In this episode of Zen Money Monday, we talk about how to keep our legal ducks in a row in our business.
Episode in a Nutshell:
In this episode, Liz welcomes to the show business and estate planning attorney Bev Davidek. Liz and Bev discuss the importance of establishing the proper entity for your business, whether you're a sole proprietor or an incorporated state. They talk about the inherent benefits of creating contracts within your business. Finally, Bev breaks down the four pillars that comprise her LIFT Program.
In detail, we covered:
00:55 – Introducing today’s guest, Bev Davidek
02:12 – Bev identifies the most common issues clients approach her about
03:49 – The importance of setting up the proper legal entity
05:26 – Bev breaks down the differences between a sole proprietor and an incorporated state
07:31– Bev's rule of thumb for entrepreneurs looking to file as an S Corporation
09:30 – Legal benefits of establishing an entity
10:32 – The basics and benefits of a contract
16:47 – Building a relationship with the right attorney
21:22 – Bev talks about her LIFT Program
24:31 – One takeaway Bev wants the audience to know
25:56 – The most valuable business lesson Bev learned
27:57 – How Bev's legal experience aided Bev's business acumen
30:13 – What Zen Money means to Bev
31:11 – Where listeners can connect with Bev
"Most people come to me, unfortunately, after they already have created a bit of a mess. And so, it's kind of a triage situation." (2:31)
"Sometimes a handshake deal is not always super clear, what you're delivering and what the client can expect." (12:38)
"The contract is what we're going to rely upon if we don't agree on something. And it can be useful in that way." (15:13)
"In my experience, clients want to know what they're getting." (18:12)
"Legal, Insurance, Finance and Tax. Those are the four pillars that I think every business has to have in place." (22:13)
Beverly R. Davidek has been a practicing attorney for more than 20 years, and most of those years of practice have focused on areas that directly affect families — especially families with children: special education law, estate planning, guardianships, and general counsel for family-owned businesses. She has also served as an Assistant District Attorney for Bexar County, prosecuting child abuse and neglect cases.
Beverly and her husband Dirk are also entrepreneurs, certified life and health coaches, international best-selling authors, health and wellness junkies, and world travelers. Their mission is to make happy lawyers and happy clients the norm and not the exception.
Beverly understands firsthand the importance of having all of your “ducks in a row,” so you can sleep at night, knowing that you have done all that you can to take care of your family — from a legal and financial standpoint, as well as from a spiritual and family legacy standpoint. She is a former teacher, and she approaches law with the heart of a teacher. She’s not satisfied until her clients are fully educated to make informed decisions about the things that matter most to them and their families.
To learn more about Bev's work, visit www.davideklaw.com. You can also connect with Bev on social media here:
My favorite part of recording a live show every week is the conversation we get to have on social media, with comments posted here, and messages I get from listeners.
This week's question is:
Have you reviewed your contracts recently (or ever)? Is it time for an update?
If you're a new listener to the Zen Money Monday show or a long-time fan, I'd love to hear from you! Hop on over to the Contact page and let me know how you liked this episode and what topics you'd find most meaningful to hear about next!
Fun Free Stuff
Check out these resources we discussed in this episode:
#ZenMoneyMap: www.zenmoneymap.com/archetype- Learn your Zen Money Financial Archetype and start levering your unique money style to your advantage with quick wins today!
Episode 004: Leah Carver
Balance, Stability & Wellness
Episode 003: Brian Bogaert
Investing for Entrepreneurs
Episode 002: Tamara Arnold
Riding the Entrepreneurial Roller Coaster
Liz Lajoie, Zen Money Strategist & CFO
Liz Lajoie, the “Zen Money CFO”, helps entrepreneurs master their finances and grow thriving businesses that support their passions and advance their big missions.