Building Business Boundaries: All things legal for small businesses! With Michelle Bomberger
In this episode, host Madeline engages in a deep conversation with Michelle Bomberger, founder of Equinox Business Law Group. They discuss the importance of legal strategies for protecting businesses, focusing on issues like intellectual property, compliance, and employee matters. Michelle shares her journey from Northwestern University to establishing her firm, influenced by her experience with small businesses and corporate roles. They also discuss common legal issues faced by entrepreneurs today, such as employment compliance, contracts, and the impact of emerging trends like AI and data privacy. Michelle emphasizes the importance of proactive legal counsel and offers insights into her approach to law, aiming to empower rather than restrict entrepreneurs.
Listen in as we speak about:
The Journey of Michelle Bomberger
The Essential Role of Legal Counsel
Proactive Legal Strategies
Intellectual Property Protections
Building a Strong Legal Foundation
Preparing for Business Exits
And much, much, more!
The Journey of Michelle Bomberger
Michelle's journey began at Northwestern University, where she earned dual graduate degrees in law and business. She played a pivotal role in the Small Business Opportunity Clinic, which provided legal and business advice to small businesses. After gaining corporate experience, Michelle launched Equinox, inspired by the clinic model she helped develop.
Her entrepreneurial spirit doesn't stop at law; she also ran two restaurants with her husband, giving her firsthand experience of the challenges small business owners face. This unique perspective enriches the advice and services she provides to her clients.
The Essential Role of Legal Counsel
Madeline and Michelle discuss the critical lack of legal advice for small businesses. Michelle emphasizes that having legal counsel should not be an afterthought but a proactive approach to prevent potential issues. She explains how Equinox Business Law Group structures its services to be accessible and affordable, aiming to demystify the legal world for small business owners.
Proactive Legal Strategies
One of the most significant pieces of advice Michelle offers is the importance of proactive legal strategies. She stresses the need for businesses to have legal counsel involved from the beginning rather than waiting for issues to arise. This proactive stance can prevent many common legal pitfalls.
Employment and Contract Nuances
The discussion moves towards specific areas where businesses commonly face legal challenges, such as employment and contracts. Michelle highlights the rapidly changing regulations around employment, especially with the rise of remote work. Different states have different requirements, making it crucial for businesses operating in multiple states to stay compliant.
Contracts are another area where Michelle sees frequent issues. She explains the importance of understanding and negotiating contracts properly to avoid potential problems down the line. Having legal counsel review contracts can save businesses from significant future troubles.
Intellectual Property Protections
Madeline shares her own experiences with intellectual property (IP) issues, discussing how her content and processes have been misused in the past. Michelle explains the different types of IP protections available, such as copyrights, trademarks, and patents, and underscores the importance of implementing these protections from the start.
Building a Strong Legal Foundation
Michelle offers tactical advice on what elements form the backbone of a strong legal foundation for any business. Essential components include robust contracts, clear employment agreements, and comprehensive IP protections. She also emphasizes the importance of having appropriate insurance and a legal entity to limit personal liability. Throughout the conversation, Michelle provides real-life scenarios to illustrate her points. She discusses the common legal misconceptions among small business owners and how having an attorney can transform these challenges into manageable tasks.
Preparing for Business Exits
The episode concludes with advice for business owners considering an exit. Michelle emphasizes the importance of preparing for due diligence in advance and making sure that all aspects of the business are in order. This preparation not only facilitates a smoother sale process but also ensures that business owners receive fair value for their enterprises.
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