In the world of cybersecurity, breaches are not a matter of if but when. In this episode of Transaction Talk, we discuss the important topic of cybersecurity with a focus on how the risks can impact small and medium-sized businesses. Joining us to unpack this topic is Sean Kline, the CEO of Turbotec, an IT services provider that offers consulting, IT infrastructure and planning, network and cybersecurity, disaster recovery, business continuity, and more. We discuss the importance of these issues for business owners and outline some of the best practices and standards. We also explore the value of understanding where you are in the process and why you should never stick your head in the sand as this topic and these risks change constantly. Tune in for this insightful conversation as Sean highlights plenty of important things that are easily overlooked by small business owners!

Key Points From This Episode:

• Some of the most common cybersecurity threats that individuals and businesses face today.
• Reasons we are vulnerable to anything connected to our network.
• Why having a process to evaluate where you stand and what your weaknesses are is key.
• What to focus on when setting up cybersecurity.
• The process of understanding where the gaps are in order to resolve them.
• How investments in cybersecurity can yield financial benefits.
• Evaluating security from a business and technical risk perspective.
• Best practices for password protection.
• The organized nature of cybercrime.
• Common misconceptions about cybersecurity.
• Establishing and testing a recovery plan in preparation for inevitable breaches.
• Invaluable insights about why cybersecurity is an executive issue.

Tip of the Day: Be open-minded about your cybersecurity strategy!

Links Mentioned in Today’s Episode:

Sean Kline on LinkedIn

Sean Kline Email

Sean Kline Phone: 603-296-4845

Turbotek
Transaction Talk

Disclaimer: The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Bob Furlong is a seasoned wealth management professional from The Bulfinch Group. With years of experience managing his own family business + his clients’ family businesses, Bob offers a unique perspective on wealth maximization and legacy building. In this episode, Bob reflects on his personal journey through multiple company exits, including one that left him completely in the red, and discusses the common misconceptions about the timing and strategy of selling a business. He also shares how he uses his expertise to guide family-owned businesses on financial strategies and vision planning, with the importance of aligning family legacy with business goals.

Key Points

[3:00] A little bit about Bob and his background in wealth management + selling the family business.

[5:15] Knowing what Bob knows now, what would he have done differently?

[7:25] On Bob’s third company exit, he did horrible. He really struggled through that process and had a negative balance sheet by the end of it.

[9:15] What do most people get wrong about exiting a company?

[13:05] When your company finances are looking better than they’ve ever been, that actually might be an indicator to sell.

[15:00] Bob now works with a lot of family-owned businesses, how does he use his experience + his expertise to advise and guide them?

[18:25] Although Bob does focus on the financials of the business, he also believes it’s important to talk with the owners about their visions for the future and what their legacy will look like.

[19:55] It is a delicate balance to sell the family business because employees might also leave the moment the owner leaves.

[24:25] How far in advance does Bob start working with a family-owned business? What is a good timeline to plan an exit?

[28:25] In Bob’s experience, the founder is usually the obstacle in how they want to realistically exit.

[32:55] Bob sees himself as a bit of a choreographer when it comes to helping everyone within the company and the family have tough conversations, be on the same page, and understand their risks.

Tip of the Day:

It’s never too early to plan!

Mentioned in this Episode

Tworld.com/locations/boston

Riw.com

Transactiontalk.com

Bob Furlong

LinkedIn

Bob’s bio

Bulfinchgroup.com

Email: bobfurlong@bulfinchgroup.com

Phone: 781-292-3265

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Quotes

“Business owners, more often than not, sacrifice the ‘self’ for the business and the business doesn’t always take care of them.”

“There are about 80%+ family-owned businesses where the owners want their kids to own their business. However, it’s less than 20% of the kids who want the business.”

“Selling a business is such a big decision, it’s a life decision, and you want to make sure, whether it’s a family member or another buyer, they’re going to live on your legacy.”

Shiva Karimi is an Immigration lawyer and Managing Director for McLane Middleton’s Boston Office. She is experienced in navigating complex U.S. Immigration issues and advises businesses on hiring key personnel and helps foreign investors and buyers navigate the purchasing process of a business on U.S. soil. In this episode, Shiva breaks down what it takes to qualify for an E2 investment visa, what business owners should be aware of when working with a foreign buyer, and how to best handle an international transaction like this.

Key Points

[3:20] What do business owners need to be aware of when working with foreign investors/buyers?

[5:00] What type of businesses qualify under the E2 visa?

[6:00] What’s the minimum amount a buyer has to invest under the E2 visa?

[7:20] Shiva breaks down the process of how to qualify for an E2 visa.

[11:00] This is not a visa you can do on your own. It is complex and you will need professional and legal help.

[13:10] Why would a business owner sell to a foreign buyer?

[16:00] What do business owners need to be aware of when hiring a foreign national?

[18:00] What happens if you have illegal immigrants working in your company and you’re trying to sell your business?

[20:00] What is an i-99 audit? What should employers be aware of?

[27:50] What is an H1 visa?

[29:30] Shiva also breaks down what an L1 visa is and how to qualify for it.

Tip of the Day:

Complete your I-99 audit and understand who is working within your company and who exactly wants to buy your company.

Mentioned in this Episode

Tworld.com/locations/boston

Riw.com

Transactiontalk.com

Shiva Karimi

LinkedIn

Shiva’s bio

Mclane.com

Email: shiva.karimi@mclane.com

Phone: 617-523-7937

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Quotes

“You do have to show sources of funds; where did that money come from? And you need a five-year business plan.”

“If half of the workforce is not authorized to work in the United States, if buyers want to take on that liability, fine, but oftentimes, they are not willing to proceed with the sale.”

“You never want to take on someone else’s liability. You don’t know what they’ve done or how they've done it.”