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 white list ken@kirschenbaumesq.com ************************************ when to start exit plan / more on sending sub to crime scene April 15, 2019 ************************* when to start exit plan ************************* Ken, You have mentioned in several of your newsletters that you can refer us to services that assist with selling our business. I've been here 25 years and in my mind am 10-15 years from actual retirement, but don't know how long I can continue the pace as a business owner. I know this doesn't happen overnight so am just beginning to investigate. I have received many invitations from Generational Equity to their dinner/sales pitch but would rather work within the industry. Thank you for your time. name withheld ******************* Response ******************* You are smart to consider your exit plan now. In fact, the time to start planning your exit is when you first start your business. Why? Because from the start you need to be mindful of building your business, protecting your business, maximizing the equity in your business and selling or transitioning your business. There are plenty of people around who will be more than willing to offer their suggestions, expertise, criticism, support and advice. In the end there's usually two ways things got and get done: your way and the right way, and they are both the same. What? You took the risk; you put in the time, sometimes a lifetime and you built an empire that you can be proud of. You want to see it continue, and you sure as heck want to cash out before it's too late. Too late can mean the decline of the business' value, or too late for you to enjoy the money. Try not to wait until it's too late. So be mindful that you will be positioning yourself for sale one day. Trust me, that day will come sooner than you think. If you're thinking you will straighten yourself out next year, next month or next week, you're foolish. There is no time like right now. [I know, it's easy to give advice like this; harder to do it] Fortunately you're in the alarm business or something close to it, like security, fire, integration and automation; maybe more. You don't have to re-invent the wheel. There are a few tried and true smart business moves you should have in place from the moment you start business to the time you sell: * incorporate and observe all the corporate formalities * get all the licenses you need * get all the training and advice you need * get proper insurance including E&O coverage [see The Alarm Exchange] * get and use proper contracts [see www.alarmcontracts.com] * surround yourself with successful and helpful people * treat your customers and your employees fairly Finally, there's the right way and my way, and they're both the same. When ready to sell, call me or Jennifer Kirschenbaum,Esq [who heads our Merger and Acquisition Department] 516 747 6700 x 302; before you call anyone else. ****************** more on sending sub to crime scene ****************** Ken, I have always been an advocate for a “Common Sense Law”, the problem is most people don’t understand common sense. Today criminals get paid for breaking into a place and getting hurt during the crime. With today’s thought patterns common sense would be hard to define. The law doesn't define how to act or respond. As this discussion is about. Who is at fault? Measuring who is at fault, based on what? There is no measurement. Coffee is hot, that is common sense. Entering a building with a possible criminal inside, well that’s a risk, again common sense. Even if told to enter it, I should know the risk still exists, again my point that’s common sense. Terry Sprinkle ProGuard Systems Inc ****************** Response ****************** Law has nothing to do with common sense. I have to remind my attorneys all the time. "Don't try and reason out the law, find out what it is" If someone with authority and presumed knowledge tells you to do something, generally you do it. A fireman telling you to jump; a police officer telling you to pull over [on a busy street no less]; a stockbroker telling you to buy or sell; the central station alarm operator telling you to do something [You:"my alarm just went off"; operator: "did you check for any open windows?" You: "no, I haven't left my bedroom because I am scared shitless"; operator: "stay there [like a schmuck, you know what in hand] while I call police" or "I'll hold on, go check the house [and maybe run into an intruder who will murder you"] Look, it's a tough call. ****************** CONCIERGE LAWYER SERVICE FOR THE ALARM INDUSTRY PROGRAM 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. *********************** NOTICE: You can always read our Articles on our website at ww.kirschenbaumesq.com/page/alarm-articles *********************** THE ALARM EXCHANGE
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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
