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What you need when buying or selling a company

For many North Carolina entrepreneurs, buying a business or selling an existing business can be a major undertaking. This kind of business transaction can mean becoming responsible for an ongoing venture or moving forward from a business you have built from the ground up. Learning about the ongoing financial implications of the purchase or sale of a business can be significant, from understanding the tax requirements to ensuring that the deal itself is one that best protects your interests.

When selling or buying a company, it is particularly important to truly understand what is being sold. In some cases, the assets of the business are being sold alone; in other cases, the purchaser is also acquiring its outstanding liabilities. It is critical for both sides to have a full understanding of the complete transaction. Intellectual property is also a major part of almost any business venture, and the transfer of relevant intellectual property can be critical to a successful business transaction.

Woman killed in Southwest Airlines catastrophe

Many North Carolina residents likely heard about a plane incident in which a woman was killed. The incident, which happened on April 17, was caused by an engine that exploded when a Southwest Airlines flight was flying from La Guardia in New York to Dallas, Texas.

According to news reports, passengers on the plane heard a couple of loud explosions and a window was busted out. The debris from the engine had reportedly shattered the window. The woman who was seated in the seat next to the window was reportedly sucked partially out of the window, and other passengers struggled to pull her back inside of the plane.

No sprinkler system in Trump Tower where fire fatality occurred

People in North Carolina might have heard about a fire on April 7 at Trump Tower in New York that resulted in the death of one man. It was the second fire in 2018 at the building. In January, a fire in the heating system led to minor injuries to three people.

When the building was constructed in 1983, sprinkler systems were not required in buildings. Once they became a requirement in new residential high-rises, safety advocates pressed for them to be added to all apartment buildings, but developers and then-mayor Rudy Giuliani resisted the addition because of costs. If major renovations are done in old buildings, sprinkler systems must be added.

Choosing the right buyer for a company

Business owners in North Carolina may eventually decide that the time is right to sell their companies and move on to something new. However, finding a buyer can be a complicated process. To make this process easier, those who are looking to sell their companies should consider what they want to get out of the transaction. For example, it will be important to think about whether an owner wants to remain part of the company after the sale or transition away from it.

It is also worthwhile to think about the impact that a sale will have on executives and employees. These days, strategic buyers are more apt to retain the culture that made a company worth buying in the first place. While personnel changes could be made, the business model will be left largely intact. Finally, it is worth considering how a sale will impact the current owner and his or her family moving forward.

What to know before buying a business

Many North Carolina entrepreneurs could benefit more from buying an established company compared to starting one themselves. However, it is still important to research the type of company that one would potentially thrive in. Furthermore, investors need to know why they are putting their money into an acquisition and what makes it stand out above the rest.

By looking further into what makes a business worth buying, a prospective business owner can tackle the question from as many angles as possible. It will also be critical to understand what a payback period is and how it can help a person buy an existing company. In many cases, the buyer makes a down payment and pays the rest from business profits earned over time. However, buyers and sellers can get creative when it comes to negotiating a deal that works best for them.

Tony Stewart settles wrongful death lawsuit with Ward's family

North Carolina Nascar fans might be interested in learning that Tony Stewart has reportedly reached a settlement with the family of Kevin Ward in the wrongful death lawsuit that was filed against him. The lawsuit was filed because of an August 2014 dirt-track race accident in which Ward was killed.

Stewart and Ward were reportedly driving their cars during the race's caution period when Stewart bumped Ward's vehicle. The collision caused Ward to lose control and crash into the wall. Ward then got out of his vehicle and was walking back towards Stewart's vehicle when Stewart struck and killed him.

Investigation is key to trucking claims

Sharing road space with big rigs is a safety risk that Arizona motorists take almost every day. The size and weight difference between fully loaded tractor-trailers and passenger cars creates extreme danger when collisions happen. While most truckers are highly trained and skilled, they are only human, and the slightest mistake can have deadly consequences. Considering the volume of freight transported by trucks, the large number of injury and death claims against negligent trucking companies is not surprising.

In the immediate aftermath of a crash, the first concern is medical treatment for the injured. However, victims should also obtain a copy of the incident report as soon as possible. Investigating officers typically list obvious contributing factors to a crash on the report as well as the exact name of the trucking company involved. All of this information is important when filing a claim. Incident reports often include witness statements and contact information useful in higher-level investigations completed in the course of a liability claim.

Getting ready to sell a business

Business owners in North Carolina who want to sell their business may benefit from a period of preparation. Making the right choice as early as years before they sell may ensure that they are able to get the most money for their business.

One step business owners should take is to make sure that their business can be operated without their input or presence. Businesses that have owners take a hands-on approach to their operations, or who are the public face of their brand, may not be able to sell without being willing to remain with the company during a lengthy transition period.

Truck drivers at fault in most fatal crashes according to study

The number of truck accidents in North Carolina and around the country has risen quite a bit, and a comprehensive study from the Federal Motor Carrier Safety Administration and the National Highway Traffic Safety Administration suggests that truck driver errors and recklessness are largely to blame when lives are lost. The federal safety agencies studied 120,000 fatal truck accidents that took place over a 33-month period, and the truck driver was determined to have been at fault more than two-thirds of the time when multiple vehicles were involved.

The Large Truck Crash Causation Study was based on accident reports from 68,000 fatal commercial vehicle crashes involving truck drivers who had made an error of some kind. Performance issues, such as overcompensating or panicking in emergency situations, were cited as the cause of the accident about 9 percent of the time, but reckless or negligent behavior like speeding, using cellphones while behind the wheel and remaining on duty despite being dangerously fatigued was determined to have caused 78 percent of the crashes.

Helmets and motorcycles

Motorcyclists who are concerned about being safe on North Carolina roads should know that wearing a helmet reduces the risk of acquiring a cervical spine injury in a crash. This is according to a study conducted by researchers at the University of Wisconsin.

The severity of traumatic brain injuries and their occurrences due to crashes are reduced when a helmet is worn. The National Highway Traffic Safety Administration reports that wearing a helmet saved an estimated 1,859 lives in 2016. If all motorcyclists had worn a helmet that year, anther 802 deaths could have been avoided.

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