seeking to escape persecution they had experienced while living farther east. The Mormon pioneers, as they would come to be known, entered a semi-arid valley and immediately began planning and building an extensive irrigation network which could feed the population and foster future growth. Salt Lake City’s street grid system is based on a standard compass grid plan, with the southeast corner of Temple Square (the area containing the Salt Lake Temple in downtown Salt Lake City) serving as the origin of the Salt Lake meridian. Owing to its proximity to the Great Salt Lake, the city was originally named Great Salt Lake City. In 1868, the word “Great” was dropped from the city’s name.[12]
Salt Lake City has developed a strong tourist industry based primarily on skiing and outdoor recreation. It hosted the 2002 Winter Olympics. It is known for its politically progressive and diverse culture, which stands at contrast with the rest of the state’s conservative leanings.[13] It is home to a significant LGBT community and hosts the annual Utah Pride Festival.[14] It is the industrial banking center of the United States.[15] Salt Lake City and the surrounding area are also the location of several institutions of higher education including the state’s flagship research school, the University of Utah. Sustained drought in Utah has more recently strained Salt Lake City’s water security and caused the Great Salt Lake level drop to record low levels,[16][17] and impacting the state’s economy, of which the Wasatch Front area anchored by Salt Lake City constitutes 80%.[18]
Salt Lake City is the capital and most populous city of Utah, United States. It is the seat of Salt Lake County, the most populous county in Utah. With a population of 200,133 in 2020, the city is the core of the Salt Lake City metropolitan area, which had a population of 1,257,936 at the 2020 census. Salt Lake City is further situated within a larger metropolis known as the Salt Lake City–Ogden–Provo Combined Statistical Area, a corridor of contiguous urban and suburban development stretched along a 120-mile (190 km) segment of the Wasatch Front, comprising a population of 2,746,164, making it the 22nd largest in the nation. It is also the central core of the larger of only two major urban areas located within the Great Basin.
Effective succession or talent-pool management concerns itself with building a series of feeder groups up and down the entire leadership pipeline or progression.[6] In contrast, replacement planning is focused narrowly on identifying specific back-up candidates for given senior management positions. Thought should be given to the retention of key employees, and the consequences that the departure of key employees may have on the business.[7]
Fundamental to the succession-management process is an underlying philosophy that argues that top talent in the corporation must be managed for the greater good of the enterprise. Merck and other companies argue that a “talent mindset” must be part of the leadership culture for these practices to be effective.[8]
Organizations use succession planning as a process to ensure that employees are recruited and developed to fill each key role within the company. Through one’s succession-planning process, one recruits superior employees,[citation needed] develops their knowledge, skills, and abilities, and prepares them for advancement or promotion into ever more-challenging roles. Actively pursuing succession planning ensures that employees are constantly developed to fill each needed role. As one’s organization expands, loses key employees, provides promotional opportunities, or increases sales, one’s succession planning aims to ensure that one has employees on hand ready and waiting to fill new roles. Succession planning is one of important processes in leadership pipeline.
According to a 2006 Canadian Federation of Independent Business survey,[9] slightly more than one third of owners of independent businesses plan to exit their business within the next 5 years – and within the next 10 years two-thirds of owners plan to exit their business. The survey also found that Small and medium-sized enterprises (SMEs) are not adequately prepared for their business succession: only 10% of owners have a formal, written succession plan; 38% have an informal, unwritten plan; and the remaining 52% do not have any succession plan at all. A 2004 CIBC survey suggests that succession planning is increasingly becoming a critical issue. The CIBC estimated that by 2010, $1.2 trillion in business assets would be poised to change hands.[10]
Research indicates many succession-planning initiatives fall short of their intent.[11] “Bench strength”, as it is commonly called, remains a stubborn problem in many if not most companies. Studies indicate that companies that report the greatest gains from succession planning feature high ownership by the CEO and high degrees of engagement among the larger leadership team.[12]
Research indicates that clear objectives are critical to establishing effective succession planning.[12] These objectives tend to be core to many or most companies that have well-established practices:
Identify those with the potential to assume greater responsibility in the organization
Provide critical development experiences to those that can move into key roles
Engage the leadership in supporting the development of high-potential leaders
Build a database that can be used to make better staffing decisions for key jobs
In other companies these additional objectives may be embedded in the succession process:
Improve employee commitment and retention
Meet the career development expectations of existing employees
Counter the increasing difficulty and costs of recruiting employees externally
Companies devise elaborate models to characterize their succession and development practices. Most reflect a cyclical series of activities that include these fundamentals:
Identify key roles for succession or replacement planning
Define the competencies and motivational profile required to undertake those roles
Assess people against these criteria – with a future orientation
Identify pools of talent that could potentially fill and perform highly in key roles
Develop employees to be ready for advancement into key roles – primarily through the right set of experiences.
In many companies, over the past several years,[when?] the emphasis has shifted from planning job assignments to development, with much greater focus on managing key experiences that are critical to growing global-business leaders.[citation needed] North American companies tend to be more active in this regard, followed by European and Latin American countries.
PepsiCo, IBM and Nike provide current examples of the so-called “game-planning” approach to succession and talent management. In these and other companies annual reviews are supplemented with an ongoing series of discussions among senior leaders about who is ready to assume larger roles. Vacancies are anticipated and slates of names are prepared based on highest potential and readiness for job moves. Organization realignments are viewed as critical windows-of-opportunity to utilize development moves that will serve the greater good of the enterprise.
Assessment is a key practice in effective succession-planning. There is no widely accepted formula for evaluating the future potential of leaders, but many tools and approaches continue to be used today, ranging from personality and cognitive testing to team-based interviewing and simulations and other Assessment centre methods. Elliott Jaques and others have argued for the importance of focusing assessments narrowly on critical differentiators of future performance. Jaques developed a persuasive case for measuring candidates’ ability to manage complexity, formulating a robust operational definition of business intelligence.[13] The Cognitive Process Profile (CPP) psychometric is an example of a tool used in succession planning to measure candidates’ ability to manage complexity according to Jaques’ definition.
Companies struggle to find practices that are effective and practical. It is clear that leaders who rely on instinct and gut to make promotion decisions are often not effective.[citation needed] Research indicates that the most valid practices for assessment are those that involve multiple methods and especially multiple raters.[14][need quotation to verify] “Calibration meetings” composed of senior leaders can be quite effective in judging a slate of potential senior leaders with the right tools and facilitation.[citation needed]
With organisations facing increasing complexity and uncertainty in their operating environments some[quantify] suggest a move away from competence-based approaches.[15] In a future that is increasingly hard to predict leaders will need to see opportunity in volatility, spot patterns in complexity, find creative solutions to problems, keep in mind long-term strategic goals for the organisation and wider society, and hold onto uncertainty until the optimum time to make a decision.[citation needed]
Professionals in the field, including academics, consultants and corporate practitioners, have many strongly-held views on the topic. Best practice is a slippery concept in this field. There are many thought-pieces on the subject that readers may[original research?] find valuable, such as “Debunking 10 Top Talent Management Myths”, Talent Management Magazine, Doris Sims, December 2009. Research-based writing is more difficult to find. The Corporate Leadership Council, The Best Practice Institute (BPI) and the Center for Creative Leadership, as well as the Human Resources Planning Society, are sources of some effective research-based materials.
Over the years,[when?] organizations have changed their approach to succession planning. What used to be a rigid, confidential process of hand-picking executives to be company successors is now becoming a more fluid, transparent practice that identifies high-potential leaders and incorporates development programs preparing them for top positions.[16] As of 2017 corporations consider succession planning a part of a holistic strategy called “talent management”.[citation needed] According to the company PEMCO, “talent management is defined as the activities and processes throughout the employee life cycle: recruiting and hiring, Onboarding, training, professional development, performance management, workforce planning, leadership development, career development, cross-functional work assignments, succession planning, and the employee exit process”.[16] When managing internal talent, companies must “know whether the right people, are moving at the right pace into the right jobs at the right time”.[17] An effective succession-planning strategy, coupled with solid career-development programs, will help paint a more promising future for employees.[citation needed]
A substantial body of literature discusses succession planning. The first book that addressed the topic fully was “Executive Continuity” by Walter Mahler. Mahler was responsible in the 1970s for helping to shape the General Electric succession process which became the gold standard of corporate practice. Mahler, who was heavily influenced by Peter Drucker, wrote three other books on the subject of succession, all of which are out of print. His colleagues, Steve Drotter and Greg Kesler,[12] as well as others, expanded on Mahler’s work in their writings. “The Leadership Pipeline: How to Build the Leadership Powered Company”, by Charan, Drotter and Noel is noteworthy.[6][need quotation to verify] A new edited collection of materials, edited by Marshall Goldsmith, describes many contemporary examples in large companies.[18]
Most large corporations assign a process owner for talent and succession management. Resourcing of the work varies widely – from numbers of highly dedicated internal consultants to limited professional support embedded in the roles of human-resources generalists. Often these staff resources are separate from external staffing or recruiting functions. As of 2017 some companies seek to integrate internal and external staffing. Others are more inclined to integrate succession management with the performance management process in order simplify the work for line managers.
A prior preparation needs to be done for the replacement of a CEO in family firms.[citation needed] The role of advisors is important as they help with the transition of leadership between the current-generation leaders and the successors.[citation needed] Advisors help family-owned businesses establish their own leadership skills. This process is relatively long if the successors want to be accepted by all employees. They need to take higher managing positions gradually to be respected. During this process, the successors are asked to develop different skills such as leadership. This is where the role of advisors fully exemplifies its importance. It is when the managing position is shared between the first-generation leader, the second and the advisors. An advisor helps with communication because emotional factors between family members can badly affect the company. The advisors help manage everything during a predetermined period of time and make the succession process less painful and eventful for everybody. In these cases, an interim leadership is usually what is best for the company. The employees can get accustomed to changes while getting to know the future CEO.[19][20]
With the global proliferation of SMEs, issues of business succession and continuity have become increasingly common. When the owner of a business becomes incapacitated or passes away, it is often necessary to shut down an otherwise healthy business. Or in many instances, successors inherit a healthy business, which is forced into bankruptcy because of lack of available liquidity to pay inheritance taxes and other taxes. Proper planning helps avoid many of the problems associated with succession and transfer of ownership.
Business Exit Planning is a body of knowledge which began developing in the United States towards the end of the 20th century[citation needed], and is now spreading globally. A Business Exit Planning exercise begins with the shareholder(s) of a company defining their objectives with respect to an eventual exit, and then executing their plan, as the following definition suggests:
Business Exit Planning is the process of explicitly defining exit-related objectives for the owner(s) of a business, followed by the design of a comprehensive strategy and road map that take into account all personal, business, financial, legal, and taxation aspects of achieving those objectives, usually in the context of planning the leadership succession and continuity of a business. Objectives may include maximizing (or setting a goal for) proceeds, minimizing risk, closing a Transaction quickly, or selecting an investor that will ensure that the business prospers. The strategy should also take into account contingencies such as illness or death.[21]
All personal, financial, and business aspects should be taken into consideration. This is also a good time to plan an efficient transfer from the point of view of possibly applicable estate taxes, capital gains taxes, or other taxes.
Sale of a business is not the only form of exit. Forms of exit may also include initial public offering, management buyout, passing on the firm to next-of-kin, or even bankruptcy. Bringing on board financial strategic or financial partners may also be considered a form of exit, to the extent that it may help ensure succession and survival of the business.
In developed countries, the so-called “baby boomer” demographic wave is now reaching the stage where serious consideration needs to be given to exit. Hence, the importance of Business Exit Planning is expected to further increase in the coming years.
Small business succession tends to focus on how a business will continue to operate once its founder or initial leadership team retires or otherwise leaves the business. While small businesses on the whole often fail after the departure of their initial leadership team, succession planning can result in significantly improved chances for a business’s continuation.[22]
Within the context of succession planning, where a small business is owned by a group of managers or partners, thought should be given to the transition of the business to the partners, how departure from a business will be managed, and how shares or ownership interest will be valued for purposes of sale or buy-out.[23]
When succession occurs within a company’s hierarchy, succession plans should consider issues that may arise relating to retention of the intended successor, the possibility of jealousy by other employees, and how other employees will respond when they learn of the succession plan.[23] Additional issues are likely to arise if succession is to a family member,[24] particularly if more than one child of the managing owner works for the business or if siblings who do not work for the business will gain shares without having invested time and energy in the business.[23]
Small businesses and perhaps especially family businesses benefit from creating a disciplined succession process, involving,
Discussion and commitment by the shareholders;
Careful candidate selection; and
Integration and development of the selected successor.[22]
No part of the process should be rushed, with the integration process being expected to take roughly two years.[22]
Succession planning is a process and strategy for replacement planning or passing on leadership roles. It is used to identify and develop new, potential leaders who can move into leadership roles when they become vacant.[1][2] Succession planning in dictatorships, monarchies, politics, and international relations is used to ensure continuity and prevention of power struggle.[3][4] Within monarchies succession is settled by the order of succession.[3] In business, succession planning entails developing internal people with managing or leadership potential to fill key hierarchical positions in the company. It is a process of identifying critical roles in a company and the core skills associated with those roles, and then identifying possible internal candidates to assume those roles when they become vacant.[2] Succession planning also applies to small and family businesses (including farms and agriculture) where it is the process used to transition the ownership and management of a business to the next generation.[5]
Business Succession Lawyer Free Consultation
When you need a business succession attorney, call Jeremy D. Eveland, MBA, JD (801) 613-1472.
Areas We Serve
We serve businesses and business owners for succession planning in the following locations:
.svg)
