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Posts for for November, 2016

How Psychology Affects Your Business: 4 Things to Consider

Posted on: November 22nd, 2016 by R. Shawn McBride No Comments

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We talked in a previous blog about burning your bridges,: http://www.mcbrideforbusiness.com/blog/a-new-perspectiv…urn-your-bridges/ , Tony Robbins’ theory on how you should be on a path going forward, and not looking backwards. We discussed not using your energy in keeping your exits open, but rather focusing on your goals and moving forward. But this is scary. How do you know if you’re on the right path? How do you know if you should be investing these resources and moving forward?

#1 Does the plan make sense? Have you really thought through your plan and made sure that it makes logical sense? Is it doable? Is the business you want something that can be achieved? If it’s a new industry, or some new product, you may not have as much data, but does it really make sense?

#2 Is there a market need? Is there a possibility? Have other people done this? What are other people telling you? Are other people telling you that you’re moving towards success? Are they telling you that they see the possibilities?

#3 Are you seeing growth? Are you making movements to where you want to be? You’re not going to go from where you are now to your goal immediately, but are you making successes? Are you moving in that direction? Are you seeing momentum? Are new leads coming in the right direction?

#4 What do other successful people tell you about your success? Look to those that are successful. They’ve done this process before. They’ve moved through things. Are they seeing you as successful? Use the counsel and guidance of those that have done well, prior to you. Don’t listen to the naysayers or the ones that have been locked into a very secure path, because they’re not going to understand the entrepreneurial flair that you have.

What are your thoughts? Is there some part of you deep down that’s scared about your business? What are you looking to accomplish? Feel free to comment about your business and your plan below, so that others can give input. What’s your biggest struggle? What’s holding your back? We’d love to hear your comments below.

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances.  This article should not be treated as legal advice to any person or entity. Freeimages.com/ photographer kimberly vohsen.

About the Author

Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. He is a frequent speaker at events. His signature keynote, the 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at info@mcbrideforbusiness.com or (214) 418-0258.

Check us out on the web at www.mcbrideforbusiness.com , www.rshawnmcbridelive.com

Get Shawn’s latest book: www.mcbridebook.com

Add us on Twitter: @McBrideForBus #mcbrideforbusiness  #3lawsofempowerment

Like us on Facebook: https://www.facebook.com/mcbrideforbusiness/?fref=ts

 

Reflections on The 2016 Election: Follow Your Dreams

Posted on: November 22nd, 2016 by R. Shawn McBride No Comments

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As the 2016 election goes into the rearview mirror, what have we learned? We certainly saw a lot of divisiveness in the country. We saw a lot of fighting over the election that involved people expressing who they wanted as their candidate. We did see a strongly divided country. But I think we can take a more positive lesson from this election.

I think Donald Trump taught us all a lesson and it’s not just a lesson about how to arrange electoral votes. Although he changed the strategy that candidates have been using for many, many years about where to allocate your time and how to work to collect the most votes in the electoral college as possible, that’s not the lesson I am talking about. I think Donald Trump taught us to follow our dreams. Here was somebody that lot of people said couldn’t win. They said he couldn’t be president.

He was an outsider, he didn’t have the political background, the parties wouldn’t accept him and certainly he said and did a lot of things that caused a lot of people angst and worry. But guess what? He did it. He became president, whether you agree with him or not. Here’s an individual that followed his dreams, that had his passion and he made it happen. He came up with a strategy. Him and his advisers did an amazing job of executing. They worked hard.

You could see Donald Trump was working long hours, flying to a lot of cities and doing things that other candidates weren’t doing, both in the primaries and in the general elections. He made his dream happen and I think it shows us anything’s possible. Even if people say no, they say you can’t have that, with enough strategy, with enough hard work and with enough cunning, you may meet your dreams. Regardless of whether you like the election outcome or not, I think it teaches us anything’s possible.

 

What are your thoughts on following your dreams? Do you think Donald Trump gave us a great example of pushing to a dream even when others were telling him no? Leave your thoughts in the comments below.

 

Donald Trump taught us to follow our dreams.

With enough hard work, anything’s possible.

 

Make sure you download our free checklist to assess your business:  www.mcbrideforbusiness.com/BlogGift

 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances.  This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Christopher Bruno.

 

About the Author

Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment ( www.rshawnmcbridelive.com ), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at info@mcbrideforbusiness.com or (214) 418-0258.

 

Check us out on the web at www.mcbrideforbusiness.com  , www.rshawnmcbridelive.com

Get Shawn’s latest book: www.mcbridebook.com

Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment

#AnythingIsPossible #Election 2016

Like us on Facebook: https://www.facebook.com/mcbrideforbusiness/?fref=ts

 

 

Get Your Banker Involved In Your Business . . . Pronto

Posted on: November 21st, 2016 by R. Shawn McBride No Comments

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When I wrote Business Blunders: Ten Dangerous Business Mistakes and How To Protect Your Business So It Can Thrive (www.mcbridebook.com)  I looked at a number of common issues that I had seen, largely from my legal practice. Clients were coming to me after a problem had happened, and then we went back and analyzed the root cause, and I decided to write a book that would help prevent those issues in the future. You can get a copy at Amazon.com. After publishing the book, of course, people approached me with other problems they’ve seen. One problem we’ve seen is that people do not approach their banker soon enough. You want to start a conversation with the bank that you want to use sooner than later. Many business plans require financing, whether it is a line of credit, or an actual loan to help grow the business and expand it.

What you want to do is get in a conversation with your bank sooner than later to start understanding how they process loans, what are they looking for, what financial statements do they need, and what items are going to be required in order to get those loans. You’ll also want to start building that relationship because it can go in other directions. Your banker can be a business ally. He or she can give you ideas on your business expansion. Perhaps, depending on the banker, he or she can give you strategic connections, so you want to start that conversation earlier. That’s definitely one thing you want to start sooner than later is getting a conversation with a bank. Start talking about what you need your business to look like, and how funding might work.

What’s been your experience with banks? What have you seen? How have you seen bankers help grow businesses? What’s frustrated you with your bank relationship? I’d love to see your comments below.

Have a great banker?  Mention them in the comments!

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances.  This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer jenny Rollo.

About the Author

Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. He is a frequent speaker at events. His signature keynote, The 3 Laws of Empowerment, (www.rshawnmcbridelive.com), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at info@mcbrideforbusiness.com or (214) 418-0258.

Check us out on the web at www.mcbrideforbusiness.com , www.rshawnmcbridelive.com

Get Shawn’s latest book: www.mcbridebook.com

Add us on Twitter: @McBrideForBus #mcbrideforbusiness  #3lawsofempowerment

Like us on Facebook: https://www.facebook.com/mcbrideforbusiness/?fref=ts

 

Investing In Your Business to Make It Great

Posted on: November 18th, 2016 by R. Shawn McBride No Comments

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Why it is important for you to invest in your business? I’ve seen a lot of businesses. We’ve seen businesses that have been great, and we’ve seen businesses that have struggled. There is definitely one real theme for the businesses that have succeeded. They’ve made investments in their business. They’ve spent money upfront to build something now. This is a big step. A lot of businesses struggle with it. I get a lot of businesses that say, “I’m going to earn my way through expenditures. We’ll make some money, we’ll spend some money.” The problem is this constantly puts the business at the needs of their customers, and they’re constantly dependent on income coming in in order to grow.

Now, if you think about it, the business should be providing a value added service or product that the customer needs. The issue is that product or service needs to be delivered to the customer in order for the customer to pay for it. If you don’t make investments, or build the infrastructure, or have quality product or service to offer, then the money won’t come in. You really need to look at and separate the expenditures from the income. What service are we providing? Does it provide the value? If so, then you need to build the product or service before the customer will come. It’s the old famous saying from Field of Dreams, “If you build it, they will come.” I see a lot of businesses that haven’t built anything, but expecting them to come until they really build what they want to be.

Now, this is scary because it means putting in money before the business makes it. For some people, there’s an additional layer of complication, which is, they need to get financing because they don’t have sufficient money. They want to be an entrepreneur, but they don’t have the ability to provide the full package. They might be able to do the work, but they can’t also provide the capital, because for most businesses, what’s needed is a combination of both labor and capital. This is where you may want to consider a business partnership. We’ll talk about that in future blogs.

What’s been your experience with getting a company off the ground, capital investments, putting money in the business? Have you seen businesses that have struggled to grow because they haven’t put money into the business? Write in the comments below, let’s discuss.

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances.  This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer svilen milev.

About the Author

Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. He is a frequent speaker at events. His signature keynote, The 3 Laws of Empowerment, (www.rshawnmcbridelive.com), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at info@mcbrideforbusiness.com or (214) 418-0258.

Check us out on the web at www.mcbrideforbusiness.com , www.rshawnmcbridelive.com

Get Shawn’s latest book: www.mcbridebook.com

Add us on Twitter: @McBrideForBus #mcbrideforbusiness  #3lawsofempowerment

Like us on Facebook: https://www.facebook.com/mcbrideforbusiness/?fref=ts

 

 

 

Crowdfunding is Not as Easy as Everybody Thought

Posted on: November 17th, 2016 by R. Shawn McBride No Comments

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What now? There’s certainly been a lot of attention on crowdfunding. People have been talking about it for some time. Congress approved crowdfunding back in 2012, with the Jobs Act (Jump-Start Our Business Start-ups.) The SEC took a while to come out with regulations and, in 2015, they adopted those regulations allowing companies to start using crowdfunding starting May 16, 2016.

There was quite a build-up – about four years from the time the initial law was passed until crowd funding actually happened. With all this build up, we expected people to go rushing into crowdfunding. However, many people found that crowdfunding regulations were difficult and required a lot of paperwork (in order to have protections for the investors). This process made crowdfunding difficult to use by companies; and it doesn’t help that you can only raise up to one million dollars.

Many people just found that crowdfunding wasn’t practical after looking into it and the stats are starting to show it. Wefunder (https://wefunder.com/stats), the self-proclaimed largest platform for regulation crowdfunding offerings, has been tracking statistics of the use of crowd funding from May 16, 2016 to November 7, 2016. They found that there have been 49 successful offers made. In almost five months now, between May 16, 2016, and November 7, 2016, and yet only 49 companies have raised money through crowdfunding. Of those 49 companies, only three of them reached the maximum of one million dollars, according to Wefunder. (A special thanks to Arina Schulga, of the Schulga Law Firm http://www.shulgalaw.com/, for directing me to these statistics.)

If crowd funding’s not what everybody thought it would be, and it’s being used on such a limited basis, what are companies to do? How are they to raise capital? I think there’s a few options which are not being fully considered, because of all of the excitement around crowd funding.

One very viable option is the 506 offerings under Reg D. With the changes, there’s more ways that they can be utilized. Companies can consider using some type of regulation 506 offering.

In addition, Reg A+ is now looking very favorable for companies that want to raise money. I think it was under-celebrated. There was some initial attention and people have not paid as much attention to it because of all the noise with crowd funding. We found, when talking to several companies, that a Reg A+ offering may be the right way to go.

The key here is to get your council involved. Talk to them. Think about what may be the right alternative, and what might work for you. Then, start building a customized plan for you and your company’s needs.

What’s been your thoughts when looking at the crowd funding options? Are they good for you? What would you do differently? Join us in the comments below.

Make sure you download our free checklist to assess your business:  www.mcbrideforbusiness.com/BlogGift

 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances.  This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Tracy Olson

 

About the Author

Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.rshawnmcbridelive.com), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at info@mcbrideforbusiness.com or (214) 418-0258.

 

Check us out on the web at www.mcbrideforbusiness.com, www.rshawnmcbridelive.com

Get Shawn’s latest book: www.mcbridebook.com

Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment

Like us on Facebook: https://www.facebook.com/mcbrideforbusiness/?fref=ts

 

A Woman’s Victory in The Presidential Election Campaign

Posted on: November 16th, 2016 by R. Shawn McBride No Comments

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Leading up to the 2016 election, there was a lot of talk about the possibility of Hillary Clinton becoming the first female to win the presidency. Of course, we know that didn’t happen but we did have one woman who was very successful in the presidential election cycle, a woman who did win in a sense.

Donald Trump’s campaign was run by Kellyanne Conway and it turns out she was the first female campaign manager to win a presidential election; so we did have a female with a big win in this presidential election cycle. Of course, Hillary Clinton did an amazing job in the election cycle too. She captured the popular vote (millions of votes are still not counted). Although, Hillary Clinton was very close to winning the entire election, Kelly Anne Conway also did something very notable.

It is not surprising that we had very successful women on both sides of the aisle for the major parties in the 2016 Presidential election. Women have advantages. Women can be successful. I often speak about the women’s advantages in business partnerships  (www.rshawnmcbridelive.com). Here is woman, Kellyanne Conway being, successful in another endeavor, in politics, using her skill, and her intellect. Reportedly, she used some of her advantages as a woman to understand other females, to help propel the campaign forward, so there was a great deal of success for women.

One woman almost won the presidency and another female ran the first successful presidential election campaign run by a female campaign manager. 2016 has given us something to celebrate. We’ve seen the skills that women have. We’ve seen what women can do. Women can apply these skills in business as well. They can be successful.

What are you doing to enhance your success? Are you supporting the women in your business and in your life? Are you helping them to get to the level? Are you recognizing their greatness? Join us in the comments below.

Women can be successful.

Kellyanne Conway is the first female campaign manager to win a presidential election.

 

Make sure you download our free checklist to assess your business:  www.mcbrideforbusiness.com/BlogGift

 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances.  This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Robert Linder.

 

About the Author

Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment  (www.rshawnmcbridelive.com ), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at info@mcbrideforbusiness.com or (214) 418-0258.

 

Check us out on the web at www.mcbrideforbusiness.com , www.rshawnmcbridelive.com

Get Shawn’s latest book: www.mcbridebook.com

Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment

#KellyanneConway @KellyanneConway #FirstFemaleCampaignManager

Like us on Facebook: https://www.facebook.com/mcbrideforbusiness/?fref=ts

 

Create an Easy, Head-Turning Elevator Speech

Posted on: November 16th, 2016 by R. Shawn McBride No Comments

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The following blog is from Sandi Leyva, a guest of McBride For Business.

You’re sitting in a room with 30 other business entrepreneurs.  Each of you has one minute to introduce themselves to the group.  You are number 25 to speak.  Will anyone listen?  What can you do or say to catch your peers’ attention, be memorable, and have them approach you for business?  Most importantly, what can you do to get every business card in the room wanting what you have (so you can go to fewer networking meetings and get back to running your business)?

The good news is you don’t have to be a poet, a writer, or a great speaker in order to attract attention and desire.  All you need to do is put yourself in your potential customer’s shoes for a minute.  What is it about your business, your products and services, and you that would interest a potential buyer?  Why should they care?  Why should they stop what they’re doing from their busy life and listen to you?  It’s easier to answer than it sounds.  Here’s a formula to help you along. 

 

“I help “my ideal client” “get a certain result” through “my products or services.”

Let’s fill in these three blanks by using some examples:

“I help “young families” “find their first house” by “providing mortgage lending services.”

“I help “people with broken pipes” “keep their homes dry” through my “plumbing services.”

“I “protect families from financial disaster in times of crises” by providing “insurance services.”

“I help “women who want to have beautiful hair” “keep their hair healthy and vibrant” with “my all-natural, organic hair salon services.”

Now fill in the blanks for your business.  You may have to try a couple of variations until you hit on the perfect one for you.  But this formula beats saying “I’m a hairdresser,” “I’m a plumber,” or “I’m a mortgage lender.”

 

This is a great start to your elevator speech, but just a start.  Now add a second sentence that describes a project you just completed with another client similar to the one you’re talking with. 

 

“For example, I just closed on a home last week with a mom, dad, the cutest 4-year-old twins, and a yorkie.  They got a great rate, and their payment is low enough so they can afford to start saving for the kids’ college right away.”

One more sentence and you’re done.  This one’s your call to action.  What do you want interested prospects to do, and how can they sample your product at a low risk to them?

“I have a free report, “10 Mistakes to Avoid When Buying Your First House.”  If you’d like a copy, please hand me your business card and I will email you the details.”

“I offer a free risk analysis so you can see if you have any major risk exposures.  To set up an appointment, hand me your business card, and I will get you setup free of charge.”

 

Put all three parts together and you have a very nice elevator speech. 

 

“I help young families find their first house by providing mortgage lending services.  For example, I just closed on a home last week with a mom, dad, the cutest 4-year-old twins, and a yorkie.  They got a great rate, and their payment is low enough so they can afford to start saving for the kids’ college right away. I have a free report, 10 Mistakes to Avoid When Buying Your First House.  If you’d like a copy, please hand me your business card and I will email you the details.”

Don’t be surprised at the flood of business cards that will come your way when you put this in action at your future networking meetings.

 

About the Author

Sandi Leyva helps owners of small businesses improve their profits through her marketing, financial, and business advice. She is an award-winning thought leader, author, speaker, world traveler, and lover of all things small business.  Find out more at www.sandileyva.com

 

Make sure you download our free checklist to assess your business:  www.mcbrideforbusiness.com/BlogGift

 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances.  This article should not be treated as legal advice to any person or entity. FreeImages.com/Nathan Huenig.

 

Check us out on the web at www.mcbrideforbusiness.com, www.rshawnmcbridelive.com

Get Shawn’s latest book: www.mcbridebook.com

Add us on Twitter: @McBrideForBus #McbrideForBusiness #3LawsofEmpowerment

Like us on Facebook: https://www.facebook.com/mcbrideforbusiness/?fref=ts

 

 

November Book Review

Posted on: November 15th, 2016 by R. Shawn McBride No Comments

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This blog post is the newest in our monthly Book Review series. The following books reviewed are a collection of invaluable reads, topics include: marketing, medicine, leadership and women in business.

Platform… Get Noticed in a Noisy World by Michael Hyatt is a prodigious guide for helping to build a brand and identifies how to get your business’ message out there.  I wish I had seen this book earlier in my business journey.  I already practice several of Hyatt’s brand strategies, but the book taught me details and helped me refine the strategies I currently have in place. I highly recommend his book to anyone with a message to spread about their business. Hyatt’s guidance will help you touch more lives.

Athena Doctrine:  How Women (and the Men Who Think Like Them) Will Rule the Future by John Gerzema and Michael D’Antonio. The book discusses a number of studies and projects worldwide. The personality characteristics profiled, as typically of being associated with females are deliberated. The authors argue that certain female characteristics can create better outcomes for groups. I agree that what females are typically better at can be used to benefit us all.

The Emperor of All Maladies:  A Biography of Cancer by Siddahartha Mukherjee is an excellent read for understanding the history, progression and behind the scenes exploration in cancer research and current treatments. Mr. Mukherjee breaks down the knowledge known about cancer and breakthroughs. From a business standpoint, much of the information is transferrable.  How do you conduct tests? When do you change direction? Is your timing, right? I couldn’t help but compare his insights on cancer to my client’s struggles to get their businesses just right. A great read if you want to take an outsider’s look at medicine and understand what is going on behind the scenes.

Multipliers:  How the Best Leaders Make Everyone Smarter by Liz Wisemen does a great job at helping leaders think about leadership – specifically how they are going to empower teams members to be better leaders. A lot of food for thought in here on how to delegate and how to build a culture of growth.

These books are available on Amazon.com. If you missed October’s Book Review post in this series, the following are books previously reviewed.

Previous Book Reviews 
TitleAuthorMonth
10X Mind ExpanderDan SullivanSeptember 2016
Amplify Your Business: Rock My ImagineJen DeVore RichterAugust 2016
Discover True NorthAnne BruceAugust 2016
Don’t Tank Your TED TalkHayley FosterSeptember 2016
Focus your EnergyThom HartmannSeptember 2016
God’s BusinessKurt GlacySeptember 2016
How I Raised Myself from Failure to Success in SellingFrank BettgerSeptember 2016
Mass InfluenceTeresa de GrosboisAugust 2016
Power through Partnership:  How Women Lead Better TogetherBetsy Polk & Maggie Ellis ChotasSeptember 2016
Stop Complainers and Energy DrainersLinda SwindlingAugust 2016
The Hunger for HappinessKathy BrandonAugust 2016
Trust Your SelfMarilyn WallerSeptember 2016
UnmarketingScott StrattenAugust 2016
Wake Up! Break Rules!Charlene GilmanAugust 2016
You Were Born RichBob ProctorAugust 2016
Your Presentation Is a JokeMarshall ChilesSeptember 2016
Nice Girls Still Don’t Get the Corner OfficeLois P. FrankelOctober 2016
Red NoticeBill BrowderOctober 2016
Learning How To Avoid The GapDan SullivanOctober 2016
If You Want It Done Right, You Don’t Have to Do It YourselfDonna M. Genett, Ph. D.October 2016
The Inequality EqualizerJen AbernathyOctober 2016

If you have any questions about the content of this blog or any business law issues not discussed here, please contact us. If you have any suggestions for blog topics, please send them to info@mcbrideforbusiness.com.

This posting is intended to provide readers with a list of business law and related book reviews for general reading purposes. This is not a comprehensive list nor should this article be treated as legal advice to any person or entity. FreeImages.com/Griszka Niewiadomski.

About the Author

Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.rshawnmcbridelive.com), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at info@mcbrideforbusiness.com or (214) 418-0258.

Check us out on the web at www.mcbrideforbusiess.com , www.rshawnmcbridelive.com

Get Shawn’s latest book: www.mcbridebook.com

Add us on Twitter: @McBrideForBus #mcbrideforbusiness  #3lawsofempowerment

Like us on Facebook: https://www.facebook.com/mcbrideforbusiness/?fref=ts

Keys to Protect Your Business: The Laws of Empowerment To Excel in Your Business

Posted on: November 15th, 2016 by R. Shawn McBride No Comments

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It’s critical when putting plans together that there be an element of protection. We want to make sure that everybody gets what’s fair and right for their skills and efforts. This often comes down to negotiation and negotiation early in the process. When engaging in any transaction (especially a business transaction), we need to make sure that we’re looking forward to what might happen and we need to make sure that we’re going to get what’s we deserve.

There’s a famous case out there that was portrayed in the movie The Social Network. The movie talks about the early owners of the company Facebook and how certain transactions happen related to the ownership. Mark Zuckerberg and the executive team of Facebook did certain things to grow the company but, as part of their growth processes, they diluted, or made smaller, the ownership interests of several owners.  One of those diluted included early investor Eduardo Saverin. In the movie The Social Network, it portrays a scene where Eduardo Saverin aggressively engages with Mark Zuckerberg over his loss of ownership interest and Mark Zuckerberg tells Eduardo Saverin, “You didn’t negotiate to protect yourself.”

The lesson here is clear. When we are putting our unique skills, talents, and efforts into a business, we need to make sure we protect ourselves. After all, if we don’t protect ourselves, who will? Our time, talents and special skills are too important to give away. We need to make sure that we’re actually moving forward. We need to make sure that we’re doing the correct things. It is key that we negotiate for ourselves and make sure that the business transaction is looking out for us.

What can we do to make sure that we get what’s right? Certainly, we don’t want to give up our unique skills, talents, and efforts for a promised payment in the future that is unsecured. We want to make sure that if we’re going to invest our time and unique skills and knowledge that we’re being fairly compensated. Are we getting something in return that is fair for what we’re putting in? Are we making sure that we are looked out for? We need to understand what our value to others entails-what we actually bring to the table.

I’ve unfortunately worked with numerous business partners that have spent years in transactions, only to learn that their partnership gets into a fight or disagreement or separation where a lot of the value is destroyed. It’s very frustrating for those partners when they see that their years of skills and efforts have been lost. What are you doing to protect yourself? How are you making sure you get what’s fair and right from your transactions?

One of the biggest keys is to look ahead and plan for possible twists and turns before they happen!

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances.  This article should not be treated as legal advice to any person or entity.  

About the Author

  1. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.rshawnmcbridelive.com) , gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at info@mcbrideforbusiness.com or (214) 418-0258.

Check us out on the web at www.mcbrideforbusiness.com  , www.rshawnmcbridelive.com

Get Shawn’s latest book: www.mcbridebook.com

Add us on Twitter: @McBrideForBus #mcbrideforbusiness  #3lawsofempowerment

Like us on Facebook: https://www.facebook.com/mcbrideforbusiness/?fref=ts

 

Keys to Planning: The Laws of Empowerment To Strengthen Your Business

Posted on: November 14th, 2016 by R. Shawn McBride No Comments

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It’s critical that if you’re going to achieve your goals that you have realistic plans that work. This means connecting the dots. Where are you today and where do you want to be? How do you work backwards from where you want to be to where you are? What intermediate steps need to happen to build the bridge from where you are now, to where you want to be? What does that path look like?

It’s important in the planning process to understand that just because you build a plan, doesn’t mean that circumstances are going to happen exactly that way. There will certainly be intermediate steps and situations which will intervene, and part of your plan needs to be planning for contingencies. Some contingencies are so common and so frequent that they should be in almost every plan. When I work with business owners developing their plans, I look at their situations and we certainly plan for anything that’s unique in their business process or life.

We also almost always have to plan for the four D’s – Death, Disability, Divorce, and Disagreement.

#1 Death. It’s 100% inevitable that all of us will die and we need to have plans in place to make sure we understand how the businesses interact with death of an owner or control party and how the business continues in the event that the owner or one of the partners dies.

#2 Disability. How do we make sure the business moves forward if one of the key people in the business becomes disabled or unable to work?

#3 Divorce. What happens if one of the business owners gets divorced? Their ownership of the business is probably going to be a part of the estate in the divorce, so what will the court do with it? What will the ownership look like? What will the business look like afterwards?

#4 Disagreement. It’s inevitable in the lifecycle and growth of a business that the business owners may disagree about where the business is going to go. What do we do about that? What process do we have in place? How do we end a disagreement and keep the business moving forward? We probably want something different than the Fertitta brothers who own the UFC organization – as it grew from $2 million to $4 billion in value — they agreed that if they were ever in a disagreement, they would have a physical fight with one another in a cage match. Fortunately there are other common ways to plan for the possibility of disagreement.

It’s critical if we’re going to have success that we have plans in place, and those plans need to anticipate the real life bumps in the road. We need to look for those likely scenarios and make sure that our plans keep the business and the objectives moving forward, regardless of short term disruptions.

How has your planning worked out for you? Let us know in the comment section. We would love to hear from you.

 

This posting is intended to be a tool to familiarize readers with some of the issues discussed herein.  This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances.  This article should not be treated as legal advice to any person or entity.

 

About the Author

Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.rshawnmcbridelive.com) , gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at info@mcbrideforbusiness.com or (214) 418-0258.

Check us out on the web at www.mcbrideforbusiness.com , www.rshawnmcbridelive.com

Get Shawn’s latest book: www.mcbridebook.com

Add us on Twitter: @McBrideForBus #mcbrideforbusiness  #3lawsofempowerment

Like us on Facebook: https://www.facebook.com/mcbrideforbusiness/?fref=ts

 

 

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