• Two years of business and personal tax returns;
• Current balance sheet and income statement;
• An accounts receivable report;
• An accounts payable report; and
• The companies debt schedule.

I also asked Fuller and Atkins what information a business start up had to include in its business plan. Start ups need to provide more information than existing businesses including:

• A description of the business;
• A summary of the owner’s business experience;
• The demographics for the business;
• Industry research;
• Three years of projections;
• An opening day balance sheet;
• Two years of tax returns; and
• Two years of personal financial statements.

Start ups may also need to provide collateral for the loan and may need to contribute up to 20% of the amount requested.

For example, if I owed 20K and negotiated a 10K settlement the creditor will send me a 1099 for the 10K that it wrote off.  Because the IRS treats write offs as income I am going to have to pay taxes on the 10K the creditor wrote off.  Consequently before negotiating a settlement with any creditor ask your tax adviser what effects it will have on your taxes.  On the other hand consumer debts discharged through the bankruptcy process are not considered income and will not affect your taxes.

For more information about workouts, negotiating with creditors and the bankruptcy process please feel free to contact me. An adviser can help you make informed and often better long-term decisions.

Contact Info
JC Cancelleri
100 Arbor Oak Drive, Suite 307
Ashland, VA 23005
Phone: 804-368-7397
email JC

A somewhat recent case in Hanover County offers yet another example of a non-compete agreement that was declared to be invalid because it was too broad. The case is Specialty Marketing, Inc. v. Brunson Lawrence.

Lawrence worked as an account representative responsible for sales in North and South Carolina. His non-compete said he could not “own, manage, control, be employed by participate in, or be connected in any manner with the ownership, management, operation, or control, whether directly or indirectly, as an individual on his own account or as a partner, member, joint venture, sole proprietor, officer, director or shareholder of a corporation, firm, association or other entity, of any business competitive with Specialty in areas where Specialty has a market for its business.”

Judge Harris found the non-compete to be ambiguous, overbroad, and unenforceable.

This is another example for employers who use non-competes to draft them using reasonable terms of time, duration and scope. It’s also another example to employees who are asked to sign non-competes about the limitations of signing agreements that are too broad. If you are an employer and you’re contemplating using a non-compete you should ensure that the language in the agreement is consistent with the principles that Virginia’s Supreme Court and various Circuit Courts have established.

Summer Planting

Members of the Retail Merchants Association (RMA) have access to a variety of products and services. These include floral and apparel products and payroll and marketing services just to name a few. This article focuses on the services that RMA members provide and discuses why you should consider using some of them.

As a business adviser and lawyer, life coach and financial mentor I need the services of a variety of businesses to help my firm grow. While it may be counter intuitive this is particularly true during difficult times. Unless you’re planning on retiring or quitting you should be thinking about and planning for the second half of 2009 and the first half of 2010. What are you’re going to do to at least maintain your market share? If you have a bigger vision you may be thinking about how to increase your market share.

I’m determined to increase market share. Consequently and despite the economy I am investing in more education, marketing and search engine optimization programs than ever before. Did I mention I’m doing this despite already being a lawyer, having a PhD and being a certified life coach? Why…..because everyday we’re becoming more of a knowledge based economy. And I simply don’t want to get left behind! In fact I’m determined to become a world class business consultant, life coach and financial mentor.

Consequently during the last month alone I’ve met with several RMA members to learn how they can help me grow my business. I’ve become a client of one member and in the future will likely hire another one that provides administrative services.

I titled this article summer planting. I did so because nothing gets done without having a plan and being intentional. I have to be intentional because being passive will result in a slow but certain death…..on second though it may not be a slow death.

What about my fellow business owners? Do you think web sites, social networks and search engine optimizations service are expenses instead of investments? Or maybe you think they’re fads. You’d likely be wrong on both accounts. I encourage every business owner during the summer to contact at least three professionals to explore how they can help grow your business. If you want to learn more about what I’m doing call me as I’m happy to share ideas.

Author: JC Cancelleri is a business strategist and consultant with John Cancelleri, P.C. JC’s value as a Hanover business professional is augmented by being a lawyer and life coach as well as his educational background; he also has  a PhD in Organizational Leadership.

Contact Info
JC Cancelleri
100 Arbor Oak Drive, Suite 307
Ashland, VA 23005
Phone: 804-368-7397
email JC

As a member of the Retail Merchants Association you have access to members who provide a variety of products and services. These include floral and apparel products and payroll and marketing services just to name a few. This article focuses on the services that RMA members provide and discuses why you should consider using some of them.

As a business advisor and lawyer, life coach and financial counselor I need the services of a variety of businesses to help my firm grow. While it may be counter intuitive this is particularly true during difficult times. Unless you’re planning on retiring or quitting you should be thinking about and planning for the second half of 2009 and the first half of 2010. What are you’re going to do to at least maintain your market share? If you have a bigger vision you may be thinking about how to increase your market share.

I’m determined to increase market share. Consequently and despite the economy I am investing in more education, marketing and search engine optimization programs than ever before. Did I mention I’m doing this despite already being a lawyer, having a PhD and being a certified life coach? Why…..because everyday we’re becoming more of a knowledge based economy. And I simply don’t want to get left behind! In fact I’m determined to become a world class business consultant, life coach and financial counselor.

Consequently during the last month alone I’ve met with several RMA members to learn how they can help me grow my business. I’ve become a client of one member and in the future will likely hire another RMA member that provides administrative services.

I titled this article intentional fall planting. I did so because nothing gets done without having a plan and being intentional. I have to be intentional because being passive will result in a slow but certain death…..on second though it may not be a slow death.

What about my fellow RMA members? Do you think web sites, social networks and search engine optimizations services are expenses instead of investments? Or maybe you think they’re fads. You’d likely be wrong on both accounts. I would encourage every RMA member during the summer to contact at least three members to explore how they can help grow your business. If you want to learn more about what I’m doing call me. While I’m just getting started I’d be happy to share ideas.

Author: JC Cancelleri is a business strategist and consultant with John Cancelleri, P.C. JC’s value as a business professional is augmented by being a lawyer, life coach and by having a PhD in Organizational Leadership. You can reach him at 804-368-7397 or email JC.

Economic Trends

The authors report five trends that will have an economic impact in 2009.

1. The recession will drive innovation compelling businesses to focus on cash flow, customer retention and survival. The recession will also drive businesses to improve productivity and increase customer value. Businesses will re-evaluate, re-design and refine their products. Consequently the recession will create new opportunities for many businesses.
2. Governments will become more active in regulating their economies. The regulatory failures that contributed to the recession will result in more government control and oversight. Businesses will need to be aware of how the legal, regulatory and policy changes will affect their business.
3. Billions of dollars will be spent through the stimulus package passed by Congress. Many businesses will benefit from the investment in infrastructure, energy, transportation and education. Businesses that serve these providers will also benefit.
4. Small business will increase. Job losses will result in more businesses forming. While business failures will also increase there should be a net gain at the end of the year. In Virginia it’s relatively easy to form an LLC. It takes even less to operate as a sole proprietor. This may further contribute to an increase in business formations.
5. Globalization and exports will continue to shrink. While the short term picture is sobering the long term prospects are still strong.

Demographic Trends

1. Baby boomers retirement issues will increase business formations. The current recession and the loss of asset value may compel baby boomers to stay employed even longer. Combining that with the continuing decline of traditional jobs may result in boomers forming various small or personal service businesses.
2. Generation Y, those born between 1978 and 2000 may also react to the economy by becoming more entrepreneurial.

Technology Trends

1. Mobile Computing will continue to grow. In the second half of 2008 notebooks outsold desktops; smart phones continue to claim more market share, while the sales of net books also increased. These trends will continue to have a significant impact on businesses in 2009.
2. Cloud Computing will increase. Cloud computing refers to accessing software stored on some else’s server versus your own server. Cloud computing helps to lower capital costs which should help every businesses bottom line, particularly in a recession.
3. Businesses will increase their on line marketing tools. Online marketing is not just a trend but a sea change. Online marketing is cheaper and becoming more effective than traditional methods. Competition and the economy will compel businesses to develop a greater online presence.

Visit Small Business Labs for more info on Steve King, Carolyn Ockels and Anthony Townsend.

JC Cancelleri is a business strategist and consultant with John Cancelleri, P.C. JC’s value as a business professional is augmented by being a lawyer, life coach and by having a PhD in Organizational Leadership. You can reach him at 804-368-7397 or email JC.

Start: July 23, 2009, 5:30 pm

End: July 23, 2009, 7:30 pm

The annual summer picnic includes a casual social hour and barbecue dinner, complete with Hanover tomatoes. The event is hosted at James River Winery, rain or shine, where tents and tall trees provide shade. Take a tour of the winery and gift shop, taste the award-winning wines and buy some to enjoy at home.

Location: 11008 Washington Highway (Route 1), north of Atlee-Elmont interchange.

For more information, call the HABCC office at 804-798-8130.

via Summer Picnic | Hanover Association of Businesses and Chamber of Commerce.

He is a sought after fair housing speaker who has developed a reputation as an engaging and interactive speaker. With a Ph.D in Organizational Leadership JC also helps individuals achieve organizational and personal goals. JC is also a certified life forming coach who recognizes that for individuals to be successful they need to be supported, encouraged and then held accountable.

Community Involvement

JC Cancelleri has been a mentor and foster parent for more than twenty years. Between 1998 and 2006 he voluntered as a mentor at the Barrett Juvenile Correctional Facility in Hanover County working with hundreds of teenage boys. For the past ten years JC and his wife have also been therapeutic foster parents in Hanover County. In 2005 Hanover County desiginated JC and his wife foster parents of the year. JC also served on Hanover County’s Disability Task Force.

Practice areas:

• Business Law
• Corporate Law
• Employment Law
• Estate Planning and Probate
• Speeding & DUI

JC Cancelleri
John Cancelleri, P.C.
100 Arbor Oaks Drive, Suite 307
Ashland, VA 23005
P: 804.368.7397
F: 866-845-4157

If the last six months have taught us anything about economics and running a business it’s that continuing to ignore fundamentals will have consequences….including dire ones. Consequently as a New Year begins it’s an opportune time to examine the principles and practices that support your business. This article mentions three considerations that are fundamental to running any business. The three considerations are time, team and money. Most businesses can attribute their failure or success to how well they manage their time, their team and money.

Time. Michael Gerber, author of The E Myth, which is a book about why most small businesses fail and what to do about it, notes that business owners spend most of their time working in their business and hardly any working on their business. For example, how many business owners have a time management plan (TMP)? A TMP helps an owner examine how they are spending their time with the goal of assigning routine functions to someone else allowing the owner to concentrate on more important tasks.

Team. The second basic consideration relates to team building. Even if you are the sole proprietor of your business you still have to manage relationships with vendors, customers and other stake holders. Consequently even sole proprietors should have a strategic plan that defines their businesses vision and mission and charts a course for accomplishing goals and objectives. If a business has employees what type of team building or performance incentive plan does it have?

Money. The third basic consideration relates to how a business generates and spends money. There are several fundamental questions that every business owner should be able to answer about their business, particularly during challenging economic times. These questions include: what are my break even numbers? What are my revenue and profit numbers and what are they telling me about my business? Is the time that it takes me to collect my receivable creating a cash flow problem for me? Am I running my business consistent with my business plan?

These are just a few of the basics that every business owner should understand. Those that do and that have developed effective and efficient systems should emerge as stronger and more profitable as the economy improves. Those that do not or don’t have time to develop supportive systems should commit to getting some help. With a New Year just weeks away why not begin it by committing to partner with a professional to grow your business to new and exciting levels.

Author: JC Cancelleri is a business strategist and consultant with John Cancelleri, P.C. JC’s value as a business professional is augmented by being a lawyer, life coach and by having a PhD in Organizational Leadership. You can reach him at 804-368-7397 or email JC.