law firm
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Law firm
The examples and perspective in this article may not represent a worldwide view of the subject. Please improve this article and discuss the issue on the talk page. A law firm is a business entity formed by one or morelaw yers to engage in the practice of law. The primary service provided by a law firm is to advisecl ients (individuals orcorporations) about their legalrights andresponsib ilities, and to represent their clients inciv il orcri minal cases, business transactions and other matters in which legal assistance is sought.
Professional Immigration & Business Law Firm in Houston, TX
Welcome to The Solomon Law Firm
Whether you’re a small business owner, an officer or general counsel at a large corporation, or an individual seeking legal advice, a competent and ethical attorney can provide you with the counsel and confidence you need to make informed decisions and gain priceless peace of mind. At The Solomon Law Firm, we provide high-caliber immigration law, business planning, and business litigation services to individuals and commercial clients of all sizes and specialties.
Immigration Law
Whether your goal is to obtain a fiancee or marriage visa, to adjust status and obtain a green card, renew or replace a lost green card, obtain an investor visa or work visa, or gain citizenship, we can help you. At The Solomon Law Firm, our experienced immigration attorneys can simplify the process—and give you peace of mind— with comprehensive, competent guidance. We’ll help you identify and overcome obstacles, pinpoint opportunities, stay compliant with all regulations, and complete all required documentation for the United States Citizenship and Immigration Service.
Our immigration law services can save you time, money, and hassle.
Business Law
Problems? We can help you. Small and medium-sized businesses face big challenges. In spite of limited budgets, they still need reliable, effective representation to protect
their reputations, assets, employees, and best interests. The Solomon Law Firm provides professional counsel to businesses of all sizes and specialties, from small, family-owned companies to very large corporations. From formation to dissolution, business planning and contracts, and mergers and acquisitions to sale of your business, we have the expertise to help. Similarly, when there are problems, whether they are from shareholder or business disputes, business litigation, audits by federal or state agencies, or employment claims, our business attorneys have the experience and competence to help you achieve a favorable outcome.
Our business law services can help you achieve a favorable outcome.
Why Choose The Solomon Law Firm?
• • •
Experience and Relationships: After more than 25 years serving the Houston community, Texas immigration and business attorney Lee Solomon has built a large network of legal, financial, and business professionals. As a client, you’ll benefit from this broad spectrum of resources, receiving rich insights into immigration and business issues.
Value: At The Solomon Law Firm, we believe all individuals and companies deserve to receive high-quality representation without the prohibitive cost. Instead of using rigid fee scales, we offer flexible, customized payment terms tailored to the needs of our individual and corporate clients.
Technology: Using the latest legal technologies and resources, our business and immigration attorneys can instantly access the latest forms and cases, as well as connect with industry experts, allowing us to provide you with fast, reliable service.
Wo rking Hard Each Day for Your Business Immigration Needs
Global Business Immigration Lawyers
Representing Employers and Business Organizations and Immigrants Worldwide
The world has become and it continues to become a more global marketplace. With the fluidity of migration, companies continue to seek top talent from around the world to stay ahead of their competitors. Countries around the world continue to write their immigration laws to attract the "best and the brightest" workers. We are engaged in a struggle to attract the best and the brightest to add value to our Nation's economic infrastructure and to assure future stability of our financial markets. At Nachman & Associates, P.C., we assist organizations of all sizes to be a part of this success story. To schedule a consultation, please feel free to contact Nachman & Associates by e-mail or call 1-866-599-3625 begin_of_the_skype_highlighting 1-866-599-3625 end_ of_the_skype_highlighting. From our numerous office locations, Nachman & Associates, concentrates on working with Fortune 500 companies, academic and non-academic organizations, universities, for-profit and not-forprofit clients to help them acquire the highly-skilled foreign national professional workers they need. Our immigration attorneys are accomplished at helping professionals relocate throughout the world. Nachman & Associates: Global Immigration Attorneys Call Toll Free: 1-866-599-3625 begin_of_the_skype_highlighting 1-866-599-3625 end_of_the_skype_highlighting
Immigration Attorney David Nachman has been recognized as a New Jersey Super Lawyer for three years running and he is listed in the International Who's Who among the Best Corporate and Business Immigration Lawyers in the World. Mr. Nachman was also named by the New Jersey Law Journal as one of the top "40 under 40" Attorneys in the State of New Jersey. Mr. Nachman holds a Master's of Business Administration Degree and has been practicing Business and Corporate Immigration Law for well over a decade and a half.
Dedicated to Supporting Employers and Employees
Since 1993, our attorneys have provided comprehensive immigration legal support to employers and employees. We work to clearly explain complex immigration law processes to employers and to employees throughout the U.S. and, more recently, to business managers and employees throughout the world. Our lawyers have been known to travel to clients' offices to conduct onsite Business Immigration Law Training and to assist employers and employees and to understand such complex immigration law issues as the PERM process, the manner in which to sponsor outstanding research professionals for permanent residence or "green cards", employment verification and I-9 Form compliance, and prevailing wage and public access file compliance in connection with the H-1B nonimmigrant visa. After employees obtain work visas or work permits in the U.S., we provide them with additional practical assistance with regard to their relocation. We offer services to help them obtain a driver's license, personal and/or automobile insurance and with such other requests as settling their children in the local school system or with regard to ways to quickly integrate family members into the local communities. It is clearly the case that international transfers cannot be successful unless the members of the family are happy and integrated into their new lifestyle. We are responsive to the requests of our clients and we return our calls within 24 and 48 hours.
We assist employers from for-profit and not-for-profit organizations and foreign national individuals with nonimmigrant visas, temporary work visas, work permits, family-based immigration, naturalization, citizenship and employment verification compliance (I-9 Forms). Nachman & Associates is the recipient of a Federal Grant from the U.S. Department of Justice, Office of Special Counsel for Unfair Immigration-related Employment Practices to train employers throughout the State of New Jersey (onsite) and throughout the Country (by WEBINAR) about their employment eligibility verification obligations and about employer sanctions. The Firm also works with representatives of the U.S. Department of Homeland Security to train employers about IMAGE, E-Verify and Social Security No-Match Letter Compliance Issues.
Creative Solutions to Complex Problems
When traditional immigration approaches do not work, we analyze a candidate's resume and determine if they may qualify for various nonimmigrant or temporary work permits or permanent immigrant visa transfer options such as outstanding researcher classification, TN under NAFTA or E-3 classification for Australia. Now that the H1B nonimmigrant visa has become more difficult to obtain, we work closely with our clients who are seeking to transfer highly-skilled foreign national workers to the U.S. to determine if there are other nonimmigrant options for such transfers. No matter what the situation, our attorneys work hard to provide a variety of visa options to support their needs.
Contact Us
Our staff of immigration law professionals are sensitive to the needs of our clients and the members of their families. Many members of our staff are themselves foreign born and have family and/or friends who have gone through the immigration process. As a result, our staff of business immigration law professionals have a personal and unique approach to processing visas and for dealing with our foreign national clientele. Our legal team can clearly explain how to process temporary and permanent work permits in the U.S. The PERM Labor Certification Process is time-consuming and complex and our staff of business immigration law professionals can clearly explain the
process in Spanish, French, Japanese, Korean, Tamil, Hindi, Slovak, Czech, Russian, Chinese, German and English. To schedule a consultation, please feel free to contact Nachman & Associates by e-mail or call 1-866-599-3625 begin_of_the_skype_highlighting 1-866-599-3625 end_ of_the_skype_highlighting. Check the status of your case with the U.S. Department of Homeland Security, Citizenship and Immigration Services ("USCIS"). Subscribe to one or all of our monthly business immigration newsletters. Due to popular demand we provide four (4) Business Immigration Newsletters: (1) The Canadian Business Immigration Law Newsletter; and (2) The U.S. Immigration Fundamentals Newsletter; and (3) GLOBAL MOBILITY NEWSLETTER: The Insider's Guide to Outbound Immigration Law; and (4) Our Monthly Update About U.S. Business Immigration Law for Human Resources Professionals.
Law Firm Overview The Solomon Law Firm, P.C. offers comprehensive business planning, immigration law, labor & employment law, and business and immigration litigation services including: Immigration and Nationality Law, Business Law, Business Litigation, Labor and Employment Law, Civil Litigation and Appeals, Visas including Employment Visas, Fiancee Visas, Family Visas and Marriage Visas, Green Cards, Citizenship, Naturalization, PERM Labor Certification, Corporate Law, Purchase or Dissolution of a Business, Contracts, Mediation and Arbitration, Severance Agreements, Wage and Hour Claims, Restrictive Covenants, Training and Employee Manuals, Employment Agreements, Drafting and Auditing of Policies and Procedures, Mediation, Arbitration, Alternative Dispute Resolution. After years of service as a partner in major law firms and as general counsel, board member and CEO to public and private companies, Attorney Lee Solomon established his Houston law firm to organize and apply his comprehensive model for business planning, immigration law, labor & employment, and litigation. The foundation of his practice has been to envision a way to create ongoing, long-term relationships with his clients in order to define clear goals and build a solid business plan that provides safe harbor during uncertain times and a solid footing for future growth. A skilled negotiator, Mr. Solomon always seeks to pursue the most advantageous and cost-effective resolution for business disputes, whether through mediation and arbitration or at trial. He is, however, an aggressive litigator and trial attorney who will relentlessly protect his client’s legal rights in the courtroom when a negotiated settlement is unavailable. The attorneys and paralegals who work with The Solomon Law Firm, P.C. are skilled practitioners with many years of experience. Clients of The Solomon Law Firm, P.C. are located in and are from countries all over the world. Year this Office was Established: 2004 Practice Areas
• • • • • • • • • • • • • • • • • • • •
Alternative Dispute Resolution Arbitration Asset Protection Business & Industry Business Formation Business Law Business Litigation Civil Litigation Commercial Law Commercial Litigation Contracts Corporate Governance Corporate Law Corporate Litigation Employment Finance FLSA Overtime Claim Franchising Green Cards Immigration
• • • • • • • • • • •
Joint Ventures Litigation Mediation Mergers & Acquisitions Naturalization & Citizenship Securities Shareholders Rights Trade Unfair Competition Visa Work Permit
The Solomon Law Firm, P.C. provides legal representation and services in the following areas of practice: - Business Law Business law attorney Lee Solomon of the Houston business law firm The Solomon Law Firm, P.C. combines a remarkable blend of practical business experience and legal insight for executive management of Texas businesses and corporations across the country who need legal help in Texas. A focus on the clear definition of business goals coupled with strategies to minimize risk makes The Solomon Law Firm, P.C. an ideal choice for private and publicly-held businesses nationwide at all stages of growth. The Solomon Law Firm, P.C. offers a pro-active, preventative business law practice that stresses a long-term, close relationship with clients to better predict potential pitfalls and overcome difficult business problems. - Immigration Law Immigration law is complex, confusing and constantly changing. Unless you are aware of the potential opportunities and pitfalls in the law, dealing with the United States Citizenship and Immigration Service (USCIS) can be a long, frustrating process. Applications are routinely denied for minor errors or omissions in the large amount of required paperwork. This is why so many people rely upon the services of a skilled immigration law attorney. - Business Litigation Commercial litigation attorneys at The Solomon Law Firm, P.C. in Houston are equipped to successfully address all business disputes that may arise during the start-up and operation of businesses large and small across Texas. The founder of the firm is an experienced trial attorney at all levels of the state and Federal courts. The Solomon Law Firm, P.C. is a strong advocate for planning and avoidance, offering sound business consulting services to review policies, procedures and agreements in order to identify and correct potential disputes before they develop into costly litigation. When litigation becomes necessary after all reasonable methods of resolution have been exhausted, The Solomon Law Firm, P.C. offers an aggressive and confident litigation capability that has won the respect of attorneys and clients who have witnessed the trial skills that it brings to the courtroom. - Labor and Employment Law Attorney Lee Solomon and other attorneys of the Houston business law firm The Solomon Law Firm, P.C. represent companies, executives and other individuals (both plaintiff and defendant) in labor issues and employment disputes in Houston and throughout Texas: * * * * * * * * * * * Discrimination (age / race / sex / religion / national origin) Harassment Wrongful Termination / Discharge Severance Agreements Whistle Blower / Retaliation / Qui Tam Lawsuits (Federal Whistleblower) Wage & Hour Claims Restrictive Covenants Training & Employee Manuals Employment Agreements Regulatory Compliance Drafting & Auditing of policies and procedures
- Buying and Selling Businesses Buying or selling a business requires due diligence and personal attention. At the Solomon Law Firm, P.C., in Houston, Texas, the review and preparation of buy-sell agreements is not delegated to associate attorneys, as would be the case in many large firms. Instead, senior attorneys at The Solomon Law Firm, P.C. personally prepare and review every contract for the sale or purchase of a business. - Civil Litigation and Appeals The civil litigation lawyers at the Solomon Law Firm, P.C. have represented clients in a broad range of civil litigation and appeals cases, including, for example, breach of contract, breach of fiduciary duty, intellectual property, fraud, and deceptive trade practices. The firm is committed to providing personal attention, professional representation, and sound advice to clients throughout every stage of a civil matter, from the initial filing through discovery, trial, and appeal, if necessary. The firms' attorneys know that trials focus on oral advocacy, whereas appeals rely more heavily on research and writing proficiency. The firms' lawyers are skilled in all areas, as attested by their record of success. - Corporation Formation If you are planning to start or expand a business, your first consideration is often the choice of appropriate legal form. Different business forms offer differing tax and liability features. When evaluating the varying choices of business entity, you need experienced legal counsel to protect your interests. - Business Formation The Solomon Law Firm, P.C., in Houston, Texas, advises clients on the legal issues surrounding formation of all types of business entities, including corporations (C and S corporations), limited liability companies (LLCs), limited liability partnerships (LLPs), general partnerships, limited partnerships, and sole proprietorships. Attorneys at The Solomon Law Firm, P.C. advise clients regarding the requirements for doing business in Texas. They review, prepare, and file all documents necessary to establish a business in good standing under state business laws. - Employee Relationship The Houston employment law attorneys at the business law firm The Solomon Law Firm, P.C. represent companies, executives and other individuals (both plaintiffs and defendants) in labor issues and employment disputes throughout Texas. As the former managing partner and department head of the Houston office of a large law firm, and now Managing Director of The Solomon Law Firm, P.C., Lee Solomon realizes the importance of preparation when litigating corporate employment matters. Other employment lawyers in the firm share the same view. - Employer Relationship The Solomon Law Firm, P.C. represents companies, executives, and individuals (both plaintiffs and defendants) in employment disputes and regulatory compliance issues in Houston and throughout Texas. Lee Solomon and the other lawyers at The Solomon Law Firm, P.C., work closely with clients to provide a blend of personal attention and professional representation uncommon in law firms. Our attorneys handle a wide range of employer-related business disputes, from severance agreements to ERISA matters. The firms experienced employment lawyers also draft company training and employee manuals as well as audit policies and procedures. In addition, we provide on-site corporate training to aid in the enforcement of corporate policies and procedures. Additional Practice Areas: Severance Packages; Wage / Hour Disputes, Restrictive Covenants; Detention Bond Hearings; PERM Labor Certification; Regulatory Compliance; Training and Employee Manuals; Employment Agreements; Drafting and Auditing of Policies and Procedures; Employment
1.1 Objectives
The objectives for WLF for the first three years of operation include:
1. 2. 3. 4.
To create a law firm whose primary goal is to exceed customer's expectations. To develop a client list that includes at least 20 companies, each with revenues of over $3 million. To increase the ability to serve public interest organizations each year. To be able to offer each year some legal services at a subsidized rate.
1.2 Mission
The mission of Wy'East Law Firm is to provide the Portland community with technological and public interest legal guidance. We exist to attract and maintain customers and to support the public interest community. When we adhere to this maxim, everything else will fall into place.
Read more: http://www.bplans.com/law_firm_business_plan/executive_summary_fc.cfm#ixzz14CKV70EM
Services
WLF will provide provide law services to two different groups of customers.
1.
Technology law services. WLF will provide legal services to high technology clients, to both start-up companies and established firms. While the firm excels in mergers, acquisitions, and qualified stock option plans, we also have experience in almost any legal field that a tech firm encounters. These clients, billed at market rate, will subsidize the public interest clients.
2.
Public interest law. WLF will serve regional public interest organizations, with a concentration on environmental and civil rights organizations. For most public interest organizations, good legal help is expensive. By using technology clients to subsidize the cost of legal fees for public interest firms, WLF is able to make significant contributions back to the community.
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Market Analysis Summary
WLF's customers can be divided into two groups, technology firms and public interest organizations.
1.
Technology firms. New clients are likely to be from small technology firms or start-up companies. The reason for this is that the larger tech firms usually will go with one of the larger law firms in town because a large firm can offer them a wide range of services and do all of the different types of work that is needed. This type of customer sees an advantage for one firm handling all of their needs, and rightfully so. A smaller company has fewer overall legal needs and can be serviced by a boutique firm. A start-up might also be attracted to us because of our willingness to accept equity as partial payment for services rendered. Clients that were brought over to WLF from Richard's old firm are typically small firms, but there are a few larger companies that are using this firm for some services and kept some other work at (name omitted), where Richard practiced before.
2.
Public interest organizations. These clients will be diversified, some are environmental organizations others are civil rights groups. While some public interest organizations receive their legal services for free (pro bono) from some attorneys, there is an extreme shortage of legal help for these organizations. Therefore, it is quite attractive to these organizations to have the possibility of receiving top legal help at a subsidized rate. Attracting these clients will not be the problem, the difficulty will be for Richard to select which organization will receive his help.
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4.1 Target Market Segment Strategy
WLF will be targeting high technology companies for two reasons. 1. Although the economy has taken a recent plummet, particularly technology firms, technology is still a growing sector of the economy. This is evidenced by the fact that 17 out of the top 25 fastest growing companies are technology firms, according to The Business Journal of Portland.
2.
Technology is Richard's area of expertise. Richard practiced law at one of the top three law firms in Portland and was in their e-group, concentrating on technology firms. His experience, coupled with his network of colleagues within the industry, makes technology firms attractive customers.
WLF will be targeting public interest organizations for one simple reason, a desire to give back to the community. Public interest work is inherently altruistic to some degree. Generally, the person performing the work receives a good feeling for his/her contribution, but in today's capitalistic society, someone who donates his/her time at far below market wages should be considered altruistic.
4.2 Service Business Analysis
The technology law practice is fairly competitive in Portland. Most larger, more prestigious firms have attorneys who specialize in technology. Some smaller firms also have attorneys who do work for technology companies. Lastly, there are boutique firms, like WLF. As a service-based industry, the practice of law is driven by personal relationships and reputation. Potential clients choose attorneys based on reputation and who they are familiar with or are recommended to. Therefore, if the attorney is providing better service to a client, the client is likely to form a long lasting business relationship with the client. Clients typically switch attorneys only if they are unhappy with their current attorney. New companies find attorneys through networking: who they know or who their friends know. WLF has the advantage that when Richard left (name omitted) he brought 15 of his clients, which, for now, are almost enough to survive on.
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4.2 Service Business Analysis
The technology law practice is fairly competitive in Portland. Most larger, more prestigious firms have attorneys who specialize in technology. Some smaller firms also have attorneys who do work for technology companies. Lastly, there are boutique firms, like WLF. As a service-based industry, the practice of law is driven by personal relationships and reputation. Potential clients choose attorneys based on reputation and who they are familiar with or are recommended to. Therefore, if the attorney is providing better service to a client, the client is likely to form a long lasting business relationship with the client. Clients typically switch attorneys only if they are unhappy with their current attorney. New companies find attorneys through networking: who they know or who their friends know. WLF has the advantage that when Richard left (name omitted) he brought 15 of his clients, which, for now, are almost enough to survive on.
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Strategy and Implementation Summary
WLF will be courting new technology clients through networking and advertisements in the Yellow Pages, Business Journal of Portland, and other technology specific regional journals. As stated earlier, WLF has a sufficient amount of business at day one, however, more technology clients means the ability to perform more public interest work. Richard will be attending the Portland Venture Group meetings as well as other informal gatherings of technology companies to network with the different technology firms in the region. These networking activities along with advertisements in appropriate media forms will allow WLF to steadily grow their list of clients.
5.1 Competitive Edge
WLF's competitive advantage will be based on two factors, experience and specialization: 1. Experience. Richard brings to WLF three years of practicing technology law at a top firm in Portland. Reputation carries a lot of weight and Richard's time at (name omitted) means a lot in the Portland legal community and is very attractive to prospective clients. Additionally, beyond the reputation of working for a coveted firm, is the fact that the three years spent at (name omitted) provided Richard with big name clients.
2. Specialization. As a boutique firm that concentrates on technology companies, WLF is in a desirable situation because it's knowledge base is considerable, relative to other firms that practice a wide range of law.
5.2 Sales Strategy
WLF's sales strategy will begin with months two through five with the goal of serving the existing customer base of clients. The absence of bringing in new clients during this time is purposeful, it allows WLF and the existing clients to form a new relationship at WLF, different from their previous relationship at (name omitted). Month six will signal WLF's conscious effort to generate new clients. Using the previously mentioned networking techniques, Richard, through personal communications, will convince prospective clients of the value of a boutique technology law firm, specifically the depth of knowledge and the close attention that the client will get when dealing with a small firm. Regarding the public interest organizations, there will be less of a sale strategy, more of a choosing of the organizations that Richard wants to represent. There are so many needy public interest organizations that Richard will have to pick and choose those that he wishes to help out.
5.2.1 Sales Forecast
The first month will be spent setting up the home office. This will include setting up the office, a conference room, and all of the computer equipment. During the first month, Richard will also be serving some existing technology clients and some public interest clients. We project that if we spend 1/3 of our time on the technology clients, this would sufficiently subsidize the public interest clients so we would only have to cover overhead expenses. By month six, Richard will begin actively soliciting new clients. Between months one and five he will continue networking, though will not be actively seeking customers. From month seven on and there will be a slight increase in clients taken aboard. There will be only a slight increase so as to create solid relationships with the new and existing clients. Richard will be cognizant of the possibility of growing too fast and not being able to offer the same quality service to his clients.
Sales Forecast
Year 1
Year 2
Year 3
Sales
Technology companies
$174,096
$189,525
$195,747
Public Interest organizations
$16,839
$22,578
$24,547
Total Sales
$190,935
$212,103
$220,294
Direct Cost of Sales
Year 1
Year 2
Year 3
Technology companies
$0
$0
$0
Public Interest organizations
$0
$0
$0
Subtotal Direct Cost of Sales
$0
$0
$0
5.3 Milestones
WLF will have several milestones early on: 1. Business plan completion. 2. Set up home office. 3. First month of total technology subsidy.
Milestones
Milestone
Start Date
End Date
Budget
Manager
Department
Business plan completion
1/1/2001
1/1/2001
$0
Richard
Marketing
Set up ofifce
1/1/2001
1/1/2001
$0
Richard
Department
First month of total technology subsidy
4/1/2001
4/1/2001
$0
WLF
Department
Totals
$0
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Management Summary
Wy'East Law Firm is an Oregon Corporation founded and run by Richard Bloom. Richard has a degree in Political Science from the University of Colorado, Boulder, and a J.D. from Lewis and Clark University. While at Lewis and Clark, Richard was the President of the school's Public Interest Student Organization. It was through this organization that Richard became fond of public interest law. After graduation, Richard went to work for (name omitted) for three years in the e-group which
concentrated on technology. While working in the e-group, Richard worked on technology issues with a number of well known start-up organizations and established companies. One of the perks working at (name omitted) was his ability to do pro bono work which counted toward his required yearly billable hours requirement. Richard has spent a fair amount of time with 1000 Friends of Oregon and other public interest organizations. After three years however, Richard was feeling constrained and desired more autonomy. He decided to leave and start his own firm. Richard was able to bring a fair number of his clients from (name omitted) to his new firm, helping the transition from leaving an established practice to hanging out his own shingle and starting over.
6.1 Personnel Plan
The staff will consist of Richard working full time. In addition to Richard, a part-time secretary and part-time paralegal will join WLF by month two. Month four will bring WLF a law clerk, and a second law clerk by month eight.
Personnel Plan
Year 1
Year 2
Year 3
Richard
$66,000
$66,000
$66,000
Receptionist/ secretary
$11,550
$12,500
$13,500
Paralegal
$22,000
$23,000
$24,000
Law clerk
$8,100
$11,000
$12,000
Law clerk
$4,500
$11,000
$12,000
Total People
5
5
5
Total Payroll
$112,150
$123,500
$127,500
Read more: http://www.bplans.com/law_firm_business_plan/management_summary_fc.php#ixzz14CMOKYZ2
Page 1 2 3 4 5 6 7 8
Financial Plan
The following sections will outline important financial information.
7.1 Important Assumptions
The following table details important assumptions.
General Assumptions
Year 1
Year 2
Year 3
Plan Month
1
2
3
Current Interest Rate
10.00%
10.00%
10.00%
Long-term Interest Rate
10.00%
10.00%
10.00%
Tax Rate
25.42%
25.00%
25.42%
Other
0
0
0
7.2 Projected Profit and Loss
The following table and charts present the projected profit and loss.
Pro Forma Profit and Loss
Year 1
Year 2
Year 3
Sales
$190,935
$212,103
$220,294
Direct Cost of Sales
$0
$0
$0
Other
$0
$0
$0
Total Cost of Sales
$0
$0
$0
Gross Margin
$190,935
$212,103
$220,294
Gross Margin %
100.00%
100.00%
100.00%
Expenses
Payroll
$112,150
$123,500
$127,500
Sales and Marketing and Other Expenses
$2,160
$2,160
$2,160
Depreciation
$1,668
$1,666
$1,666
Leased Equipment
$0
$0
$0
Utilities
$1,500
$1,500
$1,500
Rent
$2,400
$2,400
$2,400
Payroll Taxes
$16,823
$18,525
$19,125
Other
$0
$0
$0
Total Operating Expenses
$136,701
$149,751
$154,351
Profit Before Interest and Taxes
$54,235
$62,352
$65,943
EBITDA
$55,903
$64,018
$67,609
Interest Expense
$0
$0
$0
Taxes Incurred
$13,210
$15,588
$16,761
Net Profit
$41,024
$46,764
$49,182
Net Profit/Sales
21.49%
22.05%
22.33%
7.3 Break-even Analysis
The Break-even Analysis indicates what WLF will need in hours and revenue a month to reach the break-even point.
Break-even Analysis
Monthly Revenue Break-even
$11,392
Assumptions:
Average Percent Variable Cost
0%
Estimated Monthly Fixed Cost
$11,392
7.4 Projected Cash Flow
The following chart and table show anticipated cash flow.
Pro Forma Cash Flow
Year 1
Year 2
Year 3
Cash Received
Cash from Operations
Cash Sales
$47,734
$53,026
$55,074
Cash from Receivables
$112,707
$155,697
$163,912
Subtotal Cash from Operations
$160,441
$208,722
$218,986
Additional Cash Received
Sales Tax, VAT, HST/GST Received
$0
$0
$0
New Current Borrowing
$0
$0
$0
New Other Liabilities (interest-free)
$0
$0
$0
New Long-term Liabilities
$0
$0
$0
Sales of Other Current Assets
$0
$0
$0
Sales of Long-term Assets
$0
$0
$0
New Investment Received
$0
$0
$0
Subtotal Cash Received
$160,441
$208,722
$218,986
Expenditures
Year 1
Year 2
Year 3
Expenditures from Operations
Cash Spending
$112,150
$123,500
$127,500
Bill Payments
$31,394
$41,570
$41,800
Subtotal Spent on Operations
$143,544
$165,070
$169,300
Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out
$0
$0
$0
Principal Repayment of Current Borrowing
$0
$0
$0
Other Liabilities Principal Repayment
$0
$0
$0
Long-term Liabilities Principal Repayment
$0
$0
$0
Purchase Other Current Assets
$0
$0
$0
Purchase Long-term Assets
$0
$0
$0
Dividends
$0
$0
$0
Subtotal Cash Spent
$143,544
$165,070
$169,300
Net Cash Flow
$16,898
$43,652
$49,686
Cash Balance
$35,648
$79,300
$128,986
7.5 Projected Balance Sheet
The following table displays the projected balance sheet.
Pro Forma Balance Sheet
Year 1
Year 2
Year 3
Assets
Current Assets
Cash
$35,648
$79,300
$128,986
Accounts Receivable
$30,494
$33,874
$35,183
Other Current Assets
$0
$0
$0
Total Current Assets
$66,141
$113,174
$164,168
Long-term Assets
Long-term Assets
$5,000
$5,000
$5,000
Accumulated Depreciation
$1,668
$3,334
$5,000
Total Long-term Assets
$3,332
$1,666
$0
Total Assets
$69,473
$114,840
$164,168
Liabilities and Capital
Year 1
Year 2
Year 3
Current Liabilities
Accounts Payable
$4,699
$3,302
$3,448
Current Borrowing
$0
$0
$0
Other Current Liabilities
$0
$0
$0
Subtotal Current Liabilities
$4,699
$3,302
$3,448
Long-term Liabilities
$0
$0
$0
Total Liabilities
$4,699
$3,302
$3,448
Paid-in Capital
$25,000
$25,000
$25,000
Retained Earnings
($1,250)
$39,774
$86,538
Earnings
$41,024
$46,764
$49,182
Total Capital
$64,774
$111,538
$160,721
Total Liabilities and Capital
$69,473
$114,840
$164,168
Net Worth
$64,774
$111,538
$160,721
Read more: http://www.bplans.com/law_firm_business_plan/financial_plan_fc.php#ixzz14CMuXFq3
Session 2 of 16
Business Plan
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What is a Business Plan? ○ ○ Why prepare a business plan? What to avoid in your business plan Vision statement The people
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Business Plan Format ○ ○
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Business profile Economic assessment Basic business concept Feasibility and specifics Focus and refine concept Outline the specifics of your business Put your plan into a compelling form Review sample plans A sound business concept Understanding your market Healthy, growing and stable industry Capable management Able financial control Consistent business focus Mindset to anticipate change Plans for online business
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Six Steps to a Great Business Plan ○ ○ ○ ○ ○ ○
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Does Your Plan Include the Following Necessary Factors ○ ○ ○ ○ ○ ○ ○ ○
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Formulate (and Reformulate) Your Business Plan Top Ten Do's and Don'ts Sound Byte Transcriptions Sample Business Plans Session 1 and 2 Business Plans Session Feedback
What Is A Business Plan?
Read Transcript The primary value of your business plan will be to create a written outline that evaluates all aspects of the economic viability of your business venture including a description and analysis of your business prospects.
Since the My Own Business, Inc. course is broken down into sixteen of the most important topics to consider in starting or operating a business, your business plan can easily be organized into this same format. Included in this session, and in each of the following sessions, there is one-page business plan template, which you can fill in and print. (Session 2 contains templates for both Sessions 1 and 2.) When you put these all together, you will have completed your personalized, overall plan.
We suggest that you fill in each section of the business plan, found at the end of each session, as you proceed through the course.
Each of the sixteen Business Plan Sections can be downloaded from our Web site and provide you with a single, attractively presented document. To begin, let's take a preview look at each of the 16 Business Plan Sections:
Click to view each of the 16 business plan sections
Keep in mind that creating a business plan is an essential step for any prudent entrepreneur to take, regardless of the size of the business. This step is too often skipped, but we have made it easy for you by providing this ready format to build your plan as you progress through this course. Business plans can vary enormously. Libraries and bookstores have books devoted to business plan formats. This course is a starting point. You can then go on to design one that would be ideal for your particular enterprise.
Be aware now that most start-up entrepreneurs are reluctant to write down their business plan. It is, therefore, strongly recommended that you complete each segment of the plan as you progress through this course. We make it easy for you by providing sample plans for both product and service businesses and also an attractive blank form that you can download onto MS Word and customize yourself.
Your business plan will become your roadmap to chart the course of your business. But at the outset you cannot predict all of changing conditions that will surface. So after you have opened for business, it is important that you periodically review and update you plan.
Why Prepare A Business Plan?
Read Transcript
Your business plan is going to be useful in a number of ways
• • • •
First and foremost, it will define and focus your objective using appropriate information and analysis. You can use it as a selling tool in dealing with important relationships including your lenders, investors and banks. Your business plan can uncover omissions and/or weaknesses in your planning process. You can use the plan to solicit opinions and advice from people, including those in your intended field of business, who will freely give you invaluable advice. Too often, entrepreneurs forge ahead ("My Way!") without the benefit of input from experts who could save them a great deal of wear and tear. "My Way" is a great song, but in practice can result in unnecessary hardships.
To help get started in lining up appointments, you can fill in and use the following template. We have also provided a larger blank template for you to use at the end of this session.
Names include your investors, family members, banker, lawyer, attorney, business mentors, trusted business friends, potential customers, competitors (distant ones), potential landlords, and the U.S. Small Business Administration.
Click to View
Read Transcript
What to Avoid in Your Business Plan Place some reasonable limits on long-term, future projections. (Long-term means over one year.) Better to stick with short-term objectives and modify the plan as your business progresses. Too often, long-range planning becomes meaningless because the reality of your business can be different from your initial concept. Avoid optimism. In fact, to offset optimism, be extremely conservative in predicting capital requirements, timelines, sales and profits. Few business plans correctly anticipate how much money and time will be required. Do not ignore spelling out what your strategies will be in the event of business adversities. Use simple language in explaining the issues. Make it easy to read and understand. Don't depend entirely on the uniqueness of your business or even a patented invention. Success comes to those who start businesses with great economics and not necessarily great inventions.
Business Plan Format
Read Transcript
The Business Plan format is a systematic assessment of all the factors critical to your business purpose and goals. Here are some suggested topics you can tailor into your plan:
• •
A Vision Statement: This will be a concise outline of your business purpose and goals. The People: By far, the most important ingredient for your success will be yourself. Focus on how your prior experiences will be applicable to your new business. Prepare a résumé of yourself and one for each person who will be involved with you in starting the business. Be factual and avoid hype. This part of your Business Plan will be read very carefully by those with whom you will be having relationships, including lenders, investors and vendors. Templates for preparing résumés are available in your library, Kinko's, bookstores and the Internet under "résumés."
However, you cannot be someone who you are not. If you lack the ability to perform a key function, include this in your business plan. For example, if you lack the ability to train staff, include an explanation how you will compensate for this deficiency. You could add a partner to your plan (discussed in Section 4) or plan to hire key people who will provide skills you don't have. Include biographies of all your intended management.
• •
Your Business Profile: Define and describe your intended business and exactly how you plan to go about it. Try to stay focused on the specialized market you intend to serve. Economic Assessment: Provide a complete assessment of the economic environment in which your business will become a part. Explain how your business will be appropriate for the regulatory agencies and demographics with which you will be dealing. If appropriate, provide demographic studies and traffic flow data normally available from local planning departments. Cash flow assessment: Include a one-year cash flow that will incorporate your capital requirements (covered in Session 8). Include your assessment of what could go wrong and how you would plan to handle problems. Include your marketing plan and expansion plans. Refer to helpful government Web sites such as the Small Business Administration. See "Resources" on the home page of this Web site.
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Six Steps To A Great Business Plan
Start-up entrepreneurs often have difficulty writing out business plans. This discipline is going to help you in many ways so don't skip this planning tool! To make it easier, here are six steps that will produce a worthwhile plan:
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1. Write out your basic business concept. 2. Gather all the data you can on the feasibility and the specifics of your business concept. 3. Focus and refine your concept based on the data you have compiled. 4. Outline the specifics of your business. Using a "what, where, why, how" approach might
be useful.
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5. Put your plan into a compelling form so that it will not only give you insights and focus
but, at the same time, will become a valuable tool in dealing with business relationships that will be very important to you.
6. Review the sample plans we furnish and download the blank format to a MS Word
document. Fill this in as you progress though the course.
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Does Your Plan Include the Following Necessary Factors
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A Sound Business Concept: The single most common mistake made by entrepreneurs is not selecting the right business initially. The best way to learn about your prospective business is to work for someone else in that business before beginning your own. There can be a huge gap between your concept of a fine business and reality. Understanding of Your Market: A good way to test your understanding is to test market your product or service before your start. You think you have a great kite that will capture the imagination of kite fliers throughout the world? Then craft some of them and try selling them first. A Healthy, Growing and Stable Industry: Remember that some of the great inventions of all time, like airplanes and cars, did not result in economic benefit for many of those who tried to exploit these great advances. For example, the cumulative earnings of all airlines since Wilber Wright flew that first plane are less than zero. (Airline losses have been greater than their profits.) Success comes to those who find businesses with great economics and not necessarily great inventions or advances to mankind. Capable Management: Look for people you like and admire, who have good ethical values, have complementary skills and are smarter than you. Plan to hire people who have the skills that you lack. Define your unique ability and seek out others who turn your weaknesses into strengths. Able Financial Control: You will learn later the importance of becoming qualified in accounting, computer software and cash flow management. Most entrepreneurs do not
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The examples and perspective in this article may not represent a worldwide view of the subject. Please improve this article and discuss the issue on the talk page. A law firm is a business entity formed by one or morelaw yers to engage in the practice of law. The primary service provided by a law firm is to advisecl ients (individuals orcorporations) about their legalrights andresponsib ilities, and to represent their clients inciv il orcri minal cases, business transactions and other matters in which legal assistance is sought.
Professional Immigration & Business Law Firm in Houston, TX
Welcome to The Solomon Law Firm
Whether you’re a small business owner, an officer or general counsel at a large corporation, or an individual seeking legal advice, a competent and ethical attorney can provide you with the counsel and confidence you need to make informed decisions and gain priceless peace of mind. At The Solomon Law Firm, we provide high-caliber immigration law, business planning, and business litigation services to individuals and commercial clients of all sizes and specialties.
Immigration Law
Whether your goal is to obtain a fiancee or marriage visa, to adjust status and obtain a green card, renew or replace a lost green card, obtain an investor visa or work visa, or gain citizenship, we can help you. At The Solomon Law Firm, our experienced immigration attorneys can simplify the process—and give you peace of mind— with comprehensive, competent guidance. We’ll help you identify and overcome obstacles, pinpoint opportunities, stay compliant with all regulations, and complete all required documentation for the United States Citizenship and Immigration Service.
Our immigration law services can save you time, money, and hassle.
Business Law
Problems? We can help you. Small and medium-sized businesses face big challenges. In spite of limited budgets, they still need reliable, effective representation to protect
their reputations, assets, employees, and best interests. The Solomon Law Firm provides professional counsel to businesses of all sizes and specialties, from small, family-owned companies to very large corporations. From formation to dissolution, business planning and contracts, and mergers and acquisitions to sale of your business, we have the expertise to help. Similarly, when there are problems, whether they are from shareholder or business disputes, business litigation, audits by federal or state agencies, or employment claims, our business attorneys have the experience and competence to help you achieve a favorable outcome.
Our business law services can help you achieve a favorable outcome.
Why Choose The Solomon Law Firm?
• • •
Experience and Relationships: After more than 25 years serving the Houston community, Texas immigration and business attorney Lee Solomon has built a large network of legal, financial, and business professionals. As a client, you’ll benefit from this broad spectrum of resources, receiving rich insights into immigration and business issues.
Value: At The Solomon Law Firm, we believe all individuals and companies deserve to receive high-quality representation without the prohibitive cost. Instead of using rigid fee scales, we offer flexible, customized payment terms tailored to the needs of our individual and corporate clients.
Technology: Using the latest legal technologies and resources, our business and immigration attorneys can instantly access the latest forms and cases, as well as connect with industry experts, allowing us to provide you with fast, reliable service.
Wo rking Hard Each Day for Your Business Immigration Needs
Global Business Immigration Lawyers
Representing Employers and Business Organizations and Immigrants Worldwide
The world has become and it continues to become a more global marketplace. With the fluidity of migration, companies continue to seek top talent from around the world to stay ahead of their competitors. Countries around the world continue to write their immigration laws to attract the "best and the brightest" workers. We are engaged in a struggle to attract the best and the brightest to add value to our Nation's economic infrastructure and to assure future stability of our financial markets. At Nachman & Associates, P.C., we assist organizations of all sizes to be a part of this success story. To schedule a consultation, please feel free to contact Nachman & Associates by e-mail or call 1-866-599-3625 begin_of_the_skype_highlighting 1-866-599-3625 end_ of_the_skype_highlighting. From our numerous office locations, Nachman & Associates, concentrates on working with Fortune 500 companies, academic and non-academic organizations, universities, for-profit and not-forprofit clients to help them acquire the highly-skilled foreign national professional workers they need. Our immigration attorneys are accomplished at helping professionals relocate throughout the world. Nachman & Associates: Global Immigration Attorneys Call Toll Free: 1-866-599-3625 begin_of_the_skype_highlighting 1-866-599-3625 end_of_the_skype_highlighting
Immigration Attorney David Nachman has been recognized as a New Jersey Super Lawyer for three years running and he is listed in the International Who's Who among the Best Corporate and Business Immigration Lawyers in the World. Mr. Nachman was also named by the New Jersey Law Journal as one of the top "40 under 40" Attorneys in the State of New Jersey. Mr. Nachman holds a Master's of Business Administration Degree and has been practicing Business and Corporate Immigration Law for well over a decade and a half.
Dedicated to Supporting Employers and Employees
Since 1993, our attorneys have provided comprehensive immigration legal support to employers and employees. We work to clearly explain complex immigration law processes to employers and to employees throughout the U.S. and, more recently, to business managers and employees throughout the world. Our lawyers have been known to travel to clients' offices to conduct onsite Business Immigration Law Training and to assist employers and employees and to understand such complex immigration law issues as the PERM process, the manner in which to sponsor outstanding research professionals for permanent residence or "green cards", employment verification and I-9 Form compliance, and prevailing wage and public access file compliance in connection with the H-1B nonimmigrant visa. After employees obtain work visas or work permits in the U.S., we provide them with additional practical assistance with regard to their relocation. We offer services to help them obtain a driver's license, personal and/or automobile insurance and with such other requests as settling their children in the local school system or with regard to ways to quickly integrate family members into the local communities. It is clearly the case that international transfers cannot be successful unless the members of the family are happy and integrated into their new lifestyle. We are responsive to the requests of our clients and we return our calls within 24 and 48 hours.
We assist employers from for-profit and not-for-profit organizations and foreign national individuals with nonimmigrant visas, temporary work visas, work permits, family-based immigration, naturalization, citizenship and employment verification compliance (I-9 Forms). Nachman & Associates is the recipient of a Federal Grant from the U.S. Department of Justice, Office of Special Counsel for Unfair Immigration-related Employment Practices to train employers throughout the State of New Jersey (onsite) and throughout the Country (by WEBINAR) about their employment eligibility verification obligations and about employer sanctions. The Firm also works with representatives of the U.S. Department of Homeland Security to train employers about IMAGE, E-Verify and Social Security No-Match Letter Compliance Issues.
Creative Solutions to Complex Problems
When traditional immigration approaches do not work, we analyze a candidate's resume and determine if they may qualify for various nonimmigrant or temporary work permits or permanent immigrant visa transfer options such as outstanding researcher classification, TN under NAFTA or E-3 classification for Australia. Now that the H1B nonimmigrant visa has become more difficult to obtain, we work closely with our clients who are seeking to transfer highly-skilled foreign national workers to the U.S. to determine if there are other nonimmigrant options for such transfers. No matter what the situation, our attorneys work hard to provide a variety of visa options to support their needs.
Contact Us
Our staff of immigration law professionals are sensitive to the needs of our clients and the members of their families. Many members of our staff are themselves foreign born and have family and/or friends who have gone through the immigration process. As a result, our staff of business immigration law professionals have a personal and unique approach to processing visas and for dealing with our foreign national clientele. Our legal team can clearly explain how to process temporary and permanent work permits in the U.S. The PERM Labor Certification Process is time-consuming and complex and our staff of business immigration law professionals can clearly explain the
process in Spanish, French, Japanese, Korean, Tamil, Hindi, Slovak, Czech, Russian, Chinese, German and English. To schedule a consultation, please feel free to contact Nachman & Associates by e-mail or call 1-866-599-3625 begin_of_the_skype_highlighting 1-866-599-3625 end_ of_the_skype_highlighting. Check the status of your case with the U.S. Department of Homeland Security, Citizenship and Immigration Services ("USCIS"). Subscribe to one or all of our monthly business immigration newsletters. Due to popular demand we provide four (4) Business Immigration Newsletters: (1) The Canadian Business Immigration Law Newsletter; and (2) The U.S. Immigration Fundamentals Newsletter; and (3) GLOBAL MOBILITY NEWSLETTER: The Insider's Guide to Outbound Immigration Law; and (4) Our Monthly Update About U.S. Business Immigration Law for Human Resources Professionals.
Law Firm Overview The Solomon Law Firm, P.C. offers comprehensive business planning, immigration law, labor & employment law, and business and immigration litigation services including: Immigration and Nationality Law, Business Law, Business Litigation, Labor and Employment Law, Civil Litigation and Appeals, Visas including Employment Visas, Fiancee Visas, Family Visas and Marriage Visas, Green Cards, Citizenship, Naturalization, PERM Labor Certification, Corporate Law, Purchase or Dissolution of a Business, Contracts, Mediation and Arbitration, Severance Agreements, Wage and Hour Claims, Restrictive Covenants, Training and Employee Manuals, Employment Agreements, Drafting and Auditing of Policies and Procedures, Mediation, Arbitration, Alternative Dispute Resolution. After years of service as a partner in major law firms and as general counsel, board member and CEO to public and private companies, Attorney Lee Solomon established his Houston law firm to organize and apply his comprehensive model for business planning, immigration law, labor & employment, and litigation. The foundation of his practice has been to envision a way to create ongoing, long-term relationships with his clients in order to define clear goals and build a solid business plan that provides safe harbor during uncertain times and a solid footing for future growth. A skilled negotiator, Mr. Solomon always seeks to pursue the most advantageous and cost-effective resolution for business disputes, whether through mediation and arbitration or at trial. He is, however, an aggressive litigator and trial attorney who will relentlessly protect his client’s legal rights in the courtroom when a negotiated settlement is unavailable. The attorneys and paralegals who work with The Solomon Law Firm, P.C. are skilled practitioners with many years of experience. Clients of The Solomon Law Firm, P.C. are located in and are from countries all over the world. Year this Office was Established: 2004 Practice Areas
• • • • • • • • • • • • • • • • • • • •
Alternative Dispute Resolution Arbitration Asset Protection Business & Industry Business Formation Business Law Business Litigation Civil Litigation Commercial Law Commercial Litigation Contracts Corporate Governance Corporate Law Corporate Litigation Employment Finance FLSA Overtime Claim Franchising Green Cards Immigration
• • • • • • • • • • •
Joint Ventures Litigation Mediation Mergers & Acquisitions Naturalization & Citizenship Securities Shareholders Rights Trade Unfair Competition Visa Work Permit
The Solomon Law Firm, P.C. provides legal representation and services in the following areas of practice: - Business Law Business law attorney Lee Solomon of the Houston business law firm The Solomon Law Firm, P.C. combines a remarkable blend of practical business experience and legal insight for executive management of Texas businesses and corporations across the country who need legal help in Texas. A focus on the clear definition of business goals coupled with strategies to minimize risk makes The Solomon Law Firm, P.C. an ideal choice for private and publicly-held businesses nationwide at all stages of growth. The Solomon Law Firm, P.C. offers a pro-active, preventative business law practice that stresses a long-term, close relationship with clients to better predict potential pitfalls and overcome difficult business problems. - Immigration Law Immigration law is complex, confusing and constantly changing. Unless you are aware of the potential opportunities and pitfalls in the law, dealing with the United States Citizenship and Immigration Service (USCIS) can be a long, frustrating process. Applications are routinely denied for minor errors or omissions in the large amount of required paperwork. This is why so many people rely upon the services of a skilled immigration law attorney. - Business Litigation Commercial litigation attorneys at The Solomon Law Firm, P.C. in Houston are equipped to successfully address all business disputes that may arise during the start-up and operation of businesses large and small across Texas. The founder of the firm is an experienced trial attorney at all levels of the state and Federal courts. The Solomon Law Firm, P.C. is a strong advocate for planning and avoidance, offering sound business consulting services to review policies, procedures and agreements in order to identify and correct potential disputes before they develop into costly litigation. When litigation becomes necessary after all reasonable methods of resolution have been exhausted, The Solomon Law Firm, P.C. offers an aggressive and confident litigation capability that has won the respect of attorneys and clients who have witnessed the trial skills that it brings to the courtroom. - Labor and Employment Law Attorney Lee Solomon and other attorneys of the Houston business law firm The Solomon Law Firm, P.C. represent companies, executives and other individuals (both plaintiff and defendant) in labor issues and employment disputes in Houston and throughout Texas: * * * * * * * * * * * Discrimination (age / race / sex / religion / national origin) Harassment Wrongful Termination / Discharge Severance Agreements Whistle Blower / Retaliation / Qui Tam Lawsuits (Federal Whistleblower) Wage & Hour Claims Restrictive Covenants Training & Employee Manuals Employment Agreements Regulatory Compliance Drafting & Auditing of policies and procedures
- Buying and Selling Businesses Buying or selling a business requires due diligence and personal attention. At the Solomon Law Firm, P.C., in Houston, Texas, the review and preparation of buy-sell agreements is not delegated to associate attorneys, as would be the case in many large firms. Instead, senior attorneys at The Solomon Law Firm, P.C. personally prepare and review every contract for the sale or purchase of a business. - Civil Litigation and Appeals The civil litigation lawyers at the Solomon Law Firm, P.C. have represented clients in a broad range of civil litigation and appeals cases, including, for example, breach of contract, breach of fiduciary duty, intellectual property, fraud, and deceptive trade practices. The firm is committed to providing personal attention, professional representation, and sound advice to clients throughout every stage of a civil matter, from the initial filing through discovery, trial, and appeal, if necessary. The firms' attorneys know that trials focus on oral advocacy, whereas appeals rely more heavily on research and writing proficiency. The firms' lawyers are skilled in all areas, as attested by their record of success. - Corporation Formation If you are planning to start or expand a business, your first consideration is often the choice of appropriate legal form. Different business forms offer differing tax and liability features. When evaluating the varying choices of business entity, you need experienced legal counsel to protect your interests. - Business Formation The Solomon Law Firm, P.C., in Houston, Texas, advises clients on the legal issues surrounding formation of all types of business entities, including corporations (C and S corporations), limited liability companies (LLCs), limited liability partnerships (LLPs), general partnerships, limited partnerships, and sole proprietorships. Attorneys at The Solomon Law Firm, P.C. advise clients regarding the requirements for doing business in Texas. They review, prepare, and file all documents necessary to establish a business in good standing under state business laws. - Employee Relationship The Houston employment law attorneys at the business law firm The Solomon Law Firm, P.C. represent companies, executives and other individuals (both plaintiffs and defendants) in labor issues and employment disputes throughout Texas. As the former managing partner and department head of the Houston office of a large law firm, and now Managing Director of The Solomon Law Firm, P.C., Lee Solomon realizes the importance of preparation when litigating corporate employment matters. Other employment lawyers in the firm share the same view. - Employer Relationship The Solomon Law Firm, P.C. represents companies, executives, and individuals (both plaintiffs and defendants) in employment disputes and regulatory compliance issues in Houston and throughout Texas. Lee Solomon and the other lawyers at The Solomon Law Firm, P.C., work closely with clients to provide a blend of personal attention and professional representation uncommon in law firms. Our attorneys handle a wide range of employer-related business disputes, from severance agreements to ERISA matters. The firms experienced employment lawyers also draft company training and employee manuals as well as audit policies and procedures. In addition, we provide on-site corporate training to aid in the enforcement of corporate policies and procedures. Additional Practice Areas: Severance Packages; Wage / Hour Disputes, Restrictive Covenants; Detention Bond Hearings; PERM Labor Certification; Regulatory Compliance; Training and Employee Manuals; Employment Agreements; Drafting and Auditing of Policies and Procedures; Employment
1.1 Objectives
The objectives for WLF for the first three years of operation include:
1. 2. 3. 4.
To create a law firm whose primary goal is to exceed customer's expectations. To develop a client list that includes at least 20 companies, each with revenues of over $3 million. To increase the ability to serve public interest organizations each year. To be able to offer each year some legal services at a subsidized rate.
1.2 Mission
The mission of Wy'East Law Firm is to provide the Portland community with technological and public interest legal guidance. We exist to attract and maintain customers and to support the public interest community. When we adhere to this maxim, everything else will fall into place.
Read more: http://www.bplans.com/law_firm_business_plan/executive_summary_fc.cfm#ixzz14CKV70EM
Services
WLF will provide provide law services to two different groups of customers.
1.
Technology law services. WLF will provide legal services to high technology clients, to both start-up companies and established firms. While the firm excels in mergers, acquisitions, and qualified stock option plans, we also have experience in almost any legal field that a tech firm encounters. These clients, billed at market rate, will subsidize the public interest clients.
2.
Public interest law. WLF will serve regional public interest organizations, with a concentration on environmental and civil rights organizations. For most public interest organizations, good legal help is expensive. By using technology clients to subsidize the cost of legal fees for public interest firms, WLF is able to make significant contributions back to the community.
Read more: http://www.bplans.com/law_firm_business_plan/services_fc.php#ixzz14CKqN8il
Market Analysis Summary
WLF's customers can be divided into two groups, technology firms and public interest organizations.
1.
Technology firms. New clients are likely to be from small technology firms or start-up companies. The reason for this is that the larger tech firms usually will go with one of the larger law firms in town because a large firm can offer them a wide range of services and do all of the different types of work that is needed. This type of customer sees an advantage for one firm handling all of their needs, and rightfully so. A smaller company has fewer overall legal needs and can be serviced by a boutique firm. A start-up might also be attracted to us because of our willingness to accept equity as partial payment for services rendered. Clients that were brought over to WLF from Richard's old firm are typically small firms, but there are a few larger companies that are using this firm for some services and kept some other work at (name omitted), where Richard practiced before.
2.
Public interest organizations. These clients will be diversified, some are environmental organizations others are civil rights groups. While some public interest organizations receive their legal services for free (pro bono) from some attorneys, there is an extreme shortage of legal help for these organizations. Therefore, it is quite attractive to these organizations to have the possibility of receiving top legal help at a subsidized rate. Attracting these clients will not be the problem, the difficulty will be for Richard to select which organization will receive his help.
Read more: http://www.bplans.com/law_firm_business_plan/market_analysis_summary_fc.php#ixzz14CL27Tao
4.1 Target Market Segment Strategy
WLF will be targeting high technology companies for two reasons. 1. Although the economy has taken a recent plummet, particularly technology firms, technology is still a growing sector of the economy. This is evidenced by the fact that 17 out of the top 25 fastest growing companies are technology firms, according to The Business Journal of Portland.
2.
Technology is Richard's area of expertise. Richard practiced law at one of the top three law firms in Portland and was in their e-group, concentrating on technology firms. His experience, coupled with his network of colleagues within the industry, makes technology firms attractive customers.
WLF will be targeting public interest organizations for one simple reason, a desire to give back to the community. Public interest work is inherently altruistic to some degree. Generally, the person performing the work receives a good feeling for his/her contribution, but in today's capitalistic society, someone who donates his/her time at far below market wages should be considered altruistic.
4.2 Service Business Analysis
The technology law practice is fairly competitive in Portland. Most larger, more prestigious firms have attorneys who specialize in technology. Some smaller firms also have attorneys who do work for technology companies. Lastly, there are boutique firms, like WLF. As a service-based industry, the practice of law is driven by personal relationships and reputation. Potential clients choose attorneys based on reputation and who they are familiar with or are recommended to. Therefore, if the attorney is providing better service to a client, the client is likely to form a long lasting business relationship with the client. Clients typically switch attorneys only if they are unhappy with their current attorney. New companies find attorneys through networking: who they know or who their friends know. WLF has the advantage that when Richard left (name omitted) he brought 15 of his clients, which, for now, are almost enough to survive on.
Read more: http://www.bplans.com/law_firm_business_plan/market_analysis_summary_fc.php#4.1_Target_Market_Segment_Strategy#ixzz14CLAke1T
4.2 Service Business Analysis
The technology law practice is fairly competitive in Portland. Most larger, more prestigious firms have attorneys who specialize in technology. Some smaller firms also have attorneys who do work for technology companies. Lastly, there are boutique firms, like WLF. As a service-based industry, the practice of law is driven by personal relationships and reputation. Potential clients choose attorneys based on reputation and who they are familiar with or are recommended to. Therefore, if the attorney is providing better service to a client, the client is likely to form a long lasting business relationship with the client. Clients typically switch attorneys only if they are unhappy with their current attorney. New companies find attorneys through networking: who they know or who their friends know. WLF has the advantage that when Richard left (name omitted) he brought 15 of his clients, which, for now, are almost enough to survive on.
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Strategy and Implementation Summary
WLF will be courting new technology clients through networking and advertisements in the Yellow Pages, Business Journal of Portland, and other technology specific regional journals. As stated earlier, WLF has a sufficient amount of business at day one, however, more technology clients means the ability to perform more public interest work. Richard will be attending the Portland Venture Group meetings as well as other informal gatherings of technology companies to network with the different technology firms in the region. These networking activities along with advertisements in appropriate media forms will allow WLF to steadily grow their list of clients.
5.1 Competitive Edge
WLF's competitive advantage will be based on two factors, experience and specialization: 1. Experience. Richard brings to WLF three years of practicing technology law at a top firm in Portland. Reputation carries a lot of weight and Richard's time at (name omitted) means a lot in the Portland legal community and is very attractive to prospective clients. Additionally, beyond the reputation of working for a coveted firm, is the fact that the three years spent at (name omitted) provided Richard with big name clients.
2. Specialization. As a boutique firm that concentrates on technology companies, WLF is in a desirable situation because it's knowledge base is considerable, relative to other firms that practice a wide range of law.
5.2 Sales Strategy
WLF's sales strategy will begin with months two through five with the goal of serving the existing customer base of clients. The absence of bringing in new clients during this time is purposeful, it allows WLF and the existing clients to form a new relationship at WLF, different from their previous relationship at (name omitted). Month six will signal WLF's conscious effort to generate new clients. Using the previously mentioned networking techniques, Richard, through personal communications, will convince prospective clients of the value of a boutique technology law firm, specifically the depth of knowledge and the close attention that the client will get when dealing with a small firm. Regarding the public interest organizations, there will be less of a sale strategy, more of a choosing of the organizations that Richard wants to represent. There are so many needy public interest organizations that Richard will have to pick and choose those that he wishes to help out.
5.2.1 Sales Forecast
The first month will be spent setting up the home office. This will include setting up the office, a conference room, and all of the computer equipment. During the first month, Richard will also be serving some existing technology clients and some public interest clients. We project that if we spend 1/3 of our time on the technology clients, this would sufficiently subsidize the public interest clients so we would only have to cover overhead expenses. By month six, Richard will begin actively soliciting new clients. Between months one and five he will continue networking, though will not be actively seeking customers. From month seven on and there will be a slight increase in clients taken aboard. There will be only a slight increase so as to create solid relationships with the new and existing clients. Richard will be cognizant of the possibility of growing too fast and not being able to offer the same quality service to his clients.
Sales Forecast
Year 1
Year 2
Year 3
Sales
Technology companies
$174,096
$189,525
$195,747
Public Interest organizations
$16,839
$22,578
$24,547
Total Sales
$190,935
$212,103
$220,294
Direct Cost of Sales
Year 1
Year 2
Year 3
Technology companies
$0
$0
$0
Public Interest organizations
$0
$0
$0
Subtotal Direct Cost of Sales
$0
$0
$0
5.3 Milestones
WLF will have several milestones early on: 1. Business plan completion. 2. Set up home office. 3. First month of total technology subsidy.
Milestones
Milestone
Start Date
End Date
Budget
Manager
Department
Business plan completion
1/1/2001
1/1/2001
$0
Richard
Marketing
Set up ofifce
1/1/2001
1/1/2001
$0
Richard
Department
First month of total technology subsidy
4/1/2001
4/1/2001
$0
WLF
Department
Totals
$0
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Management Summary
Wy'East Law Firm is an Oregon Corporation founded and run by Richard Bloom. Richard has a degree in Political Science from the University of Colorado, Boulder, and a J.D. from Lewis and Clark University. While at Lewis and Clark, Richard was the President of the school's Public Interest Student Organization. It was through this organization that Richard became fond of public interest law. After graduation, Richard went to work for (name omitted) for three years in the e-group which
concentrated on technology. While working in the e-group, Richard worked on technology issues with a number of well known start-up organizations and established companies. One of the perks working at (name omitted) was his ability to do pro bono work which counted toward his required yearly billable hours requirement. Richard has spent a fair amount of time with 1000 Friends of Oregon and other public interest organizations. After three years however, Richard was feeling constrained and desired more autonomy. He decided to leave and start his own firm. Richard was able to bring a fair number of his clients from (name omitted) to his new firm, helping the transition from leaving an established practice to hanging out his own shingle and starting over.
6.1 Personnel Plan
The staff will consist of Richard working full time. In addition to Richard, a part-time secretary and part-time paralegal will join WLF by month two. Month four will bring WLF a law clerk, and a second law clerk by month eight.
Personnel Plan
Year 1
Year 2
Year 3
Richard
$66,000
$66,000
$66,000
Receptionist/ secretary
$11,550
$12,500
$13,500
Paralegal
$22,000
$23,000
$24,000
Law clerk
$8,100
$11,000
$12,000
Law clerk
$4,500
$11,000
$12,000
Total People
5
5
5
Total Payroll
$112,150
$123,500
$127,500
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Page 1 2 3 4 5 6 7 8
Financial Plan
The following sections will outline important financial information.
7.1 Important Assumptions
The following table details important assumptions.
General Assumptions
Year 1
Year 2
Year 3
Plan Month
1
2
3
Current Interest Rate
10.00%
10.00%
10.00%
Long-term Interest Rate
10.00%
10.00%
10.00%
Tax Rate
25.42%
25.00%
25.42%
Other
0
0
0
7.2 Projected Profit and Loss
The following table and charts present the projected profit and loss.
Pro Forma Profit and Loss
Year 1
Year 2
Year 3
Sales
$190,935
$212,103
$220,294
Direct Cost of Sales
$0
$0
$0
Other
$0
$0
$0
Total Cost of Sales
$0
$0
$0
Gross Margin
$190,935
$212,103
$220,294
Gross Margin %
100.00%
100.00%
100.00%
Expenses
Payroll
$112,150
$123,500
$127,500
Sales and Marketing and Other Expenses
$2,160
$2,160
$2,160
Depreciation
$1,668
$1,666
$1,666
Leased Equipment
$0
$0
$0
Utilities
$1,500
$1,500
$1,500
Rent
$2,400
$2,400
$2,400
Payroll Taxes
$16,823
$18,525
$19,125
Other
$0
$0
$0
Total Operating Expenses
$136,701
$149,751
$154,351
Profit Before Interest and Taxes
$54,235
$62,352
$65,943
EBITDA
$55,903
$64,018
$67,609
Interest Expense
$0
$0
$0
Taxes Incurred
$13,210
$15,588
$16,761
Net Profit
$41,024
$46,764
$49,182
Net Profit/Sales
21.49%
22.05%
22.33%
7.3 Break-even Analysis
The Break-even Analysis indicates what WLF will need in hours and revenue a month to reach the break-even point.
Break-even Analysis
Monthly Revenue Break-even
$11,392
Assumptions:
Average Percent Variable Cost
0%
Estimated Monthly Fixed Cost
$11,392
7.4 Projected Cash Flow
The following chart and table show anticipated cash flow.
Pro Forma Cash Flow
Year 1
Year 2
Year 3
Cash Received
Cash from Operations
Cash Sales
$47,734
$53,026
$55,074
Cash from Receivables
$112,707
$155,697
$163,912
Subtotal Cash from Operations
$160,441
$208,722
$218,986
Additional Cash Received
Sales Tax, VAT, HST/GST Received
$0
$0
$0
New Current Borrowing
$0
$0
$0
New Other Liabilities (interest-free)
$0
$0
$0
New Long-term Liabilities
$0
$0
$0
Sales of Other Current Assets
$0
$0
$0
Sales of Long-term Assets
$0
$0
$0
New Investment Received
$0
$0
$0
Subtotal Cash Received
$160,441
$208,722
$218,986
Expenditures
Year 1
Year 2
Year 3
Expenditures from Operations
Cash Spending
$112,150
$123,500
$127,500
Bill Payments
$31,394
$41,570
$41,800
Subtotal Spent on Operations
$143,544
$165,070
$169,300
Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out
$0
$0
$0
Principal Repayment of Current Borrowing
$0
$0
$0
Other Liabilities Principal Repayment
$0
$0
$0
Long-term Liabilities Principal Repayment
$0
$0
$0
Purchase Other Current Assets
$0
$0
$0
Purchase Long-term Assets
$0
$0
$0
Dividends
$0
$0
$0
Subtotal Cash Spent
$143,544
$165,070
$169,300
Net Cash Flow
$16,898
$43,652
$49,686
Cash Balance
$35,648
$79,300
$128,986
7.5 Projected Balance Sheet
The following table displays the projected balance sheet.
Pro Forma Balance Sheet
Year 1
Year 2
Year 3
Assets
Current Assets
Cash
$35,648
$79,300
$128,986
Accounts Receivable
$30,494
$33,874
$35,183
Other Current Assets
$0
$0
$0
Total Current Assets
$66,141
$113,174
$164,168
Long-term Assets
Long-term Assets
$5,000
$5,000
$5,000
Accumulated Depreciation
$1,668
$3,334
$5,000
Total Long-term Assets
$3,332
$1,666
$0
Total Assets
$69,473
$114,840
$164,168
Liabilities and Capital
Year 1
Year 2
Year 3
Current Liabilities
Accounts Payable
$4,699
$3,302
$3,448
Current Borrowing
$0
$0
$0
Other Current Liabilities
$0
$0
$0
Subtotal Current Liabilities
$4,699
$3,302
$3,448
Long-term Liabilities
$0
$0
$0
Total Liabilities
$4,699
$3,302
$3,448
Paid-in Capital
$25,000
$25,000
$25,000
Retained Earnings
($1,250)
$39,774
$86,538
Earnings
$41,024
$46,764
$49,182
Total Capital
$64,774
$111,538
$160,721
Total Liabilities and Capital
$69,473
$114,840
$164,168
Net Worth
$64,774
$111,538
$160,721
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Session 2 of 16
Business Plan
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What is a Business Plan? ○ ○ Why prepare a business plan? What to avoid in your business plan Vision statement The people
•
Business Plan Format ○ ○
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Business profile Economic assessment Basic business concept Feasibility and specifics Focus and refine concept Outline the specifics of your business Put your plan into a compelling form Review sample plans A sound business concept Understanding your market Healthy, growing and stable industry Capable management Able financial control Consistent business focus Mindset to anticipate change Plans for online business
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Six Steps to a Great Business Plan ○ ○ ○ ○ ○ ○
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Does Your Plan Include the Following Necessary Factors ○ ○ ○ ○ ○ ○ ○ ○
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Formulate (and Reformulate) Your Business Plan Top Ten Do's and Don'ts Sound Byte Transcriptions Sample Business Plans Session 1 and 2 Business Plans Session Feedback
What Is A Business Plan?
Read Transcript The primary value of your business plan will be to create a written outline that evaluates all aspects of the economic viability of your business venture including a description and analysis of your business prospects.
Since the My Own Business, Inc. course is broken down into sixteen of the most important topics to consider in starting or operating a business, your business plan can easily be organized into this same format. Included in this session, and in each of the following sessions, there is one-page business plan template, which you can fill in and print. (Session 2 contains templates for both Sessions 1 and 2.) When you put these all together, you will have completed your personalized, overall plan.
We suggest that you fill in each section of the business plan, found at the end of each session, as you proceed through the course.
Each of the sixteen Business Plan Sections can be downloaded from our Web site and provide you with a single, attractively presented document. To begin, let's take a preview look at each of the 16 Business Plan Sections:
Click to view each of the 16 business plan sections
Keep in mind that creating a business plan is an essential step for any prudent entrepreneur to take, regardless of the size of the business. This step is too often skipped, but we have made it easy for you by providing this ready format to build your plan as you progress through this course. Business plans can vary enormously. Libraries and bookstores have books devoted to business plan formats. This course is a starting point. You can then go on to design one that would be ideal for your particular enterprise.
Be aware now that most start-up entrepreneurs are reluctant to write down their business plan. It is, therefore, strongly recommended that you complete each segment of the plan as you progress through this course. We make it easy for you by providing sample plans for both product and service businesses and also an attractive blank form that you can download onto MS Word and customize yourself.
Your business plan will become your roadmap to chart the course of your business. But at the outset you cannot predict all of changing conditions that will surface. So after you have opened for business, it is important that you periodically review and update you plan.
Why Prepare A Business Plan?
Read Transcript
Your business plan is going to be useful in a number of ways
• • • •
First and foremost, it will define and focus your objective using appropriate information and analysis. You can use it as a selling tool in dealing with important relationships including your lenders, investors and banks. Your business plan can uncover omissions and/or weaknesses in your planning process. You can use the plan to solicit opinions and advice from people, including those in your intended field of business, who will freely give you invaluable advice. Too often, entrepreneurs forge ahead ("My Way!") without the benefit of input from experts who could save them a great deal of wear and tear. "My Way" is a great song, but in practice can result in unnecessary hardships.
To help get started in lining up appointments, you can fill in and use the following template. We have also provided a larger blank template for you to use at the end of this session.
Names include your investors, family members, banker, lawyer, attorney, business mentors, trusted business friends, potential customers, competitors (distant ones), potential landlords, and the U.S. Small Business Administration.
Click to View
Read Transcript
What to Avoid in Your Business Plan Place some reasonable limits on long-term, future projections. (Long-term means over one year.) Better to stick with short-term objectives and modify the plan as your business progresses. Too often, long-range planning becomes meaningless because the reality of your business can be different from your initial concept. Avoid optimism. In fact, to offset optimism, be extremely conservative in predicting capital requirements, timelines, sales and profits. Few business plans correctly anticipate how much money and time will be required. Do not ignore spelling out what your strategies will be in the event of business adversities. Use simple language in explaining the issues. Make it easy to read and understand. Don't depend entirely on the uniqueness of your business or even a patented invention. Success comes to those who start businesses with great economics and not necessarily great inventions.
Business Plan Format
Read Transcript
The Business Plan format is a systematic assessment of all the factors critical to your business purpose and goals. Here are some suggested topics you can tailor into your plan:
• •
A Vision Statement: This will be a concise outline of your business purpose and goals. The People: By far, the most important ingredient for your success will be yourself. Focus on how your prior experiences will be applicable to your new business. Prepare a résumé of yourself and one for each person who will be involved with you in starting the business. Be factual and avoid hype. This part of your Business Plan will be read very carefully by those with whom you will be having relationships, including lenders, investors and vendors. Templates for preparing résumés are available in your library, Kinko's, bookstores and the Internet under "résumés."
However, you cannot be someone who you are not. If you lack the ability to perform a key function, include this in your business plan. For example, if you lack the ability to train staff, include an explanation how you will compensate for this deficiency. You could add a partner to your plan (discussed in Section 4) or plan to hire key people who will provide skills you don't have. Include biographies of all your intended management.
• •
Your Business Profile: Define and describe your intended business and exactly how you plan to go about it. Try to stay focused on the specialized market you intend to serve. Economic Assessment: Provide a complete assessment of the economic environment in which your business will become a part. Explain how your business will be appropriate for the regulatory agencies and demographics with which you will be dealing. If appropriate, provide demographic studies and traffic flow data normally available from local planning departments. Cash flow assessment: Include a one-year cash flow that will incorporate your capital requirements (covered in Session 8). Include your assessment of what could go wrong and how you would plan to handle problems. Include your marketing plan and expansion plans. Refer to helpful government Web sites such as the Small Business Administration. See "Resources" on the home page of this Web site.
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"You'll identify issues that "Being in business for you might not otherwise yourself is not for consider when you put everyone." them down on paper." Read Read 241 1,535 PC - wav PC - wav Mac - aif Mac - aif
Six Steps To A Great Business Plan
Start-up entrepreneurs often have difficulty writing out business plans. This discipline is going to help you in many ways so don't skip this planning tool! To make it easier, here are six steps that will produce a worthwhile plan:
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1. Write out your basic business concept. 2. Gather all the data you can on the feasibility and the specifics of your business concept. 3. Focus and refine your concept based on the data you have compiled. 4. Outline the specifics of your business. Using a "what, where, why, how" approach might
be useful.
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5. Put your plan into a compelling form so that it will not only give you insights and focus
but, at the same time, will become a valuable tool in dealing with business relationships that will be very important to you.
6. Review the sample plans we furnish and download the blank format to a MS Word
document. Fill this in as you progress though the course.
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Does Your Plan Include the Following Necessary Factors
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A Sound Business Concept: The single most common mistake made by entrepreneurs is not selecting the right business initially. The best way to learn about your prospective business is to work for someone else in that business before beginning your own. There can be a huge gap between your concept of a fine business and reality. Understanding of Your Market: A good way to test your understanding is to test market your product or service before your start. You think you have a great kite that will capture the imagination of kite fliers throughout the world? Then craft some of them and try selling them first. A Healthy, Growing and Stable Industry: Remember that some of the great inventions of all time, like airplanes and cars, did not result in economic benefit for many of those who tried to exploit these great advances. For example, the cumulative earnings of all airlines since Wilber Wright flew that first plane are less than zero. (Airline losses have been greater than their profits.) Success comes to those who find businesses with great economics and not necessarily great inventions or advances to mankind. Capable Management: Look for people you like and admire, who have good ethical values, have complementary skills and are smarter than you. Plan to hire people who have the skills that you lack. Define your unique ability and seek out others who turn your weaknesses into strengths. Able Financial Control: You will learn later the importance of becoming qualified in accounting, computer software and cash flow management. Most entrepreneurs do not
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