The Business Mentoring Center
The Business Mentoring Center

Corporate Cranium Mentor Articles

Five Reasons to Establish a Revocable Trust

By Stacey Edwards Jones | April 25, 2019

Plan for Disability. Unlike a Will, a Revocable Trust allows you to plan for incapacity. This can be especially useful for small business owners. A trust is an effective way to ensure that the grantor’s assets will be used for his or her benefit in the event he or she becomes incapable of managing his or her own affairs. Enjoy Flexibility. A Revocable Trust is a flexible instrument that can be changed as the grantor’s estate planning needs change. The grantor can freely add or remove property during his or...

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Recent Changes in Foreign Bank Account Reporting

By Roben Hunter, Hunter Advisors, PLLC / March 1, 2011

Today’s world is one of international investments. On February 23, 2011, the U.S. Treasury Department’s Financial Crimes Enforcement Network amended the Federal Bank Secrecy Act and regulations governing the TD F 90-22.1, Report of Foreign Bank and Financial Accounts (“FBAR”).  The FBAR is required to report a U.S. person’s financial interest in financial accounts located…

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Employment Agreements-When Do You Need One?

By Bob Halagan, Halagan Law Firm, LTD. / March 1, 2011

The starting point for an employment relationship in Minnesota is “at-will,” meaning that an employer is free to terminate an employment relationship at any time for any reason (as long as it’s not an unlawful reason) and an employee is free to quit their job and go to work elsewhere, at any time and for…

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Long Term Care Insurance

By Gary Sorenson, Insurance Brokers of Minnesota / March 1, 2011

Rising life expectancy means that the potential need for “long term care” grows with every passing year of your life. The likelihood is that you or a member of your family will need long term assistance due to a prolonged illness, a disability, or general deterioration of your health and ability to perform routine daily…

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Chapter 3: Why Patent

By Michael Sherrill, Sherrill Law Offices / March 1, 2011

Most business owners are well aware that a United States utility patent is an expensive proposition, costing anywhere from $10,000 to $20,000 per invention with no promise or guarantee that a patent will issue on the invention.  However, in many fields, it is virtually impossible to start and maintain a competitive business without them. The…

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Profit per What?

By Kelli Hoskins, Master Business Coach / March 1, 2011

If the ultimate goal of any business is to make money, why is it that so many businesses are not profitable?  The No. 1 reason in my opinion is because the person running the business does not focus on profitability.  From what I have observed time and time again, they focus on everything but profitability. …

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Cost of Materials…There is No Such Thing

By Kelli Hoskins, Master Business Coach / January 1, 2011

Clearly, when we or our clients purchase goods, raw materials or services, there is a price to pay. Any business will buy commodities such as electricity, gas, paper. Whilst there is a value applied to all of these products that we call a cost of Materials or Commodity Costs, there is really no such thing.…

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Chapter 2: What is Patentable

By Michael Sherrill, Sherrill Law Offices / November 1, 2010

The United States allows inventors to patent “anything under the sun made by man that is useful, novel, and non-obvious.” Made by Man Patent protection can be secured only for subject matter that involves the hand of man.  Discovery of something that exists in nature – while perhaps an important and valuable discovery – cannot…

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How to Tell If You are Driven by FEAR or PASSION

By Kelli Hoskins, Master Business Coach / November 1, 2010

Many business owners feel busy… however are your busy days, weeks and months giving you the results you hoped for when you started your business? Whether you are driving your business or your business is driving you comes down to one question – are your decisions and actions driven by fear or are they driven…

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Getting Your Business Ready for Sale

By Bob Halagan, Halagan Law Firm, LTD. / September 1, 2010

As we crawl out of the wreckage of this last recession and look around, we can see the world will in fact survive.  While we have lost many businesses in our communities in the past two years, the survivors are likely to have significant opportunities as our economy recovers.  If you are one of the…

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Why You Have All the MONEY You Can HANDLE

By Kelli Hoskins, Master Business Coach / September 1, 2010

How much money do you have?  If you are like most business owners I speak with, probably not as much as you would like to have.  What if I told you that at any point in your life, all the money you have is all the money you can handle and the reason you don’t…

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Limited Partnership Gifting – A Twist

By Roben Hunter, Hunter Advisors, PLLC / July 1, 2010

There are some recent cases regarding gifts of partnership interests that did not qualify for the gift tax annual exclusion or a charitable gift deduction where it seems fairly clear they should have been allowed. In the first case, the parents transferred limited partnership interests to each of their adult children over a five year…

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Hiring the Right Way Can Avoid the Cost of a Bad Termination

By Bob Halagan, Halagan Law Firm, LTD. / July 1, 2010

One of the worst predicaments for an employer is to face a lawsuit from a former employee alleging a wrongful termination.  Once an employee has found a lawyer willing to take his case, an employer will need to be prepared for a new budget item:  legal fees and settlement costs which can easily exceed $50,000. …

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Trademarks: What They Are and Why Would I Need One

By Michael Sherrill, Sherrill Law Offices / July 1, 2010

A trademark is any word, design, scent, name, sound, or other thing that is capable of distinguishing one person’s or company’s goods from another’s, and indicating that such “branded” goods come from a single source – even if that source is unknown.  An example is the word Crest® for toothpaste.  Any toothpaste bearing the word…

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Here’s How You Can Measure Your Value in the Eyes of Your Customers

By Kelli Hoskins, Master Business Coach / July 1, 2010

Every business owner wants to attract more customers, make more sales, generate more profit yet few business are maximizing their potential.  The simplest way to make money in business is to add value in the eyes of your customer i.e. find out what problems your customers want solved, or what makes them feel good –…

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When Does It Make Sense to Sell Stock to an Employee?

By Bob Halagan, Halagan Law Firm, LTD. / May 1, 2010

Some of the most challenging and complex decisions a business owner can make involve when and how to sell a part of their business to an employee.  The decision to sell a portion of your business to an employee may be motivated by the desire to raise capital, or as an effort to retain a…

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Small Business Health Care Tax Credit

By Roben Hunter, Hunter Advisors, PLLC / May 1, 2010

If you are a small business employer that provides at least half of the insurance premiums for your employees, you may qualify for the Small Business Health Care Tax Credit that will be available this year.  This article discusses who is eligible and how the credit will be determined. The employer may have between 1…

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A Primer on Patents

By Michael Sherrill, Sherrill Law Offices / May 1, 2010

Most Americans are well aware of the existence of a patent system in the United States that “protects” inventions.  It is the nature of that “protection” that is widely misunderstood.  My intent, over the course of these articles, is to provide you with the information necessary to allow you to make an informed decision on…

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The True Measure of Marketing Success

By Kelli Hoskins, Master Business Coach / May 1, 2010

It’s called testing and measuring.  Most people hate it.  That’s because it means ‘there is a chance, however remote, that every marketing strategy you try will not work the first time’.  In other words, it’s possible you’ll spend money without seeing any returns. But consider this – you’ve probably been testing and measuring all your…

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Is There a Lawsuit in Your Future? How to Control Costs, Risks and Your Own Attorney

By Bob Halagan, Halagan Law Firm, LTD. / March 1, 2010

The most dangerous legal expense a company can incur is the cost of litigation.  Whether you are the party suing or being sued, the costs of litigation can eat up your company’s profits in a hurry if you don’t keep a tight lease on the process and on your own attorney.  You should be very…

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Know Your Liquor Liability Exposures

By Gary Sorenson, Insurance Brokers of Minnesota / March 1, 2010

The National Highway Traffic Safety Administration estimates that nearly 13,000 people per year (about 35 per day) are killed in alcohol-impaired driving crashes. Many of these tragic accidents happen after an inebriated person leaves a party.  Did you know that the host of the party can be held liable for injuries and deaths?  Not just…

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