Plan...Plan...Plan

This article appeared in GLMV Chamber of Commerce Action News in May, 2007 (www.glmvchamber.org)

I, like most Illini alums, was saddened to see the recent demise of Chief Illiniwek to the forces of political correctness. To honor the Indians, we offered to broadcast the games in Gujarati, but the offer was rejected.

The point here is that sometimes a business loses a key person and when that happens, you need a plan. You need to be prepared before the worst happens.

If you have a partner or two or three, you should have a partnership or shareholder agreement that will provide for a plan of succession if the worst case occurs. It is often referred to as a "Buy-Sell Agreement" and is highly recommended in business. If one of your partners were to die suddenly, or perhaps become incapacitated or even retire, you don't want to end up with an unexpected or unwanted partner who knows little about your business, such as the partner's prodigal nephew or his widow.

When you establish your business, you should have on your team an experienced accountant, lawyer and insurance agent (did I forget anyone?) to guide you through a potential business destroying situation. The lawyer will draft a buy-sell agreement in which the accountant will determine the buyout price each year based on asset value or perhaps a multiple of sales. A good way to fund the buyout would be key man insurance provided by your insurance agent.

In any case, you'll rest easier when you're at the stadium, cheering on the Fighting Anteaters from UC Irvine in their contest with the Fighting Banana Slugs from UC Santa Cruz.

KENNETH SUSKIN

Business Tip--Be Skeptical

This article appeared in the GLMV Chamber of Commerce Action News for March, 2007
www.glmvchamber.org

As a lawyer, I'm trained to be skeptical. Believe nothing you hear and only half of what you see. When I met entertainer, Sam Magdal, he told me he does a tribute show to Frank Sinatra. My response was "Junior or Senior?" (The answer was "Senior", and he really does an excellent show.)

As many employers know, prospective candidates like to pad their resumes. A little checking might save you much trouble later on. For example, if the guy says he went to Penn State, make sure he didn't go to State Pen, like many of my clients. He may have gotten the name mixed up.

Don't believe in flying saucers or illegal aliens from space until they land on the White House lawn at high noon. Sometimes you have to take a chance, but make sure to get as much information as you can.

KENNETH SUSKIN

WATCH WHAT YOU SAY

I've often heard the mantra, "Believe nothing you hear and only half of what you see." I've been a fan of many famous and funny quotes from television and movies. For example, sportscaster Joe Thiesmann once said, "Nobody in the game of football should be called a genius, a genius is somebody like Norman Einstein." That quote has often been cited to make Thiesmann, a former football player, like foolish. Actually, Norman Einstein was the valedictorian of Thiesmann's high school class, and Thiesmann, who has written several books on sports, was saying it to be clever.

One time Dodgers and Cubs manager, Leo Durocher once supposedly said, "Nice guys finish last." The actual quote was "Nice guys finish seventh." which he said to describe the "nice guy" Giants owner whose team was in seventh place (out of eight) at the time. The real quote didn't have the same pizzazz, and so it was changed by the media.

Humphrey Bogart was often quoted from the movie Casablanca (which, incidentally, means "white house"), "Play it again, Sam", when he actually said "Play it Sam", but the former misquote was the one that stuck. Surely, they could have gotten it right, but as Leslie Nielsen said in Airplane, "Don't call me Shirley", which is one of my favorites. Another favorite of mine from Airplane was the actor talking on the phone to the Mayo Clinic when he received a call from Mr. Hamm, "Give me Hamm, and hold the Mayo."

The relevance here, that I learned as a young lawyer, is to watch what you say, especially to the press. Look at the political campaigns, especially the negative ads. One can always take a candidate's public statements out of context, and remake them into something to make him/her look silly or stupid. Usually there's an explanation, but don't give "em any ammunition. Be careful what you say because they often get it wrong. Don't be negative and criticize yourself because your enemies will do it much better.

Remember, in business, if you keep your mouth shut, people may think you're stupid, but if you open your mouth, you may confirm their opinions. Just tell 'em, as John Belushi did in Blues Brothers, "We're on a mission from God."

KENNETH SUSKIN

What will you do for them now

This article appeared in the GLMV Chamber of Commerce Action News for February, 2007
http://www.glmvchamber.org/

In my first column, I want to thank the GLMV Board of Directors for electing me Chairman. I can't do the job without the support of the Board, the staff and the membership.

Several years ago, I attended a Kenny Rogers concert. After the concert, Kenny Rogers graciously signed autographs for a crowd in the lobby. Next to me, a 9 year old boy asked his father who that person was, signing autographs. The father replied, "It's Kenny Rogers." The boy then said, "Who's Kenny Rogers?" Obviously, the boy didn't know Kenny Rogers from Mr. Rogers.

The point here is that no matter how important or prominent one thinks they are, there are many people out there who have not gotten the message. In your business, you need to keep your name in front of the public, so they know you're still in business. The public doesn't care what you did years ago, they want to know what you're going to do for them now.

An excellent way to keep your business's image in the public eye is to get active in the Chamber of Commerce. Start today! Attend the mixers, the luncheons, the Home Improvement Show, etc. and let people know you're in business. You pay a lot of money to join the Chamber--you want to get a return on your investment. Let the Chamber work for you.


KENNETH SUSKIN

ONCE FAMOUS ROCK STAR

This article appeared in the GLMV Chamber of Commerce Action News for
April, 2007

Back in the late 1980's my wife Dianne and I were in Dallas, TX attending a real estate convention. We were on the hotel elevator one morning with several other conventioneers when Scott MacKenzie walked onto the elevator. If that name doesn't ring a bell, he's the artist who wrote and recorded the song, "When you're going to San Francisco, be sure to wear some flowers in your hair," back in the late 1960's. That song was popular in the hippie community and still gets played on the radio today.

When he got on the elevator, I hailed him, "Hey Scott, Scott MacKenzie, how are ya?" How about signing an autograph for me? Mr. MacKenzie, surprised that anyone would recognize him, was very gracious, and after he got off, someone asked me, "How'd you know that was him?"

Actually, I had information that nobody else there had, and that's the point in business. If you do your homework and work harder than your competitors, you will do well in business. If you can uncover some information that has eluded your competitors and know how to use it, you'll be far ahead. Certainly, in the legal profession and probably most other businesses, information is the key commodity.

If you come to Chamber functions on a regular basis, you'll know what's happening in the community. At our luncheons, our speakers are usually people well connected in the community and we can learn much from them. If you participate, you may be able to obtain an edge on your competition. If you network with other Chamber members, you will certainly learn useful information. I always do.

So how did I recognize Scott MacKenzie? Well, we had attended a Mamas and Papas concert the previous night and Mr. MacKenzie was the musical arranger for them and he performed that song for the audience. Mr MacKenzie was related to John Phillips of the Mamas and Papas, and he toured with them.

Some other time, I'll relate how I got folksinger Pete Seeger's autograph on a Chicago Cubs scorecard.

KENNETH SUSKIN