For more than 26 years, Board Certified lawyer Greg Richards has proudly fostered long term relationships with Hill Country business owners. From the conception of a business to selling it and every legal matter in between, Greg works closely with his clients to meet all of their business needs. Priding himself on the friendships that grow from working with clients, Greg is invested in understanding the details of his clients business, and their concerns and goals, and provides them with comprehensive and practical advice to achieve success. With years of experience in business law, Greg is dedicated to crafting creative solutions that minimize risk and maximize opportunities for business owners should issues arise during and after the planning process.
Assistance in Forming a Business
Greg understands that establishing, growing, and maintaining a business involves more than just hard work. Establishing a clear vision and attainable goals directly contribute to a business’s long-term success, but how exactly does a prospective business owner go about that? The process can be daunting, and the legal instruments necessary to protect and serve a healthy business can be complex. It is at this crossroads that Greg thrives by utilizing his decades of experience and professional relationships to guide business owners towards lasting success.
Establishing a business involves many moving parts, all of which are equally important and require sufficient attention to detail. Greg works with clients at even the earliest stages of business formation, including determining which entity type best fits an owner’s service or product, the owner’s lifestyle, and more. All factors can be important when establishing a business, and Greg can provide guidance on which type of entity best fits a client such as:
Limited Liability Company (LLC)
Limited Partnership (LP)
Series Limited Liability Companies (SLLC)
Once the right type of entity is selected and created, Greg works with his clients to understand how they want to address what Greg calls the four “M’s”: Money, Management, Movement and Miscellaneous. These are four areas that every business should address: managing the inflow and outflow of money; how decisions are made and the business is managed; how ownership of business interests should change as a result of life events such as death, divorce, bankruptcy, disability and retirement; and how unique issues inherit in a client’s business should be addressed. Greg skillfully investigates and addresses these topics with his clients and provides proven strategies to address each one of them.
Assistance with Contracts
It is no surprise that documents and contracts are of extreme significance and importance for businesses. Reviewing, drafting, and negotiating contracts requires a seasoned business attorney who is competent in the law and fights for their client’s best interest. Contracts could involve:
Asset Purchase agreements
Independent contractor agreements
Employment Planning and Retention
A business is nothing without its employees, so it’s important to factor in all aspects of hiring, retaining, and releasing employees when forming a company. The guidance of an attorney is key when drafting employment contracts, policies, and procedures. In addition to formulating an employee guide, it’s also important to define sound policies to deter against any potential employment claim, such as discrimination, harassment, and wrongful termination.
Retention plans can also be drafted during this phase of business formation. Retention plans are vital to address concerns such as employee turnover, and could include exit interviews and/or employee surveys to better understand company culture and issues key to maintaining an effective work force.
Successful business planning involves anticipating scenarios and planning accordingly for them. If for any unfortunate reason a business owner is unable to perform their role within their business, a succession plan will help the company to continue operations without delay or loss. Without a proper succession plan in place, a business runs the risk of being shuttered, sold, or run into the ground by unqualified and unprepared employees. A succession plan defines a business owner’s wishes for the future of their company if or when they are no longer able to make key decisions regarding the business. Components of a succession plan can include:
Facilitating transition of management
Retaining ownership within a family, with delegation of duties to appropriate members
Providing for a sale of the business
Ensuring adequate cash flow and liquidity in the event of a sudden death of a key employee, manager or owner.
A succession plan should protect the hard work you’ve undertaken to make your business successful. When a business experiences a sudden loss, it can often result in customers and employees leaving for fear of instability. A well-formulated succession plan can mitigate potential customer concerns by ensuring minimum interruption in the provision of goods and services. It can also work to resolve stakeholder disputes regarding ownership and compensation.
Texas Business Transactions Lawyer
It has been the highlight of Greg’s legal career to provide effective counsel and creative solutions to business owners across the Texas Hill Country. Greg has had the opportunity to foster and grow professional relationships from clients to friends, while helping them capitalize upon the prosperity of a healthy and thriving Hill Country economy.