On this episode of The Barron Report, brought to you by Kabbage, Paul speaks to Lawyer A.J. Yolofsky about what operators need to concern themselves with before starting their own restaurant concept. Yolofsky Law manages these types of start-ups often and has seen their fair share of poorly executed legal documents.
"Do you want a piece of paper or do you want peace of mind?" says Yolofsky. "I recently had a client come to me and they're looking at acquiring another restaurant location and the other location said 'Oh, we've got all our documents. We're completely legal setup, everything.' And they very proudly brought out this corporate kit binder that they ordered online."
Needless to say, that story doesn't end well. Listen to this episode and follow along with the show notes below to learn how you can avoid major snafus like this one with just a few important steps. And if you find yourself needing some help funding your concept, turn to our friends over at Kabbage. They can help you prep your business and manage those new business expenses.
- 18:16 - Debt Funding: "Don't put your business on your credit card"
- 20:11 - Common Leasing Questions
- 25:28 - Should I Bring My Attorney?
- 28:25 - ADA Compliance
- 29:59 - Hiring Agreements
- 31:44 - Fair Labor Standards
- Apply securely in minutes
- Access a line of credit of up to $250,000 (2)
- Withdraw what you need, when you need it
- Only pay for what you use
1. Customers who apply for a Kabbage line of credit using the link in this email and are approved will receive a $50 Tango e-gift card via email 3-4 weeks after qualifying. The Tango card can be redeemed for one gift card toward the customer’s choice of dozens of restaurants, retailers, spas or other experiences. Kabbage reserves the right to cancel the promotion at any time. This offer is single-use and non-transferrable. Valid in the US only.
2. Credit lines are subject to periodic review and change, including line reduction, line increases, or line elimination. This is not a revolving account. Individual requests for capital are separate installment loans.