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Entrepreneurs – How Do You Find A Lawyer For Your Company?
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Article Overview: Do you need a lawyer to help you in establishing your new company, to expand it – or even worse because you have legal problems? It’s difficult isn’t it?
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Entrepreneurs – How Do You Find A Lawyer For Your Company?
Do you need a lawyer to help you in establishing your new company, to expand it – or even worse because you have legal problems? It’s difficult isn’t it?
When choosing any professional to work for your company, a recommendation from a fellow business or friend is the best way to go. If you don’t have this then here is a suggested check list:
1) Identify about 5 possible lawyers who practice the kind of law that you are seeking. You can find these by a local internet search or via your yellow pages, contacting your Small Business Association or similar bodies.
2) Contact your local Better Business Bureau to see that they are NOT mentioned with anything adverse.
3) Put together your case in about 10 sentences and maybe 3 key questions.
4) Ask each lawyer if they provide an initial free interview – if they do – take this information with you. If they don’t then ask if they have no win/no fee, fixed prices etc. Indicate that you want a firm estimate of your likely costs etc. Ask for this in writing.
5) Cleary indicate to the lawyer the scope of your work and if there will be future work.
6) If you have your request in writing and their quote in writing then you should both be fairly clear.
The things that put prices up are changing your scope and not taking the lawyer’s advice. Remember that when they offer coffee whilst the clock is running – you are the one that is paying for it – keep the idle chat to the minimum.
Good luck.
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Article Tags: better business bureau, cleary, clock, coffee, fellow business, good luck, initial free interview, internet search, lawyer, lawyers, scope, sentences, small business association, yellow pages
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How to valuate a business
- Hi Garth - here is how we did it at Northern Crown Capital when I was helping them raise venture capital for Toronto-based entrepreneurs. Assume the start date is 2003 so 2008 projections are 5 years out:
How Northern Crown Capital Valuates a Business
2008 Financial Projections
Earnings Before Tax
$5,865,000
Tax Rate
42%
Taxes
$2,463,300
Net Earnings
$3,401,700
Amount Seeking to Raise Today
$3,500,000
Discounted Value of Future Opportunity, 5 Years Out
2008 P/E Ratio
15
Value of Company in 2008
$51,025,500
Discount Rate Applied
30%
Year 2008
$51,025,500
Year 2007
$35,717,850
Year 2006
$25,002,495
Year 2005
$17,501,747
Year 2004
$12,251,223
Value of Company at Investment in 2003
$12,251,223
Less: Investment Amount
$3,500,000
Present Value
$8,751,223
Discount for Risk & Private Company
40%
Less: Discount for Risk & Private Company
$3,500,489
Private Company Value
$5,250,734
Present Value (What the Owner Keeps)
$5,250,734
60.00%
Financing (What the Investor Gets)
$3,500,000
40.00%
Total
$8,750,734
100.00%
I hope this helps!
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