Crane Navigator
NEWSLETTER - Volume 1. Issue 1. July 2018
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Your inaugural issue of Crane Navigator has arrived. The Crane Navigator provides new ideas on timely topics, plus a few insights into our people. Get it in your inbox every month.
CONTENTS
- Firm News: Former Senior Human Resources Executive to Lead Crane Solutions
- Spotlight: With New Tax Changes, Time to Revisit Your Estate Plan.
- Next Move: Follow This 8 Point Plan When Starting Your New Business
- Food for Thought: Employer's Statements on a Professional Athlete's Performance May Breach His/Her Rights To Reputation.
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FIRM NEWS
Former Senior Human Resources Executive to Lead Crane Solutions
Crane Law Group, P.C. is welcoming Michael Janniere as a Principal Consultant. Michael will lead the consulting arm of the law firm, Crane Solutions, Inc. He will be based in the Chicago office. Michael has been recognized by national publications for his work in the human capital services industry. He is also a national speaker on human capital topics.
Michael is an expert in tax laws relating to employee benefits and executive compensation, labor and employment law, total rewards programs for executives and employees, organization restructuring, wealth management, wellness programs, workplace privacy law, global mobility programs and corporate governance. He regularly advises companies, board of directors, committees, HR leaders and legal counsel of publicly-traded multinationals and nonprofit companies on the design, implementation and tax and legal implications of the benefits and compensation packages for their senior executives and employees. Michael is also trained in international arbitration.
Michael’s strategic consulting in all areas of employment-related risk touches virtually all disciplines of human resources. He has developed and conducted on-going training for executives, board of directors, managers, employees and HR professionals on many topics, including pay equity, organizational health, ERISA fiduciary training, performance management, wellness programs, workplace conduct, HIPAA privacy, wage & hour and many areas of employment law compliance. Michael also conducted high-risk investigations involving executives, managers and employees. In addition, he managed governmental complaints and audits from such agencies as the EEOC, OFCCP, Department of Labor and state labor regulatory departments, like the California Employment Development Department.
In his practice, Michael will focus on helping employers develop and implement sound employee policies and practices to effectively reduce the risk of employment litigation. He will provide consulting and customized training for clients on a variety of topics, including harassment and discrimination prevention, pay equity, compensation systems, conducting internal workplace investigations, communication, documentation and performance management best practices for managers, managing employee medical leaves and that disability accommodations requests, privacy and data security, and compliance with the myriad of wage and hour laws.
He will also lead the Latin American and Caribbean business advisory services for Crane Solutions using his expertise in this region to develop client market strategies and to protect their business interests. Michael will capitalize on Crane Law Group's expertise and government relationships in Cuba to guide clients interested in doing business in this country.
In addition, through Michael, Crane Law Group looks forward to adding a Sports and Entertainment advisory practice for the law firm specializing in advising people and entities in that sector (clubs, film production companies, artists and professional athletes, etc.) using his background in representing prominent sports and entertainment clientele for a variety of matters.
Prior to joining the Crane Law Group, Michael was the Senior-Vice President and Chief People Officer for the Accreditation Association for Ambulatory Health Care. He also served as the Director, Total Rewards for both the Dover Corporation and the American Hospital Association. In addition to these roles, Michael served a diverse sector of clients in multiple industries as a consultant in leading HR, actuarial and strategy consulting firms.
Michael can be reached at
(312)546-4902
or
MJanniere@cranelawgroup.net
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About Crane Solutions, Inc.
Crane Solutions, Inc. (CS), a wholly owned subsidiary of Crane Law Group, P.C. (CLG), is a trusted adviser when business, law, government, and policy intersect. We bring acumen—and decision-making and judgment—to both business opportunities and the resolution of challenging controversies. In critical business situations, our work often means the difference between success and failure. CS helps companies address issues from a 360° vantage point, integrating business and legal strategy to address the concerns of our clients.
CLG and CS takes a personal approach to thought-partnering with our clients. This approach facilitates the creation of strategic alliances with other professionals across a variety of disciplines that allow us to assist our clients with strategic planning, human resources, diversity & inclusion training, and dispute resolution needs.
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SPOTLIGHT
With New Tax Changes, Time to Revisit Your Estate Plan.
On Dec. 22, 2017, the Tax Cuts and Jobs Act (the Act) was signed into law. It is the most sweeping federal tax legislation in decades and significantly changes the landscape of individual, corporate, partnership, international, and trust and estate taxation. In general, the changes made by the Act took effect as of Jan. 1, 2018, with most of the provisions affecting individual taxpayers being scheduled to sunset at the end of 2025. The estate tax exemption more than doubled from approximately $5 million to approximately $11 million. The implications of the Act are far-reaching.
As with all significant tax law changes, it is important for individuals to review the effects of the Act on their estate plan with their advisors. With the new estate tax exemption very few of us will need to worry about estate taxes. More focus will be placed on capital gains strategies. In addition, individuals that had put together certain business arrangements as estate tax strategies will need to evaluate if these strategies need to be modified or dismantled given the tax changes.
Given these changes you should revisit your estate plan as soon as possible. Point being that whether it’s a new political party running the country, new laws or a new divorce/marriage/mortality/ behavioral issue in the family, change of any kind should prompt a review of your estate plan. And change, as the saying goes, is inevitable and constant.
Changes usual create more questions than answers resulting in a lot of confusion. We at Crane Law Group are happy to review your estate plan and make sure you have the necessary protections in place and work with you to develop estate planning strategies to take advantage of the changes in the tax law. And, if you have not established an estate plan as yet or depending on a will to protect your family legacy, this is a very important time to put an estate plan into place. Give us a call and we will make sure you implement the right strategies to protect your family legacy.
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NEXT MOVE...
Follow This 8 Point Plan When Starting
Your
New Business
Starting a new business can seem overwhelming – especially when you’re doing it alone. Creating a business plan will allow you to refine incomplete ideas, address areas you may have not yet considered, create a map so you know what to do next, and increase credibility for bank loans or investor funding.
While you may think you’ve got your business concept down pat, turning the idea you wrote down on a napkin into reality isn’t as easy as it might appear and many people get so caught up on how to start the process that the business itself never materializes.
Following this solid eight point plan, based on guidelines developed by the Crane Law Group, will help you get down to business, literally:
1.
Executive Summary. The executive summary is a snapshot of your business plan as a whole and touches on your company profile and goals.
2.
Company Description. The company description provides information on what you do, what differentiates your business from others, and the markets your business serves.
3.
Market Analysis. Before launching your business, it is essential for you to research the industry, market, and competitors. What’s working and what’s not working for your competitors? How will you distinguish yourself? Is there anyone else in your market? If not, there may not be money to be made.
4.
Organization & Management. Every business is structured differently, so it’s important to understand how your company will be organized and managed. What entity will you use? Who’s in charge of what, when? What kind of business succession plan needs to be put in place?
5.
Service or Product Line. Tell the story about your product or service. Describe what you sell and how it will benefit your potential customers.
6.
Marketing & Sales. Describe how you plan to market your business and explain your general sales strategy.
7.
Funding Request. If you are seeking funding for your business, make sure to include
everything asked for in the plan. Any omissions may put your request at the bottom of the pile, or worse yet, in the garbage can.
8.
Financial Projections. Providing financial projections to back up your funding request is critical. Find out what information you need to include in your financial projections for the bank or angel investor.
It’s likely that you may not even know the answers to these questions. That’s okay. We can help you to refine your goals, map out your plan, and provide the kinds of details needed to make your venture a success.
Are You Prepared to Include the “Wow” Factor?
You may think your business plan is great; but don’t forget that most people think the same of their own business. The Wow Factor becomes especially important when you’re all competing for funding.
Make sure your plan has a “Wow” factor by:
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Explaining in very clear terms why your business plan is unique;
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Being clear about what you have to offer that’s different from your competitors (skills, experiences, relationships, etc.); and
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Defining how your business caters to a unique niche in the market, which areas are being ignored and what potential opportunities exist for your business going forward.
The bottom line is that you want to make your business plan stand out far above the rest - your plan needs to be well thought out, organized, and unique. Even if you don’t need outside funding, complete the business plan so you have a roadmap and the knowledge that you haven’t missed an important consideration.
Let’s Continue This Conversation
If you’re not used to drafting business plans, the task may feel daunting and you may be tempted to jump ahead. Don’t. The Crane Law Group will help you develop a strong business plan and make sure you have protections in place so that your business gets off to the right start. And, even if you’re already knee deep in your business, we’ll help you get all of your ducks in a row. The Crane Law Group always looks to include the "Wow" factor. Give us a call and get on our calendar.
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FOOD FOR THOUGHT
Global Workplace
Employer’s Statements on a Professional Athlete’s Performance May Breach His/Her Rights To Reputation
A High Court in Spain ruled that a professional athlete’s right to reputation forms part of the employment relationship, and therefore, public statements made by the employer in relation to the playing of the sport, could adversely affect the athlete, making it necessary for the courts to act to repair that effect. The Court made the decision on the basis that the statements were done with a high degree of publicity in the context of a very small professional field, having regard to the number of companies employing this type of professional athlete which hinders his future employability.
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We hope that you find the Crane Navigator newsletter helpful. If you have questions about this newsletter, or would like more information, please feel free to contact Crane Law Group.
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Crane Law Group, P.C. | 55 West Monroe Street, Suite 3600,Chicago, IL 60603| (312) 546-4902 | info@cranelawgroup.net | www.cranelawgroup.net
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