lets talk business building your business advisory team
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Let's Talk Business: Building Your Business Advisory Dream TeamTRANSCRIPT
Building Your Business Advisory Team
Bob Bell – Director, Lawler Partners
Anthony Sullivan – Director, Lawler Partners
Louise Woodbury – CEO Quantum Dynamics; Co-Author "The Invisible Entrepreneur“
John Pagacs – Special Counsel, Australian Business Lawyers
Moderated by Small Business Commentator Valerie Khoo
Building Your Business Advisory Team
Bob Bell – Director, Lawler Partners
Anthony Sullivan – Director, Lawler Partners
Louise Woodbury – CEO Quantum Dynamics; Co-Author Louise Woodbury – CEO Quantum Dynamics; Co-Author "The Invisible Entrepreneur“"The Invisible Entrepreneur“
John Pagacs – Special Counsel, Australian Business Lawyers
Moderated by Small Business Commentator Valerie Khoo
Louise WoodburyCo-author of
The Invisible Partnership &
The Invisible Entrepreneur
“If business owners are not working with an advisor, they run the risk of becoming insular or trapped within the confines of their own knowledge.”
‘How coachable am I?’
“You need clarity on what is it you need and then who would have the greatest positive impact on your life and your business.”
“The advisors must understand human dynamics. The logical and emotional.”
“The advisors must be successful in advising how to build a business holistically. Entrepreneurship, stewardship, social responsibility.”
“In choosing the right advisor(s) is no different to recruiting a new team member(s).”
“You need to consider not only what strengths, skills, background, but also the networks the advisor can bring to your business.”
“Most importantly the advisor(s) must align with your core values.”
Building Your Business Advisory Team
Bob Bell – Director, Lawler Partners
Anthony Sullivan – Director, Lawler Partners
Louise Woodbury – CEO Quantum Dynamics; Co-Author "The Invisible Entrepreneur“
John Pagacs – Special Counsel, Australian Business John Pagacs – Special Counsel, Australian Business LawyersLawyers
Moderated by Small Business Commentator Valerie Khoo
Selecting Legal AdvisorsSelecting Legal Advisors
Key ConsiderationsKey Considerations
John PagacsSpecial Counsel
July 2010
What is a Lawyer?
Can be a sole practitioner working alone or a large partnership of hundreds of lawyers (and everything in between)
Some are specialists, other are generalists
Lawyers are expensive
$200-$400/hr for a lawyer in a small suburban firm
$400-$700/hr for a senior lawyer in a medium to large firm
Why see a Lawyer?
Australia has complex laws and regulations for all businesses
Thousands of pages of new laws every year
Business advisors, accountants and business Chambers are valuable and can help but can not give legal advice
Avoid penalties for breach of some laws
Assistance to fully protect your business interests (eg: personal assets, IP)
Typical Legal Issues
Terms of trade – contracts with suppliers and customers (eg security interests)
Protection of intellectual property
Trade marks vs Domain or Business names
Employment laws
Fair Work Act, Modern Awards, Unfair dismissal laws
Business Structure – may need to change as the business grows
Common Mistakes
Failing to protect IP and security interests
Results in reduced goodwill and allows competitors to gain an advantage
Failing to update business structures
Tax issues / Disputes among the owners
Uncertainty when dealing with employees
Waiting for a dispute before fixing a problem
Minimising Costs
Example: Insurance
Small regular outlay to offset a large potential cost
Legal Costs
Early and regular advice and assistance may cost a few thousand dollars
Litigation usually costs tens or hundreds of thousands of dollars
Selecting a Lawyer
Key factors to consider:
Is your lawyer someone you trust & respect?
Can your lawyer add value to your business?
Do you need a generalist or a specialist? - A specialist may cost more per hour but will know exactly what to do to help you in their field
Are you the type of client that is a good match with the lawyer you have chosen?
What to look out for:
Hidden costs
Practical Tips
Budget for legal costs– they are not so painful if you have anticipated them in your business plan
Have a “legal health check-up” for your business every few years – you may not always recognise you have a problem, but a professional may spot it straight away
Avoid comparing lawyers on hourly rates alone
FURTHER HELP
Australian Business Lawyers
John Pagacs
Special Counsel
(02) 9458 7006
Building Your Business Advisory Team
Bob Bell – Director, Lawler Partners
Anthony Sullivan – Director, Lawler Partners
Louise Woodbury – CEO Quantum Dynamics; Co-Author "The Invisible Entrepreneur“
John Pagacs – Special Counsel, Australian Business Lawyers
Moderated by Small Business Commentator Valerie Khoo