KEN KIRSCHENBAUM, ESQ
ALARM - SECURITY INDUSTRY LEGAL EMAIL NEWSLETTER / THE ALARM EXCHANGE
You can read all of our articles on our website. Having trouble getting our emails? Change your spam controls and whitelist ken@kirschenbaumesq.com
******************************
NEW YEAR RESOLUTIONS FOR 2025 / K&K Contract sale 2025 starts tomorrow
December 30, 2024
*************************
New Year Resolutions for 2025
**************************
Happy, healthy and prosperous New Year to all. It's that time of year again, so here are some thoughts on New Year Resolutions for 2025.
I’d like to start with a few reflections of my own. What a difference a year makes [see my gloomy mood from last year’s New Year message]. We are going into a new year with positive if not lofty expectations that all “will be great again”. For those of you lamenting the promising start of the New Year, well, get over it or move.
The alarm, security, fire alarm, fire protection businesses continue to thrive. Consolidation by acquisition and merger continues with near record breaking prices. Yet, there remains plenty of room in this industry for the independent entrepreneur. And how comforting knowing that your business continues to rapidly change with technology and opportunity. The need for security remains high among the public and property owners, municipalities and government agencies rely more and more on the industry for support.
Here's my recommendations for your 2025 New Year's resolutions:
*********************
1. Update your contracts. The 2025 contract sale has started today and you’ll be getting the steepest discounts ever. Before you order, make a smarter move and join the Concierge Program. Not only will joining the Concierge Program get you an additional 10% off your contract order, it will afford you legal services at affordable rates that are readily available. This program may very well max out, so don’t miss this opportunity. The assistance with contract negotiations more than pays for the Concierge Program. As for the 2025 contracts, enough changes were made over 2024, including those “suggested” by the Biden FTC, legislation, change in technology and available services, to require changes. You should be using the All in One forms. Call our Contract Administrator Eileen Wagda at 516 747 6700 ext 312 for assistance. The Kirschenbaum TM contract forms are continuously being updated based on changes in technology, services, laws and court cases. Significant changes were made throughout 2024. Technology continues changing at a pace faster than ever, requiring contracts to undergo revision. Your contracts are the most important asset you have in your business. It's your contract that will protect you from liability and build equity in your business. Your goal for 2025, and every year, should be significant RMR growth.
2. Check out what your alarm company is worth at WhatsMyAlarmCompanyWorth.com. If you haven’t increased in value then get with the program, the Concierge Program, and follow our advice. We are on your side. K&K is brokering deals so be sure to call us first when ready to sell.
3. Diversify your operation. Stop thinking about it and start offering all the new technology. Video, audio, wireless; there is a demand for these products and services. If you look at all the different standard form contracts K&K offers at www.alarmcontracts.com you will get great ideas about many of the services that you haven’t even thought of. Get the contracts, get the equipment, get the customers and raise your RMR. K&K has added new contracts this year; Check them out, especially those with the ”New” designation.
4. Check your insurance coverage. You must have alarm industry specific Errors and Omissions coverage. Check out knowledgeable insurance brokers on The Alarm Exchange in the Insurance category. Not all insurance companies are the same and not all premiums are equal. You need to have confidence in how your carrier handles your claims and this is a real problem as carriers are using “house counsel” or “insurance defense” attorneys with no familiarity in the alarm industry. The last thing you need is aggravation from your carrier's claims department when you have a claim. You want to be sure your E&O coverage is current and sufficient. Especially if K&K wrote your contracts we are in the best position, with the most knowledge, to defend you in your claims. Insist on your carrier engaging K&K when negotiating your policy and when the claim comes.
Take some time to evaluate other insurance you need and be sure to look for competitive pricing. If you have young kids load up on term life insurance; it’s cheap and your family will be protected. How much? At least one million per beneficiary, so a wife and 2 kids, 3 million. If you're under 40 years old you'll be surprised how cheap the insurance is. And get it while you're healthy. It may not be available if you have health issues.
5. Check with tax experts to see if and how tax laws affect you. Make that call now; don't wait until it's too late to plan. If you're not sure you have access to proper advice, call Mitch Reitman. He's listed on The Alarm Exchange in the Financial Services category. There may be a better way that saves you lots of money and he’s going to know it. If you are still conducting business in your own or an assumed name you need to incorporate; Call K&K to do it now. You don't want to continue to invite personal liability for your business activities. I recommend a business corporation, sub chapter S election. For corporate formation or advice call K&K’s corporate department: Jennifer Kirschenbaum, Esq at 516 747 6700 x 302 or Jennifer@Kirschenbaumesq.com
6. Make sure your license to conduct your business is active and up to date. If you are a qualifier for someone else's business then make sure you have a Qualifier Agreement. Don't be foolish to take on that responsibility without an agreement. And if you're the business owner and not the license holder you need the Qualifier Agreement too so that you can be more comfortable with the arrangement with the license holder. Be certain you know all of the licensing requirements in all of the jurisdictions you do business. It's not enough to get the license. There are all kinds of regulations that go along with that license, many of which affect your employees. Be license compliant and avoid heavy fines and possible suspension or loss of your license. If you need a Qualifier Agreement - call our License Coordinator [also Contract Administrator] Eileen Wagda at 516 747 6700 x 312 to get it done right.
7. Review your accounts receivables. It is essential to stay on top of your receivables. You may need to become more aggressive with your collection efforts and procedures. Don't carry subscribers who are in default, which means falling out of their regular payment schedule or more than 90 days in arrears. K&K can handle your collections if you have our Standard Form Agreements with the arbitration provision. Contact our head paralegal Kathleen Lampert at KLampert@KirschenbaumEsq.com or (516) 747-6700 ext. 319. We support the contracts we sell.
8. If retirement or the sale of your business is remotely in your future start thinking of an exit strategy now. K&K is helps sellers and buyers connect for a modest broker fee. Give Ken Kirschenbaum at call when ready. For transactional legal services, which you should seek before you start making deals, make sure you engage a competent alarm attorney - give me a call [516 747 6700 x 301] or call K&K’s Acquisition Team headed by Jennifer Kirschenbaum, Esq. 516 747 6700 x 302 or Stacy Spector,Esq at 516 747 6700 x 304 SSpector@Kirschenbaumesq.com.
9. If you have fellow shareholders, partners or LLC members you must have an agreement between you. This is especially important if you are family members or best friends. People often think that agreements are not necessary when dealing with family and friends, but those relationships account for more of the litigation than strangers who decide to partner. Why? That's easy; people think they don't need an agreement when dealing with family. However, without an agreement too many disputes can arise where no agreement controls the outcome. Be mindful of tax consequences. If transition to family members is your plan then perhaps you need a Trust and should start transferring stock to that Trust or to your kids now. If you think you might sell then you need to start running your business like a business. In either event, you should be increasing your RMR under contract.
10. Consider growing by acquisition of accounts. While the multiple for accounts is high compared to prior years, acquisition is still likely cheaper than “creation” costs, which is the cost to sell and install for a new customer.
11. Make sure you are getting the best deal from your suppliers, and that includes your central station and equipment distributors. Make sure your central station is using the Standard Form Dealer Agreement so you know it is dealing fairly with you. Before signing the Dealer Agreement be sure to get the Rider to Central Station Dealer Agreement and insist that your central station sign this Rider, to be attached to the Dealer Agreement. Be sure you have your own lines, your own IP address and that your control panels are remote programmable. If you pay your bills you have a right to be demanding. Affordable services are available from reputable suppliers; you don't have to continue dealing with suppliers that are not responsive to you or your subscribers' needs and requirements. For a listing of those who want to do business with you, check out The Alarm Exchange. It's updated daily and it's sent out with our daily emails.
12. Get the Standard Form Contracts at www.alarmcontracts.com. They will make you lots of money and protect your business. The longer you wait the longer you put your business at risk and delay in growing your RMR.
************************
K&K Contract sale 2025 starts tomorrow and runs through January 10, 2025
******************
THE SALE RUNS THROUGH JANUARY 10, 2025.
30% off all contracts and forms
Join the Concierge Program before you order contracts and get additional 10% discount. Join here: https://www.kirschenbaumesq.com/page/concierge
***************
NOTICE:
The Standard Form Agreements have been updated for 2025. Check with our Contract Administrator, Eileen Wagda, at 516 747 6700 ext 312 to see if your forms need updating. Because of this year’s deep sale discount these contracts will have free or discounted updates. The sale ends January 10, 2025; the sooner you order the sooner you will get the contracts. Please do not call requesting priority unless you are a Concierge Client or have paid for expedited service.
******************
How to order: order at www.alarmcontracts.com - ordering is easy - order on-line during the sale and save thousands of dollars. Need help ordering? Call our Contract Administrator Eileen Wagda at 516 747 6700 x 312 for assistance. Concierge Clients can call our Concierge Program Coordinator Stacy Spector, Esq for assistance at 516 747 6700 x 304. Concierge Clients receive an additional 10% off the sale price. You can join the Concierge Program before ordering to receive the discount and you should take advantage of this program.
*******************
Contract sale runs through January 10, 2025. This will definitely be the best deal of 2025. When you place the order the full price will come up. We will apply the discount manually when we process the order. Contracts will be delivered by email only. Just order what you need - we will check and apply the proper discounts. THIS IS THE BEST SALE EVER and available for limited time. No more confusion about discounts; it's simple:
****************************
STANDARD FORMS Alarm / Security / Fire and related Agreements
click here: www.alarmcontracts.com
***************************
CONCIERGE LAWYER SERVICE PROGRAM FOR THE ALARM INDUSTRY - You can check out the program and sign up here: https://www.kirschenbaumesq.com/page/concierge or contact our Program Coordinator Stacy Spector, Esq at 516 747 6700 x 304.
***********************
ALARM ARTICLES: You can always read our Articles on our website at ww.kirschenbaumesq.com/page/alarm-articles updated daily ********************
THE ALARM EXCHANGE - the alarm industries leading classified and business exchange - updated daily
*************************
Wondering how much your alarm company is worth?
Click here: https://www.kirschenbaumesq.com/page/what-is-my-alarm-company-worth
******************************
Getting on our Email List / Email Articles archived:
Many of you are forwarding these emails to friends or asking that others be added to the list. Sign up for our daily newsletter here: Sign Up. You can read articles and order alarm contracts on our web site www.alarmcontracts.com
**************************
Ken Kirschenbaum,Esq
Kirschenbaum & Kirschenbaum PC
Attorneys at Law
200 Garden City Plaza
Garden City, NY 11530
516 747 6700 x 301
ken@kirschenbaumesq.com
www.KirschenbaumEsq.com
|
