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Data breaches have become a common occurrence in today’s digital age. With the increasing reliance on technology and the vast amount of sensitive information stored online, companies are facing a growing threat of cyberattacks. These data breaches may result in financial losses, but, further, they may also expose businesses to potential lawsuits from people or organizations who have been affected, as well as penalties from regulatory bodies.
A company can take proactive measures to prevent data breaches to protect…
Continue Reading How Can Companies Defend Against Lawsuits Following Data Breaches?

Tax savings for business owners may be found in the Qualified Small Business Stock. As a business owner or professional looking to invest in small businesses, you’re likely always on the lookout for ways to optimize your financial strategy. One powerful but often overlooked avenue for reducing tax liability is Section 1202 stock, also known as Qualified Small Business Stock. Here we’ll break down what Section 1202 stock is, how it can benefit you, and what you need to…
Continue Reading Unlocking Tax Savings for Business Owners: Section 1202 Stock

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Non-compete agreements continue to be under attack by federal agencies.  The Federal Trade Commission (the FTC) published a proposed rule in January 2023, that would ban all forms of non-compete agreements except in the context of the sale of a business.  The FTC is in the process of reviewing thousands of comments as part of its rulemaking process and is expected to finalize a decision in 2024.  In the event it chooses to restrict non-compete agreements, the FTC will…
Continue Reading Employers Beware: NLRB General Counsel Targets Non-Compete Agreements

Employment relationships can sometimes end in less-than-ideal circumstances, such as downsizing, layoffs, the elimination of a position due to company restructuring, or the termination of an employee for other reasons. When these relationships come to an end, an employer may offer an employee a severance agreement, which may provide them with severance pay in return for following certain requirements or restrictions. These agreements may include terms known as “restrictive covenants” that are meant to protect the employer’s interests and…
Continue Reading Can Employers Include Restrictive Covenants in Severance Agreements?

As a business owner, you have many responsibilities, and estate planning may not be high on your priority list. However, failing to plan adequately can have significant consequences for your business and family. Estate planning is a complex process that requires careful consideration of various factors, and there are several pitfalls that business owners should avoid. Keep reading to learn the common estate planning mistakes that business owners make and provide guidance on how to mitigate them.
Estate Planning…
Continue Reading Estate Planning Pitfalls to Avoid for Business Owners

Estate planning strategies for business owners should consider both your professional and personal goals. As a business owner, you have likely invested a considerable amount of time, effort, and resources into building your company and accumulating wealth. However, without proper estate planning strategies in place, much of that wealth may be lost or subject to unnecessary taxes, fees, or legal disputes. To ensure that your assets are protected and transferred efficiently to your beneficiaries, it’s crucial to consider various…
Continue Reading Top Estate Planning Strategies for Business Owners

With the proper planning you can safeguard your business legacy to ensure your business lives on for generations to come. As a business owner, you put everything into building and growing your business. It’s not just a source of income, but also a reflection of your passion, hard work, and dedication. However, amidst the daily hustle and bustle of running a business, one critical aspect that often gets overlooked is estate planning. Many business owners tend to neglect or…
Continue Reading How to Safeguard Your Business Legacy

The last several years have seen an unprecedented number of insurance agency purchase and sale transactions.  This flurry of activity has led to increased valuation and sale prices for agencies. Now is the time to make sure you have a plan to perpetuate your agency. A perpetuation plan will allow your agency to care for your clients, and to take care of you. Not only is perpetuation planning in your best interest, some insurers, as a condition of agency…
Continue Reading Protect the Goose that Lays the Golden Eggs: Perpetuation Planning and Selling Your Agency

Remember the earlier post by Business Accelerator’s Amanda HarNess about the connection between trust and leadership? If not, go back and read it. Beyond lack of trust, there are other areas where leadership breaks down. Amanda gives us questions to consider whenever leadership is changing for an organization. And, unprodded by me, she recommends building a strategic plan to help guide everyone through. We all know how much I love a strategic plan.

Top 9 areas of breakdown during…
Continue Reading Top 9 Areas of Breakdown During Changes in Leadership

Earlier this year, the Wisconsin Legislature passed Act 258, which will bring updates to Wisconsin’s LLC Law. These changes are set to take effect on January 1, 2023. At a high level, the major updates include the following:

  • An operating agreement, like it or not. Under the old LLC Law, if a Wisconsin LLC did not have an operating agreement (the governing document for an LLC), then the law set defaults that would dictate the governance of the

    • …
    Continue Reading LLC Ya Next Year!

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    On April 15, 2022, Wisconsin enacted a new business entity law, 2021 Wisconsin Act 258, that introduced significant changes. Chapter 183 governing limited liability companies (LLCs) organized under Wisconsin law was completely removed and replaced with a new statute based on the Revised Uniform Limited Liability Company Act already adopted in some form by other states. The Wisconsin Department of Financial Institutions (WDFI) recently posted new forms on its website and the Wisconsin State Legislature archived the old version…
    Continue Reading New Statute to Replace Chapter 183 for Wisconsin LLCs

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    Because of the phenomenon of anchoring, exposure to an initial number can have enduring effects on later decisions. Learn how this aspect of cognition can help or hinder your work as a lawyer.

    This piece was first published in the Wisconsin Lawyer magazine.
    Who would imagine that sentencing decisions could be affected by rolling dice? Who knew that a judge’s compensatory-damages award might be reduced if the defendant makes a nonserious motion to dismiss? Is the conventional wisdom that…
    Continue Reading Understanding Anchoring

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    This is Part 4 of a four-part series. Click here for Part 1, here for Part 2, or here for Part 3. To get future updates delivered to your inbox, please subscribe to my newsletter at the end of this post. Thank you.
     16. Don’t Anchor in Your Closing Argument.
     

     A common belief among defense counsel is you undercut the strength of your no-liability argument if you suggest any dollar amount as a fair measure…
    Continue Reading 20 Great Ways to Lose a Trial – Part 4

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    Studying how the human brain works has helped scientists learn more about decision-making. Here are some findings and related tips that are especially relevant for lawyers.This article was first published in the Wisconsin Lawyer on January 7th, 2022.Most of us learned the classic, reason-or-emotion concept of decision-making. As described long ago by Plato, human thinking is understood as akin to a chariot driver trying to control two horses, one guided by rational impulse and the other driven…
    Continue Reading Use Brain Science to Make Better Decisions

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    This piece was first published in the Milwaukee Journal Sentinel.The Waukesha Christmas Parade murders remind us of the continuous judgments made by district attorneys, court commissioners, and judges as they decide whether and on what terms to release those accused of crimes. As a follow-on to Craig Johnson’s important commentary (“Darrell Brooks Jr. case was a tragic mistake but the county’s risk assessment worked,” Dec. 5), it is worth taking account of the insights from decision-making science as…
    Continue Reading Waukesha Parade attack highlights a need to improve bail decisions. Do it in a thoughtful, bipartisan way that relies on science.