Philadelphia Business Lawyer Sarah E. Holmes
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2021 Business Planning: How to Plan for Success During the Dumpster Fire Time of Covid

9/30/2020

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In this new video, Managing Attorney Sarah Holmes discusses what to consider when planning for your business in 2021. 

Given the difficulties experienced by business owners in 2020, it can sometimes be hard to see how to plan for another year of potential uncertainty.

Learn how to spot opportunities arising over the next year and put together a plan for success.
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4 Cancellation & Rescheduling Policies Your Business Needs for COVID-19

9/25/2020

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In March 2020, the event ticketing website StubHub faced a tide of cancellations and schedule changes as the coronavirus spread across the United States.
In response, the company offered customers a choice: either receive a full refund or get company credit for 120% of the original ticket price. The opt-in was a success, with many customers choosing to get company credit over a refund.

Several days later, StubHub changed the terms of their policy. Instead of offering their customers refunds as an option, everyone would get the 120% company credit.
The first lawsuit was filed within a week, asking upwards of $5 million in refunds for all of the customers who were affected by the policy change.

It’s a business owner’s nightmare come to life.

If you haven't taken a look at your cancellation and rescheduling policies since the pandemic, the sooner you review them with a local business lawyer, the better. If you’ve never considered these policies at all before, you’ll want to do so now. A misstep in this shifting economy could prove costly to your business, your brand, and your professional reputation.

Cancellation and refund policies apply to more than just event-based companies. You may have to cancel orders or shipments based on global supply-chain disruptions. Your employees may be unable to reach originally promised project deadlines because of reduced staff hours. You may be a service provider who’s unable to see clients under local COVID-19 laws.

Even with all the uncertainty in the world, it's clear that the coronavirus is here to stay. As we round out the sixth month of the pandemic, the ride has been bumpy, chaotic, and unpredictable. The right legal precautions can help make the next six months smoother and set up your business for long-term success in a post-COVID world.

What to Consider in Cancellation & Rescheduling PoliciesWhen considering your cancellation and rescheduling policies, the first thing you should do is review your current contract. Your policies should be clearly stated with time limits.

What if you don’t have a contract or your contract doesn’t contain a cancellation or rescheduling policy? You can look at your industry’s commonly-accepted standards for a place to get started.

Your policy should answer the following four questions:
  1. Is your retainer or deposit refundable?
  2. What are your deadlines for canceling and rescheduling?
  3. How many times can your customers reschedule without a fee?
  4. Is there a potential increase in price for prime dates in the future?​
Now, consider whether you need to make changes because of the impact of the coronavirus. Would you like to extend your cancellation and rescheduling deadlines to offer a greater grace period for your customers? For example, a local gym that’s shut down under a local ordinance may want to extend their customers’ class passes until they can actually use them in person.

It's important to make these decisions thoughtfully, with long-term effects in mind. You have to balance customer expectations with your bottom line. Giving all your customers immediate refunds may leave your business cash-strapped or even bankrupt. But walking back on your policies may land you in the same legal trouble as StubHub.

Right now, brand trust and loyalty are more important than ever. Your dedicated customers could determine whether or not your business survives these turbulent times. The last thing you want to do is alienate them with poor business policies.
What About Force Majeure Contract Clauses?Your contract may already set out procedures in place for situations that are unforeseeable, unpredictable, and impossible. Many contracts include force majeure clauses that allow cancellation for “acts of God” beyond the control of the parties.

We’ll go deeper into force majeure clauses in a later blog post. But just because you have a force majeure clause doesn’t mean it automatically applies to the coronavirus. That ultimately depends on how the force majeure clause is written in your contract.

Generally, the more specific your force majeure clause, the more narrowly it gets interpreted. For example, your force majeure clause might cover specific types of disasters but fail to mention pandemics. That could leave you on the hook for fulfilling your contract even with the difficulties wrought by COVID-19. The only way to truly determine how your force majeure clause applies to you is to discuss it with an experienced local business lawyer.

Get Local Legal Help With a Philadelphia Business Lawyer
When considering COVID-19 policies for your business, it's important to consult with a local lawyer about your options. The pandemic response has varied by location, which means the laws in your locality could affect the rules by which your business operates. Your options may vary if your business is located in New Jersey compared to Philadelphia or other Pennsylvania counties like Bucks, Montgomery, Delaware, or Chester County.

Every case is fact-specific. Your cancellation and rescheduling policies may look different than businesses in other industries. In addition, your business has unique needs and operational challenges. Your customers have particular expectations. Working with a lawyer allows you to create policies tailor-made for your business, with your customers in mind.

At the Holmes Business Law Firm, our talented legal team will work with you to create a cancellation and rescheduling strategy that:
  • Protects your business and brand reputation,
  • Takes care of your customers and surpasses their expectations, and
  • Prepares your business for long-term success even in the pandemic.
In addition to differences in the law based on where you’re located, COVID-19 business requirements can change drastically on a day-by-day basis. These changes continue to be out of your control, based on coronavirus statistics in your area. When creating cancellation and rescheduling policies for your business, our lawyers consider not just what makes sense to your business right now, but what will continue to serve you even in times of future uncertainty.

Call the Philadelphia offices of the Holmes Business Law Firm today at 215-482-0285 for a consultation with an experienced local business lawyer.
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Is This A Good Time To Buy A Business? Why We Think It's a GREAT Time to Buy A Business

9/21/2020

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Picture
Emergency situations tend to bring out fight or flight behaviors.  For business owners, covid-19 has certainly made many decide whether to fight or flee.

The economic toll of covid-19 and the lockdowns and business restrictions are going to have severe effects on business owners for years to come. Unfortunately, we hear from business owners every day about the devastation to their business, whether it's a default on their commercial lease, whether they can invoke force majeure in their contracts, or having to lay off staff.

However, every negative has a corresponding positive and sometimes it really is a mindset that makes the difference. We've been inspired by the number of current and potential business owners who see the current situation as an opportunity.

This includes purchasing a business.  We've closed a number of business purchases for clients since the start of the pandemic.  In fact, we've gotten a record number of calls for help with business purchases over the last few months.  How could this be?

1) many sellers of businesses right now are at an age or stage in their ownership where they've quite honestly been looking for an excuse to sell or do something else; covid-19 is the perfect opportunity for them to get out;

2) many business owners that have been in business for a long time are too tired and exhausted to try and pivot their business business model; they know the kind of effort, dedication and financial burden it is to pivot and they just don't want to do it;

3) some business owners have reached a level of distress and need to sell, or they're going to have to dissolve the business.

These factors are good for buyers looking to invest in and purchase an ongoing business.  There are a number of "famous" businesses going out of business every day.  Can you imagine the value of purchasing a long-standing business with a name, reputation and customers already set for you?  If you're already a business owner, there may be competitors out there looking to sell and you can really increase market share.

Our office helps people buy and sell businesses every day.  Whether you're looking for help with a stock purchase agreement, asset purchase agreement, due diligence or even looking over a business plan, reach out to our office today for help.  We offer convenient locations in center city or the main line.

There's never been a better time to buy a business.

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    Author

    Sarah E. Holmes is a Philadelphia business attorney and strategist that helps start ups and established businesses looking to expand, protect their assets and increase their profits in an approachable, down-to-earth way.  When you're looking for a business lawyer in Philadelphia, the Main Line or New Jersey, we can help.

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Holmes Business Law, P.C.
​Two Convenient Locations- Main Line and Center City
40 E. Montgomery Avenue (all mail)
4th Floor
Ardmore, PA 19003
and
1515 Market Street
Suite 1200
Philadelphia, PA 19102
215-482-0285
 

info@phillysmallbusinesslawyer.com

All site content is subject to copyright 2021 by Holmes Business Law P.C.
This website and its content herein constitutes attorney advertising.  Any content on this website should be construed as informational, not legal advice.  No information on this website is intended to create an attorney-client relationship.  Only a signed fee agreement between Sarah E. Holmes and the client will establish an attorney-client relationship.  Use of any information on this site is provided "AS IS" with no warranty of any kind, either express or implied.  Always consult with a licensed attorney in your own state for legal advice.
Photo used under Creative Commons from AK Rockefeller
  • Home
  • Attorneys & Areas of Law
    • Business Entities >
      • Corporations
      • Limited Liability Company (LLC)
    • Business Immigration
    • Business Purchase or Sale
    • Raising Capital & Investor Agreements >
      • Promissory Notes and Debt Financing
      • Private Placement and Equity Financing
    • Business Contracts >
      • Consulting Agreement
      • Employment Contracts
      • Independent Contractor (1099) Agreements
      • Website Terms and Privacy Policies
    • Copyright & Trademark
    • Hiring Employees/NDA/Non Compete
    • Estate Planning & Wills
    • Commercial Real Estate >
      • Commercial Lease
    • The Right Start Program
  • About
    • Speaking and Events
    • Client Testimonials
    • Privacy Policy/Terms of Use
    • Contact
  • Business Success Tips
  • Flat Fee Packages
    • New Businesses
    • Existing Businesses
    • Dispute Resolution
    • Trademarks & Copyright
    • Estate Planning
  • COVID-19 HELP