In 1998, a Philadelphia couple took a trip to Long Island and decided to buy a winery. According to The Wall Street Journal, they dove head-first into wine-making and were largely successful. Their children were not involved in the business, which did not pose a problem until the end of June, when both parents died within a week of each other. The couple had not put together a plan of succession for the family-run business, and the children say they have not decided whether or not to sell the … [Read more...]
The advantages and disadvantages of using trade secrets
Posted on September 21, 2014 //
Most Chicago businesses have some sort of special ideas or plans that they believe to be unique to them and integral to their success. Whether a marketing plan or a completely new product concept, these trade secrets are generally considered highly confidential by business owners and entrepreneurs. However, there may be both pros and cons to this approach. The value of social impact and change While protecting intellectual property can be highly essential for some entities, a Forbes … [Read more...]
Finding the right location for your business
Posted on September 20, 2014 //
When starting an all-new company or looking to relocate an existing company in Chicago, finding the right location can directly impact the ultimate success—or not—of the business. Many things can contribute to what makes a business location the right one and those can vary depending upon the nature of the business. However, the following considerations can apply to most companies when seeking that perfect location. Traffic and accessibility Getting customers in the door is a must for … [Read more...]
Buying a commercial property for your business can be a good investment
Posted on September 19, 2014 //
Although purchasing commercial real estate has its risks, entrepreneurs and business owners in various industries in Illinois can benefit from buying commercial space. However, buying commercial property is not the right fit for every situation and is a decision that should be approached carefully by business owners. Buying versus leasing In many cases, business owners are forced to pay higher rental costs when the real estate market slows down. Purchasing commercial property eliminates … [Read more...]
Banks accused of violating property owners’ rights over illegal break-ins
Posted on September 17, 2014 //
According to Illinois law, homeowners who default on their mortgage payments are allowed to stay in their homes until the foreclosure process is completed. If the occupant moves out before the foreclosure process is over, it is up to the bank to maintain the property. In many cases, the bank turns over these responsibilities to another company. In Illinois, Safeguard, a company that contracts with mortgage lending services, allegedly abused their responsibilities and had a case filed against … [Read more...]
