Ethos Business Law

If you have ever been to Minnesota, or better yet lived there, you have probably experienced “Minnesota Nice.”  Typically, Minnesota Nice is characterized by polite friendliness, an aversion to confrontation, a tendency toward understatement, a disinclination to make a fuss or stand out, emotional restraint or self-deprecation.  What happens when Minnesota Nice enters the negotiating room?  Often times, it can lead to difficult or failed negotiations.

Unfortunately, Minnesota Nice isn’t really about being “nice” at all. It’s more about keeping up appearances and avoiding confrontation.  Moreover, it can also be used as a negotiation tool, which causes confusion, misunderstanding and frustration among other participants.  So, what do you do when you are in a negotiation and you are confronted with “Minnesota Nice?”  Here are a few tips: (more…)

Recently, I was working with a client looking at a potential investment.  As I was pouring over the diligence, I noticed some interesting and unfortunate trends.  By using quick and simple ratio analysis, I was able to determine that the business was not as healthy as initially thought, nor as the sellers portrayed.  A few simple calculations saved my client significant purchase price dollars and buyer’s remorse once they acquired a business in serious trouble.

I think it is important that all business people (including lawyers) be able to understand, digest and interpret basic financial statements.  If you are not familiar, I have set forth below a few key financial ratios that you can use to assess the financial health of a business: (more…)

Ethos Business Law, in conjunction with Russell Herder, is excited to offer a webinar: “Social Media: Embracing the Opportunities, Averting the Risks” on Tuesday, August 25 from 12 to 1 p.m. CT (register here).

Social media is one of the hottest topics today, with the pros and cons of its use being debated in board rooms nationwide. In light of recent restrictions on employees’ social media use (ESPN, Marine Corps, NFL), companies are discussing whether, how and to what degree they should restrict or encourage their employees to use social networking tools. This webinar will offer insight into business leaders’ views and perceptions on this issue and will provide actionable recommendations and advice on the development of social media policies and employee training sessions.

Led by Carol Russell, CEO of Russell Herder, and David Baer, president of Ethos Business Law and one of Minnesota Lawyer publication’s Attorneys of the Year, the webinar will also highlight the insights gleaned from the recent national study conducted by the two firms on social media trends in the workplace and policy adoption.

Sign up for this free webinar here.

In advance of the webinar, we invite you to submit questions and suggestions for topics to be covered in the presentation under Comments.

Should employees be encouraged to use social networking to enhance business outreach? Or will such activity impede productivity, increase reputational risk, and most importantly increase liability issues?  These and other questions are clearly on the minds of today’s management.

Recent research conducted with Russell Herder found eight in 10 businesses have concerns about the potential liabilities of social media. Yet, only one-third have a policy in place to govern social media use, and just 10 percent said they have conducted relevant employee training.

Instead of ignoring the need for responsible guidelines, organizations of all sizes should begin to define their strategy regarding social media, and most importantly, the rules for employee engagement. By doing so, management can take advantage of the benefits offered by these new communication channels while mitigating undue risk.  But remember, social media is a far different animal than traditional technology. A company’s current policies on IT matters are usually not sufficient.

All companies are different, thus the rules for creating and implementing a social media policy are not universal. They must take the form, substance, philosophy and culture of the organization to which they apply. However, the following are some important elements to include in a good social media policy:

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One of the most important concerns facing business owners today is how to effectively transfer the business to the next generation of family, a key employee or a new owner.  Business succession planning seeks to create a plan to manage all the aspects of the transfer, making sure the transition is smooth and non-disruptive to the business.  In family businesses, one of the most important aspects of business succession planning is making sure communication lines are open and the relationships are appropriately addressed.  Unfortunately, too often succession planning is not addressed early enough or neglected completely resulting in significant complications at the time of the desired transfer.  Succession planning should be considered well before the anticipated exit time so that proper planning and structure can be put into place.  Below are 10 important issues to consider when think about business succession planning. (more…)

Every day business people are confronted with confidentiality agreements. Although they may seem benign or commonplace, they can have some potentially disastrous consequences if not correctly approached. What do they really mean? When are they appropriate? What should they include? What are the potential pitfalls? This Top 10 List discusses some important considerations every business person should think about when considering a confidentiality agreement. (more…)

One of the most important tools we have as business people is email.  However, it is also one of the most abused tools.  From over-cluttered inboxes to smoking gun litigation traps, email is in the center of our business lives.  The following tips are 10 very important guidelines to remember as you use email as a tool to help you succeed. (more…)