R. Shawn McBride recently spoke about blending and mixing up the ownership of your company.
Hey, folks, it’s Shawn here with you. Today I’m gonna be talking about taking a different tact on the ownership of your company. Do you have to do what everybody else is doing? And I think the answer is no.
Our legal systems are built around structures and processes and things. But what’s beautiful is now with the latest evolution of the LLC Act we have the ability generally to do a lot of things contractually and we can change those arrangements. We can do different things.
So, do you have to do it like everybody else? There’s kinda a standard process, right? Everybody looks for forms. Form of a corporation. Form of LLC. We’ve talked before why we don’t think forms apply. But you can do things that are uniquely you, particularly with an LLC.
There’s a company out there called Feel Train, and a client of mine forwarded me their documents. They’ve shared their LLC operating agreement online so that we all can see it, right? These are usually private documents we don’t have access to. But Feel Train has a very interesting process. They contemplate having eight owners, and the way you become an owner is you get voted in by the other owners so it’s a cooperative ownership structure. It’s not the traditional buy-in, earn your way in. It’s a vote-in, be part of our process, build this company long-term. Really, really different thought on how we do it. But, guess what? They set theirs up as an Oregon LLC. They had their legal counsel involved. I was not involved. But, their legal counsel field works under Oregon law, and I think we could make a similar structure work under other state laws.
You can do this type of structuring in many states. You could set up a structure where you have a cooperative type ownership. This is just one of the flexibilities you get as an LLC owner. Maybe you don’t want cooperative ownership. Maybe you want ownership that’s tied to certain performance goals or longevity or other things that people are doing that are beneficial to your company. All of this is possible.
We can build this for you. What you wanna know is what your business objectives are. Once you have that, the tops off. You get to pick how everything goes from there. We can custom blend, we could tailor; we can make things work. That’s what’s so fun about LLCs, these days is – freedom of contract. We structure it the way we want to. We make it work. I want you thinking outside the box and I want my clients thinking outside of the box because we can do different things. That starts with that strategy, that ten-year plan of where you’re going. And once you know where you’re going, we can start building the structures to make it work.
What challenges are you dealing with? You know, if this is resonating with you and you’re thinking a little different and you wanna be innovative in business, you should really check out the McBride for Business Blog. We have some great stuff there. McBride Attorneys Blog has similar stuff on a legal side. You can check that out. Get your business valuation checklist. Fill out the form. Go through it. Figure out where the weak spots are in your business and how to maximize your value.
And of course, subscribe to the YouTube channel McBride for Business and the R. Shawn McBride Public Page because we’re bringing great information like this to business owners like you because we want to build a community. We want everybody around this helping people to get to where they wanna go with their businesses. We’re trying to do great things in business. I need your help and I want that team environment. So join us, communicate with us; reach out to me directly. Let me know what I can do, what topics you’d like to see in future business, in videos. And if you need some one-on-one coaching or if you need somebody to come in and keynote and speak to your conference we’d love to have that conversation, see if we can help. Let me know how I can help you. Wanna take things to the next level. R. Shawn McBride signing off. I will talk with you very soon.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Mark Anderson.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.
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