Blog | Britton Law, P.A.

Issues to consider when selling a business

On behalf of Britton Law, P.A. posted in Buying & Selling Businesses on Wednesday, April 17, 2019.

It is important to time the sale of a North Carolina business properly. This can allow its owners to sell the company for the most money as well as to the right buyer. There are a series of questions that should be asked before beginning the process of exiting a company. The first question is whether the owner is ready to sell.

Prior to putting the organization on the market, its financial records and other documents should be organized and ready to view. There should also be an appraisal done to determine how much the company is worth. The appraiser will consider how much equipment and other assets could sell for in addition to any intrinsic value the brand has. It can also be a good idea to look at how much other companies are worth when creating an asking price.

How to react in a motorcycle emergency

On behalf of Britton Law, P.A. posted in Motorcycle Accidents on Thursday, April 11, 2019.

While riding a motorcycle can be fun, it is also dangerous. Motorcycle riders in North Carolina and elsewhere need to be sure that they understand how to identify dangerous situations and mitigate them. For instance, when a person on a motorcycle is being passed by a car, he or she will need to be aware of debris being tossed out of the window. It is also important to look out for car doors or other objects that could graze a rider.

Riding in bad weather may also pose problems for those who are on their motorcycle. Ideally, riders will stay in the tire track of the vehicle in front of their bikes. Furthermore, it is critical to go at a speed that is reasonable for weather and road conditions. When riding at night, individuals be sure to use a headlight and wear clothing that can be seen by other riders and drivers.

How to exit a business without selling it

On behalf of Britton Law, P.A. posted in Buying & Selling Businesses on Monday, April 8, 2019.

Selling a business can be a great way to make a large sum of money quickly. However, it can be difficult to sell a company in North Carolina or any other state if it costs more than $500,000. This is because many believe that it would be easier to start their own company for that amount of money. Furthermore, it is rare that an entrepreneur has $500,000 or more in spare cash.

Large companies don't like to buy businesses for less than $5 million. Therefore, if a company is worth between $500,000 and $5 million, it may be difficult to sell. However, there are other ways for business owners to exit their companies. For example, it may be possible to delegate tasks to others within the company and commit perhaps a day or two per month to working the business.

2019 International Roadcheck to focus on steering, suspension

On behalf of Britton Law, P.A. posted in commercial truck accidents on Thursday, April 4, 2019.

Commercial truck drivers may be stopped at random for an inspection in North Carolina between June 4 and 6. These three days will encompass the 2019 International Roadcheck, an inspection spree held once a year by the Commercial Vehicle Safety Alliance. Inspectors will mostly conduct Level I inspections, which are the most comprehensive and cover both vehicle and operator compliance.

Drivers will be asked to provide documents like their CDLs, Medical Examiner's Certificates and work logs. Trucks will have components like tires, wheels, brakes, lights and cargo securement chains and straps checked.

The challenges of buying a business

On behalf of Britton Law, P.A. posted in Buying & Selling Businesses on Monday, April 1, 2019.

When individuals in North Carolina or any other state buy a business, it is important to have a plan to ensure that the transaction occurs smoothly. However, it is possible for a plan to go awry because of unforeseen circumstances. For instance, the previous owner who was supposed to act as a mentor could pass away unexpectedly. Unforeseen events may force a new owner to reevaluate his or her business plan and adjust it quickly.

It is easier for an individual to respond to an unknown simply by acknowledging that there will be unexpected events taking place. While it is impossible to predict what will happen, it is possible to account for something going wrong when purchasing a company. It is also important to do due diligence before buying a company. This allows a prospective owner to learn as much about the company and its health as possible.

Weather Channel sued after storm chasers cause fatal crash

On behalf of Britton Law, P.A. posted in Wrongful Death on Thursday, March 28, 2019.

North Carolina residents may be familiar with the storm chasing reports on the Weather Channel, especially on its program "Storm Wranglers." Two stars of that show died in a car crash back in March 2017 near the city of Spur, Texas. The crash also claimed the life of a 25-year-old storm spotter working for the National Weather Service.

The Weather Channel's two storm chasers were speeding down the highway searching for any signs of a tornado when they ran a stop sign and crashed into the storm spotter's jeep. The video of the chase was being live streamed on the Weather Channel's Facebook page. All three died on impact.

The past plays a key role when choosing a business to buy

On behalf of Britton Law, P.A. posted in Buying & Selling Businesses on Wednesday, March 27, 2019.

A North Carolina entrepreneur who is hoping to buy a company should do as much research into the business as possible. This means looking into the past performance of the company specifically and its sector as a whole. Taking this step will shed light into how a company does during economic downturns or when other economic variables change. Furthermore, it allows a person to see if other companies influence the success or failure of a specific entity.

It is often a good idea to look as far back as possible to get an accurate understanding of how a business is likely to perform in the future. For instance, it may be worthwhile to look at how it performed during the Great Recession. Performing this diligence could make it easier to choose which sector to invest in.

Performing due diligence when buying a company

On behalf of Britton Law, P.A. posted in Buying & Selling Businesses on Thursday, March 21, 2019.

Entrepreneurs in North Carolina who are looking to become business owners may consider buying an existing company. However, prior to doing so, it is important to complete due diligence and ensure that the purchase will be worthwhile. The first step in that process is for an individual to consider why he or she is interested in being a business owner. Ultimately, that person is responsible for overseeing every task related to operating a company.

When it comes time to look for a company to purchase, it is important to know as much about it as possible. Prospective buyers should learn more about the company's history, if it generates revenue throughout the year and if it generates a profit. It is also critical to ask for tax returns and other audited statements to verify when the current owner is claiming.

As fatal truck crashes rise, NHTSA criticized for inaction

On behalf of Britton Law, P.A. posted in commercial truck accidents on Thursday, March 21, 2019.

Fatal large truck crashes are increasing in North Carolina and the rest of the U.S. In 2017, 4,102 people died in large truck crashes, which is up 28 percent from 2009. The majority of these victims are car occupants, and many of the crashes are rear-end accidents. Truck safety groups say that if all heavy trucks were required to have forward crash warning and mitigation systems, thousands of these accidents could be prevented.

On at least 10 different occasions since the 1990s, the National Transportation Safety Board has recommended that the National Highway Traffic Safety Administration come up with such a mandate. However, NHTSA has not proposed any regulations. NHTSA issued a statement saying that it is still studying forward crash warning systems and automatic emergency braking. Critics call this paralysis by analysis, saying that NHTSA should focus instead on devices that are already available.

Stop Underrides Act introduced in House and Senate

On behalf of Britton Law, P.A. posted in commercial truck accidents on Thursday, March 14, 2019.

Every year, at least 300 people die in underride crashes. North Carolina residents should know that these crashes occur when a motor vehicle collides with a large truck and slides under it. In such crashes, the vehicle's safety features are rendered useless. These crashes usually end in head or neck injuries or, in some cases, decapitation.

Currently, federal law requires large commercial trucks to have rear underride guards. However, many truck safety groups have been calling for an expansion of this rule in the effort to prevent underride crashes. On March 5, 2019, legislators from both the Senate and the House of Representatives introduced separate bills that, if passed, would provide just that.