Should I Buy a Franchise or Start My Own Business?

franchise, DuPage County business lawyersThere are numerous advantages to being a business owner. For example, it can be disheartening to work for another person or company. You may feel unappreciated by your superiors or frustrated at the inefficient way you are expected to do your job. When you own a business, you get to be your own boss. You control how your business is operated and managed.

However, owning a business also comes with a great deal of responsibility and liability. You may need to spend a tremendous amount of time and resources for only marginal growth—especially at first. If you are thinking about becoming a business owner, two options you may be considering are buying a franchise or starting your own business. There are benefits and drawbacks to both of these choices, all of which should be fully researched before you make a commitment to either path.

Do You Want Input and Guidance from a Franchisor?

The most significant difference between buying a franchise location of an existing business and starting your own business is the amount of control you have over the business. While you may still have power over some day-to-day aspects of a franchise, the major decisions about business practices, operations, marketing, and accounting will be made by the franchisor. Only you can know if this type of business relationship is right for you. Do you feel capable of developing your own business model from scratch or do you want guidance and oversight from a business organization that is already successfully established?

How Much Time and Money Are You Willing to Invest in Your Business?

Starting your own business gives you much more freedom than buying a franchise. However, this freedom comes with a remarkable about of accountability, both personally and financially. Take time to determine how much money you are realistically willing and able to invest in your business. Also consider the level of risk you are comfortable accepting. A great number of new businesses fail within the first five years of operation. Whether you are considering buying an existing business, a franchise location, or starting your own business, never jump into a new business venture without exhaustive investigation into what will be expected of you.

Contact a DuPage County Business Lawyer

Becoming a business owner is probably one of the biggest decisions you will ever make. To get the legal support you need to make your business ownership dreams a reality, contact Stock, Carlson, Oldfield & McGrath LLC today. Call our office at 630-665-2500 to schedule a confidential consultation with and experienced Wheaton business law attorney.

 

Sources:

https://www.entrepreneur.com/article/286212

https://www.score.org/resource/should-you-buy-business-or-start-one-scratch

What You Should Know About Selling Your Home This Winter

winter, Wheaton real estate attorneysMost real estate agents and attorneys will tell you that that the spring and summer are the most popular seasons for buying a new home. As a result, they are also the seasons during which many people will sell their home, since, without a home that is for sale, the buyer cannot buy, obviously.

While it is true that spring and summer are traditionally the prime home-buying seasons, if you are ready to move now, there is no reason to wait until winter is over. With the right guidance, selling your home during the colder months could help you realize an excellent return on your investment.

A Smaller, More Competitive Market

Since springtime is allegedly the “best” time to sell a home, many owners throughout the region are likely to wait until the weather breaks before they list their homes. This means that if you decide to wait as well, your home will be on the market with dozens, if not hundreds, of homes, many of which will probably be in and around your neighborhood.

If you list your home now, there will be fewer homes available compared to a few months from now. As a result, your home will be able to stand out from the crowd. With fewer available options, potential buyers are more likely to end up looking in your direction.

Fewer Browsers and More Buyers

The “slower” home sales season also means that fewer buyers will be out and about looking for new homes. Those who are looking, however, are likely to be much more serious than those you might encounter during the warmer months. When the weather is nice, engaged couples and families often start browsing the real estate listings and attending open houses without any real intention to make an offer. During the colder months, you will have to spend less time and energy on “lookers” or “browsers,” allowing you to focus on well-intentioned buyers.

Highlighting the Features of Your Home

Meticulous landscaping and lush, green grass can certainly give your home curb appeal in the spring and summer, but the winter provides an opportunity to show would-be buyers that your home is equipped to handle the elements. If you have recently installed new windows or a high-efficiency furnace, for example, it is easier to show the benefits of such features during a cold-weather showing. Amenities such as hot tubs or fireplaces could also offer substantial appeal during the winter months.

Finally, nearly every home looks its best after it has been decorated for the winter holidays. Shimmering lights and colorful decorations create a welcoming atmosphere. When would-be buyers or open house guests feel at home, they are often more inclined to make a serious offer.

Call a Wheaton Real Estate Lawyer

While selling your home is possible during the winter, you will still have many legal issues to address before the new owner can move in. Contact a skilled and experienced DuPage County real estate attorney to get the help you need. Call Stock, Carlson, Oldfield & McGrath LLC at 630-665-2500 for a personal consultation today.

 

Sources:

https://www.zillow.com/sellers-guide/selling-house-during-winter-holidays/

https://www.fortunebuilders.com/winter-home-selling/

The Many Benefits of Drafting a Living Will

living will, DuPage County estate planning lawyersA living will is a type of advance health care directive that allows a person to make decisions ahead of time about their wishes regarding medical treatments and end of life care. It is not a pleasant thought to have, but have you ever wondered what would happen if you were incapacitated and could not express your wishes regarding the type of medical care you do and do not want to undergo? For example, if a serious car accident leaves you in a permanent vegetative state, would you want to be kept alive via a ventilator? It can be very emotionally taxing to make the decisions contained in a living will, however, doing so means that your surviving loved ones will not have to make these decisions on your behalf.

A Living Will Lets You Make Decisions About Your Future Medical Care

In a living will, you describe the medical treatments you do and do not want to receive if you become incapacitated and cannot specify this information yourself. Medical treatments commonly discussed in a living will include dialysis, mechanical ventilation, cardiopulmonary resuscitation (CPR), tube feeding, antibiotics and antiviral medications, and palliative care. You will also be able to dictate if you would want to be allowed to spend your last days at home. Many people have strong feelings about organ, tissue, or body donation. In your living will, you can specify that you only wish to be kept on life-sustaining machines for the purposes of organ donation. If you wish to donate your body to a university or other donation program, you will also be able to specify this in your living will, as well as in other estate planning documents.

Your Loved Ones Will Not Be Burdened With Making Your Medical Decisions

Extensive legal battles can result from family members that disagree about an incapacitated loved one’s medical care. Many people remember the events surrounding the death of Terri Schiavo in 2005. The young woman had suffered severe brain damage and was not expected to ever recover from a persistent vegetative state. Her husband wanted her feeding tube removed so that she could pass away, but her parents fought aggressively to keep her alive. Disagreements like these can be avoided when an individual has a living will. Instead of family members having to guess what type of end-of-life care you would have wanted, they will be able to follow your directions.

Contact a DuPage County Living Will Lawyer

By taking the time now to develop a living will, you can save your loved ones a great deal of stress and anxiety in the event of a tragedy. For help deciding what types of estate planning documents best fit your needs, assistance with drafting a living will, and more, contact a Wheaton estate planning attorney at the law firm of Stock, Carlson, Oldfield and McGrath LLC. Call 630-665-2500 to schedule an initial consultation.

 

Sources:

https://www.mayoclinic.org/healthy-lifestyle/consumer-health/in-depth/living-wills/art-20046303

https://time.com/3763521/terri-schiavo-right-to-die-brittany-maynard/