Recently hit Amazon.com’s Best-Seller List with the new book, “Game Changers”
I proudly joined a select group of America’s leading entrepreneurs and businesspeople to collaborate and co-write the business and marketing book titled, Game Changers: The World’s Leading Entrepreneurs: How They’re Changing The Game, and You Can Too! The book was published by Nick Nanton, Esq., and business partner JW Dicks, Esq. under their CelebrityPress® imprint.
The book, Game Changers: The World’s Leading Entrepreneurs: How They’re Changing The Game, and You Can Too! was released on Thursday, November 18th and reached best-seller status in three Amazon.com categories: Communications, Direct Marketing and Entrepreneurship. The book reached #1 in the Direct Marketing category.
Game Changers: The World’s Leading Entrepreneurs: How They’re Changing The Game, and You Can Too! features anecdotes, business strategies and real-life solutions to many of the challenges faced by small and large businesses across the country, in a rapidly changing economy. I authored a chapter in the book titled, “Non-Binding Mediation: The Best Kept Secret in Alternative Dispute Resolutions.”
Game Changers is a collective MasterMind effort of leading entrepreneurs teaching their latest strategies to help you succeed in this new economy. Whether starting a business from scratch, or realigning your marketing and sales programs for established products and services, this book will teach you fresh and recently tested successful methods you need to know (and pitfalls to avoid). These methods are as different from those used by the baby boomer generation as the abacus is from the computer.
After such a successful release, I will be soon be inducted into The National Academy of Best-Selling Authors™, an organization that honors authors from many of the leading independent best-seller lists.
You can order a copy of the book, go to http://www.amazon.com/Game-Changers-Leading-Entrepreneurs-Changing/dp/0982908326/ref=sr_1_8?ie=UTF8&s=books&qid=1291044330&sr=1-8
Or send me a message requesting a complimentary copy.
Thinking Outside the Box Can Mean Going Back to Basics
Today’s market requires all business professionals to think outside the box. I help small businesses from the point of inception, ongoing business, employment decisions, as well as dispute resolutions. There are many creative ideas being used to keep business afloat these days. Recently, some old ideas are being implemented that are extremely usefull.
Use Interns. College, graduate students, and recent graduates are having a diffcult time finding employment. Many are willing to work for free or at a low cost to the employer to gain valuable experience. These individuals are bright, energetic, and ready to take on the world.
Share knowledge, sell your product or service. It does not matter what business you are in, you have knowledge that someone can benefit from. Always be willing to give away information. People appreciate being informed. By sharing information as requested, your business will be remembered when your product or service is needed.
Help people make connections. Everyone has a network of friends and colleagues. If you meet someone at a luncheon looking for a accounts receivable clerk and you know your neighbor’s son is looking for work as an accounts receivable clerk… make a phone call and introduce these people. Taking a few minutes out of your day to connect individuals will be remembered for a lifetime.
Be nice to everyone. Everyone is approachable and should be treated with the same respect. It does not matter if you are crabby, nervous or in a rush, be nice anyway. You never know if the receptionist greeting you is the bosses wife or daughter. Your clients or customers also watch how you treat your staff. It is part of human nature, people do not like to work with rude or disrespectful people.
NSF Check
I have been receiving a rush of inquiries regarding bad checks. This is a crime, but be aware there are also civil penalities for this crime.
Damages
If a person fails to pay amount of check within 30 days to payee after written notice is given that the check came back with insufficient funds, then that person is liable for amount owing on check, damages treble the amount so owing (no less than $100 and no more than $1,500), plus attorney fees and court costs. 720 ILCS 5/17-1a
Burden of Proof
To recover, plaintiff must prove (1) defendant delivered check to obtain personal property; (2) defendant knew at the time the account was insufficient; (3) defendant acted with the intent to defraud; and (4) defendant failed to pay on demand. Vetean Supply Co. v. Swaw, 192 Ill.App.3d 286 (1st Dist. 1989).
Time Limits Are Imperative For Contingencies.
Contingencies play an important role in all contracts. “Time is of the essence” are magic words put into almost all contracts, which means that you have to move forward in a reasonable and timely manner. However, the contingencies should have their own time limits as well. Putting time limits on contingencies helps all parties to a contract understand what must be done and at what time.
Most commonly known contingencies are found in real estate sales contracts. There is typically the inspection contingency, mortgage contingency and the attorney approval or modification contingency in Contracts for the sale of real property. You may have noticed these contingency clauses all have time periods. Meaning that the contingencies must be completed within a time certain, or the buyer may chose not to purchase the property. If the buyer does not notify the seller that he/she chooses not to purchase and allows the contingency time to expire then the contingency is over and the buyer must purchase the property. Most inspection and attorney approval or modification contingencies are for 5-7 business days. Most mortgage contingencies are for a longer period of time and depend upon the lenders idea as to when the loan can be approved.
Contingences are also used in the purchase of businesses, but I’ve seen a few lately without time limits. With the parties not understanding what their agreement means is the easiest way to become litigants. When preparing or signing a letter of intent to purchase a business, make sure all of your contingencies have time limits. As the seller, you do not want the buyer to have the luxury to review and approve your books and records up to the date of closing.
The problem with not having time limits for contingencies, is that they buyer can choose to exercise their rights under their contingencies at any time (so long as it’s reasonable). When disputes arise most parties disagree with what is reasonable. Then parties are forced to allow a Judge to make that decision for them, which is a very expensive experience.
A very simple way around this problem is to simply insert time limits into all of your contracts. Even if it is a complex multiple step transaction type of contractual relationship, limit the time period of that review. It is easier to protect yourself at the beginning of a contractual relationship than to litigate a legal position after the fall out of that relationship.
It’s Back to School Time … for your kids and your business.
I always enjoyed the start of a new school new. Everything is fresh and exciting. New school supplies and clothes, not to mention goals set for the new academic year.
The same concepts apply to your business. Did you know that the Fall Quarter is generally the second best time of the year to make money? The reasons are two fold: (1) people are back from vacations/family time and ready to purchase your products or services and (2) people are back from vacations/family time and ready to buckle down and work.
It’s an exciting and great time to take action. Businesses are preparing for and setting new goals. Individuals set aside money knowing that the start of the school year will cost them money. With both parties preparing to take action, it’s a profitable time of year.
The questions business owners need to ask themselves include the following: What action to we want to take going forward? What happened within the business last year we want to see happen differently this year?
There is a good chance I can help you. Let me know how I can be of service this exciting season.
Slow Down on Illinois Roads or You’re Going to Pay for It!
Illinois is increasing the fines for speeding in IL starting September 15, 2010. Most fines for traffic violations have not increased in Illinois since 1992.
Fines for speeding up to 20 mph over the limit will increase from $75 to $120. Those driving 20 mph over the speed limit, but less than 30 mph will see their find increase from $95 to $140. Those who drive more than 30 mph over the limit will pay $160, instead of the current $105.
Seat belt violation citations fines will increase from $55 to $60. Unlawful use of a license increases from $750 to $1,500. Misdemeanor driving or driving with a suspended or revoked license increases from $1,000 to $1,500. Driving under the influence of alcohol or drugs increases from $1,000 to $1,500. Unlicensed driving increases from $1,000 to $1,500.
Pursuant to the Illinois Supreme Court Rules, up to $30 is taken off the top of the fine for various court fees and the rest of the fine is divided up among the local government, the state treasurer and the county general fund. After the court fees are subtracted from the fine, the local government receives 44.5%, the state treasurer 16.825% and 38.675% goes into the general fund of the county where the offense took place.
Keep in mind, that a new law went into effect in June which will take an additional $15 per ticket issued by any law enforcement agency in the state to benefit the Illinois State police, even if the state police were not involved in the traffic stop. This fund is intended to keep state troopers from being laid off because of state budget cuts.
Estate Planning: Living Wills, Durable Power of Attorney for Heath and Finance
Estate planning frequently involves more than just having a Will. Living wills as well as durable powers of attorney for health care and finance protect your estate in case your are incapacitated, but not deceased.
A living will permits you to express your wishes regarding resuscitation and life maintaining measures in the event you later become incapable of communicating your desires. It can help you try to avoid what some believe to be an undignified existence by allowing you to decline medical treatment, food, and water if these things are “artificially” keeping you alive. The choice is yours to make and physicians will honor your wishes if the proper documents are submitted.
A durable power of attorney for health care, on the other hand, allows you to appoint another person to make decisions for you regarding your medical care in the event you cannot. This power is broader than the living will. It, too, covers situations where you may be terminally ill and need resuscitation or other life maintaining measures to stay alive. Your agent, or attorney-in-fact, can decline these treatments if you give them that power. It also applies to situations where a health care decision is required but you cannot make that decision yourself (i.e., you are unconscious as a result of injury). Your agent could authorize or decline medical treatment on your behalf.
A durable power of attorney for finance allows you to appoint another person to make decisions for you regarding your real and personal property. This power is broad and covers situations where you are terminally ill or unconscious as a result of injury, but still living. Your agent, or attorney-in-fact, can manage your financial affairs as you so wish.
If you decide to create either a living will or a durable power of attorney for health care and/or finance, you will need to consider several things before you complete the documents. You will have to provide the name and contact information for the individual(s) that you nominate to make decisions for you in the event that you cannot make them.
Be sure to inform the person you nominate of your wishes. You can permit or refuse to permit donation of your organs for transplant. You can also permit or refuse to permit donation of your body for scientific or educational purposes. Some people wish to spend their last days at home rather than in a hospital. Some people wish to nominate one person to act as their attorney-in-fact for health care and another for their finance. You can express your wishes regarding these issues in these documents. Finally, you can express your wishes about funeral arrangements.
Responsibilities of the Investment Manager for Pension Boards, Custody Issues, and Rebalancing
A person is an “Investment Manager” with respect to a retirement system or pension fund under the Illinois Pension Code if such person:
1. is a fiduciary appointed by the board of trustees of a retirement system or pension fund in accordance with Section 1-109.1;
2. has the power to manage, acquire or dispose of any asset of the retirement system or pension fund;
3. is either –
a. registered as an Investment Advisor under the Investment Advisors Act of 1940;
b. a bank, as defined by that Act, or
c. an insurance company; and
4. has acknowledged in writing that he is a fiduciary with respect to the retirement system or pension fund.
5. the terms “Investment Manager” and “Investment Advisor” are used interchangeably.
The Investment Manager/Advisor/Broker with discretion over buying or selling securities for the fund may not be the custodian of the investment instruments.
Pension boards should review percentages quarterly for compliance with the Investment Policy. Funds with assets under $2.5 million are allowed 10% in separate accounts and/or mutual funds, which may not grow in excess of 10% provided that the contract has not been changed.
If market values do not exceed the allowable percentage then no rebalancing is required. Investment Policies of each fund should stipulate the percentage allowable in the various types of authorized investments.
Pension funds invested in separate accounts, mutual funds and/or individual stocks should calculate the market value of those funds to determine the percentage held vs. the allowable percentage under the law. Use the expertise of the Investment Manager to assist with this task. If the percentage exceeds the allowable amount, the fund must reduce the allowable percentage and document the reduction. The reduction as to which investments are sold is at the discretion of the pension board and applies only to the aggregate percentage. Documentation of the percentage calculations should be maintained at the pension fund.
Federal Judges – Types and Selection Process
With the retirement of Justice John Paul Stevens and President Obama declaring he would like to have Stevens’ replacement confirmed before the court’s new term begins in October, people are discussing Federal Judges. Two questions keep circulating: whether there are different types of Federal Judges and how do they get selected.
There are seven types of Federal Judges: (1) Supreme Court justices, (2) court of appeals, (3) district judges, (4) U.S. Court of International Trade, (5) bankruptcy judges, (6) magistrate judges, (7) U.S. Court of Federal Claims.
Supreme Court justices, court of appeals, district judges and the U.S. Court of International Trade are established by Article III of the Constitution. Names of nominees are recommended by senators or sometimes members of the House. The President then makes his nominations. The Senate Judiciary Committee conducts confirmation hearings for each nominee. Article III Judges are appointed for life and never get a pay cut to exercise what the Constitution calls the “judicial power of the United States.” The reasoning behind this is to guaranty Article III Judges will never fear making politically or socially unpopular decisions.
There are no official requirements to become an Article III Judge. However, throughout U.S. History all were private attorneys, state judges, other federal court judges or law professors prior to their Article III nomination and confirmation.
Bankruptcy, magistrate, and U.S. Court of Federal Claims Judges are not Judges under Article III of the Constitution. These judges are appointed for specific terms and are not protected from a guarantied no pay reduction. There is a statutory requirement for bankruptcy and magistrate judges to be lawyers.
Bankruptcy judges are appointed by the majority of the US court of appeals to exercise jurisdiction over bankruptcy matters. Bankruptcy judges are appointed for 14 year terms and handle almost all bankruptcy matters.
Magistrate judges are appointed by the majority vote of the active district judges of the court to exercise jurisdiction over matters delegated by the district judges and assigned by statute. Magistrate judges are appointed for 8 year terms and their duties vary from court to court.
U.S. Court of Federal Claims are appointed by the President. U.S. Court of Federal Claims is a special court that hears claims for money damages in excess of $10,000 against the United States. U.S. Court of Claims judges are appointed for 15 year terms.
You do not want to waive notice in Probate.
The option is always up to you. However, it’s a bad idea to waive notice in probate. Under the rules, heirs and legatees are permitted to consent to the appointment of a representative and then waive notice of hearings on the petition, rights to require formal proof of the Will and to contest the admission or denial of admission of the Will to probate, and notice of rights in independent administration.
Typically, probate matters involve family members who are also dealing with the loss of a loved one. To prevent family members from becoming long term litigants be open and upfront with one another. Knowledge is a powerful tool. Even in situations that involve family, keeping informed is important. It is a simple task to require notification of events. It is a difficult task to recreate the past to correct a wrong doing.
Often, representatives do not intend to make a mistake, but mistakes can happen anyway. By receiving notice of every event in probate, you have the ability to take an active role. Information such as listing a property with a real estate agent or letting it sit as a FSBO for a year is imperative for heirs and legatees to be aware of.
Representatives can not waive your notice rights for you and will not take issue with you wanting to be notified. Understanding that everyone deals with death differently does not change your need to ensure your loved ones intentions are honored. The best way for heir and legatees to honor their loved ones is to hold onto their rights and not waive notice.