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 ****************************** Comments on when you should retire April 16, 2024 ************************* Comments on when you should retire from article on April 3, 2024 ************************* Ken: This is to Joe Pfefer, Loved your comment. I'm 77 and have been in this business over 50 years and own the oldest, closely held alarm company in Richmond, Virginia, at 39 years and counting. I love working but the trick to being able to continue, as the "old man", as my GM calls me, is to either have the next generation behind you or really good employees that will take it over when you are gone. No more 80-90 hour weeks for me as when I was building this company. Ken always pushes the 3-5 years contracts. Our customers are long term on one year contracts. As you stated, the problem is when one of the big boys buys out a company, built on customer service and the buyer has none, they need the longevity contract to keep the customers from canceling. That is why if you give the buyer, recourse, you need to protect yourself for customers leaving due to their deficiencies. We old men of the industry need to stick together. I say that my kids keep me around because I know the old equipment. Be well. Stan Corn Alarms, Inc **************************** Another comment **************************** Ken: The interesting part of this exchange is that every living alarm dealer will be faced with the sell/not sell decision sometime. No matter what, please practice running your business as if you were going to sell tomorrow or keep forever. Get your house in order and keep it in order. Maximum profits while owning. Maximum payday when selling. james t Wooster sr jtwooster@alarmfunding.com ************************ Response *********************** Keep in mind that while longevity of contract term may have the effect of retaining your customer for at least the duration of the contract, having a proper contract has far more important reasons: guarding your equity as well as building that equity. By that I mean that your contract provides contractual protection against claims that can help shield you from claims and lawsuits, both with and without merit. The proper contract will also, primarily for the first reason, protection, have more value [command a higher multiple] when you sell the accounts [or when your heirs sell the accounts]. There is in fact only one reason not to use proper up to date contracts: stupidity. Having turned into one of the old men still hanging around I suppose I should lend support for the notion that you should keep working, agreeing with Stan, and keep your business in order, agreeing with Jim, both well-known successful in their own right alarm industry icons. You can’t get better advice, anywhere. ********************* 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
