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CORNERSTONES FOR
SUCCESSFUL MICHIGAN
BUSINESSES
BY: MICHAEL P. JAMES, J.D., M.B.A., CSSGB
© 2013 Fraser Trebilcock Davis &
Dunlap, P.C.
My Background
 University of Michigan (A2)
 Bachelor of Arts with Distinction, 2002
 History & Political Science
 University of Miami School of Law (FL)
 Juris Doctor, 2005
 Commercial/Business Law & International law
 Michigan State University (EL)
 Master of Business Administration, 2010
 Human Resources, Leadership & Change Mgmt.
 University of Michigan (A2)
 Six Sigma, Healthcare, 2012
My Background
Jack & the 3
Envelopes
“Blame Your
Predecessor”
“Reorganize
”
“Prepare 3
Envelopes”
Jack & the 3
Envelopes
What can We Learn from Jack?
• Jack never examined the cause
of the company’s difficulties or
developed a plan to fix them.
• Jack never evaluated outcomes
to see if solutions actually
worked.
• Jack wanted “quick fixes”.
• Jack was satisfied with
“envelope solutions”. He did not
craft solutions that were unique
to the situation.
What Are Your Business
Aspirations?
Entrepreneur:
Bring your ideas and
inventions to life.
Small Business Owner:
Maintain successful and
sustainable niche in market.
Business Professional:
Add value to your company
and lead strategic and
innovative initiatives.
Retiree:
Begin retirement career
continuing to do what you
know and love, but on our
own terms.
Business
Cornerstones
Clarity
Focus
Patience
Adaptability
Cornerstone 1:
Clarity
• Must be able to clearly
articulate idea or plan.
• Clarity can take time.
• Elevator Speech.
Cornerstone 2:
Focus
• Must stay focused on
your goal.
• Stay focused on what
you are good at.
• Give yourself extra time
and start small.
• Milestones.
Cornerstone 3:
Patience
• Most important
cornerstone.
• You have to let your
plan have time to work.
Cornerstone 4:
Adaptability
• Be ready to adapt.
• Unexpected change will
happen.
• Surround yourself with
the right people.
Legal Cornerstones
Entity Formation
Defining
Relationships
Internal Contracts
Cornerstone 1:
Entity Formation
• Set-up Process.
• Taxation.
• Liability.
• Management & Control.
Cornerstone 2:
Defining Relationships
• Corporations:
• Articles of
Incorporation.
• Directors & Officers.
• Bylaws, Resolutions, L
aw.
• Limited Liability
Companies:
• Articles of
Organization.
• Members & Managers.
• Operating Agreement.
Cornerstone 3:
Internal Contracts
• Employment Contracts:
• At-will Employee.
• Respective Duties.
• Confidentiality.
• Non-Compete.
• Employee Handbooks:
• Anti-Harassment
• E-mail & Social Media
© 2013 Fraser Trebilcock Davis &
Dunlap, P.C.
Fraser Trebilcock Davis & Dunlap, P.C.
124 W. Allegan Street, Suite 1000
Lansing, Michigan 48933
www.fraserlawfirm.com
Phone: (517) 482-5800
Fax: (517) 482-0887
Fraser Trebilcock Davis & Dunlap, P.C.
One Woodward Avenue, Suite 1550
Detroit, Michigan 48226
www.fraserlawfirm.com
Phone: (313) 237-7300
Fax: (313) 961-1651
Michael P. James, J.D., M.B.A., CSSGB
Phone: (517) 377-0823
(313) 965-9038
Email: mjames@fraserlawfirm.com
www.linkedin.com/in/MichaelJamesLaw
How the Law Today Shapes Business Tomorrow. ℠

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Cornerstones for Successful Michigan Businesses

  • 1. CORNERSTONES FOR SUCCESSFUL MICHIGAN BUSINESSES BY: MICHAEL P. JAMES, J.D., M.B.A., CSSGB © 2013 Fraser Trebilcock Davis & Dunlap, P.C.
  • 2. My Background  University of Michigan (A2)  Bachelor of Arts with Distinction, 2002  History & Political Science  University of Miami School of Law (FL)  Juris Doctor, 2005  Commercial/Business Law & International law  Michigan State University (EL)  Master of Business Administration, 2010  Human Resources, Leadership & Change Mgmt.  University of Michigan (A2)  Six Sigma, Healthcare, 2012
  • 4. Jack & the 3 Envelopes
  • 6. What can We Learn from Jack? • Jack never examined the cause of the company’s difficulties or developed a plan to fix them. • Jack never evaluated outcomes to see if solutions actually worked. • Jack wanted “quick fixes”. • Jack was satisfied with “envelope solutions”. He did not craft solutions that were unique to the situation.
  • 7. What Are Your Business Aspirations? Entrepreneur: Bring your ideas and inventions to life. Small Business Owner: Maintain successful and sustainable niche in market. Business Professional: Add value to your company and lead strategic and innovative initiatives. Retiree: Begin retirement career continuing to do what you know and love, but on our own terms.
  • 9. Cornerstone 1: Clarity • Must be able to clearly articulate idea or plan. • Clarity can take time. • Elevator Speech.
  • 10. Cornerstone 2: Focus • Must stay focused on your goal. • Stay focused on what you are good at. • Give yourself extra time and start small. • Milestones.
  • 11. Cornerstone 3: Patience • Most important cornerstone. • You have to let your plan have time to work.
  • 12. Cornerstone 4: Adaptability • Be ready to adapt. • Unexpected change will happen. • Surround yourself with the right people.
  • 14. Cornerstone 1: Entity Formation • Set-up Process. • Taxation. • Liability. • Management & Control.
  • 15. Cornerstone 2: Defining Relationships • Corporations: • Articles of Incorporation. • Directors & Officers. • Bylaws, Resolutions, L aw. • Limited Liability Companies: • Articles of Organization. • Members & Managers. • Operating Agreement.
  • 16. Cornerstone 3: Internal Contracts • Employment Contracts: • At-will Employee. • Respective Duties. • Confidentiality. • Non-Compete. • Employee Handbooks: • Anti-Harassment • E-mail & Social Media
  • 17. © 2013 Fraser Trebilcock Davis & Dunlap, P.C. Fraser Trebilcock Davis & Dunlap, P.C. 124 W. Allegan Street, Suite 1000 Lansing, Michigan 48933 www.fraserlawfirm.com Phone: (517) 482-5800 Fax: (517) 482-0887 Fraser Trebilcock Davis & Dunlap, P.C. One Woodward Avenue, Suite 1550 Detroit, Michigan 48226 www.fraserlawfirm.com Phone: (313) 237-7300 Fax: (313) 961-1651 Michael P. James, J.D., M.B.A., CSSGB Phone: (517) 377-0823 (313) 965-9038 Email: mjames@fraserlawfirm.com www.linkedin.com/in/MichaelJamesLaw How the Law Today Shapes Business Tomorrow. ℠

Notas del editor

  1. A fellow had just been hired as the new CEO of a large high tech corporation. The CEO who was stepping down met with him privately and presented him with three numbered envelopes. "Open these if you run up against a problem you don't think you can solve," he said. Well, things went along pretty smoothly, but six months later, sales took a downturn and he was really catching a lot of heat. About at his wit's end, he remembered the envelopes. He went to his drawer and took out the first envelope. The message read, "Blame your predecessor." The new CEO called a press conference and tactfully laid the blame at the feet of the previous CEO. Satisfied with his comments, the press -- and Wall Street -- responded positively, sales began to pick up and the problem was soon behind him. About a year later, the company was again experiencing a slight dip in sales, combined with serious product problems. Having learned from his previous experience, the CEO quickly opened the second envelope. The message read, "Reorganize." This he did, and the company quickly rebounded. After several consecutive profitable quarters, the company once again fell on difficult times. The CEO went to his office, closed the door and opened the third envelope. The message said, "Prepare three envelopes."
  2. A fellow had just been hired as the new CEO of a large high tech corporation. The CEO who was stepping down met with him privately and presented him with three numbered envelopes. "Open these if you run up against a problem you don't think you can solve," he said. Well, things went along pretty smoothly, but six months later, sales took a downturn and he was really catching a lot of heat. About at his wit's end, he remembered the envelopes. He went to his drawer and took out the first envelope. The message read, "Blame your predecessor." The new CEO called a press conference and tactfully laid the blame at the feet of the previous CEO. Satisfied with his comments, the press -- and Wall Street -- responded positively, sales began to pick up and the problem was soon behind him. About a year later, the company was again experiencing a slight dip in sales, combined with serious product problems. Having learned from his previous experience, the CEO quickly opened the second envelope. The message read, "Reorganize." This he did, and the company quickly rebounded. After several consecutive profitable quarters, the company once again fell on difficult times. The CEO went to his office, closed the door and opened the third envelope. The message said, "Prepare three envelopes."
  3. Feasibility Analysis and Business Planning
  4. Flywheel
  5. You have put the time into developing a business plan, let the plan see itself out.
  6. Custom v. canned
  7. Custom v. canned