Members, managers, and managing members: Who's on first base in your LLC?

by Kathy Tremmel

Tremmel Law

Kathy Tremmel has significant experience both as a business attorney and corporate executive. Her career spans both legal practice and business management and she opened her own solo law practice in January 2010. In additional to running her own practice, she also is of Counsel with Selman, Munser & Lerner, which is a business transaction law firm in Austin, Texas. Ms. Tremmel has more than 10 years’ experience as a business attorney, providing transactional legal services to a diverse client base, from start-up ventures to well established companies. She helps companies with all their contracts, including customer agreements, non-compete agreements, employment agreements, buy-sell agreements, loans, and leases, helps people set up new businesses, and represents buyers and sellers of businesses. In addition, Ms. Tremmel has 10 years of management experience working with start-up companies. As VP of Operations at Tusker Group, an international litigation support company, Ms. Tremmel led international teams, managed production and quality issues, handled price negotiations, worked closely with clients to determine the scope of their projects, provided project management services, and developed, implemented and documented best practices for processing and training. Ms. Tremmel earned a Doctor of Jurisprudence from the University of Colorado School of Law and a Bachelor of Arts from Dartmouth College. She is a Texas licensed attorney and a certified Project Management Professional.

The terminology for limited liability companies can be confusing. For instance: who are the members, managers and managing members?

All of the owners of an LLC are its members, similar to stockholders in a corporation.

There are two different possible management structures for LLCs: A manager managed LLC or a member managed LLC.

Topics: Business Operations, Business Best Practices, Legal, Strategic Planning

Employees and Individual Heroics

by John F. Dini

John F. Dini is a consultant and coach to hundreds of business owners, CEOs and Presidents of companies with over 11,000 hours of delivering face-to-face, personal advice to entrepreneurs. He is the author of three business books including Beating the Boomer Bust and 11 Things You Absolutely Need to Know About Selling Your Business, now in its second edition. He is a serial entrepreneur, but prefers the term “chronically unemployable.” John holds a BS in accounting from Rutgers University, and an MBA from Pepperdine University, and has six additional certifications in exit planning, business brokerage, behavioral analysis, medical practice management, facilitation and coaching. John writes numerous articles on small business topics for newspapers, magazines, and in his own blog at www.awakeat2oclock.com. He speaks frequently to business groups and national associations, and is a 15-year member of Jim Blasingame’s “Braintrust,” appearing regularly on “The Small Business Advocate,” a nationally syndicated radio program, as an expert in the issues of business ownership. His latest book, Hunting in a Farmer’s World: Celebrating the Mind of an Entrepreneur, has won recognition including “Best Business Book” at the New York Book Festival and the National Silver Medal for business books from the Independent Publishers’ Association.

Great employees are a wonderful asset, but their individual heroics may not be healthy for your company.

Sooner or later you will move on from your business. When you begin planning for your transition, what will your company systems sound like when described to a critical buyer?

Topics: Business Operations, Strategic Planning

You say BPA, I say BPM; Let’s Call the Whole Thing Off

by Selene Crosby

Six Sigma Expert

Ms. Crosby has 20 years of experience developing, implementing and improving successful business processes and projects in both technical and non-technical environments. Her areas of expertise include process improvement methodologies, process mapping, business process automation, analysis, project management, audit and internal controls processes, technical writing and training design. She is a Certified Analytics Professional (CAP), holds a Six Sigma black belt, Lean Bronze certification and an Innovation Engineering black belt. Ms. Crosby has been the Program Manager for Analytics Transformation at Andeavor Corporation (formerly Tesoro), worked in the Process Engineering Section at Southwest Research Institute (SwRI) as part of the Texas Manufacturing Assistance Center (TMAC) program, assisting small to mid-sized manufacturers in becoming competitive in an increasingly global economy by becoming aware of and implementing process improvement and business strategies. Ms. Crosby held a variety of roles at Procter & Gamble in Cincinnati OH from September 1998 to June 2012 and attained internal P&G certifications including Continuous Improvement, Business Process Transformation and High Impact Training. .

A lot of businesses think of Business Process Automation as nothing more than software purchasing, and approach it somewhat like shopping for gadgets; i.e. “hey, that looks handy, let’s buy that!” Sometimes this works out well, although frequently more work is created than is eliminated.

Topics: Business Operations

4 Steps to Protect your Company During Economic Downturn

by Peter Duff

PDC Consulting

Peter is a seasoned financial and operational executive who is passionate about enabling  businesses to reach the next profit and cash generation level. He brings to consulting a broad experience of over 30 years as EVP, COO, and CFO roles in diverse consumer, industrial and technology businesses. Peter has been responsible for significant improvements in revenue, margins, expense as well as cash levels in manufacturing and service oriented businesses. He has a solid background in domestic and international settings with top 500 companies, middle market, start-ups and service operations. Peter is a trusted adviser to private equity and other fund managers.

Last year, I wrote a post recommending some defensive moves to protect annual profits and cash retention as economic worries intensified. I followed it up with an article on how to establish a protective profit buffer with 10 cost saving moves. 

Since that time, world economic prospects have turned down sharply. China reflects substantially worsening growth prospects. Commodities prices are declining. Oil prices in particular are in free fall, and energy investment and employment have been heavily curtailed. The stock markets have recently been trounced, with China down 20% and US and other western countries with double digit losses. 

It is certainly time to take defensive moves, and at the very least develop a contingency plan. This time I went back to my fellow partners for a more comprehensive response to the prospective downturn. Here are four steps they recommended for a contingency plan.

Topics: Business Operations

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5 Tips to Help Employers Avoid Holiday Scheduling Headaches

by Kay Oder

Insperity

Kay Oder has owned six companies, has been a resource to thousands to businesses and brought solutions to help business owners minimize risk, improve business performance and navigate today’s highly regulated and complex “business of being an employer”.

Today, Kay uses the insights gained throughout her career as a speaker, business owner and business advisor. Audiences enjoy her candid, informed perspective on HR related topics as well as her razor-sharp southern wit.

Kay is also a Certified Business Performance Advisor with Insperity, the $2.6 billion business performance solutions provider she has called home since 1993. Kay has consistently been among the company’s top producers during her 20 plus years with the organization, earning Insperity’s highest honors, including the Top Volume, Circle of Excellence and the Chairman’s Club awards.

Prior to Insperity, Kay was the President and Co-founder of Texas Valve Specialists, a supplier in the oil and gas industry. She has also owned companies in the construction, demolition, machining and promotional apparel arenas. She spent four years as a client of Insperity and upon selling her last venture, joined the Insperity team.

From an early age Kay demonstrated an entrepreneurial spirit, beginning at age six when she sold cantaloupes from her parents’ front yard, which she offered three for fifty-cents, with a free puppy.

Kay and her husband, Dale, relocated to Austin from the Houston area in 1996 when a theft occurred in their family: their granddaughter was born and stole their hearts, so they had to follow.

Insperity, a trusted advisor to America’s best businesses for more than 30 years, provides an array of human resources and business solutions designed to help improve business performance. Insperity® Business Performance Advisors offer the most comprehensive suite of products and services available in the marketplace. Insperity delivers administrative relief, better benefits, reduced liabilities and a systematic way to improve productivity through its premier Workforce Optimization® solution. Additional company offerings include Human Capital Management, Payroll Services, Time and Attendance, Performance Management, Organizational Planning, Recruiting Services, Employment Screening, Financial Services, Expense Management, Retirement Services and Insurance Services. Insperity business performance solutions support more than 100,000 businesses with over 2 million employees. With 2016 revenues of $2.9 billion, Insperity operates in 61 offices throughout the United States. For more information, call 800-465-3800 or visit www.insperity.com.

For most businesses, the end of the year can be hectic. Employees who scramble to use their vacation time during the holidays can leave businesses short-handed. As a result, it can create a scheduling headache as employers try to balance worker requests for time off with the need to stay adequately staffed.

Topics: Business Operations, Management, Human Resources

What You Need to Know to Move Your Business to Texas

by Kathy Tremmel

Tremmel Law

Kathy Tremmel has significant experience both as a business attorney and corporate executive. Her career spans both legal practice and business management and she opened her own solo law practice in January 2010. In additional to running her own practice, she also is of Counsel with Selman, Munser & Lerner, which is a business transaction law firm in Austin, Texas. Ms. Tremmel has more than 10 years’ experience as a business attorney, providing transactional legal services to a diverse client base, from start-up ventures to well established companies. She helps companies with all their contracts, including customer agreements, non-compete agreements, employment agreements, buy-sell agreements, loans, and leases, helps people set up new businesses, and represents buyers and sellers of businesses. In addition, Ms. Tremmel has 10 years of management experience working with start-up companies. As VP of Operations at Tusker Group, an international litigation support company, Ms. Tremmel led international teams, managed production and quality issues, handled price negotiations, worked closely with clients to determine the scope of their projects, provided project management services, and developed, implemented and documented best practices for processing and training. Ms. Tremmel earned a Doctor of Jurisprudence from the University of Colorado School of Law and a Bachelor of Arts from Dartmouth College. She is a Texas licensed attorney and a certified Project Management Professional.

Many people are moving to Texas—for the jobs, affordable housing, low taxes, booming industries, and friendly people.

Topics: Business Operations, Legal, Strategic Planning, Taxes

Top 5 Mistakes Growing Businesses Make

by Kay Oder

Insperity

Kay Oder has owned six companies, has been a resource to thousands to businesses and brought solutions to help business owners minimize risk, improve business performance and navigate today’s highly regulated and complex “business of being an employer”.

Today, Kay uses the insights gained throughout her career as a speaker, business owner and business advisor. Audiences enjoy her candid, informed perspective on HR related topics as well as her razor-sharp southern wit.

Kay is also a Certified Business Performance Advisor with Insperity, the $2.6 billion business performance solutions provider she has called home since 1993. Kay has consistently been among the company’s top producers during her 20 plus years with the organization, earning Insperity’s highest honors, including the Top Volume, Circle of Excellence and the Chairman’s Club awards.

Prior to Insperity, Kay was the President and Co-founder of Texas Valve Specialists, a supplier in the oil and gas industry. She has also owned companies in the construction, demolition, machining and promotional apparel arenas. She spent four years as a client of Insperity and upon selling her last venture, joined the Insperity team.

From an early age Kay demonstrated an entrepreneurial spirit, beginning at age six when she sold cantaloupes from her parents’ front yard, which she offered three for fifty-cents, with a free puppy.

Kay and her husband, Dale, relocated to Austin from the Houston area in 1996 when a theft occurred in their family: their granddaughter was born and stole their hearts, so they had to follow.

Insperity, a trusted advisor to America’s best businesses for more than 30 years, provides an array of human resources and business solutions designed to help improve business performance. Insperity® Business Performance Advisors offer the most comprehensive suite of products and services available in the marketplace. Insperity delivers administrative relief, better benefits, reduced liabilities and a systematic way to improve productivity through its premier Workforce Optimization® solution. Additional company offerings include Human Capital Management, Payroll Services, Time and Attendance, Performance Management, Organizational Planning, Recruiting Services, Employment Screening, Financial Services, Expense Management, Retirement Services and Insurance Services. Insperity business performance solutions support more than 100,000 businesses with over 2 million employees. With 2016 revenues of $2.9 billion, Insperity operates in 61 offices throughout the United States. For more information, call 800-465-3800 or visit www.insperity.com.

It’s common knowledge that starting a business can be exhilarating, fun, and profitable. It can also present daunting challenges, and many new ventures fail. In fact, according to the U.S. Department of Labor (DOL), only about half of all businesses founded in a given year are still in existence five years later. In addition, the DOL statistics show that around the 10-year mark the number of surviving businesses drops to about one-third of the original number.

Topics: Business Operations

Irrevocable Life Insurance Trusts Aren’t Just for the Wealthy

by Andrea Ames

A&D Advisors, LLC

Andrea has served as a financial services professional for the past three years and joined her father, Don Ames, a successful financial advisor, to launch A&D Advisors, LLC in June 2013. Andrea's role at A&D Advisors is working with successful business owners to preserve their assets and protect their legacies; using advanced life insurance planning, disability income protection planning and long-term care planning. She currently serves on the Board of Directors for NAIFA Austin, and serves as the Young Advisors Team (YAT) Chair. Andrea was recently accepted to the Leadership in Life Institute with NAIFA Texas.

One of the most common estate tax planning strategies is an Irrevocable Life Insurance Trust (ILIT). An ILIT is easy to understand and relatively easy to implement. In many situations it negates the need to incorporate other wealth transfer or estate tax reduction techniques. 

Topics: Business Operations

Key Person Life Insurance Protects Your Business

by Andrea Ames

A&D Advisors, LLC

Andrea has served as a financial services professional for the past three years and joined her father, Don Ames, a successful financial advisor, to launch A&D Advisors, LLC in June 2013. Andrea's role at A&D Advisors is working with successful business owners to preserve their assets and protect their legacies; using advanced life insurance planning, disability income protection planning and long-term care planning. She currently serves on the Board of Directors for NAIFA Austin, and serves as the Young Advisors Team (YAT) Chair. Andrea was recently accepted to the Leadership in Life Institute with NAIFA Texas.

What is your human capital worth?

As a business owner, you understand that you need working capital to keep your business going: operating expenses, inventory, salaries, etc. But who in your business handles the growth and success? In other words, what is your Human Capital worth, and did you know it could affect your bottom line? 

Topics: Business Operations, Featured

5 Questions to Ask Yourself Before Committing to an Office Lease Term

by Nathan Smith

Austin Tenant Advisors

Nathan Smith is a commercial real estate advisor and owner of Austin Tenant Advisors, a local commercial real estate company that specializes ONLY in representing the best interests of business owners and companies in the search, selection, negotiation, and occupancy of office, retail, and warehouse space. Early on Nathan saw a need for business owners and companies to have the same expert advice as Landlords when it comes to leasing and purchasing commercial properties. In fact, he doesn't want to just level the playing field, he strives to educate and advise them in a way that puts them in a position of strength so that they find the best spaces and negotiate the best deals possible. Nathan graduated from Texas State University and had the opportunity to serve his Country in the Air Force Reserves. Nathan is married to Jennifer and has two children. He is also a die-hard cyclist and runner and has competed in numerous short and long distance triathlons and Ironman competitions.

So you’ve chosen the office space that meets your company’s needs. The next step is to negotiate the contract. One of the deal points that you will be negotiating is lease term. What is the right lease term length for your company?

Before committing to anything, ask yourself these 5 questions:

Topics: Business Operations, Featured

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