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Keep it Legal Blog

What are MSAs and SOWs?

Clients often ask me to review, draft, or negotiate MSAs and SOWs. These are types of contracts that are important to many types of businesses. Let’s take a look at what they are and how they work together. Let’s say two businesses want to work together on a variety of different projects over time. They will have some terms that always stay the same, so they don’t want to have to review, draft, and negotiate a whole new contract every time they work together. But the details of each specific project will vary. This is the perfect situation for a…

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How to Determine the Fair Market Value of a Small Business

Clients often ask how to determine the fair market value (FMV) of a small business. On one level, the goal is to establish a price that a willing buyer and a willing seller would agree to in an open and unrestricted market. There are a variety of ways to establish FMV, and the choice of valuation method depends on the business and the reason for the valuation. For example, let’s say you’re in a two person company and your partner wants to leave. They’ve offered to let you buy them out of their share, with the price being based on…

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How to Avoid A Descriptive or Generic Trademark

The best way to establish a strong trademark is to create a brand name that is neither generic nor “merely descriptive”. In this blog post, I’ll explain what those terms mean and provide some tips on how to avoid running into these issues. The Perks of a Powerful Trademark Before diving into the details of avoiding descriptive or generic trademarks, let’s first explore the benefits of having a strong trademark. A robust trademark can serve as a powerful tool for businesses to stand out in the competitive marketplace and protect their brand identity. Some advantages of a strong trademark are:…

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What to Consider When You’re Selling a Business

Last year, I wrote a blog post called “What To Consider When You’re Buying a Business“. But, of course, there are two sides to every transaction. Let’s take a look at the process of selling a business. This post won’t cover the financial or tax aspects of selling a business. There are a lot of good resources out there to assist with those issues (my #1 piece of advice here is to hire a good CPA). Instead, we’re going to look at some of the legal points on the checklist. As with buying a business, the first question to ask…

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